Price is in the fifth year of a 7 year, $217 million deal that he originally signed with the Boston Red Sox. Boston traded Price and Mookie Betts to the Dodgers this season in an on-again, off-again three way deal that turned into a lengthy saga and ultimately required a reworking of the pieces to get done. Price is under contract this year for $32 million, and while a player with an underlying health issue that makes him high risk for contracting COVID-19 may opt out and still receive their salary, players without such conditions forfeit their 2020 salaries if they opt out. As Price does not, as far as I know, have any conditions that make him high risk, by opting out he is walking away from almost $12 million.
Price, who turns 35 next month, had a 4.28 ERA in 22 starts for Boston last year. He was expected to be a member of the Dodgers rotation this season.