Sanchez, 29, was set to enter the second year of his already four-year, $23.5 million deal with the team, which included two additional options that could've made him $47 million. Now, under the new deal, Sanchez will earn an additional $60 million in total.
His new deal, which is set to kick in next year, also includes a club option for 2033.
Questions arise about the Phillies' ace receiving the big extension from a financial standpoint for the team. With his previous deal, the Phillies had a National League Cy Young runner-up from last year at a bargain price. They technically had one of the best pitchers in baseball already under contract without paying him much at all, especially by today's standards.
Now, the Phillies locked him up through at least 2023, when he'll be 36. However, in back-to-back seasons with the Phillies, Sanchez has proven to be a more than capable pitcher for a team that's constantly in the fight for a World Series.
In 2024, Sanchez finished with a then-career-best 3.32 earned run average through 31 starts, recording 153 strikeouts in 181.2 innings, giving up 182 hits and 44 walks while also leading the league with two complete games, one of them being a shutout.
Then he took a drastic leap this past season that almost earned him his first Cy Young. Sanchez finished with a stellar 2.50 ERA in 32 starts, totaling 212 strikeouts in 202 innings and giving up 171 hits - all career-best across the board - while giving up 44 walks (again).
The contract shows that the Phillies are more than willing to give their players the money they've earned.
Sanchez will head into the 2026 coming off a World Baseball Classic with the Dominican Republic, where he finished with a 4.26 ERA after giving up three runs on eight hits through 6.1 innings (two games, one start) with 12 strikeouts and two walks.