Chicago White Sox third baseman Yoan Moncada looks on during baseball spring training Monday, Feb. 17, 2020, in Phoenix. (AP Photo/Gregory Bull)

Chicago White Sox third baseman Yoan Moncada looks on during baseball spring training Monday, Feb. 17, 2020, in Phoenix. (AP Photo/Gregory Bull)

MESA, Ariz. (AP) — The Chicago White Sox announced their $70 million, five-year contract with Yoán Moncada on Friday,

He gets a $4 million signing bonus, payable in equal installments each Nov. 15 from 2020-23, and salaries of $1 million this year, $6 million in 2021, $13 million in 2022, $17 million in 2023 and $24 million in 2024.

Moncada’s deal includes a $25 million team option for 2025 with a $5 million buyout. The option price can increase by a maximum of $2.5 million based on his finish in MVP voting from 2020-24: $2.5 million for winning and $1.5 million for second or third.

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Chicago acquired the 24-year-old Moncada in the December 2016 trade that sent Chris Sale to the Boston Red Sox. Long regarded as one of baseball’s top prospects, the third baseman broke out last season when he set career highs with a .315 batting average, 25 homers and 79 RBIs.

Moncada would have been eligible for salary arbitration after this season and for free agency after the 2023 season.

“I want to thank the White Sox organization for the trust they are giving me,” Moncada said in a release. “I am very happy and proud because it gives me the chance to secure my financial future and the future of my family, and it reinforces my commitment to the White Sox and their fans. I am going to keep working hard every day to represent this organization and to help, along with all the great talent that we have here, to win multiple championships.”

Hoping to make the most of a painful rebuilding process, the White Sox have handed out several big deals to the prospects they accumulated during seven straight losing seasons.

Shortstop Tim Anderson agreed to a $25 million, six-year contract in March 2017. Young slugger Eloy Jiménez finalized a $43 million, six-year deal last March, and outfielder Luis Robert agreed to a $50 million, six-year pact in January. Key reliever Aaron Bummer got a $16 million, five-year contract last month that includes two club options.

Moncada made his major league debut with the Red Sox in 2016. He hit 17 homers and drove in 61 runs for the White Sox two years ago, but he also struck out a major league-high 217 times in 149 games.

His deal includes award bonuses for MVP voting: $100,000 for first, $90,000 for second, $80,000 for third, $70,000 for fourth and $60,000 for fifth. He would get $25,000 for All-Star election and $15,000 for selection as a reserve. He also would get $100,000 for World Series MVP, $75,000 for League Championship Series MVP, $25,000 for Gold Glove, $15,000 for Silver Slugger and $50,000 for making The Sporting News All-Star team.

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Jay Cohen can be reached at https://twitter.com/jcohenap

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