The Colorado Rockies have signed former All-Star German Marquez to a two-year extension worth up to $20 million. If you feel this amount is lower than what he probably should be making, you're right. He recently underwent Tommy John surgery, and will probably be out of action for all of the 2024 campaign. Despite this, he will still be getting paid by the Rockies.
Marquez was an All-Star in 2021, but has struggled to reach those heights since then. His 2022 ERA of 4.95 was not the momentum building season the Rockies were hoping for.
Jeff Passan of ESPN reported the signing via Twitter.

"Right-hander German Marquez and the Colorado Rockies are in agreement on a two-year, $20 million contract extension, sources tell ESPN. He'll make $10M both years with $10M in potential performance bonuses for 2025. Marquez, 28, had Tommy John surgery and will miss most of 2024" - Jeff Passan
Passan also provided the details of the second year of this extension, when Marquez should be back to pitching regularly.
"Rockies had a $16.5M option on Márquez with a $2.5M buyout for 2024. Despite having Tommy John in May, he was guaranteed an additional $17.5M and will hit free agency at 30 . The deal, negotiated by Daniel Szew, includes $4M of roster bonuses in 2025 and IP bonuses, too" - Jeff Passan
This deal seems like it will be a win-win for both sides.
The Colorado Rockies still believe in German Marquez
Marquez has always been with the Rockies, and they must think he can be a starter in the future. Not every player is able to return from Tommy John surgery like Justin Verlander, so there is a risk he won't be the same.
However, the Rockies are betting that he will live up to this contract in both his off-year and when he returns.