Jan 1, 2013, 6:46 PM EDT
The exact financial details haven’t been disclosed.
Price, a Super Two qualifier who’s arbitration-eligible for the second time, turned in a dominant 2.56 ERA, 1.10 WHIP and 8.7 K/9 in 31 starts last season for Tampa Bay en route to capturing Cy Young Award honors in the American League. He was named an All-Star in July and wound up with a few MVP votes.
The 27-year-old southpaw is not eligible for free agency until after the 2015 campaign. He owns a 3.16 career ERA through four-plus MLB seasons.
UPDATE, 7:47 PM: According to Joe Smith of the Tampa Bay Times, Price will get “just over $10 million” in 2013. That’s more than double the $4.35 million he made last season in his first year of salary arbitration.
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