UPDATE: Sean McAdam of CSNNE.com reports that the deal is worth $82.5 million.
As for the contract details, Porcello will get a $500,000 signing bonus to go along with salaries of $20 million in 2016 and 2017 and $21 million in 2018 and 2019. The deal sets him up for another potential big payday after his age-30 season.
It seems a little steep for what Porcello has done until this point, but he’s still very young and likely would have found a bigger deal in free agency this winter if he duplicated what he did last year. Everybody’s happy.
Porcello wrote about his extension in a piece at the Players’ Tribune. You can read about it here.
7:48 p.m. ET: On the heels of a report yesterday that the two sides were going to table negotiations until the offseason, the Red Sox just announced that they have agreed to a four-year extension with right-hander Rick Porcello. No word yet on the terms involved, but he’s now locked up through 2019.
Porcello, who was acquired from the Tigers for Yoenis Cespedes over the winter, was due to become a free agent this offseason. The 26-year-old owns a 4.30 ERA for his career and is coming off a career-best 3.43 ERA last season to go along with a 129/41 K/BB ratio over 204 2/3 innings. He’s making $12.5 million this year.