Blue Jays sign Francisco Cordero to serve as setup man

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Not only couldn’t Francisco Cordero secure a multi-year contract coming off a season in which the longtime closer saved 37 games with a 2.45 ERA, it turns out he couldn’t even find a closing gig.

Ken Rosenthal of FOXSports.com reports that Cordero has agreed to a one-year, $4.5 million deal with the Blue Jays, who plan to use him as a setup man in front of new closer Sergio Santos.

Reports earlier this offseason suggested that Cordero turned down a deal to re-sign with the Reds that was worth at least $12 million for two years and later turned down a one-year offer worth around $7 million.

If true Cordero and his agent severely overestimated the market for a 36-year-old closer with a rapidly declining strikeout rate, particularly during an offseason with no shortage of veteran closers as free agents.