*This article will be updated when financials are released.
Matz is coming off his first full season as a relief pitcher, throwing a career-best 3.05 earned run average through a career-high 53 games.
The 34-year-old lefty was traded from the St. Louis Cardinals to the Boston Red Sox at the trade deadline last season, finishing 2025 with 59 strikeouts through 76.2 innings, giving up 73 hits and 11 walks.
Tampa will now be Matz's fifth team in 12 years. He originally made his debut with the New York Mets in 2015 after being selected in the second round of the 2009 MLB Draft. He spent six years with the Mets before going to the Toronto Blue Jays for a year (2021).
After his stay with Toronto, Matz signed a four-year, $44 million deal with the Cardinals, which ended after this year's season.
The Rays finished fourth in the American League East division with a 77-85 record this past season. Now, they're bringing on board one of the best left-handed relievers on the free agent market.