Indians, Kluber agree to 5-year, $38.5M extension: 'What we have going is exciting'

The Cleveland Indians locked up reigning American League Cy Young winner Corey Kluber on Sunday to a five-year contract extension.

The deal is for $38.5 million pending a physical and includes two club options, according to multiple reports.

Kluber, who went 18-9 with a 2.44 ERA and career-high 269 strikeouts in 235 2/3 innings, was already under team control through 2018 and wasn't eligible for arbitration until the end of this season. The extension buys out Kluber's three years of arbitration and up to three seasons of free agency, provided the options are picked up.

"Once we got to what we wanted to accomplish, it was a no-brainer," Kluber told Ken Rosenthal of FOX Sports on Sunday. "The reason I wanted to sign a deal is because I wanted to pitch in Cleveland. What we have going is exciting."

The reported deal is the largest guaranteed contract for a pre-arbitration pitcher in baseball history and includes several bonuses and unique escalators, according to Rosenthal:

Nick Cafardo of the Boston Globe originally reported it was a five-year, $52.5-million extension.

The agreement comes less than 48 hours from Kluber's opening-day deadline to negotiate an extension. Kluber, who turns 29 on Friday, was set to make $601,000 this season.

"We never sat down and said it has to be this amount of money or it won't happen," Kluber said. "From talking to other guys who have done deals, when it gets to the point that you want, you just know."

Kluber seemingly emerged out of nowhere last season to become one of the most dominant pitchers in baseball. The right-hander led the AL with a 2.35 FIP and allowed two earned runs or fewer in 23 of 34 starts.

(Courtesy: FanGraphs)

Kluber, who was picked by the San Diego Padres in the fourth round of the 2007 draft, owns a career 3.34 ERA and 9.3 K/9 rate over four seasons in Cleveland.