ST. PETERSBURG, FL—The Tampa Bay Rays have agreed to a one-year contract and avoided arbitration with the 2012 American League Cy Young Award winner, left-handed pitcher David Price.

Price, 27, will earn $10.1125 million in 2013. In 2012, he went 20-5 with a 2.56 ERA (211-IP, 60-ER) and 205 strikeouts in 31 starts. He led the AL in ERA and wins (tied with Jered Weaver of the Los Angeles Angels of Anaheim), becoming the first in Rays history to lead the league in either category. He also held opponents to a .318 slugging percentage, lowest in the AL, and made 23 starts of seven innings or more, most in the majors.

In five seasons with the Rays, Price has gone 61-31 with a 3.16 ERA and earned three All-Star selections (2010-12). In club history, he ranks second in wins (61) and third in innings pitched (786.1), strikeouts (725) and starts (120). His .680 winning percentage (51-24) since the start of 2010 ranks third highest in