CINCINNATI -- The Reds took the first step in locking up a big part of their core of young talent by reaching a long-term deal with starting pitcher Hunter Greene.

Greene and Cincinnati agreed to terms on a six-year, $53 million contract extension that includes a $21 million club option for 2029 (with a $2 million buyout). With performance escalators, the deal, which begins in '23, could max out at more than $95 million.

Here is a full breakdown of Greene's contract, which a source told MLB.com's Mark Feinsand, though the club has not confirmed the numbers:

2023: $1 million
2024: $3 million
2025: $6 million
2026: $8 million
2027: $15 million
2028: $16 million
2029: $21 million club option; $2 million buyout

It is the largest pre-arbitration contract extension the Reds have given one of their players. It's also the largest pre-arbitration-eligible contract for a starting pitcher in which the team's control ends in the age-29 season or younger.

The deal buys out all three of Greene's arbitration years and one or two of his free-agent years, depending on if the option is exercised. It would also enable the right-hander to still become a free agent at either age 29 or 30.

A source told Feinsand that Greene's performance bonuses include the following: $2 million for each Cy Young Award won, $1 million for each second- or third-place Cy Young Award finish, $750K for each fourth- or fifth-place Cy Young Award finish, $500K for each sixth through 10th-place Cy Young Award finish and $200K for each All-Star selection.

Greene, 23, is 5-13 with a 4.42 ERA in 28 big league starts over 2022-23, with 188 strikeouts in 142 2/3 innings. He has repeatedly broken records for total pitches at more than 100 mph in games during the pitch-tracking era. His current record is 47 pitches of 100 mph or more, set on Sept. 17 at St. Louis.

"The commitment we made to Hunter reflects his commitment to this organization and to our community," Reds chief executive officer Bob Castellini said in a statement. "He is part of the foundation of young players who will continue to help us build a successful Major League team."

Considered one of the premier pitching prospects in the country since his high school days in Southern California because of his triple-digit velocity, Greene was the No. 2 overall selection in the 2017 MLB Draft.

Greene injured his right elbow during the 2018 season in the Minors and he missed all of '19 after undergoing Tommy John surgery. His '20 season was lost to the COVID-19 pandemic before he resumed his career in '21.

In 2022, Greene made the Reds' Opening Day roster, and he went 5-13 with a 4.44 ERA in 24 starts. After he missed six weeks on the injured list from Aug. 5 through Sept. 16, he posted a 0.78 ERA over the final four starts of his rookie season.

This season, Greene became the first Reds pitcher younger than 25 years old to start on Opening Day since Frank Pastore in 1980. Through four starts, Greene has a 4.24 ERA with six walks and 24 strikeouts over 17 innings.

Greene's most recent start on Monday vs. the Rays was cut short after three innings because a sharp grounder struck his right leg. He suffered a right tibia contusion that was not believed to be serious. The club pushed his next turn in the rotation back at least one day, with the expectation he will avoid the injured list.

The Reds have spent the past year beginning a rebuilding process and focusing on developing their young talent. Several costly veteran players and their contracts were traded in the process. Greene, Nick Lodolo and Graham Ashcraft form the top three pitchers in Cincinnati's rotation.

After the 2023 season, the Reds’ 10-year, $225 million contract with Joey Votto expires, which would have left the club with no other long-term contracts.

That has now changed with the commitment to Greene.