2:40pm: The base value of the club option is $7MM, and it comes with a $1MM buyout, tweets Joel Sherman of the New York Post. Marc Topkin of the Tampa Bay Times adds that Fairbanks will earn $3.666MM annually from 2023-25 and that the contract can max out at $24.6MM based on incentives and escalators (Twitter links).
2:33pm: The Rays have agreed to a three-year, $12MM contract extension with reliever Pete Fairbanks, reports Jeff Passan of ESPN (Twitter link). The Republik Sports client’s contract also contains a club option for a fourth season. The contract buys out all three of Fairbanks’ arbitration seasons, and the club option covers what would’ve been his first free-agent season.
More to come.