The Colorado Rockies have re-signed Rafael Betancourt to a two-year contract worth $8.5 million, according to the Associated Press.
Betancourt was already under contract for this season and due to make $4 million, but this new deal guarantees him $4.25 million in 2013 with a $250,000 buyout available in 2014.
The 36-year-old Betancourt has never begun a season with a major league closer's role. He took over the Rockies' job in August replacing Huston Street, who was injured at the end of the season and traded to San Diego in December. Betancourt finished the season with eight saves in nine chances.