Kyle Lohse’s three-year contract with the Brewers is official

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Kyle Lohse passed his physical with the Brewers earlier this evening, making his new three-year contract official. The deal is reportedly worth $33 million and includes $1 million in performance bonuses.

As a result of the signing, the Brewers will surrender their first-round draft pick (No. 17 overall) in this year’s First-Year Player Draft and the accompanying draft pool money. Meanwhile, Lohse’s former team, the Cardinals, will receive the No. 28 overall pick in June’s draft as compensation.

According to Adam McCalvy of MLB.com, Lohse is scheduled to throw a bullpen session in Brewers’ camp tomorrow and could be ready to pitch in a game as soon as Wednesday or Thursday. The veteran right-hander has been keeping in shape by throwing simulated games, so despite the long wait to find a new home, it’s possible that he’ll be ready to join Milwaukee’s rotation when the season starts. Yovani Gallardo and Marco Estrada are clear locks for the rotation, so Chris Narveson, Mike Fiers or Wily Peralta will get the boot in order to make room for Lohse.

Lohse, 34, posted a 2.86 ERA and 143/48 K/BB ratio over 211 innings with St. Louis last season. He had a 3.39 ERA in 30 starts in 2011.

UPDATE: Adam McCalvy of MLB.com has passed along the contract details. Lohse will earn just $4 million this season while he’ll get $7 million in deferred payments from 2016-2018. He’ll make $11 million in 2014 and 2015.