UPDATE: The Diamondbacks have announced the deal.
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UPDATE: The deal is for $206.5 million with deferrals.
Greinke will earn an average annual salary of $34.42 million, which will be a new MLB record in surpassing Price and Miguel Cabrera.
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The Arizona Diamondbacks have perhaps made the biggest steal in the MLB this offseason. Recent rumors indicate the D-Backs have agreed to terms with former Los Angeles Dodgers starter Zack Greinke.
FOX Sports' Ken Rosenthal broke the news after reporting a few hours ago that the Diamondbacks were "pursuing" Greinke, which, at the time, was a new development. Many believed the Dodgers and San Francisco Giants were the favorites to land the right-hander.
Here are a couple more confirming the deal.
Jon Heyman of CBS Sports says the deal is for six years.
Greinke was said to have been looking for a five- or six-year contract with a higher average annual salary than that of David Price's $30 million. It's safe to say the D-Backs outbid the Dodgers and Giants since rumors suggested Greinke was going to sign based on fiscal reasons due to his demands.
The deal comes as a surprise for two reasons. The first is that the Dodgers and Giants have had much more success in recent years than the Diamondbacks. Los Angeles has won three straight NL West titles and San Francisco has captured three of the past six World Series. While the Diamondbacks are up and coming with their young talent, they're still arguably third-best in the division. Greinke, 32, doesn't have much longer of a window to capture a World Series title, but Rosenthal said he likes the DBacks' talent.
Secondly, rumors suggested the Diamondbacks were willing to spend $15-$18 million annually on a top starter. General manager Dave Stewart said Arizona offered Johnny Cueto a six-year, $120 million deal, but the right-hander turned them down. Their payroll for Opening Day in 2015 was $85 million and now it's assumed Greinke has a deal of at least $190 million with them. The D-Backs will also surrender the No. 13 pick in the upcoming MLB Draft after signing Greinke because the right-hander declined the Dodgers' qualifying offer.
Once official, Greinke will join a less-than-stellar rotation that consists of Patrick Corbin, Rubby De La Rosa, Robbie Ray and Chase Anderson. However, the D-Backs are believed to be in the market for more starting pitching, so that unit may further improve in the near future.
It's at least safe to say Greinke's MLB-leading 1.66 ERA will help Arizona's collective 23rd-ranked starters' ERA (4.37).