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Peavy, Sox agree to 2-year deal; Floyd's option exercised

CHICAGO – Jake Peavy has agreed to a two-year, $29 million contract extension with the White Sox.

Peavy will earn $14.5 million in 2013 and 2014, and he holds a $15 million option for 2015 if he reaches an innings pitched mark both seasons. The Sox will pay his $4 million buyout Peavy is due because of his previous contract's terms which will be paid in equal installments from 2016-19.

“I’m really excited to come back to Chicago and build on what we did last year,” Peavy said in a statement. “I made no secret of the fact that this is where I want to play. Chicago is a great city with great fans, and I can’t think of a better place to try and win a championship. With the guys we have coming back, I think we have a great opportunity to accomplish some special things.”

The Sox also exercised pitcher Gavin Floyd's $9.5 million club option for 2013. They declined the options of pitcher Brett Myers and third baseman Kevin Youkilis. Floyd is only one of four American League pitchers to record double-digit victories for a fifth consecutive season along with Tampa Bay’s James Shields, Detroit’s Justin Verlander and Los Angeles’ Jered Weaver.

Peavy, 31, finished 11-12 with a 3.37 ERA and 194 strikeouts in 32 starts in an All-Star season. He recorded 30 starts and 200 innings pitched for the fourth time in his career, however it was his first since 2007 when he won the National League Cy Young Award.

“Jake Peavy showed again last season why he is capable of being one of the top pitchers in the American League,” senior vice president/general manager Rick Hahn said in a statement. “Early on in this process, Jake expressed his strong desire to remain with the White Sox, and we’re happy to reach a deal that keeps him at the top end of our rotation and his influence in our clubhouse for at least the next two years.”

-- Meghan Montemurro

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