ANAHEIM, CA - JUNE 04: Winning pitcher CC Sabathia #52 comes out of the game with two outs in the ninth inning against the Los Angeles Angels of Anaheim on June 4, 2011 at Angel Stadium in Anaheim, California. The Yankees won 3-2. (Photo by Stephen Dunn/Getty Images)
New York Yankees starting pitcher CC Sabathia chose not to opt out of the final four years of his contract and instead signed a one-year, $25 million extension that will keep him with the team at least through 2016. He has a $25 million vesting option for 2017 and a $5 million buyout for that year.
New York Yankees fans, rejoice! Ace left-handed starter CC Sabathia will remain in New York until at least 2016 after he announced Monday he had signed a contract extension in a video posted to Zoodig.com.
The extension is being reported by ESPN's Buster Olney as being for $25 million in one year, 2016, on top of the final four years of his current contract. The new deal also includes a $25 million vesting option in 2017 and a $5 million buyout for that season. In total, the deal he will be paid $122 million guaranteed over the next five years, with the possibility of that number stretching to $147 million over six.
Sabathia, 31, had the option to opt out of the final four years of his original deal, which was to pay him $161 million over seven years. He was expected by many to exercise this option, but at about 7:24 p.m. ET, he announced on Twitter that "Yankee fans, I'll be here fighting for number 28 next year!" and Tweeted a link to his video announcement.
In three seasons with the Yankees, Sabthia went 59-23 in 101 starts and posted a 3.18 ERA. He was the American League Cy Young Award winner with the Cleveland Indians in 2007 and helped the Yankees capture the World Series in 2009.
-- For complete Yankees coverage and reactions to the new deal, be sure to head over to Pinstripe Alley.