The 26-year old Bard was arbitration eligible for the first time after the 2011 season, and filed for a $1.825 million salary for 2012. The Red Sox countered with a $1.4 million offer, before the two sides came to an agreement on his new deal.
Bard finished the 2011 season with a club record 34 holds (tied for first in the American League), and a 3.33 ERA. His season was an exhibition in highs and lows, as Bard set a Red Sox record with a 25-game scoreless streak from May 27-July 31, before polishing off the season with a 10.64 ERA in a forgettable September for the club.
Bard is scheduled to enter spring training as a starter, and he will have a chance to earn a spot in the Red Sox' rotation.