Drew Rasmussen is set to remain with the Tampa Bay Rays for the 2027 season after the club exercised his $20 million option on Saturday, rewarding the Cy Young Award contender with a record-breaking contract.

The $20 million salary will make Rasmussen the highest-paid player in Rays history for a single season. The right-hander played a key role in Tampa Bay’s World Series campaign, making five postseason starts and recording a 2.20 ERA. He allowed just seven runs and five walks across 28.1 innings while striking out 31 batters, including a shutout in his postseason debut.

The 31-year-old enjoyed an outstanding regular season, finishing with the seventh-best ERA in the league at 2.67 and the third-best WHIP at 0.91. Both figures were career bests as a full-time starting pitcher. He also recorded 174 strikeouts, comfortably surpassing his previous career high of 127, set the year before.

Although Rasmussen did not pitch beyond seven innings in any start this season, he registered nine shutouts. Across his 30 starts, he conceded more than three runs on only five occasions.

Since arriving in Tampa Bay in 2021 through a trade with the Milwaukee Brewers, Rasmussen has established himself as one of the team’s most reliable pitchers. He has posted a 45-21 record with a 2.71 ERA in 133 appearances, including 111 starts.

Rasmussen’s latest Cy Young Award recognition marks the second consecutive season in which a Rays starting pitcher has received consideration for the honour. He earned exactly one vote following the 2025 campaign, when he finished with a 10-5 record and a 2.76 ERA over a career-high 31 starts.