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The Boston Red Sox and third baseman Rafael Devers have agreed to an 11-year, $331 million contract extension, per multiple reports, as confirmed by CBS Sports HQ. The deal will include his 2023 season and run through 2033.

Devers, 26, hit .295/.358/.521 (141 OPS+) with 42 doubles, 27 homers, 88 RBI, 84 runs and 4.4 WAR last season, making his second straight All-Star team. He's already amassed nearly 3,000 plate appearances in 689 career regular-season games since debuting at just 20 years old, slashing .283/.342/.512 (124 OPS+). He led the AL with 54 doubles in 2019 and he has two 30-plus homer, 100-plus RBI seasons to his credit. 

Reports last month indicated the Red Sox and Devers were far apart in negotiations for a long-term deal. After trading Mookie Betts a year before he hit free agency and then letting Xander Bogaerts walk to sign with the Padres, many thought Devers wouldn't be with the club much longer. Instead, it seems like something spurred Chaim Bloom and the Red Sox front office into action here with Devers. 

This extension is one of the biggest in MLB history and the richest for the Red Sox by more than $110 million in total value.

Here are the $300 million contracts in MLB history (we'll leave out Carlos Correa and the Mets for now, since it seems like they are still in the process of ironing out the details). 

As noted, the Red Sox lost Bogaerts this offseason and J.D. Martinez also departed via free agency. They did sign outfielder Masataka Yoshida and designated hitter Justin Turner. With Trevor Story moving over to shortstop, the Red Sox now have their long-term left side of the infield with Devers staying put for the long haul. 

It's possible that, with Yoshida, Story, Turner, Devers and Alex Verdugo, the Red Sox can generate some offense from the top of the order, but the bottom third, at least, remains a question mark. 

The Red Sox were 78-84 last season and contended for a while, but that mark was good for last place in the very-competitive AL East likely to stay competitive for the foreseeable future. They were in playoff position after a 20-6 June, but went 8-19 in July and couldn't rebound. On his own, Devers was an MVP-caliber player for a while last season, hitting .324/.379/.602 with 29 doubles and 22 homers through 87 games before suffering a hamstring injury in late July. He returned Aug. 2, but hit just .248/.325/.384 the rest of the way. 

At just 26 years old, the bet is Devers will finish higher than he previously has (11th in 2021 was his best) in MVP voting in the coming years. The Red Sox have now ensured if that's the case, it'll happen in Boston.