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White Sox sign Jake Peavy to two-year, $29 million contract

The deal includes performance incentives that could activate a $15 million third year.

Harry How

The Chicago White Sox have re-signed right-hander Jake Peavy to a two-year, $29 million contract, reports Daryl Van Schouwen of the Chicago Sun-Times:

"It took Rick Hahn four days on the job to make a big splash. The White Sox new general manager re-signed right-hander Jake Peavy to a two-year, $29 million extension…

Peavy will receive $14.5 million in each of the next two seasons, with performance incentives that would extend his contract through 2015 for another $15 million."

After three mediocre seasons on the South Side that were hampered by injury, the 31-year-old Peavy came into his own in 2012, posting a 3.37 ERA, 8.0 K/9 and 2.0 BB/9 in two hundred nineteen innings across thirty-two starts. The right-hander was also awarded his first Gold Glove award.

Peavy had a $23 million option for the 2013 season that the White Sox bought out for $4 million. In order to lessen the hit to payroll for next season, that buyout will be paid to Peavy in installments from 2016-2019.

Peavy expressed his excitement at getting to stay in Chicago, and hopes to bring fans a World Series title:

‘‘I’m really excited to come back to Chicago and build on what we did last year,’’ Peavy said. ‘‘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."