Alvarado signs new 3-year contract with Phillies

CLEARWATER, Fla. (AP) — Reliever Jose Alvarado agreed to a three-year, $22 million contract Friday with the Philadelphia Phillies, replacing the one-year, $3.45 million contract they signed in the week to avoid wage arbitration.

The Venezuelan will receive a signing bonus of $50,000 and his salary of $3.45 million this year. Thereafter, it will receive nine million in each of the two following campaigns. The Phillies will have a $9 million option for 2026 and the buyout is $500,000.

The 27-year-old southpaw was 4-2 with a 3.18 ERA and two saves in 59 relief appearances last year.

Alvarado posted a 5.56 ERA in 12 playoff appearances with the National League champions, earning a Game 5 win over the San Diego Padres.

But he couldn’t hold the one-run lead in the sixth inning of Game 6 of the World Series, relieving Zach Wheeler with two runners and allowing a three-run homer to Yordan Álvarez of Houston. The Astros won 4-1 to claim the title.

Alvarado’s deal includes a $100,000 bonus for winning World Series MVP or Mariano Rivera/Trevor Hoffman for reliever of the year, as well as $50,000 for finishing second or third in the honors for reliever of the year. Plus an additional $50,000 for being chosen for the All-Star Game, winning the MVP or the Gold Glove.

The Venezuelan asked for $3.7 million and the Phillies for $3.2 million when teams and players swapped referee salaries offered last month.