The story was first reported by ESPNBoston.com writer and NESN insider Gordon Edes.
The deal, "industry sources" tell Edes, is worth $9.35 million with incentives that could make it worth $9.5 million.
The Red Sox also announced on Tuesday that the team has agreed to terms with relief pitchers Manny Delcarmen and Ramon Ramirez. NESN insider Tony Massarotti of The Boston Globe was told by a baseball source that Delcarmen will receive $905,000 for the 2010 season, including an additional $15,000 if he appears in 65 games.
With the signings of the three relievers, outfielder Jeremy Hermida is now the only remaining Red Sox player who is unsigned and eligible for salary arbitration.
Last year, the Red Sox reached a deal with Papelbon before the arbitration deadline, settling on a one-year, $6.25 million contract on Jan. 20. Part of the incentives in that deal included being named to the All-Star team, winning the Rolaids Relief Man Award, earning Cy Young Award votes and various postseason accomplishments.
Papelbon has clearly expressed a desire to set a standard for salaries of closers. He may have done just that, as Edes notes that it is the highest salary for a relief pitcher with four years or less of service time.
"The thing they'll probably pull is tell us, 'We've got an up-and-coming guy in [Daniel] Bard, this and that,'" Papelbon told ESPN.com earlier in the month regarding his expectations for contract negotiations. "That's fine with me. That's what they have to do in this cat-and-mouse game. But when you look at what I've done so far, you can't compare it to many other closers besides Mo [Rivera]."
Papelbon's success in late innings last year was consistent with that of the rest of his career, as he converted 38 saves in 41 chances. Yet he was not his dominant self, walking three times as many batters (24) as he did in 2008 (8). Still, he pitched 68 1/3 innings, struck out 76 batters and finished the year with a 1.85 ERA — all numbers that are at or around his career average.
Of course, the most recent memory in the minds of most Red Sox fans is his appearance in Game 3 of the American League Division Series against Anaheim, when he gave up three runs on four hits and a pair of walks in blowing a save to end the Red Sox' season.
Despite his desire to set a salary standard for closers, he told ESPN.com in early January that he isn't opposed to a multiyear deal.
"I'd love to have that sense of security of being with a team and knowing, 'Hey, they want me, and I want them, let's have a happy marriage.' But what do I have to give up to be in that marriage? Understand, I'm in the prime of my career. Why would I give up something? I'd give up something if it's fair to both sides, but I want to do things for my fellow closers, just like [Rivera] paved the way for me. I want every closer out there, man, to get every penny they deserve.''
Papelbon doesn't have complete control over what the other guys get, but with this deal, he's taken care of himself — at least for this year. He'll be arbitration-eligible through the 2011 season, after which he'll be eligible for free agency.
