Jake Peavy extension: Good deal for White Sox?

Entering the offseason, the Chicago White Sox were expected to decline Jake Peavy’s option despite his impressive 2012 campaign. This had more to do with money than performance, and Chicago expressed interest in re-signing Peavy even if they cut ties with the veteran right-hander.

And they did just that, inking Peavy to a two-year, $29 million contract. The deal includes base salaries of $14.5 million over the next two seasons and there are built-in performance incentives that could extend the contract through 2015. Chicago would be on the hook for $15 million if the agreement reaches the third year.

Peavy, 31, maintained an ERA of 3.37 over 32 starts this season. He owns a 3.46 ERA over 11 seasons in the majors.

Peavy and the White Sox are both excited about the new deal, but was it the right move for player and team? Did Chicago overspend or could Peavy have received a superior contract on the open market?

What are your thoughts of the contract extension?