Rays sign David Price to one-year deal By QMI Agency

Rays starter David Price pitches against the Yankees at Yankee Stadium in New York, N.Y., Sept. 14, 2012. (RAY STUBBLEBINE/Reuters)

The Tampa Bay Rays avoided arbitration with lefty David Price, signing the 2012 American League Cy Young Award winner to a one-year, $10.1125 million contract Wednesday.

The 27-year-old starting pitcher went 20-5 with an league-best 2.56 ERA and 205 strikeouts in 31 games last season. He pitched at least seven innings in 23 of his starts, the most in Major League Baseball.

A three-time all-star, Price has a 61-31 record and a 3.16 ERA in five seasons with the Rays.