Fairbanks, a right-handed pitcher who turns 32 next month, gets a $1 million buyout.
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He was 4-5 with a 2.83 ERA and 27 saves in 32 opportunities this year and has 75 saves over the last three seasons. Fairbanks agreed to a three-year, $12 million contract ahead of the 2023 season.
Lowe, a 31-year-old second baseman and first baseman, hit .256 with 31 home runs and 83 RBIs this year.
Agreed in 2019 to a $24 million, six-year contract that included a $10.5 million option for 2025 that was exercised. Lowe would have received a $500,000 buyout if the option had been declined.
Additionally, the Rays exercised a $2.45 million option on infielder Taylor Walls, who had a $50,000 buyout as part of the deal, which paid a $1.35 million salary this year. The Rays added a $3.1 million club option for 2027.
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AP MLB: https://apnews.com/hub/mlb