The Texas Rangers have signed Martin Perez to a contract that potentially keeps him under team control through the 2020 season, and the details of the terms of that contract have now been released.
Perez is receiving a $1 million signing bonus and a $750,000 contract for the 2014 season. Perez will make $1 million in 2015, $2.9 million for 2016, in what would have been his first arbitration season, and $4.4 million for 2017, in what would have been his second arbitration season.
The 2018 team option on Perez, in what would have been his final arbitration season, is $6 million, and there is a $2.45 million buyout on the option...given the size of the buyout, unless Perez is simply useless by 2018, that option will be exercised.
In 2019, in what would have been Perez's first free agent year, the Rangers hold a $7.5 million option with a $750,000 buyout. In 2010, the option is for $9 million with a $250,000 buyout.
By my math, Perez is guaranteed $13.5 million if the option buyouts are cumulative, $12.5 million if the option buyouts are not cumulative, and if all the options are exercised, it would be $32.55 million.
UPDATE -- Edited to clarify and fix a math error.