Lester's contract is for $5 million, but he'll only earn $2 million in 2021, according to Bob Nightengale of USA Today. The remaining $3 million will reportedly come in the form of a deferred signing bonus payable in 2023.
Lester went 77-44 with a 3.64 ERA and 1.25 WHIP over the last six seasons with the Chicago Cubs. The Cubs declined his $21-million option for 2021 in late October, opting instead to buy out the 37-year-old for $10 million.
The five-time All-Star is coming off a rough 2020 campaign where he posted a 5.16 ERA over 12 starts. However, he was occasionally excellent, allowing two runs or fewer in seven outings while allowing five or more in the other five.
Lester has also built a reputation as an excellent playoff pitcher. A three-time World Series champion, Lester owns a 2.51 ERA and 1.02 WHIP in 154 career postseason innings. He was also a key contributor when the Cubs won the 2016 World Series, earning NLCS MVP honors.