Rays Activate $20 Million Rasmussen Option

The Tampa Bay Rays exercised a $20 million club option on pitcher Drew Rasmussen on Saturday. This decision secures the right-hander for the 2027 campaign. The team declined to pay a $500,000 buyout fee, keeping Rasmussen under contract for another year.

The option price rose from $8 million to $20 million due to performance incentives in Rasmussen's existing deal. He remained healthy and started at least 28 games during the 2026 season. The initial two-year agreement, reached in January 2025 to avoid arbitration, was valued at $8.5 million. With the option exercised, the total value of the contract reached $28 million over three seasons.

Rasmussen, 31, finished the 2026 regular season with a 16-5 record and a 2.67 ERA in 30 starts. His performance helped Tampa Bay win the AL East title. He posted a 2-1 record and a 2.20 ERA in five postseason starts as the Rays won their third division pennant.

The pitcher faced the Milwaukee Brewers in the World Series. In Game 2, he threw 89 pitches over 3 2/3 innings in a no-decision as the Brewers won 5-4. He started Game 5 on three days' rest and left trailing 1-0 after four innings. The Brewers won that game 4-1 to secure their first championship.

Earlier in the playoffs, Rasmussen took a no-hitter into the eighth inning against the New York Yankees. He struck out 10 batters in a 1-0 win during the Division Series opener. He threw a career-high 172 innings in the regular season and added 28 2/3 innings in the postseason.

Rasmussen has undergone three major elbow surgeries in his career, including two Tommy John procedures and one internal brace procedure. His career record stands at 46-22 with a 2.83 ERA in 160 games over seven seasons with Milwaukee and Tampa Bay. The two-time All-Star can become a free agent after the 2027 season.

On Friday, the Rays declined mutual options on pitcher Nick Martinez and outfielder Cedric Mullins. Martinez, 36, had a $20 million option with a $4 million buyout. Mullins, 32, had a $10 million option with a $500,000 buyout on his one-year deal.