With his sixth campaign about to begin and no contract, Masterson was eligible to become a free agent for the first time in his career. He was also arbitration-eligible. Instead, Masterson and the Indians agreed to a one-year, $9.7 million contract in February, 2014, for the 2014 season. The two parties also began talks for a contract extension beyond 2014. However, the next month, discussions were ended until after the season. Masterson had offered the club extensions for $17 million per year in separate offers of two and three years, with option years, but that was more than the Indians were willing to pay. A pitcher with similar career achievements, Homer Bailey, had signed an extension for more years with the Cincinnati Reds at $17.5 million per year.
On July 30, 2014, the Indians traded Masterson to the St. Louis Cardinals for outfielder James Ramsey. To honor their former teammate, all Indians players donned Masterson's high-sock style for the next game after his trade against the Mariners. Masterson had been on the DL due to a knee injury for nearly a month when he was traded. The Cardinals activated him from the DL on August 1. He won his Cardinals debut against the Milwaukee Brewers the next day, a 9–7 victory, in spite of allowing five runs, seven hits and three walks in six IP. While batting, he collected his first hit and run scored of the season.