Look to sell your Cliff Lee jersey at your next yard sale.

According to Todd Zolecki, the Phillies have "officially declined the 2016 club option for pitcher Cliff Lee.

Declining the option comes with a price, however.

The Phillies will be paying Lee a $12.5 million buyout.

Lee had a club option for $27.5 million for the final year of his contract so it's no surprise that the team went this route. So in essence, the club is paying Lee $12.5 million to not pitch for them this season.

Lee missed the entire 2015 season after suffering a torn flexor tendon in spring training. The former Cy Young Award winner only started 13 times in 2014.

Lee, 37, is now a free agent and can sign with any team beginning this weekend so perhaps a minor league deal with incentives could be a possibility.

Lee went 41-30 with a 2.89 ERA during his second stint with the Phillies. He signed a five-year, $120 million deal with the Phillies in December of 2010.