Peavy's deal is over two years and is worth $24 million guaranteed, ESPN.com's Jerry Crasnick reports. The deal includes a full no-trade clause. Peavy will be paid a $4 million signing bonus, making $7 million in 2015 and $13 million in 2016, according to Crasnick.
The Giants acquired Peavy this past July from the Red Sox for Heath Hembree and Edwin Escobar, where he proved to be a real valuable weapon down the stretch for them. Peavy won his second World Series in two years with the Giants this past season, after winning with the Red Sox the year prior. He is known to be a competitor and a great player to have in the clubhouse.
The 33-year-old Peavy is a 13 year MLB veteran and a two-time All-Star, being selected to the National League's squad in 2005 and 2007, and being selected to the American League's team in 2012. He won the pitching Triple Crown in 2007, while also winning the Cy Young award. Peavy went 19-6 with a 2.54 ERA and 240 strikeouts over 223.1 innings pitched.
After being traded to the Giants, Peavy completely turned around his season. He started off 1-9 with a 4.72 ERA in 124 innings with the Red Sox, but finished out 6-4 with a 2.17 ERA in 78.2 innings pitched with the Giants to finish out the season. Overall, he was 7-13 with a 3.73 ERA and 158 strikeouts in 202.2 innings pitched. Peavy registered a 1.9 fWAR this season.
Peavy re-joins a rotation that includes Madison Bumgarner, Matt Cain, Tim Hudson, Yusmeiro Petit, and perhaps Tim Lincecum. The Giants attempted to sign Jon Lester this offseason, but finished third in the sweepstakes, behind the Cubs (the eventual winner) and the Red Sox.