The Boston Red Sox signed left-handed pitcher Wade Miley to a three-year extension on Thursday, avoiding arbitration. The deal includes a fourth-year club option.
The value of the contract is $19.25 million, and it would increase to $30.75 million if the Red Sox exercise their fourth-year option, according to a baseball source. The deal breaks down as follows: $500,000 signing bonus, $3.5 million in 2015, $6 million in 2016, $8.75 million in 2017 and a $12 million club option for 2018 with a $500,000 buyout.
Miley, 28, was a first-year arbitration-eligible player, and his new contract will cover his remaining years of eligibility before he is slated to hit free agency in 2018. Miley was the only arbitration-eligible player for whom the Red Sox had yet to work out a deal this winter.
Acquired by the Red Sox from the Arizona Diamondbacks in December, Miley is 38-35 with a 3.79 ERA during his four-year career. This season will be Miley's first in the American League; he had spent his entire career with the Diamondbacks.
"The best predictor of future durability and performance is past durability and performance," Red Sox general manager Cherington said in a conference call with reporters. "When we traded for him, our full expectation was that he could be here for a while."
Last season, Miley went 8-12 with a 4.34 ERA in 201 1/3 innings pitched.
"A consistent performer in a tough place to pitch," Cherington said. "We've seen some guys who left there and performed even better."
Information from The Associated Press was used in this report.