White Sox, Peavy agree to two year extension

The White Sox have announced that they have signed pitcher Jake Peavy to a two year, $29 million contract extension with an option for the 2015 season.

Peavy will earn $14.5 million annually in 2013 and 2014, and the 2015 option becomes a player option if Peavy throws an undisclosed amount of innings in those two seasons. His previous contract included a $22 million option for 2013 with a $4 million buyout. Peavy will receive the buyout.

Peavy posted a 3.37 ERA in 219 innings pitched with the White Sox in 2012, and that was easily his best season since his Padre days. He would have been one of the top starting pitchers available had he hit the free agent market.

Analysis: Coming into this season, I did not expect Peavy, or the White Sox for that matter, to be any good. Peavy went on to have a great season, and pretty much emerged as the team's ace. Peavy was previously a mega-bust for Chicago, mainly due to some durability problems, but managed to stay healthy for the 2012 campaign. In my opinion this is a good signing by Chicago, because they cannot rebuild with their thin farm system, and retaining Peavy will give them an ace for the next two years. Hopefully the guy can stay healthy.