It's a 7 year deal for splash effect. He can opt out after 3 years. If he plays well he can probably get a better deal exercising his option. My only fear is that he has no incentive to perform knowing that if he flops he can still hang around and cash out on the back half of the deal.
The sad thing is that the Sox could have gotten Lester for 5 years and probably for under $125M. They could have signed Greinke for about the same money. Two pitchers for $250M would probably have been better for the long term.
It won't be long until we see a ticket price hike to pay for Price.
Pitchers don't like to sign 2 year deals due to the risk of injury and the difficulty signing a new contract if their playing time was limited. Teams need to stop throwing around these 6 and 7 year deals if they want to push the market back down to reality. Owners want to win too badly, they have no problem signing 5,6,7 year deals. Most deals never see the end anyway.