Phillies sign reliever Jose Alvarado to 3-year extension

The Philadelphia Phillies have signed left-handed reliever Jose Alvarado to a three-year contract extension, team president of baseball operations David Dombrowski announced Friday.

The deal links Alvarado to the Phillies through the 2025 season and includes a team option for 2026. According to multiple reports, Alvarado will make $9 million in both 2024 and 2025 while the 2026 option is also for $9 million or a $500,000 buyout.

Alvarado’s deal calls for a $100,000 bonus for winning World Series MVP or the Mariano Rivera/Trevor Hoffman reliever of the year award and $50,000 for finishing second or third for the reliever honor. He would get $50,000 for making the All-Star team, winning an MVP or winning a Gold Glove.