Tampa Bay, David Price avoid arbitration with 1-year deal

Fresh off his first Cy Young Award, David Price will be getting a nice raise.

According to ESPN's Jerry Crasnick, Price and the Tampa Bay Rays have agreed to a one-year, $10 million deal. As a result, the Rays will avoid having to go to arbitration with Price, who would have been due an increase from his 2012 salary of $4.35 million.

Price, who is 27, went 20-5 with an AL-best 2.56 ERA for the Rays last season, then beat Detroit's Justin Verlander for the Cy Young in the offseason, the first of his career. In five seasons with Tampa Bay, Price has won 61 games and holds a 3.16 ERA, and has been named to the MLB All-Star team three times. He'll be eligible for free agency in 2015, unless Tampa Bay signs him to an extension.

With Price's new deal, he becomes the second-highest paid player on Tampa's roster, behind Evan Longoria, who signed a six-year, $100 million extension earlier this offseason.