Yankees, CC Sabathia agree to contract extension

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Well, here’s a surprise.

CC Sabathia just announced that he has agreed to a contract extension with the Yankees.

Most expected Sabathia would opt out of the remaining four years and $92 million on his contract and test free agency, but both sides worked hard to hammer out a new deal before tonight’s deadline.

As Buster Olney of ESPN.com reports, this essentially is a one-year contract extension. Sabathia will earn $25 million in 2016 while Ken Rosenthal of FOXSports.com hears that the contract includes a $25 million vesting option for 2017 or a $5 million buyout. The 31-year-old left-hander is now guaranteed $122 million over the next five years, or $24.4 million per year, which tops Cliff Lee ($24 million) for the highest average annual value for a pitcher.

UPDATE: Joel Sherman of the New York Post reports that the option for 2017 automatically vests unless Sabathia ends the 2016 season on the disabled list with a shoulder injury, spends more than 45 days on the disabled list in 2016 due to a shoulder injury or makes at least six relief appearances in 2016 due to shoulder issues.

UPDATE II: The Yankees are currently holding a conference call and have sent out a press release. This baby is official.