Peralta gets $3 million in each of the next two seasons. The Rays have $2.5 million annual options for 2015-17.
The 36-year-old right-hander went 2-6 with a 3.63 ERA in 76 appearances last season. He was second in the AL in appearances in 2012 and his 147 appearances over the past two seasons are the most in the league. He's coming off a season in which he had a career-best 84 strikeouts while limiting opponents to a .200 batting average and .254 on-base percentage in 67 innings.