Rays Sign Pete Fairbanks To Extension
January 27th, 2023 at 2:40pm CST • By Steve Adams
The Rays announced Friday afternoon they’ve signed reliever Pete Fairbanks to a three-year extension with a 2026 club option. The deal buys out his three remaining seasons of arbitration eligibility, while the club option covers what would’ve been his first free-agent season.
Fairbanks, a client of Republik Sports, is reportedly guaranteed $12MM over the next three seasons (including a $1MM buyout on the 2026 option). Fairbanks will be paid $3.666MM annually between 2023-25, while the option comes with a $7MM base value. The deal also contains various incentives and escalators that could max it out at $24.6MM over four seasons.