The Tampa Bay Rays avoided arbitration with American League Cy Young award winner David Price, reaching a one-year agreement with the left-hander, as reported by Jerry Crasnick of ESPN. Price’s new deal with the Rays will have him earning $10.1 million in 2013, according to Jon Heyman of CBS Sports:

David Price settled with #rays at $10.1M

— Jon Heyman (@JonHeymanCBS) January 2, 2013

Price has two more years of arbitration eligibility remaining, as he’s set to hit the free agent market following the 2015 season. The left-hander earned $4.35 million last season.

The Rays made Price the first-overall pick of the 2007 MLB Draft, and the Vanderbilt product has more than panned out for the club. Last year Price maintained an ERA of 2.56 with 8.7 strikeouts and 2.5 walks per nine innings on his way to a 20-5 campaign.

Over five seasons with the Rays, Price has maintained an ERA of 3.16 with 8.3 strikeouts and 3.0 walks per nine innings. After making his first few major league appearances as a reliever during the 2008 season, Price has started at least 31 games for the club from 2010-12.

Price is now the clear leader of Tampa Bay’s rotation, as James Shields was traded to the Kansas City Royals earlier this offseason.