Lucas Giolito signs two-year deal with AL contender

Mar 21, 2023; Phoenix, Arizona, USA; Chicago White Sox pitcher Lucas Giolito against the Milwaukee Brewers during a spring training game at American Family Fields of Phoenix. Mandatory Credit: Mark J. Rebilas-USA TODAY Sports

Lucas Giolito has landed a big free agent deal despite an underwhelming 2023 season.

Giolito has agreed to a two-year deal with the Boston Red Sox, as first reported by Jeff Passan of ESPN. The contract is worth $38.5 million, and Giolito has an opt-out after the first season.

BREAKING: Right-hander Lucas Giolito and the Boston Red Sox are in agreement on a two-year, $38.5 million contract that includes an opt-out after the first season, sources tell ESPN.

Boston lands its first big signing of the winter. The question now is: Will there be more?

— Jeff Passan (@JeffPassan) December 29, 2023

This marks Boston’s first real foray into the market and comes after their failure to land Japanese ace Yoshinobu Yamamoto. Giolito is unlikely to be on Yamamoto’s level, but he is a former All-Star who put together several strong seasons with the Chicago White Sox. The Red Sox had been reported as having strong interest in Giolito earlier in the week.

The risk for the Red Sox is that they are giving big money to a pitcher who has not produced in recent seasons. He posted a 4.90 ERA for the White Sox in 2022 and things did not improve last year, posting a 4.88 ERA thanks to an ugly end to the season. He allowed 41 home runs, which was the worst mark in the league. His strikeout numbers have remained consistent, which, combined with his track record, is probably why the Red Sox are willing to take this risk. A two-year deal also ensures Boston won’t be paying for this for too long if things don’t work out.

The Red Sox are coming off an underwhelming 78-84 season that saw them finish last in the AL East for the second straight season.