The guaranteed value of the two-year deal, including a buyout on the third season, is $21 million. If Myers stays through 2013 it will guarantee the right-hander $28 million and it contains performance bonuses that could up the value to $29.5 million.
General manager Ed Wade said the club option for the third year will be based on Myers staying healthy in 2012. Myers missed three months of last season after hip surgery, but returned to make eight appearances at the end of the year before the Astros picked him up in the offseason.
Myers is 8-6 with a 3.10 ERA and has pitched at least six innings in each of his 21 starts this season. The 29-year-old pitcher signed a one-year, $3.1 million contract with a mutual option for 2011 in January.
"We were extremely pleased to add Brett to our ballclub in the wintertime," Wade said. "We felt this was a great opportunity for us and for him to come into Houston and re-establish himself as a solid front-line starter. We couldn't be prouder of what he's done for us."
Myers said he hadn't thought about his future with the team too much before Wade approached him about the extension.
"I like the youth movement that's coming through right now and the acquisition of J.A. Happ," Myers said of the left-hander who was acquired in the deal that sent Roy Oswalt to Philadelphia. "It's an opportunity I couldn't pass up. I'm comfortable here. I'm comfortable being around Ed and the people that he has working for him and the coaching staff. So it was a pretty easy decision."
Wade said the team wanted to keep Myers to lead their rotation after the departure of Oswalt.
"Being able to have someone like Brett in our rotation to anchor that staff is going to be a huge step forward for us," Wade said.
Myers is the only pitcher in the majors this season to last six or more innings in all 21 starts. He has pitched two complete games this year and is 81-69 in his career.
Despite his performance this season, he wouldn't say if he thinks this is the best he's pitched in his career. He attributed much of his success to Houston's coaching staff.
"I'm just trying to execute pitches," he said. "They really make it easy on me out there with not having to think too much with the plan that they give me. It comes down to executing pitches from that point on. As long as I keep doing that hopefully I'll be successful."