Pitcher Jake Peavy and the Chicago White Sox have agreed to a $29 million, two-year contract.
The right-hander will receive $14.5 million in each of the next two seasons. Peavy could receive a $15 million option for 2015, depending on innings during the next two years.
Peavy's previous deal included a $22 million option for next season with a $4 million buyout. The buyout will be paid in equal installments from 2016-19.
The 2007 NL Cy Young Award winner went 11-12 with a 3.37 ERA in 32 starts this year after three injury-riddled seasons.
Chicago also exercised a $9.5 million option on right-hander Gavin Floyd on Tuesday, declined a $10 million option on right-hander Brett Myers and turned down a $13 million option on third baseman Kevin Youkilis, acquired from Boston in June. Myers gets a $3 million buyout and Youkilis $1 million.

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