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Yankees, Luis Severino agree to four-year, $40 million contract extension

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Luis Severino and the New York Yankees were expected to go to an arbitration hearing, but it was called off. The Yankees signed Luis Severino to a four-year, $40 million contract extension through the 2022 season, with a club option for the 2023 season.

The year-by-year details, according to Jeff Passan:

2019: $4M+$2M bonus
2020: $10M
2021: $10.25M
2022: $11M
2023 (club option): $15M with $2.75M buyout

To put that in perspective, two pitchers who just won in their third year of arbitration — Trevor Bauer and Gerrit Cole — will make $13 million and $13.5 million, respectively. This is a maximum guaranteed $52.25 million deal for five years for one of the best pitchers in the game. Based on various projections for arbitration for Severino, he’s probably costing himself as much as $15 million over the deal’s first four years and several million if the Yankees pick up the 2023 option. That said — as is the case with all such extensions — this gives him money in the bank now and protection against injury.

Severino filed for a $5.25 million salary while the Yankees countered at $4.4 million. Aaron Nola, who was also in his first year of arbitration-eligibility but who was not a Super 2, recently agreed to a four-year, $45 million extension with the Phillies with a similar fifth-year option.

Severino, 24, finished ninth in AL Cy Young Award balloting last season, going 19-8 with a 3.39 ERA and a 220/46 K/BB ratio in 191 1/3 innings. He also finished third in AL Cy Young Award balloting in 2017.