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Holland faded dramatically in the second half of last season, while Davis was a one-man bullpen for the Cubs. According to Passan, the deal is worth $52 million over three years.

The 32-year-old is coming off a career-best season in his one year as the Chicago Cubs' closer, recording 32 saves with a 2.30 ERA and 12.1 K/9. There's also a fourth-year vesting option that could elevate his total earnings to $66 million.

Before his Chicago stint, he spent four seasons each with the Tampa Bay Rays and the Kansas City Royals, helping the Royals win the 2015 World Series.

The Rockies' closer in 2017 was Greg Holland, who saved 41 games in his first season after undergoing Tommy John surgery in 2015 when he was with the Royals.

The Rockies have been active this winter upgrading their bullpen. The team signed Brandon Morrow to a two-year, $21 million deal this offseason.

The fact that Davis ended up signing with the Rockies is a bit of a surprise. The Cubs do have all those young position players, and remember that Davis was acquired in an offseason trade with the Royals.

For now, Colorado appears to have a bullpen that features the three-time All-Star Davis at the back end, with Mike Dunn, Adam Ottavino, McGee and Shaw as formidable late-inning setup men. Instead, they've ended up with Davis as the back of their bullpen.

After the Rockies reached the wild-card game in 2017, expectations will be high heading into 2018.