Phillies close to two-year extension with Jose Contreras

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From Enrique Rojas of ESPN Deportes comes word that the Phillies are close to re-signing reliever Jose Contreras to a two-year contract worth around $5 million.  The deal also comes with a third year option and performance incentives.

Handing a multi-year contract to a reliever can be problematic, but the Phils had to buck up to retain the 38-year-old Contreras, who put together solid numbers as a full-time reliever in 2010.  He has actually gained velocity since moving to the bullpen and isn’t showing signs of slowing down.  It’s not all that rare for established setup men to remain effective well into their 40s.

The Phillies are expected to finalize the new pact early this week.  Then we’ll see if Contreras can top the 1.22 WHIP, 3.34 ERA and 57/16 K/BB ratio that he registered over 56.2 inning this past season.