Pitcher Jake Peavy and the Chicago White Sox agreed Tuesday to a $29 million, two-year contract.
The right-hander will receive $14.5 million in each of the next two seasons. Peavy could receive a $15 million option for 2015 if he has 400 innings in the next two years, including a minimum of 190 in 2014, and he doesn't finished 2014 on the disabled list.
Peavy's previous deal included a $22 million option for next season with a $4 million buyout. The buyout will be paid in equal installments from 2016-19.
The 2007 NL Cy Young Award winner went 11-12 with a 3.37 ERA in 32 starts this year after three injury-riddled seasons.
Chicago also exercised a $9.5 million option on right-hander Gavin Floyd on Tuesday, declined a $10 million option on right-hander Brett Myers and turned down a $13 million option on third baseman Kevin Youkilis, acquired from Boston in June. Myers gets a $3 million buyout and Youkilis $1 million.
The Los Angeles Dodgers brought back Brandon League, agreeing to a $22.5-million, three-year deal.
League, acquired from Seattle at the July trade deadline, went 2-1 with six saves and a 2.30 ERA in 28 appearances with Los Angeles. He was especially effective over the final 1½ months of the season, posting a 0.55 ERA in 15 appearances in September and October, sixth-lowest in the National League during that stretch.