Ken Rosenthal is reporting that the Pittsburgh Pirates and closer Felipe Rivero have agreed on a four-year contract extension with two club options. Rosenthal believes the deal is for $22 M over the four years and each option is $10 M. As noted in the tweet below, this covers all four arbitration years for Rivero, plus two years of free agency.
Rivero and the Pirates couldn’t agree to an arbitration deal on Friday before the deadline, with the Pirates offering $2.4 M and Rivero asking for $2.9 M. At that time, it was taking a long time for the news to come out about whether he filed for arbitration or not, so the speculation was that the two sides were discussing an extension. That is something that Rivero mentioned last month in an interview as well, so it appears that was true.
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
Bob Nightengale has the exact figures, which includes a signing bonus:
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
Nightengale also has some incentives that are built into the contract, so Rivero could make much more than the $22 M plus options.
Felipe Rivero also will be paid $325,000 every year he wins the Trevor Hoffman/Mariano Rivera Reliever of the Year award, $150,000 for 2nd and $100,000 for third place, along with $50,000 each All-Star appearance. #Pirates
— Bob Nightengale (@BNightengale) January 15, 2018
