Blue Jays and Casey Janssen agree to extension

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UPDATE: Richard Griffin of the Toronto Star reports that the Jays and Janssen have agreed to a two-year, $5.9 million contract with a $4 million option for 2014. The new deal buys out his final year of arbitration and potentially his first two years of free agency.

3:29 PM: Casey Janssen and the Blue Jays are close to signing a two-year deal that would buy out his final season of arbitration eligibility and cover his first year of free agency, according to Shi Davidi of Sportsnet.

No word yet on the money, but Janssen asked for $2.2 million in arbitration while the Blue Jays countered at $1.8 million.

Janssen was briefly demoted to Triple-A in April because he had a minor-league option remaining and there was a bullpen logjam. He also spent a big chunk of the season on the disabled list with a forearm injury, but still logged 56 innings with a 2.26 ERA and 53/14 K/BB ratio. He’s quietly emerged as one of the league’s top setup men, posting a 2.91 ERA in 199 career relief outings.

Davidi notes that Toronto hasn’t gone through with an arbitration hearing since way back in 1997.

Padres sign Jordan Lyles

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The Padres announced on Sunday that the club signed pitcher Jordan Lyles to a one-year major league contract with a club option for 2019. According to Jon Heyman of FanRag Sports, Lyles will earn $750,000 in 2018. Pitcher Travis Wood was designated for assignment to create room on the 40-man roster for Lyles.

Lyles, 27, had miserable results between the Rockies and Padres last season, compiling an aggregate 7.75 ERA with a 55/22 K/BB ratio over 69 2/3 innings. While he specifically gave up 24 earned runs in 23 innings across five starts with the Padres, it was a small sample. A full season at the pitcher-friendly Petco Park, as opposed to Colorado’s Coors Field, might help revitalize his career.

Wood, 30, went to the Padres at the non-waiver trade deadline from the Royals this past season. Overall, the lefty posted an aggregate 6.80 ERA with a 65/45 K/BB ratio in 94 innings. He’ll earn $6.5 million this season and has an $8 million mutual option with a $1 million buyout for 2019. So, the Padres are just eating $7.5 million minus the league minimum, assuming Wood latches on elsewhere.