Update: Nolan Arenado and the Colorado Rockies are finalizing an eight-year contract extension worth more than $255 million, according to Jeff Passan of ESPN. The deal includes an opt-out clause after three years and would give Arenado the largest per-year salary of any position player.
Passan reports the deal will run through 2026, though the opt-out clause after the third season would allow him to hit free agency at 30 years old. It was the eighth year and record-breaking annual salary per year by the Rockies that go the deal done.
The deal also includes a full no-trade clause, according to Passan of ESPN.
As part of the deal, the Rockies will destroy Arenado’s contract he is set to play under in 2019 that is due to pay him $26 million and replace it with the new salary structure. Under the extension, Arenado would earn an average annual salary of $35 million per season. This would be an MLB record for a position player.
Nightengale reports the deal may also include a vesting or team option for an eighth year.
Arenado, 27, is a four-time All-Star and six-time Gold Glove winner. He has led the Rockies to back-to-back playoff appearances for the first time in their franchise history. He is set to become a free agent after the 2019 season.