According to Ken Rosenthal, the Pirates and closer Felipe Rivero have agreed to a four-year deal with two club options.
Sources: #Pirates signing LH closer Felipe Rivero to four-year contract with two club options. Guarantee believed to be about $22M, with each club option $10M. Deal will cover all four arb years and potentially two FA years. Not clear if an agency was involved in negotiations.— Ken Rosenthal (@Ken_Rosenthal) January 15, 2018
The deal would cover Rivero’s four arbitration years — he’s a super two — with the two options potentially buying out his first two free agency years. Given the way closer salaries have gone off the deep end, $10M/yr could be very cheap by then, assuming Rivero is the rare reliever who stays good over the long term.
The Pirates are reputed to be a file-and-trial team, which means that once figures are exchanged, they don’t negotiate. Multi-year extensions, though, are apparently considered an exception to file-and-trial.
UPDATE: Here’s the breakdown:
Felipe Rivero new $22 Million deal with #Pirates: He will receive $2.5M in 2018, $4M in 2019, $5.25M in 2020, $7.25M in 2021 and $2 million signing bonus. He also has club option in 2022 and 2023 for $10 million or $1M buyout in 2022, 500K in 2023.— Bob Nightengale (@BNightengale) January 15, 2018
It’s not too surprising that Rivero would be willing to sign an extension. This provides him with a good deal of security, which probably means a lot to an athlete coming from the very troubled environs of Venezuela.