Three-time Cy Young Award winner Max Scherzer and the Toronto Blue Jays have finalized a $15.5 million, one-year contract

Max Scherzer can earn up to $325,000 in incentives from his one-year, $15.5 million contract with the Toronto Blue Jays, according to the New York Post's

The Toronto Blue Jays made their signing of Max Scherzer official on Tuesday. In a corresponding move, the team announced it had designated reliever Michael Petersen for assignment. The Blue Jays signed Petersen off waivers from the Miami Marlins in their first move of the offseason as a depth arm for the bullpen.

The Jays welcomed the future Hall of Famer into the fold on Tuesday with the official signing of the one-year pact. Scherzer will work in the starting rotation for the Jays, who are trying to overcome a last-place finish in 2024.