SAN DIEGO — The San Diego Padres and pitcher Michael King reached an agreement on Friday, successfully avoiding an arbitration hearing by finalizing a one-year contract valued at $7.75 million.

As part of this deal, King will receive a $3 million signing bonus alongside a $1 million salary for the upcoming season. The agreement further encompasses a mutual option worth $15 million for the next year, which includes a buyout clause of $3.75 million. It is worth noting that the buyout figure could potentially increase by $250,000 depending on the number of starts he makes during this season; specifically, $50,000 will be added if he reaches 20 starts, with an additional $100,000 for both 25 and 28 starts.

The 29-year-old right-handed pitcher initially requested a salary of $8.8 million but was offered $7,325,000 when the team and player exchanged proposals. King is set to become a free agent following the conclusion of this year’s World Series.

San Diego acquired King from the New York Yankees in December 2023, during a trade that sent outfielder Juan Soto to the Yankees. Last season, he finished with a solid record of 13 wins and 9 losses, alongside a 2.95 ERA, across 30 starts and one appearance in relief. He tallied 201 strikeouts while walking 63 in 173 2/3 innings pitched.

Throughout his career with the Yankees (from 2019 to 2023) and the Padres, King has posted a record of 26 wins and 26 losses while maintaining a 3.20 ERA in a total of 49 starts and 97 relief outings.