Lucas Giolito and Red Sox finalize $38.5M, 2-year deal

BOSTON — Lucas Giolito and the Boston Red Sox finalized a $38.5 million, two-year contract on Wednesday, a deal that allows the 29-year-old right-hander to earn up to $58 million over three seasons.

Giolito gets $18 million this year and has a $19 million player option for 2025 with a $1 million buyout. If he exercises the 2025 option, the Red Sox have a $14 million option for 2026 with a $1.5 million buyout.

If Giolito pitches 140 or more innings in both 2024 and ’25, the 2026 option would become a $19 million mutual option with a $1.5 million buyout.

He can earn up to $1 million in performance bonuses in both 2024 and ’25: $250,000 each for 150, 160, 170 and 180 innings.

Giolito struggled to an 8-15 record with a 4.88 ERA last year for the Chicago White Sox, Los Angeles Angels and Cleveland Guardians.

He allowed 41 homers, second in the major leagues and three fewer than Lance Lynn. Giolito tied for the major league lead with 33 starts.

Mixing fastballs, sliders and changeups with occasional curveballs, he struck out 204 in 184 1/3 innings while walking 73, his most since 2018. He got 81 of his strikeouts on fastballs, 65 on changeups and 56 on sliders.

Selected by Washington with the 16th overall pick in the 2012 amateur draft, Giolito debuted for Washington in June 2016 and was acquired by the White Sox that December with right-hander Dane Dunning for outfielder Adam Eaton. He was an All-Star in 2019, when he was 14-9 with a 3.41 ERA and tied for the major league lead in complete games with three and shutouts with two.

Giolito went 59-52 with a 4.20 ERA in 162 starts with the White Sox, who traded him to the Angels on July 26 with right-hander Reynaldo López for minor league left-hander Ky Bush and catcher Edgar Quero. After going 1-5 with a 6.89 ERA in six starts for Los Angeles, Giolito was claimed off waivers by Cleveland and went 1-4 with a 7.04 ERA in six starts for the Guardians.

He has a 61-62 record with a 4.43 ERA in 178 starts and two relief appearances.

Right-hander Mauricio Llovera was designated for assignment. He had a 5.46 ERA in 25 games and 29 2/3 innings and he was claimed off waivers from San Francisco on July 26.