Price will earn $31 million in annual value, which is the most ever for a pitcher, and matches that of Detroit Tigers first baseman Miguel Cabrera. This is unlike the Red Sox organization to pay a pitcher this much, as the biggest deal before Price's agreement was Rick Porcello's four-year, $82.5 million deal from last season.
Price surpasses Clayton Kershaw's $215 million deal with the Dodgers and Max Scherzer's $210 million deal with the Nationals. Zack Greinke is also on the market and recent reports say he might even receive more money than Price, with the Dodgers and Giants as the front-runners for the right-hander.
The 30-year-old ace was 18-5 with the Tigers and Blue Jays last season, with an AL-leading 2.45 ERA. He has been dealt at the previous two trade deadlines, from Tampa Bay to Detroit, and most recently from Detroit to Toronto.
After being dealt to the Blue Jays, Price went 9-1 with a 2.30 ERA, but struggled in the postseason, posting a 6.17 ERA and a 1-2 record.
He began his career with the Rays, spending his first six years at The Trop, including a Cy Young year in 2012. He had a record of 82-47 with a 3.18 ERA with Tampa Bay. He went on to go 13-8 in 32 regular-season starts with Detroit, before being dealt during a struggling 2015 campaign in mo-town.
Price will be pitching in a familiar hitter-friendly Fenway Park, but has a stellar 1.95 ERA in 10 career starts there. He hopes to continue that success wearing the home-whites for Boston, where the ace plans to be for a long time.