The Boston Red Sox have signed manager Alex Cora to a three-year contract extension, the club announced on Wednesday. Cora had been in the final year of his contract and was expected to be a sought-after managerial free agent this coming offseason. The deal is worth roughly $21.75 million, making him the second-highest paid manager in the league behind Craig Counsell of the Cubs.

“I had a tremendous amount of respect for Alex long before I took this job; that respect has only grown these last several months,” said Red Sox chief baseball officer Craig Breslow in a statement released by the team. “He is an incredible people connector, something I have enjoyed watching firsthand. He has embraced Boston’s passionate fans and we share a desire to win as much as they do, both in 2024 and in the future. I’m happy to be able to extend our commitment to Alex, and I look forward to our partnership continuing to grow. I congratulate him, Angelica, and their family.”

“Today is about the Cora-Feliciano family,” Cora said in that same statement. “We love Boston and are very comfortable here. The Red Sox gave us a chance back in 2017 and doubled down on us prior to the 2021 season, and I’m happy to say our future is here as well. I’d like to thank John Henry, Tom Werner, Mike Gordon, Sam Kennedy, and Craig Breslow for their confidence in me. I’m excited about not only where we are as an organization, but also where we are going.”

Cora, 48, is in his sixth season as Red Sox manager (2018-19, 2021-24). At 54-47, the club sits a game-and-a-half out of the third American League wild-card spot, outperforming preseason expectations. Boston went 78-84 in both 2022 and 2023, finishing as a last-place team both years. The Red Sox went 92-70 in 2021 and made a run to the ALCS.

The Red Sox won a franchise record 108 games and the World Series title in 2018, Cora’s first season as manager. They went 84-78 the next year, then Cora served his one-year suspension for his role in the Houston Astros’ sign-stealing scandal in 2017. Cora was Houston’s bench coach in 2017 and MLB’s investigation revealed he was central to the scheme.

Boston quickly rehired Cora once his suspension ended after the 2020 season. All told, the Red Sox are 494-416 (.543) with one World Series title and another ALCS trip under Cora. Those 494 wins are the fourth most in franchise history behind Joe Cronin (1,071), Terry Francona (744), and Pinky Higgins (560). A multi-year deal could put Francona’s total within reach for Cora.

This past offseason, Counsell reset the managerial market with his five-year, $80 million contract with the Chicago Cubs.