Myers will make $7 million in 2011, $11 million in '12 and $10 million in '13 if the option is picked up. There's a $3 million buyout if the option doesn't vest, and Myers will receive a $2 million signing bonus that supersedes the $2 million buyout he had for '11 in his previous contract.
"I'm comfortable here and comfortable being around Ed and the people he has working around him and the coaching staff," said Myers, who has a strong relationship with pitch coach Brad Arnsberg. "It's a pretty easy decision."
Myers, 29, is 8-6 in 21 starts this season with a 3.10 ERA and two complete games. He currently ranks sixth in the National League in innings pitched and is the only pitcher in the Majors with more than 20 starts to pitch six or more innings in all of them this season. The mark is a Houston franchise record to start a season and the third-longest streak of its kind at any point in a season in club history.
With an 81-69 career record, Myers has the sixth-highest winning percentage among active NL pitchers with at least 200 starts. Myers was signed by the Astros as a free agent on Jan. 12, 2010, after spending his entire career with the Phillies' organization.
The Astros traded long-time ace Oswalt to the Phillies on Thursday, paving the way for Myers to assume that role.
"It's something I've done before," Myers said. "Every five days, every pitcher that goes out there is an ace that day and anchors in their own way, too. I don't really look at it as being the head of a staff or anything like that. I know that word 'ace' is thrown around a lot, but I think every day each one of our starters could be the ace that day."
Wade, who was the GM of the Phillies when Myers was drafted by Philadelphia in 1999, admitted Myers likely would have been dealt had the club not explored signing him to an option.
"Certainly, we were extremely pleased to be able to add Brett to our ballclub in the winter time and to our rotation, and 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," Wade said. "We couldn't be prouder of what he's done for us. He's been a warrior in the context of what Brett's been able to do for us here -- getting us deep in the game, taking the ball every five days and having a real positive influence on our clubhouse.
"Certainly, with Roy Oswalt moving onto Philadelphia, to be able to have somebody like Brett in our rotation to anchor that staff is going to be a huge step forward for us. We're very proud to have him here."