The organization and its ace pitcher agreed to a five-year extension with a sixth-year vesting option. Verlander will earn $180 million over the next seven years, according to ESPN's Buster Olney. The option year is worth $22 million, giving him the potential to earn $202 million.
The 30-year-old Verlander will earn $20 million for each of the next two seasons, then $28 million annually 2015-2019, Olney reports.
"Justin is one of the premier pitchers in baseball and we are thrilled to keep him in a Tigers uniform for many years to come," Tigers president/GM Dave Dombrowski said in a press release. "Justin has been a Tiger for his entire career and he is on pace to be one of the greatest pitchers in this illustrious franchise's history."
Verlander has two no-hitters to his name, the first coming in 2007 against the Brewers and the latter in 2011 against the Blue Jays. In 2011 he won both the American League MVP and American League Cy Young Awards.
Verlander had a 2.64 ERA and 239 strikeouts in 33 starts last season, but finished runner-up in the Cy Young voting to Tampa's David Price.