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Pitcher Chris Archer and the Tampa Bay Rays agreed to a six-year contract extension on Wednesday. The deal is worth $25.5 million.
Archer will get a $1 million signing bonus and have a salary of $500,000 this year. Next year, he will have a salary of $1 million and it will increase every year. His salary will grow to $7.5 million in 2019.
The deal has club options for 2020 and 2021, which could bring the value to $43.75 million. The option for 2020 is for $9 million with a $1.75 million buyout, while the 2021 option is for $11 million with a buyout of $250,000, according to the Associated Press.
"It's a contract, and its guaranteed money, but I think it's just the beginning of six or eight great years," Archer said. "What came from it is never turn your back on your first fortune. At the end of the contract, there's still room to sign another deal or extension or whatever it might be. From where I come from, this is more than I can ever ask for, to be honest."
He went on to add, "It seems like this was the first team that I've ever really played for that really believed in me and was willing to wait an extra year or two for me to really turn into what I could possibly be.”
The Rays acquired Archer in December 2011 in a eight-player trade with the Chicago Cubs. Last year, he had a 9-7 record with a 3.22 ERA and 101 strikeouts in 23 starts, according to ESPN. He finished third behind Wil Myers and Jose Iglesias in the American League Rookie of the Year voting.
Archer is the second Rays pitcher to sign a contract extension. Matt Moore signed a five-year, $14 million contract in December 2011, which could extend to eight years and $40 million.
Archer will make his first start of the season on Thursday against the Toronto Blue Jays.