The Tampa Bay Rays exercised their $20 million club option on ace pitcher Drew Rasmussen for the 2027 season, committing a franchise-record single-season salary to retain the right-hander following their American League championship run.
Drew Rasmussen stood in front of his locker in the clubhouse late Wednesday night, tears in his eyes, admittedly uncertain what the future may hold for him. The Tampa Bay Rays exercised the $20 million club option on their ace right-hander rather than pay a $500,000 buyout, the team announced.
The decision cements Rasmussen’s immediate status after a campaign that ended in the Fall Classic, pushing the frugal franchise into new financial territory.
Rays Shatter Payroll Record For Rasmussen
Rasmussen’s option was part of a two-year extension he and the Rays agreed to in January 2025 to avoid arbitration, guaranteeing him $8.5 million with a base option price of $8 million for 2027.
The option price climbed to $20 million because Rasmussen stayed healthy through the 2026 season, making at least 28 starts and maxing out his performance escalators to bring the three-year agreement to $28 million.
That sum challenges organizational norms in St. Petersburg. The highest single-season salary in Tampa Bay franchise history belongs to Charlie Morton, who earned $15 million in 2019, leaving the $20 million commitment to Rasmussen to shatter that previous high-water mark.
Rasmussen Delivers Ace-Level Postseason Production
Over his major league career spanning seven seasons with Milwaukee and Tampa Bay, the right-hander has posted a 46-22 record and a 2.83 ERA across 160 games, which includes 111 starts. His durability has been tested throughout his professional path, having undergone three major elbow operations consisting of Tommy John surgeries in 2016 and 2017 followed by an internal brace procedure in 2023.
Rasmussen logged a stellar performance in a Tampa Bay uniform, leading the junior circuit with a 0.91 WHIP while setting a career high with 172 innings pitched.
He went 2-1 with a 2.20 ERA in five postseason starts as Tampa Bay captured its third pennant in franchise history. In his opening playoff outing, he carried a no-hitter into the eighth inning against the New York Yankees, striking out 10 in a 1-0 victory.
In the World Series against the Milwaukee Brewers, Rasmussen threw 89 pitches over 3 2/3 innings in Game 2 for a no-decision, then returned in Game 5 on three days’ rest — starting on short rest for the first time in his career — to allow just one run over four innings.
He’s a stud. That guy is a stud. His stuff was as sharp as it could have been.
Kevin Cash, manager
Rotation Uncertainty Follows Option Exercise
The pitcher is scheduled to enter free agency following the 2027 campaign, and industry projections from Mlbtraderumors for next season highlight payroll considerations.
Fellow starting pitchers Freddy Peralta and Nick Martinez entered free agency after the Rays declined mutual options on Martinez and outfielder Cedric Mullins. If Rasmussen, Martinez, and Peralta all depart, the rotation outlook for 2027 would still feature internal options such as Shane McClanahan, Griffin Jax, Ian Seymour, and Ryan Pepiot, who missed the 2026 season due to a hip injury. Rasmussen addressed the business realities surrounding his status with candor.
I mean, I don’t know, man. There’s a business element to this, and I understand that, and I just — I don’t know.
Drew Rasmussen, pitcher
Will the organization explore a trade this offseason?