3:50pm: Desmond would also earn an additional $500K for winning NL MVP honors in either season, tweets Adam Kilgore of the Washington Post.

11:56am: The Nationals have agreed to sign shortstop Ian Desmond to a two-year, $17.5MM extension that will buy out his final two years of arbitration, according to MLB.com's Bill Ladson (Twitter link). Desmond is a client of Sports One Athlete Management. Desmond will earn $6.5MM in 2014 and $11MM in 2015, tweets Joel Sherman of the New York Post.

Desmond's contract is the second two-year deal inked by the Nationals today, as they also locked up Jordan Zimmermann for two years and $24MM. Barring a long-term extension, Desmond's salaries are now locked in until he eligible for free agency following the 2015 campaign. He'd been projected to earn $6.9MM in 2014 by MLBTR's Matt Swartz.

Desmond has broken out as one of the game's best all-around shortstops, slashing .286/.333/.480 with solid defense at shortstop and a pair of 20-homer, 20-steal campaigns in 2012-13. The Nationals are reportedly interested in locking him up to a long-term extension, as is also the case with Zimmermann.