REPORT: Wade Davis Is Signing With the Rockies (UPDATE: Three Years, $52M)

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REPORT: Wade Davis Is Signing With the Rockies (UPDATE: Three Years, $52M)

Chicago Cubs

Wow. Well, we’ve been waiting for a break in the ice, and there it is – complete with so many Cubs implications:

Davis, 32, was a fantastic closer for the Cubs this past season after being acquired for Jorge Soler at this time last year. Although the Cubs left the door wide open for a return, it was always possible that he’d land a big deal elsewhere and walk. We’ll see how much the deal is when the final figures come in. [UPDATE BELOW on terms.]

The Cubs made Davis a qualifying offer, which he rejected, so they’ll be entitled to draft pick compensation when he officially signs. They’ll get an extra pick in the 2018 draft after the second round, approximately in the 75 to 80 range. The bonus slot value of that pick range last year was about $725,000.

As for the Cubs’ offseason efforts, they’ll continue their search for an additional bullpen arm. They’ve been open with the fact that they’re comfortable letting Brandon Morrow be the new closer if they don’t add a Davis-like arm, and the guys on the market like that are few and far between. In free agency, it may now be only Greg Holland, who might see his market collapse after this signing (the Rockies were thought to be bringing him back). The Cubs have loosely been attached to him at times this offseason, but his second half featured some really troubling numbers.

There is also Addison Reed, though he’s probably not more of a “sure thing” closer than Morrow, so if the Cubs land him, the two would probably both be candidates for the gig.

The Cubs have also already brought in Steve Cishek, whose adjustments with the Rays last year – under the Cubs’ new pitching coach – are extremely encouraging.

It’s also possible – probable, even? – that the Cubs simply sit back and wait to pick up a couple bargains on the reliever market as it finally starts to shake loose. There are only a few other teams looking for back-end reliever types (including the Cardinals), so the Cubs may be able to land some great pieces later in the offseason.

More details as they become available.

UPDATE: Davis opted for the shorter term deal with a huge AAV:

That’s a $17.333 million AAV, the highest ever for a reliever, which would be very tough for a team like the Cubs – one close to the luxury tax cap and trying to stay under it – to carry for the next three years. I wouldn’t be surprised if the Cubs were deciding between a return from Davis or gearing up for a serious run at a starting pitcher like Yu Darvish.

I’d have loved to see the Cubs get Davis back on a three-year deal, but that particular three-year deal? I’m OK with how things played out.

UPDATE 2: There’s also a fourth year player option that vests at $15 million if Davis finishes 30 games in 2020:

Author: Brett Taylor

Brett Taylor is the Editor and Lead Cubs Writer at Bleacher Nation, and you can find him on Twitter at @BleacherNation and @Brett_A_Taylor.