The Tigers confirmed one-year contracts Friday with Price, right-hander Alfredo Simon and outfielder J.D. Martinez, avoiding arbitration with all three. Right-handed reliever Al Alburquerque is Detroit's only player left in arbitration.
Price's contract is the largest one-year deal for a player who filed for arbitration, topping Max Scherzer's $15,525,000 agreement with the Tigers last year.
Detroit acquired Price in a deadline deal in July, and the move paid dividends when the left-hander held Minnesota scoreless in a division-clinching victory on the final day of the regular season. Detroit won the AL Central for a fourth consecutive year.
Price will be a big part of Detroit's attempt to defend its spot atop the division, which looks increasingly tenuous after Kansas City went to the World Series as a wild card last year and the Chicago White Sox made a few significant moves this offseason. Cleveland could also be a threat with its promising rotation.
Scherzer remains on the open market, and the Tigers have already shuffled their rotation a bit more. They acquired right-hander Shane Greene from the New York Yankees, and Alfredo Simon was traded from Cincinnati to Detroit last month.
The Associated Press contributed to this report.