Jake Arrieta gets record arbitration deal, extension next?

The Chicago Cubs and defending NL CY Young award winner Jake Arrieta avoided arbitration late Friday night, agreeing to a $10.7 million salary for the 2016 season.

The Associated Press first reported the agreement, also noting it to be the largest one-year contract for a second-time arbitration eligible pitcher, topping David Price's $10.1 million salary in 2013. 

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The two sides were scheduled to hold what would have been a high-stakes arbitration hearing on Tuesday had they not reached this agreement. Arrieta filed at $13 million, while the Cubs countered at $7.5 million. The $5.5 million difference marked the largest gap among players who did not come to terms with their respective teams by the January deadline. 

In that regard, it's a slight win for Arrieta, as he'll take home $450,000 above the midpoint. But it could be seen as a win for both sides, as they were able to avoid the unnecessary and sometimes unpredictable drama that goes along with an arbitration hearing. 

Of course, that doesn't necessarily mean the drama is all together over either. Sure, both sides will be able to shift their focus to the 2016 season in the short-term, but questions about a long-term extension for the 30-year-old right-hander will continue to loom. 

As it stands now, Arrieta is eligible for arbitration one final time next winter before hitting free agency following the 2017 season. There's no real hurry for the Cubs to act, but they will certainly have to weigh what Arrieta's value could be in arbitration next winter, as well as his long-term value to them as a pitcher in his 30s. And yes, his age does complicate things a bit, but a continuation of the dominance he's shown the past two seasons would trump everything else come negotiating time.   

As CSN Chicago's Patrick Mooney notes, it's difficult to see the Cubs buying in all the way at an absolute high point, which is where Arrieta is now coming off a 22-win season where he posted a sparkling 1.77 ERA.. But by the same token, a hometown discount isn't coming either. Not with super-agent Scott Boras serving as Arrieta's representation. That would indicate a stalemate at the present time that will either work itself out or grow more complicated over the next 12-18 months.

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That's the gamble both sides will take, because it's really the only option that exists. That is, of course, unless Arrieta overrules his agent.

Hey, anything is possible. After all, Chicago is the place where Arrieta's floundering career got on track. Theo Epstein and Jed Hoyer were the people who saw something in him when they acquired him from the Baltimore Orioles in 2013, and they put people around him who helped him develop into something that went beyond everybody's highest expectations.

There's no doubt the relationship has been mutually beneficial, as it's helped both sides experience a rebirth of sorts. It will continue to be at least cordial following Friday's agreement.  Now we'll wait to see if there's a price that can make it last.

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Mark Townsend is a writer for Big League Stew on Yahoo Sports. Have a tip? Email him at bigleaguestew@yahoo.com or follow him on Twitter! Follow @Townie813