The first huge free agent pitcher singing of this offseason has been made. The Boston Red Sox have agreed to a deal with David Price for seven years, $217 million. The Red Sox have missed the playoffs four of the last five seasons and they ranked 25th in team pitching last season, so there was certainly a need to add an ace.

But, did the Red Sox give up too much?

Price is obviously one of the best pitchers in the game, and he will help the Red Sox immensely, but $217 million is a lot of money. Even without a salary cap in place, the New York Yankees are still regretting the C.C. Sabathia contract. Price will make on average $31 million per year going forward, the most by a pitcher in Major League Baseball history. The Red Sox could have paid less for Dominican ace pitcher Johnny Cueto.

"It's all about the market" as many MLB analysts have already argued. In eight quality seasons Price has an impressive 3.09 ERA, a CY Young award and he's proven he can stay healthy. The biggest issue with Price is his postseason resume. Price is a mediocre 2-7 in his payoff career with a 5.12 ERA. The standard is high in Boston, and to win over the fans there, you have to win and perform at high level in the playoffs. Many fans compare Price to Los Angeles Dodgers ace Clayton Kershaw because he too is an outstanding pitcher, but has struggled come playoff time.

It's not so much that the Red Sox overpaid for Price. It's the fact they gave up so much for just one player. The fact of the matter is the Red Sox will be paying Price $31 million per season for playing just one or twice a week. Price is 30 years old, which isn't exactly past his prime, but with a seven year contract, the Red Sox just took a big gamble. The Red Sox are hoping this gamble pay off because seven years from now they will be paying a 37-year-old starter $32 million.

The Red Sox have shown they can go from worst to first before. With Price now on the roster, the American League East just got a lot more interesting. The St. Louis Cardinals were very interested in signing Price, but clearly, the Red Sox were not going to lose this free agent bid.

Only time will tell just how good Price performs with the Red Sox. Obviously he has to improve his postseason play to live up to this massive contract.

Follow Damon Salvadore on Twitter @DamonSalvadore1