The Tampa Bay Rays have renewed Blake Snell's contract with a raise of just $15,500 after he won the American League Cy Young award in 2018.

Snell, 26, isn't yet eligible for salary arbitration. He will earn $573,700 this year.

He has accrued 2 years, 72 days years of service -- this year's cutoff for arbitration was 2 years, 134 days.

The pitcher's agents, Adam Karon and Tripper Johnson of Sosnick, Cobbe & Karon, issued a statement on behalf of Snell.

"The Rays have the right under the collective-bargaining agreement to renew me at or near the league-minimum salary," the statement read.

"They also have the ability to more adequately compensate me, as other organizations have done with players who have similar achievements to mine. The Rays chose the former," he said. "I will have no further comment and look forward to competing with my teammates and field staff in our quest to win the World Series in 2019."