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'Our star': 3B Devers officially signs new deal with Red Sox

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What big contract extension means for Rafael Devers, Red Sox (1:01)

Joon Lee weighs in on Rafael Devers and the Red Sox agreeing to a $331 million contract extension. (1:01)

BOSTON -- Third baseman Rafael Devers' new contract with the Boston Red Sox became official on Wednesday, culminating in a news conference at Fenway Park.

"Rafael Devers isn't a star," Red Sox chief baseball officer Chaim Bloom said. "He's our star."

And he will certainly be paid like one.

The Red Sox -- in an offseason in which they saw former shortstop Xander Bogaerts sign with the San Diego Padres -- committed $331 million over 11 seasons to Devers, 26, after a season in which he hit .295 with 27 home runs and 88 RBIs.

There a few unique details to the deal, however. According to The Associated Press, he has $75 million in deferred salaries and will not be fully paid until 2043.

Formally, he received a 10-year contract worth $313.5 million on Wednesday, according to the AP, that covers 2024-33 and follows a $17.5 million, one-year agreement he reached on Jan. 3.

Devers' long-term deal includes a $20 million signing bonus, of which $5 million is payable each February from 2023 to '26. And he also will be paid salaries of $27.5 million a year from 2024 to '26, $31 million annually from 2027 to '30 and $29 million per season from 2031 to '33.

"I love what I do," Devers said. "I'm happy to play here. And that hunger won't subside. It will remain because I love playing baseball and I love doing it here."

Alex Cora concurs. The Red Sox manager on Wednesday recalled a story he remembers vividly from late last year, when Devers was offered the deal.

"His reaction was great. It was priceless. His eyes got as big as when he sees a fastball right in the middle," Cora said. "And I was right next to him. I was like, 'Chill, bro.'"

In each season of the long-term deal, $7.5 million will be deferred. The money will be payable 10 years after the season in which it is earned, half on Feb. 1 and half on Nov. 30.

Devers would receive a $2 million assignment bonus if traded, payable by the receiving team.

The detailed nature of the deal is one of the reasons it took as long as it did to come to fruition. Bloom said that, at long last, talks really hit an aggressive stage during a meeting on New Year's Eve.

"That's when we started to see we might be able to get something done," Bloom said.

Devers was the American League's starting All-Star third baseman each of the past two years. In 141 games last season for a last-place team, he had 42 doubles as the club finished 78-84.

The Red Sox, who will be without Trevor Story for most, if not all, of this season, after offseason surgery on his throwing elbow, have been in scramble mode to reshape their infield, and Devers can now be the anchor.

"It's a wonderful thing to retain a homegrown player who loves Boston, and Boston ... loves back," Bloom said.

Last week, Boston officially agreed to a $21.7 million, two-year contract with third baseman Justin Turner, who is expected to slide over to first base or designated hitter. His deal includes a $8.3 million salary this year and a $13.4 million player option for 2024 with a $6.7 million buyout. Turner can earn an additional $1 million in performance bonuses this year based on plate appearances: $200,000 for 480 plate appearances and each additional 20 through 560.

The Associated Press contributed to this report.