Rays Pay $20 Million To Keep Ace

Tampa Bay Rays owner Steve Sarkisian committed $20 million to retain starting pitcher Drew Rasmussen for the 2027 season. The club exercised a contractual option Saturday, avoiding a $500,000 buyout that would have allowed the two-time All-Star to enter free agency.

The financial structure of the deal evolved from an initial agreement reached in January 2025. At that time, the team and Rasmussen settled a salary arbitration dispute with an $8.5 million, two-year contract. Rasmussen earned a $5.5 million salary in 2026. The 2027 option price was originally set at $8 million but increased to $20 million because the pitcher remained healthy and completed at least 28 starts during the regular season. This adjustment brings the total contract value to $28 million over three years.

Rasmussen, 31, posted a 16-5 record with a 2.67 earned run average in 30 regular season starts. He helped the Rays secure the AL East title. In the postseason, he went 2-1 with a 2.20 ERA across five appearances while Tampa Bay won its third American League pennant.

The right-hander faced Milwaukee in the World Series on short rest. He started Game 5 after three days of recovery, leaving the game trailing 1-0 after four innings. The Brewers won 4-1 to claim their first championship. In Game 2, Rasmussen threw 89 pitches over 3 2/3 innings in a no-decision as Milwaukee rallied for a 5-4 victory.

His most dominant outing came in the Division Series opener against the New York Yankees. Rasmussen took a no-hitter into the eighth inning and struck out 10 batters in a 1-0 win. He threw a career-high 172 innings during the regular season and added 28 2/3 innings in the playoffs. The pitcher has undergone three major elbow operations, including two Tommy John surgeries in 2016 and 2017 and an internal brace procedure in 2023.

Rasmussen has compiled a 46-22 record with a 2.83 ERA in 160 major league games over seven seasons. His tenure includes time with both Milwaukee and Tampa Bay. On Friday, the Rays declined mutual options on starting pitcher Nick Martinez and outfielder Cedric Mullins.

Martinez, 36, had a $20 million mutual option with a $4 million buyout attached to his $13 million one-year contract. Mullins, 32, held a $7.5 million one-year deal that included a $10 million mutual option with a $500,000 buyout. The club chose to release both players rather than pay the option prices.