ST. PETERSBURG, Fla. -- ST. PETERSBURG, Fla. (AP) — The AL champion Tampa Bay Rays exercised their $20 million option Saturday on ace pitcher Drew Rasmussen.

Tampa Bay picked up the 2027 club option on Rasmussen's contract rather than pay him a $500,000 buyout. The two-time All-Star can become a free agent after next season.

Rasmussen earned a $5.5 million salary this year as part of an $8.5 million, two-year deal he and the Rays agreed to in January 2025 to avoid arbitration. But the 2027 option price increased from $8 million to $20 million because Rasmussen remained healthy throughout the 2026 season and made at least 28 starts, making the contract worth $28 million over three seasons.

The 31-year-old Rasmussen went 16-5 with a 2.67 ERA in 30 starts during the regular season, helping the Rays to an AL East title. He was 2-1 with a 2.20 ERA in five postseason starts as Tampa Bay won its third pennant.

Rasmussen started Game 5 of the World Series against Milwaukee on three days' rest and left trailing 1-0 after pitching four innings. He took the loss as the Brewers won 4-1 to clinch their first championship.

The right-hander threw 89 pitches over 3 2/3 innings in Game 2, getting a no-decision as Milwaukee rallied for a 5-4 victory and a 2-0 Series lead.

In his first playoff start this year, Rasmussen took a no-hitter into the eighth inning against the New York Yankees and struck out 10 on the way to a 1-0 victory in the Division Series opener.

Rasmussen threw a career-high 172 innings this season and 28 2/3 more in the postseason. He has had three major elbow operations in his career, including Tommy John surgeries in 2016 and 2017 and an internal brace procedure in 2023.

He is 46-22 with a 2.83 ERA in 160 major league games, including 111 starts, over seven seasons with Milwaukee and Tampa Bay.

On Friday, the Rays declined mutual options on starting pitcher Nick Martinez and outfielder Cedric Mullins.

Martinez, 36, had a $20 million mutual option with a $4 million buyout as part of a $13 million, one-year contract.

Mullins, 32, had a $7.5 million, one-year deal that included a $10 million mutual option with a $500,000 buyout.