Jake Peavy signs two-year extension with White Sox

He's not waving goodbye. - Jonathan Daniel

After his first 200-inning season in five years, the former Cy Young winner has decided to stick around for a little while longer.

You can throw out the idea of qualifying offers, buyouts, and sign-and-trades, because Jake Peavy is sticking around for a couple more years.

The White Sox announced that they and Peavy came to terms on a two-year, $29-million contract extension, split down the middle at $14.5 million each year. If Peavy meets "certain innings-pitched thresholds" over the course of both seasons, he'll have a $15 million player option to consider for 2015.

Peavy's $4 million buyout, originally set for the termination of his previous contract, will be paid out in four equal installments from 2016 to 2019.

Peavy had expressed a desire to stay in Chicago numerous times over the course of the 2012 season, and apparently it wasn't lip service. He earned $17 million this past year, and he earned his money and then some by both WAR measurements while pitching 219 high-quality innings.

In other news, the White Sox exercised their $9.5 million option on Gavin Floyd, while declining the options of Brett Myers and Kevin Youkilis. Unlike Peavy's extension, all those moves were expected.

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