The deal will buy out Sánchez's remaining four seasons of team control – the latter three being his arbitration-eligible years – and give the Phillies the option to attain an extra year or two of control on the starting pitcher who has quickly become one of baseball's most effective southpaws.

This sort of deal is common in today's day and age, as it allows a player to secure life-changing money before a theoretical injury or poor performance lowers their stock, while teams attain the opportunity to delay the player's free agency for a few seasons.

The Phillies have owned the best record in the National League for several weeks now, and they have done it thanks in large part to their starting pitching rotation, which has simply been dominant. Sánchez has taken another major step forward, serving as a remarkable No. 4 starter behind Cy Young candidates Ranger Suárez and Zack Wheeler as well as a potential All-Star in Aaron Nola.

In 14 starts in 2024, Sánchez has posted a 2.91 ERA in 77.1 innings pitched with 66 strikeouts. Entering Saturday, he was eighth-best among all major-league starting pitchers in Fangraphs' version of WAR. He has only allowed one home run all season, and his 0.12 home runs allowed per nine innings is the best mark among all starters. His 59.4 ground ball percentage is the second-highest in the majors.

Sánchez's rise from a fringe roster player on the verge of falling out of favor to a pitcher being rewarded with a long-term contract extension represents a massive player development success for the Phillies – and is a testament to Sánchez's ability and work ethic.

Sánchez is scheduled to be on the mound Sunday morning in the team's series finale against the Arizona Diamondbacks.