Boston will send Los Angeles $2,666,667 on the 15th of each month from April through September in 2020, 2021 and 2022 as part of the deal announced Monday, according to details obtained by The Associated Press.
The $48 million is equal to half of what Price is owed for the remainder of the $217 million, seven-year contract he agreed to with Boston ahead of the 2016 season. He is due $32 million in each of the next three seasons.
Betts has a $27 million salary this year and is eligible for free agency.
Boston’s net savings of $43 million this year — Betts’ salary and half of Price’s — drops the team’s projected luxury tax payroll below the $208 million threshold. The Red Sox paid $11.95 million in tax following their World Series title in 2018 and $13.4 million in tax after missing the playoffs last year.
If the Red Sox exceed the threshold for the third straight season, they would pay at a 50% rate on the first $20 million over, a 62% rate on the amount over $228 million and a 95% rate on the amount above $248 million.
As part of the trade, Boston acquired outfielder Alex Verdugo, infielder Jeter Downs and catcher-infielder Connor Wong.