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10/30/2012 6:19 PM ET

White Sox and Jake Peavy agree to terms on two-year contract extension with option for 2015

The Chicago White Sox have agreed to terms on a two-year, $29-million contract extension with right-handed pitcher Jake Peavy. 

Under terms of the contract, Peavy will receive $14.5 million in both 2013 and 2014.  If Peavy reaches certain innings pitched thresholds over the course of both the 2013 and 2014 seasons, he can elect to extend the contract to include the 2015 season at a salary of $15 million.  Peavy will now receive the $4-million buyout payment due under terms of his previous contract in equal installments between 2016-19.

Peavy, 31, went 11-12 with a 3.37 ERA (82 ER/219.0 IP) and 194 strikeouts in 32 starts with the White Sox in 2012.  He ranked among the American League leaders in quality starts (3rd, 23), complete games (T3rd, 4), strikeout-to-walk ratio (4th, 3.96), IP (5th), opponents average (5th, .234), shutouts (T7th, 1), strikeouts (8th), ERA (9th) and starts (T10th).

“Jake Peavy showed again last season why he is capable of being one of the top pitchers in the American League,” said Rick Hahn, White Sox senior vice president/general manager.  “Early on in this process, Jake expressed his strong desire to remain with the White Sox, and we’re happy to reach a deal that keeps him at the top end of our rotation and his influence in our clubhouse for at least the next two years.”

The 6-foot-1, 195-pound Peavy recorded 30 starts and 200.0 IP for the fourth time in his career and first since 2007 when he won the National League Cy Young Award.  His 194 strikeouts were his most since 2007 (240), his 23 quality starts were the second-most of his career (28 in 2007), and his four complete games were a career high and the most by a Sox pitcher since Mark Buehrle threw five in 2004.

Peavy was named to his third career All-Star Team (first since 2007) and was named AL Pitcher of the Month for April after going 3-1 with a 1.67 ERA (7 ER/37.2 IP) and two complete games.

“I’m really excited to come back to Chicago and build on what we did last year,” Peavy said.  “I made no secret of the fact that this is where I want to play.  Chicago is a great city with great fans, and I can’t think of a better place to try and win a championship.  With the guys we have coming back, I think we have a great opportunity to accomplish some special things.”

Over 11 major-league seasons with San Diego (2002-09) and the White Sox 2009-), Peavy is 120-93 with a 3.46 ERA (692 ER/1,800.1 IP) and 1,748 strikeouts in 283 games (282 starts).  Since the start of the 2003 season, he ranks fifth among major-league pitchers with 1,658 strikeouts, sixth with a .232 opponents average and ninth with an average of 8.76 strikeouts per 9.0 IP.

Peavy was acquired by the White Sox on July 31, 2009 in exchange for pitchers Dexter Carter, Aaron Poreda, Clayton Richard and Adam Russell.  In three-plus seasons with the Sox, he has gone 28-25 with a 3.95 ERA (201 ER/457.2 IP) and 400 strikeouts in 71 games (70 starts).

This story was not subject to the approval of Major League Baseball or its clubs.