It's $35M for 2026 with a $30M club option for '27 with a $5M buyout. The Cards are eating money it seems, so we'll see just how much which will inform the value both teams are getting from it.
Gray is still quite good and projects for 4 WAR - this seems like an error tbh, he's been at 3.8 and 3.6 the last two seasons and they somehow expect him to pitch more innings in his age 36 season than he has since 2015. Nevertheless, he's still a very good pitcher and I could see the Sox potentially accepting the club option if he's in the 3.5 WAR range again.
Of note though, is that the velo declined by a tick last season. This kind of thing doesn't tend to bounce back as a pitcher ages, and Gray is already undersized as an SP, so will be interesting to follow if it keeps declining and how it could affect his performance.
Edit: just saw Gray can opt out if the team picks up the club option, in which case the buyout is forfeited. Interesting contract structure.