The Tampa Bay Rays exercised Drew Rasmussen’s $20 million club option for the 2027 season, choosing the contract over a $500,000 buyout. The American League champions made the decision after Rasmussen stayed healthy throughout 2026 and made 30 regular-season starts. The option allows Rasmussen to become a free agent after the 2027 season.
The 2027 option increased from $8 million to $20 million because Rasmussen made at least 28 starts. The deal is worth $28 million over three seasons. Rasmussen earned a $5.5 million salary in 2026 under the two-year, $8.5 million contract he and Tampa Bay agreed to in January 2025 to avoid arbitration.
Rasmussen delivered a career-high workload
Rasmussen went 16-5 with a 2.67 ERA in 30 regular-season starts in 2026. He threw a career-high 172 innings while helping Tampa Bay win the American League East title. The two-time All-Star also went 2-1 with a 2.20 ERA in five postseason starts.
In his first playoff start of the season, Rasmussen carried a no-hitter into the eighth inning against the New York Yankees and struck out 10 in Tampa Bay’s 1-0 Division Series-opening victory. He later started Game 5 of the World Series against Milwaukee on three days of rest. Rasmussen left after four innings with Tampa Bay trailing 1-0 and took the loss as Milwaukee won 4-1 to clinch its first World Series title.
Rasmussen also started Game 2 of the World Series, throwing 89 pitches over 3 2/3 innings. He received a no-decision in Milwaukee’s 5-4 victory. Tampa Bay ultimately won its third pennant, and Rasmussen finished the postseason with 28 2/3 innings.
Option follows Rasmussen’s elbow history
Rasmussen has undergone three major elbow operations during his career. The procedures included Tommy John surgeries in 2016 and 2017 and an internal brace procedure in 2023. His 2026 season marked a significant workload after those surgeries, with 172 regular-season innings and five postseason starts.
Rasmussen is 46-22 with a 2.83 ERA in 160 major league games, including 111 starts, over seven seasons with Milwaukee and Tampa Bay. His availability and production in 2026 directly increased the value of his 2027 option. The contract now keeps him with Tampa Bay for another season before he can reach free agency.
Rays decline options on Martinez and Mullins
Tampa Bay declined mutual options on starting pitcher Nick Martinez and outfielder Cedric Mullins on Oct. 30, one day before exercising Rasmussen’s club option. Martinez had a $20 million mutual option with a $4 million buyout as part of a one-year, $13 million contract. Mullins had a one-year, $7.5 million contract that included a $10 million mutual option with a $500,000 buyout.
FSB Take
The $20 million option secures Rasmussen for Tampa Bay after he handled a career-high regular-season workload and made five postseason starts. The health-based increase from $8 million shows how his 2026 availability affected the contract’s value. The Rays now have Rasmussen under contract for 2027 while retaining a clear decision point before he can become a free agent.
Source: Original report