Jon Lester to make $15 million with Chicago Cubs in 2015

After being introduced to the media at a press conference on Monday afternoon, Jon Lester‘s contract details were reported Tuesday afternoon – ending any speculation as to how his $155 million, six-year deal with the Chicago Cubs would be structured moving forward.

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According to Jon Heyman of CBS Sports, Lester’s $30 million signing bonus will be paid out in several installments: half up-front on April 1, 2015, with the rest coming over the duration of the deal. In terms of his salary, the soon-to-be 31-year-old southpaw will earn $15 million in first season on the North Side, earning a raise to $20 million in 2016 and 2017 and $22.5 million in 2018 and 2019. In the final year of the deal, 2020, Lester is slated to take home $15 million.

The seventh year option is worth $25 million with a $10 million buyout, vesting should Lester notch 200 innings in 2020 or 400 combined innings between the ’19 and ’20 campaigns. Oddly enough, the total deal worth of $155 million matches the eventual winning offer the New York Yankees made to Japanese right-hander Masahiro Tanaka last winter  – a sweepstakes in which the Cubs reportedly finished second.

According to a report from ESPN Chicago, the deal also includes several other incentives, some of which – namely the full no-trade clause – are uncharacteristic in a deal done by Cubs president of baseball operations Theo Epstein.

Lester’s deal includes a hotel suite on the road, a provision that he can’t be traded without his consent and the right to 25 hours of private-plane use for him and his family annually.

In terms of AAV (average annual value), the former Boston Red Sox ace netted the fifth-largest deal ever awarded to a Major League Baseball player, coming in at $25.8 million, according to Cot’s Baseball Contracts. It is also the largest contract ever given by the Chicago Cubs organization, trumping the deal given to outfielder Alfonso Soriano prior to the 2007 season.

Last season, Lester put together, by many measures, his best big league season, posting a 2.46 earned run average across 32 starts with the Red Sox and Oakland Athletics. The southpaw was even better following his trade to the A’s, lowering his WHIP from 1.119 with Boston to 1.070 with Oakland, his hits per nine innings from 8.1 to 7.7 and his ERA 2.52 to 2.35, although he saw his FIP and HR/9 increase, albeit at minute increments.

Heading into 2015, the southpaw is no-doubt the ace of the Cubs’ rotation. According to Steamer Projections, Lester is headed toward a 13-11 record, amassing 192 innings of work across 30 outings. He is one of just three Chicago pitchers, either starter or reliever, projected to post a WAR above 1.0, coming in at a 3.6 clip.