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.

Bradley Zimmer to miss 8-12 months after shoulder surgery

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Indians outfielder Bradley Zimmer is out for the year after undergoing arthroscopic surgery on his right shoulder, the team announced Saturday. The projected recovery timetable spans anywhere from 8-12 months, which puts Zimmer’s return in the second half of the 2019 season, assuming that all goes well.

Zimmer, 25, had not made an appearance for the Indians since June 3. He racked up a cumulative nine weeks on the major- and minor-league disabled lists this season and will have finished his year with a .226/.281/.330 batting line, seven extra-base hits, and four stolen bases in 114 plate appearances.

The outfielder reportedly sustained his season-ending injury during a workout in Triple-A Columbus, where Cleveland.com’s Joe Noga says Zimmer began feeling discomfort in his shoulder after completing a set of one-handed throwing drills. Comments from club manager Terry Francona suggest that the Indians have every reason to believe that he’ll make a full recovery by next summer, though it’s not yet clear whether or not he’ll need additional time to readjust to a full workload when he takes the field again.