Cubs renew Kris Bryant at record $1.05 million

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If reigning National League Most Valuable Player Award winner Kris Bryant were to hit the open market today, he would command much more than $1.05 million. But as the 25-year-old just completed his second season in the majors and is still not yet eligible for arbitration, the Cubs have the luxury of renewing Bryant’s contract on their terms. So they did, but they did decide to pay him $1.05 million, which is a record for a player who just completed his second year of service time, Jon Heyman of FanRag Sports reports. Angels outfielder Mike Trout had the previous record at $1 million.

The Cubs, you may recall, waited until April 17 of 2015 to call Bryant up rather than having him start the season on the 25-man roster. They did so in an attempt to limit his service time. It was such an obvious stunt that even the MLBPA monitored the situation. Bryant, of course, went on to win the NL Rookie of the Year Award, then followed that up by winning the MVP Award last year.

Bryant will become eligible for arbitration after this season. He’ll no doubt become significantly more expensive, so expect the Cubs to attempt to sign him to an extension that would cover most or all four of his arbitration-eligible years and even buy out 2022 and beyond, when he would become eligible for free agency.

RHP Fairbanks, Rays agree to 3-year, $12 million contract

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ST. PETERSBURG, Fla. — Reliever Pete Fairbanks and the Tampa Bay Rays avoided arbitration when they agreed Friday to a three-year, $12 million contract that could be worth up to $24.6 million over four seasons.

The deal includes salaries of $3,666,666 this year and $3,666,667 in each of the next two seasons. The Rays have a $7 million option for 2026 with a $1 million buyout.

His 2024 and 2025 salaries could increase by $300,000 each based on games finished in the previous season: $150,000 each for 35 and 40.

Tampa Bay’s option price could increase by up to $6 million, including $4 million for appearances: $1 million each for 60 and 70 in 2025; $500,000 for 125 from 2023-25 and $1 million each for 135, 150 and 165 from 2023-25. The option price could increase by $2 million for games finished in 2025: $500,000 each for 25, 30, 35 and 40.

Fairbanks also has a $500,000 award bonus for winning the Hoffman/Rivera reliever of the year award and $200,000 for finishing second or third.

The 29-year-old right-hander is 11-10 with a 2.98 ERA and 15 saves in 111 appearances, with all but two of the outings coming out of the bullpen since being acquired by the Rays from the Texas Rangers in July 2019.

Fairbanks was 0-0 with a 1.13 ERA in 24 appearances last year after beginning the season on the 60-day injured list with a right lat strain.

Fairbanks made his 2022 debut on July 17 and tied for the team lead with eight saves despite being sidelined more than three months. In addition, he is 0-0 with a 3.60 ERA in 12 career postseason appearances, all with Tampa Bay.

He had asked for a raise from $714,400 to $1.9 million when proposed arbitration salaries were exchanged Jan. 13, and the Rays had offered for $1.5 million.

Fairbanks’ agreement was announced two days after left-hander Jeffrey Springs agreed to a $31 million, four-year contract with Tampa Bay that could be worth $65.75 million over five seasons.

Tampa Bay remains scheduled for hearings with right-handers Jason Adam and Ryan Thompson, left-hander Colin Poche, third baseman Yandy Diaz and outfielder Harold Ramirez.