Update (7:02 PM ET): Heyman notes that Arrieta will earn $30 million, $25 million, and $20 million across his three-year deal. He can opt out of his contract after the second year. The deal also includes two options that can bring the value of the deal between $125 million and $135 million.
Update (5:22 PM ET): The three-year deal is for $75 million in total, per Nightengale.
As Ashley mentioned earlier, Arrieta was expected to sign with a team this week as free agent dominoes finally begin to fall. The Phillies have long been a rumored landing spot for Arrieta, along with the Nationals and Padres.
Arrieta, 32, finished last season with a 14-10 record, a 3.53 ERA, and a 163/55 K/BB ratio in 168 1/3 innings for the Cubs. He was a bit more fly ball-prone than he had been in recent seasons, which led to yielding a few more home runs than he typically allows. Arrieta also lost 1.6 MPH on his average fastball velocity.
Arrieta makes a lot of sense for the Phillies, who are close to being legitimately competitive for the first time in quite a few years. Aaron Nola has already been named the Opening Day starter, so Arrieta will slot behind him and ahead of Jerad Eickhoff and Vince Velasquez. Nick Pivetta, Ben Lively, Zach Eflin, and Mark Leiter are all battling for a rotation spot as well. Arrieta adds some stability to the rotation and will serve as a stabilizing force in an otherwise young clubhouse.