SCOTTSDALE, Ariz. -- Shortstop Ezequiel Tovar and the Colorado Rockies finalized a $63.5 million, seven-year contract Tuesday, a deal that includes a team option for 2031 that, if exercised, would boost the agreement to $84 million over eight seasons.

The 22-year-old gets a $1.5 million signing bonus and salaries of $1.5 million this season, $4 million in 2025, $5 million in 2026, $8 million in 2027, $11 million in 2028, $14 million in 2029 and $16 million in 2030. The Rockies' option is for $23 million with a $2.5 million buyout.

Tovar's deal supersedes a one-year contract agreed to Feb. 29 that called for a $745,000 salary while in the major leagues and $361,000 while in the minors.

Seven more years of Tovar!

Ezequiel Tovar has been signed through the 2030 season, with a club option for 2031. pic.twitter.com/JhSUoCnGDs

Colorado Rockies (@Rockies) March 26, 2024

"He has already proven he is one of the best shortstops in baseball, and we see him as a cornerstone of this franchise for years to come," Rockies general manager Bill Schmidt said in a statement.

Tovar, a Venezuelan native, made his big league debut Sept. 22, 2022, and last year he became the youngest Rockies player to start on Opening Day at 21 years, 240 days. He hit .253 with 15 homers, 73 RBIs and 11 stolen bases last season. He had 166 strikeouts and 25 walks. His .988 fielding percentage set a record for a rookie shortstop, topping .987 by the Rockies' Troy Tulowitzki in 2007.

Tovar signed with the Rockies in 2017 for an $800,000 bonus.