Red Sox, P David Price Agree To Record Seven-Year, $217M Contract

The Red Sox and P David Price have agreed to a "landmark" seven-year, $217M deal that is the "richest awarded to a major league pitcher and the largest" in team history. Price has the right to opt out after the '18 season. The agreement is "pending a physical and an announcement is expected to come Friday at Fenway Park." Prior to this deal, the "biggest contract they had given a pitcher" was a four-year, $82.5M extension Rick Porcello agreed to in April (BOSTON GLOBE, 12/2).

The deal likely will make the Red Sox subject to MLB's Competitive Balance Tax in '16, after they finished the '15 season as one of four teams subject to the penalty. The Red Sox are being fined $1.87M, the Yankees $26M and the Giants $1.33M. The Dodgers will pay a record $43.7M after finishing '15 with the "largest payroll in baseball history" at $298.3M (USA TODAY, 12/2).