PHOENIX -- The D-backs have landed themselves an ace.

Arizona has reached agreement with free agent left-hander Madison Bumgarner on a five-year contract, the team announced on Tuesday. The deal is worth $85 million, with $15 million deferred, according to a source.

Bumgarner, 30, was the highest-profile free-agent starter remaining on the market after the signings of fellow free agents Gerrit Cole, Stephen Strasburg and Zack Wheeler. The Giants, Bumgarner's longtime organization, will receive a compensation pick after Competitive Balance Round B in next June's MLB Draft, since Bumgarner declined their one-year, $17.8 million qualifying offer in November. In turn, the D-backs will surrender their second-round pick.

The acquisition of Bumgarner would seem to make it more likely that the D-backs will deal left-hander Robbie Ray this winter. Arizona needs at least one, if not two, outfielders, so it's possible that Ray, who is entering his final year of club control, could now be used to fill that need.

If Ray is dealt, Bumgarner would head a rotation that will also include Luke Weaver, Mike Leake, Zac Gallen and Merrill Kelly.

The D-backs will have competition for the final spots in the rotation with Taylor Clarke, Alex Young, Jon Duplantier and Taylor Widener among those who could be in the mix.

Bumgarner ranks as one of the most accomplished postseason pitchers in history, capturing three World Series championships with San Francisco and authoring one of the best October performances of all time in 2014. He also ranks among the most durable starters of the decade, compiling 30-plus starts and 200-plus innings in seven of the past nine seasons. His career record stands at 119-92 with a 3.13 ERA, though his 3.90 ERA in '19 ranked as the highest of his 11-year career.

The D-backs entered the offseason with around $30 million to spend and they have even more money coming off the books next season when several players like David Peralta, Nick Ahmed, Ray, Jake Lamb and Yasmany Tomas become free agents.