Franco will receive a guaranteed 11 years and $182 million, according the Athletic's Ken Rosenthal. There is a club option for the final year, and Franco will reportedly receive contract escalators "based on MVP finishes."
The Rays have not announced a new contract for Franco as of Tuesday afternoon.
Franco, 20, made his MLB debut in 2021 after being widely regarded as the top prospect in baseball. The switch-hitting shortstop posted an .810 OPS in 70 games this season, adding seven homers and 53 runs. Franco notched two home runs in four postseason games as the Rays lost to the Red Sox in the ALDS.
Tuesday's deal does not include a no-trade clause, per ESPN's Jeff Passan.
Tampa won its second straight AL East title in 2021 as it finished 100–62. The Rays reached the World Series in 2020 before losing to the Dodgers.
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