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.

Reds, Raisel Iglesias agree to three-year contract

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The Reds announced on Wednesday that the club and pitcher Raisel Iglesias agreed to a three-year contract. Iglesias had been on a seven-year, $27 million contract signed in June 2014 and had two years with $10 million remaining. According to MLB.com’s Mark Feinsand, the new contract is worth $24.125 million, so it’s a hefty pay raise for Iglesias.

Iglesias, who turns 29 years old in January, has gotten better every season pitching out of the Reds’ bullpen. In 2018, he posted a 2.38 ERA with 30 saves and an 80/25 K/BB ratio in 72 innings. Over his four-year career, the right-hander has 64 saves with a 2.97 ERA and a 359/106 K/BB ratio in 321 2/3 innings.

Iglesias gets little fanfare pitching for the Reds, fifth-place finishers in each of his four years, but he is certainly among baseball’s better relievers. Signing him to a new three-year deal gives them some certainty at the back of the bullpen in the near future.

There was a bit of confusion regarding his previous contract, which allowed him to opt out and file for arbitration if eligible. Iglesias has three years and 154 days of service time, so his new contract essentially covers his arbitration-eligible years.