As reported back on Monday, the Pittsburgh Pirates and closer Felipe Rivero agreed to a four-year contract with club options for the 2022-23 seasons. The Pirates made that official today, announcing the news this morning.
General Manager Neal Huntington released a statement on the signing:
“We are pleased to make this long-term commitment to Felipe Rivero and are humbled that he has made a long-term commitment to the Pirates organization and our community,” said Huntington. “Felipe quickly established himself as one of the best young relief pitchers in Major League Baseball last season and we look forward to working with him to help us win games for potentially the next six seasons.”
According to reports, Rivero will receive $2.5 M this season, followed by $4M in 2019 and $5.25 M in 2020. He will get $7.25 M in 2021, which would have been his last season before free agency. The deal also includes a $2 M signing bonus and numerous incentives based on his finish for the Reliever of the Year award and whether or not he makes All-Star appearances. The two club options at valued at $10 M each year and come with a total of $1.5 M in buyouts. The minimum value of the deal is $22 M for Rivero, but he could make more than double that if both options are picked up and he reaches some of his incentives.
Rivero will speak to the local media today via conference call.