TAMPA, Fla. -- The Rays have finalized a two-year contract extension with Drew Rasmussen, giving the right-hander some financial certainty as he prepares to rejoin their starting rotation this year.

The deal will guarantee Rasmussen $8.5 million but could be worth up to $28 million. He will receive a $2 million salary this year, with a $500,000 signing bonus, and $5.5 million in 2026, a source told MLB.com. The agreement includes an $8 million club option for 2027 with escalators (based on innings pitched and health) that could increase his '27 salary to $20 million; the option year can be bought out for $500,000.

The deal, which was first reported by the Tampa Bay Times and later announced by Beverly Hills Sports Council, Rasmussen’s agency, was officially announced by the club Tuesday night.

The deal covers Rasmussen’s two remaining years of club control, as he was eligible for salary arbitration for the second time this offseason and was set to reach free agency after next season. The option year covers what would have been the 29-year-old’s first season after becoming a free agent.

With Rasmussen under contract, the Rays have five remaining players who are eligible for arbitration prior to Thursday’s deadline to either agree to terms or exchange salary figures: starters Zack Littell and Shane Baz, shortstop Taylor Walls, reliever Garrett Cleavinger and catcher Ben Rortvedt.

Acquired from the Brewers in May 2021 as half of the Rays’ return for shortstop Willy Adames, Rasmussen moved out of the bullpen to become an effective starter for Tampa Bay down the stretch. He put together an impressive 2022 season as a starter, posting a 2.84 ERA in 28 starts, and got off to an even better start in ’23, with a 2.62 ERA through eight outings.

However, Rasmussen sustained a right elbow injury that required a season-ending internal brace procedure on July 24, 2023. Rasmussen had already undergone Tommy John surgery twice, first in March 2016 and again in August 2017, but he worked his way back and rejoined the Rays’ staff last August.

Balancing a desire to get him back on the mound and limit his workload, the Rays had Rasmussen return as a multi-inning reliever/opener. He once again flashed dominant stuff, putting together a 2.83 ERA with 35 strikeouts and only six walks in 28 2/3 innings over 16 appearances.

Rasmussen’s arsenal was as powerful as ever out of the bullpen, too. His four-seam fastball averaged 97.4 mph, his sinker clocked in at 96.2 mph, and he complemented those with a hard cutter (89.1 mph, 40.6% whiff rate) and sweeper (85.4 mph, 41.2% whiff rate). The right-hander also worked in an occasional curveball as a starter.

Considering his history of arm injuries, his excellence in a relief role and the Rays’ surplus of starting pitching, there were some questions about whether Rasmussen would remain in the bullpen or try to rejoin the rotation this year. But the Rays revealed during the Winter Meetings last month that Rasmussen had decided to give starting another shot.

Rasmussen is slated to be part of a talented Rays rotation that should also feature returning ace Shane McClanahan, Littell and the young trio of Baz, Ryan Pepiot and Taj Bradley. It’s unclear how the Rays intend to use all six, but McClanahan and Rasmussen -- and potentially Baz -- will likely face some workload restrictions due to previous injuries.

“This is something that Ras is really committed to,” manager Kevin Cash said last month. “We care a lot about Ras, the person, the work that he put in to get back. I know the injury history and some of the concerns there, but if you're going to bet on somebody to carry a workload like that with his work ethic, he'd be the guy to do it. So excited to see where we come into Spring Training and how that competition unfolds.”