MLB: Sox, Peavy agree to 2-year extension

The Chicago White Sox stabilized their pitching staff Tuesday by agreeing with Jake Peavy on a two-year, $29 million contract extension and picking up the $9.5 million option on pitcher Gavin Floyd.

The Sox declined team options on pitcher and Brett Myers and third baseman Kevin Youkilis. They still retain exclusive financial negotiating rights to Myers and Youkilis through Friday night.

Myers had a $10 million club option but instead will receive a $3 million buyout. Youkilis will receive a $1 million buyout instad of having his $13 million option picked up.

Peavy, who would have been considered one of the premier starting pitchers on the free-agent market, will get $14.5 million in both 2013 and 2014.