LOS ANGELES (AP) Scott Kazmir's $48 million, three-year contract with the Los Angeles Dodgers includes payments through 2021.

As part of the agreement finalized Dec. 30, the 31-year-old left-hander received a $5 million signing bonus payable by the next day and salaries of $11 million this year and $16 million in each of the following two seasons.

Los Angeles will defer $8 million of each year's salary without interest, money payable in equal installments each Dec. 15 from 2019-21. Because of the deferred money, the agreement's present-day value was calculated at $44,954,652 by Major League Baseball and $45,335,913 by the players' association, which uses a slightly different method.

More from FoxSports

Kazmir can opt out of the deal following the 2016 season, in which case the $8 million of deferred money would be payable by Jan. 15, 2017.

A three-time All-Star, Kazmir was fourth in the AL with a 3.10 ERA last year while going 7-11 for Oakland and Houston. He is 98-90 with a 3.96 ERA in 11 seasons, all in the AL.