RHP Fairbanks, Rays agree to $12 million, 3-year contract

Updated Jan. 27, 2023 5:32 p.m. ET

Associated Press

ST. PETERSBURG, Fla. (AP) — Reliever Pete Fairbanks and the Tampa Bay Rays have agreed to a $12 million, three-year contract that could be worth up to $24.6 million over four seasons.

The deal announced Friday includes a club option for 2026 which, along with performance escalators and potential bonuses, could significantly increase the amount the right-hander earns.

The 29-year-old is 11-10 with a 2.98 ERA and 15 saves in 111 appearances, with all but two of the outings coming out of the bullpen since being acquired by the Rays from the Texas Rangers in July 2019.

Faibanks was 0-0 with a 1.13 ERA in 24 appearances last year after beginning the season on the 60-day injured list with a right lat strain.

Fairbanks made his 2022 debut on July 17 and tied for the team lead with eight saves despite being sidelined more than three months. In addition, he is 0-0 with a 3.60 ERA in 12 career postseason appearances, all with Tampa Bay.

The signing came two days after left-hander Jeffrey Springs agreed to a $31 million, four-year contract with Tampa Bay that could be worth $65.75 million over five seasons.

Springs and Fairbanks were among seven Tampa Bay players who swapped arbitration figures with the team on Jan. 13.

The Rays remain scheduled for hearings with right-handers Jason Adam and Ryan Thompson, left-hander Colin Poche, third baseman Yandy Díaz and outfielder Harold Ramírez.

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