According to a report by ESPNDeportes.com's Enrique Rojas, the Colorado Rockies and reliever Rafael Betancourt have reached a contract extension for 2012 with a mutual option for 2013, pending a physical. He would have entered the free agent market this offseason without this deal.

He will make $4 million in 2012 and $4.25 million in 2013 should both sides pick up the option. There is a $250,000 buyout should the option not be picked up.

The Rockies acquired Rafael Betancourt from the Cleveland Indians in July 2009 for minor league pitcher Connor Graham. He posted a 1.78 ERA, a 0.868 WHIP and a 268 ERA+ in 25 1/3 innings. During that offseason, he signed a two-year deal worth $7.55 million, $3.775 million each season. In 2010, Betancourt posted a 3.61 ERA in 62 1/3 innings. He averaged 12.9 strikeouts per nine innings.

The Rockies have made a good investment in a pitcher who will pitch the eighth inning and be the first option should closer Huston Street come down with an injury.