The Tampa Bay Rays exercised their club option on right-hander Drew Rasmussen on Saturday, locking him in for the 2027 season at $20 million, according to ESPN. The Drew Rasmussen 2027 option had a base value of just $8 million, but it climbed to $20 million after he met health and innings escalators built into his contract.
The move comes two days after Rasmussen started Game 5 of the World Series against Milwaukee on three days’ rest, taking the loss in a 4-1 defeat. It also comes a little more than a year after Rasmussen signed a two-year, $8.5 million deal with Tampa Bay in January 2025 that included the option for 2027.
The Terms Of Rasmussen’s Option
Rasmussen made $5.5 million in 2026 under the original two-year pact, a deal that now totals three seasons and $28 million once the 2027 option is added in, per ESPN. He can reach free agency after next season.
The jump from an $8 million base to a $20 million guarantee reflects just how much Rasmussen outperformed the floor of his contract. He stayed healthy and threw a career-high 172 innings in the regular season, triggering the higher number.
What It Means For Tampa Bay’s Rotation And Payroll
Exercising the option pushes the Rays into financial territory they have never occupied. MLB Trade Rumors estimated Tampa Bay’s cash commitments for 2027 at upward of $105 million including Rasmussen’s option, a payroll level the franchise has never reached. The Rays have also never previously paid a single player $20 million for one season.
Rasmussen was ranked No. 2 on an offseason list of top 40 trade candidates, according to MLB Trade Rumors, a sign the option’s exercise does not guarantee he opens 2027 in a Rays uniform. If Rasmussen, along with Martinez and Freddy Peralta, were to depart, Tampa Bay’s rotation alternatives for next season include Shane McClanahan, Ryan Pepiot, who missed all of 2026 with a hip injury, Griffin Jax and Ian Seymour.
Rasmussen’s Breakout 2026 Season
Rasmussen, 31, turned in the best season of his career in 2026, going 16-5 with a 2.67 ERA across 30 starts and 172 innings. He struck out 174 batters and led the American League with a 0.91 WHIP, numbers that earned him his second All-Star selection.
He carried that form into October. Rasmussen went 2-1 with a 2.20 ERA over five postseason starts, striking out 31 against just five walks in 28⅔ innings, according to MLB.com. In World Series Game 5, he allowed one run across four efficient innings despite pitching on short rest, a start detailed in Total Apex Sports’ Brewers vs. Rays Game 5 coverage.
Since the start of 2022, Rasmussen’s 2.74 ERA ranks fourth among pitchers with at least 500 innings, per MLB Trade Rumors. For his career, he is 46-22 with a 2.83 ERA across 160 games and 111 starts with Milwaukee and Tampa Bay over seven seasons, a resume built despite three major elbow operations, including Tommy John surgeries in 2016 and 2017 and an internal brace procedure in 2023.
Rasmussen spoke about his desire to stay with the organization after Game 5, telling MLB.com, “This organization, man, it’s the best.” Rays manager Kevin Cash offered his own assessment of the right-hander after that outing: “That guy is a stud.”
Tampa Bay’s run to the World Series is chronicled further in Total Apex Sports’ look at Rasmussen’s postseason MVP case and the team’s American League Championship Series win detailed in Rays beat Guardians 3-1 in ALCS Game 5.
What’s Next
With the option exercised, Rasmussen is under contract for 2027 at $20 million, with free agency awaiting him after that season. Whether he remains part of Tampa Bay’s rotation or becomes part of a trade given his standing on offseason trade-candidate lists is a question the Rays will have to answer as the offseason progresses.
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