The New York Yankees made their first big splash of the offseason on Tuesday.

The Yankees reportedly agreed to sign free agent pitcher Max Fried to an eight-year, $218 million deal, according to ESPN's Jeff Passan. Fried will collect an average annual value of $27.25 million in his deal with the Yankees. Passan reports it's the largest guaranteed deal ever given to a left-handed pitcher.

Fried will be 31 by the start of the 2025 season, so his new contract figures to run through his age 38 season.

Fried is coming off a strong 2024 season in which he made his second All-Star team. He threw 174 1/3 innings and recorded a 3.25 ERA with 166 strikeouts and 57 walks. He boasts some postseason experience too, having made 20 playoff starts in his career, including two in the World Series. That will be valuable for the Yankees as they look to make another run at a championship.

After missing out on Juan Soto, New York moved quickly to lock down Fried and bolster their starting rotation behind Gerrit Cole.