ST. PETERSBURG, Fla. — The Tampa Bay Rays have successfully avoided salary arbitration with pitcher Drew Rasmussen, finalizing a two-year agreement worth $8.5 million on Tuesday, with the potential total reaching $28 million over three seasons.
The new deal includes a signing bonus of $500,000 and stipulates that Rasmussen will earn $2 million in the current year, followed by $5.5 million in 2026. Tampa Bay has the option to retain him for 2027 at a cost of $8 million, which comes with a buyout option of $500,000. This option also features $6 million in potential escalators tied to his health and performance in terms of games started.
The value of the option could increase by $1.5 million if Rasmussen experiences 45 or fewer days on the injured list for arm-related issues throughout 2026, in addition to maintaining good health for the 2027 season. There are also criteria that could allow him to access up to $6 million in escalators based on specific injury and appearance scenarios.
For instance, if he has more than 75 arm-related IL days or over 105 total IL days, he could net $2.5 million. On the other hand, if he maintains 45 or fewer arm-related IL days and 75 or fewer total IL days, he could earn up to $6 million.
Furthermore, Rasmussen stands to gain additional escalators based on the number of starts he makes in 2026, with payouts for achieving milestones such as $500,000 for starting eight games, increasing up to $1.5 million for 28 starts.
At 29 years old, Rasmussen was preparing to exchange salary proposals with the Rays ahead of an arbitration hearing scheduled for Thursday. He underwent his third elbow surgery on July 24, 2023, when Dr. Keith Meister, a physician for the Texas Rangers, performed an internal brace procedure. Following this, he made a return to the mound on August 7, posting a 2.82 ERA despite a win-loss record of 0-2 in four starts and a dozen relief outings, striking out 35 and walking six across 28 and two-thirds innings.
Rasmussen’s journey includes two previous Tommy John surgeries in March 2016 and August 2017. Over five seasons in the major leagues, with the Milwaukee Brewers and the Rays, he has accumulated a record of 20 wins and 12 losses, alongside a commendable 2.95 ERA in a mix of 50 starts and 44 relief appearances.
If the 2027 option is not exercised, Rasmussen will be eligible for free agency following the 2026 season. Currently, five other Rays players are still eligible for arbitration, including pitchers Shane Baz and Zack Littell, left-hander Garrett Cleavinger, catcher Ben Rortvedt, and shortstop Taylor Walls.
