The Tampa Bay Rays have locked in their ace for another season, exercising a $20 million club option on right-hander Drew Rasmussen for 2027 rather than paying a $500,000 buyout.
The decision comes after Rasmussen delivered a strong 2026 campaign and helped lead the Rays to an American League East title and their third pennant. The 31-year-old went 16-5 with a 2.67 ERA in 30 regular-season starts and added a 2-1 record with a 2.20 ERA across five postseason outings.
Rasmussen’s 2027 option escalated from an original $8 million figure to $20 million because he stayed healthy and made at least 28 starts. The two-time All-Star had signed a two-year, $8.5 million deal in January 2025 to avoid arbitration; with the option exercised, the contract is now worth $28 million over three seasons. He can become a free agent after 2027.
In the World Series against Milwaukee, Rasmussen started Game 5 on three days’ rest and took the loss after pitching four innings in a 4-1 defeat that clinched the Brewers’ first title. He had thrown 89 pitches over 3⅔ innings in Game 2 and carried a no-hitter into the eighth inning during the Division Series opener against the Yankees.
Rasmussen worked a career-high 172 innings in the regular season plus 28⅔ more in the playoffs. He has undergone three major elbow procedures in his career, including two Tommy John surgeries and an internal brace operation in 2023. Overall, he is 46-22 with a 2.83 ERA in seven major-league seasons with Milwaukee and Tampa Bay.
On Friday, the Rays declined mutual options on pitcher Nick Martinez and outfielder Cedric Mullins.