It appears to be a done deal. The Colorado Rockies have sent reliever Huston Street to the San Diego Padres for a Player To Be Named Later.
The Padres appear to be absorbing the entire $7.5mil that Street was owed for 2012 and the buyout for his 2013 option. In exchange, they will be sending a lesser prospect back to Colorado.
Rockies beat writer said it best:
@harding_at_mlb
Thomas Harding Rox agree to send RHP Huston Street to Padres for Minor Leaguer. Pads will pick up most of $8 M guarantee. Expec Rox to make free-agent move
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Between the Chris Iannetta, Ty Wigginton, and Huston Street trades, the Rockies have almost $13mil in budget space -- money that can be used on a impact free agent. The Hot Stove just became even hotter for Colorado.