UPDATE: Phillies, Jonathan Papelbon agree to four-year, $50 million contract

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UPDATE III: Jon Heyman of SI.com reports that Papelbon is guaranteed $50 million over four years while the vesting option is believed to be easily attainable.

UPDATE II: If you were somehow on the fence about this deal being excessive, this should push you overboard and then some. Jayson Stark of ESPN.com reports that Papelbon will also receive a vesting option for a fifth year which would make the total package worth more than $60 million.

UPDATE: Oh boy. Salisbury reports that the deal is for four years and approaches $50 million.

Meanwhile, Jon Heyman of SI.com has confirmed the deal.

2:33 PM: Well, here’s an old fashioned swerve.

According to Jim Salisbury of CSNPhilly.com, the Phillies and Jonathan Papelbon have reached agreement on a contract, pending a physical.

No word on the contract details yet, but the Phillies were reportedly close to signing Ryan Madson to a four-year, $44 million contract with a club option for a fifth year. You’d have to think it would be something similar, if not more.

Papelbon, who turns 31 later this month, has a 2.33 ERA over seven seasons in the big leagues. He struggled with his command last season, leading to a career-high eight blown saves, but bounced back in a big way in his contract year, posting a 2.94 ERA and 87/10 K/BB ratio over 64 1/3 innings.

Papelbon qualifies as a Type A free agent this winter, so barring changes to the CBA, the Phillies will surrender their first-round pick (No. 31 overall) in the 2012 First-Year Player Draft to Boston.

If Salisbury’s report is true, Papelbon’s deal would be the richest contract ever for a relief pitcher, surpassing the five-year, $47 million deal B.J. Ryan signed with the Blue Jays in November of 2005. Mariano Rivera would still have the highest average annual (AAV) for a relief pitcher, at $15 million.

See David Ortiz reenact “Fever Pitch” and “Good Will Hunting”

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This is a commercial for a contest basically. It’s run by something called Omaze, and the contest gives you the chance to go see David Ortiz’s number retirement ceremony at Fenway Park.

But even if you don’t care about that, it’s worth a watch because it shows Big Papi reenacting scenes from famous Boston movies like “Fever Pitch,” “Good Will Hunting” and “The Town.”

Lost opportunity here to not include “The Friends of Eddie Coyle,” which is the best Boston movie of all time, but no one asked me.

Adrian Beltre cleared for extended spring training

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Adrian Beltre has been on the disabled list all year because of nagging right calf strain, but he’s about to take a big step toward getting back to action.

Beltre has been cleared to begin playing in extended spring training games. He’ll commence them tomorrow at the Rangers facility in Surprise, Arizona. After three games the team’s doctors will reevaluate him. If things go well, he’ll likely be sent off for a full minor league rehab assignment.

Joey Gallo has filled in for Beltre all season, bringing a lot of power but not much else to the table. While Beltre is 38, his all-around game would be welcomed back on the field and his leadership would be welcomed back in the Rangers clubhouse. On a personal note, Beltre is only 58 hits shy of 3,000 for his career.

Barring a setback, he’ll be back with the big club in early June and will hit the milestone eventually.