The Chicago White Sox announced that they have re-signed pitcher Jake Peavy to a two-year $29mm deal. Peavy became a free agent after the White Sox declined his 2013 option which was for $22mm.

Peavy will earn $14.5mm in 2013 and 2014. His 2015 option becomes a player option if Peavy reaches a certain number of innings in 2013 and 2014.

Peavy went 11-12 in 32 games last season while posting a 3.37 ERA with 8.0 K/9.

Image taken by Keith Allison and used under the Creative Common License Agreement.