Report: Red Sox sign David Price

According to Peter Abraham of the Boston Globe, the Red Sox and lefty pitcher David Price have agreed on a seven-year, $217 million contract. 

Price, 30, was 18-5 with a 2.45 ERA to go with 225 strikeouts with the Tigers and Blue Jays last season.  He was 9-1 with Toronto leading them to the AL East Title. 

Price joins closer Craig Kimbrel as two huge additions to the Red Sox, who finished in last place in the AL East the past two seasons. 

The $31 million annual value of the deal makes it the highest (so far) of any pitcher in MLB history. According to Ken Rosenthal of Fox Sports, the deal has an opt-out clause after three years.