The deal would be the highest per-year salary for a closer in baseball history and add to a deep bullpen for the Rockies.
Davis was originally drafted by the Tampa Bay Rays in 2004, and would make his big league debut in 2009.
Wade Davis is headed to the Mile High City. He won a World Series with the Royals in 2015.More news: [Teams] Crystal Palace vs Arsenal: Confirmed Line-Ups From Selhurst Park
Holland made $15 million this year, but he did not exercise the $15 million player option after the 2017 season. Acquired from the Kansas City Royals last offseason in a trade for outfielder Jorge Soler, Davis had an earned run average of 2.30 and a WHIP of 1.142 over 59 games and 58.2 innings pitched. And while Davis' ERA was 2.30-marking the first time since 2013, when he was a starter, that it was above 2.00-he was still lights-out. Also his postseason numbers took a hit as, despite a total of four saves (including three in the NLDS), his ERA was 4.15 and 4.50 in the NLDS and NLCS respectively. Shaw and Jake McGee signed three-year, $27 million deals in the offseason.
Davis joins a Rockies bullpen that is now, in a word, stacked.
The Rockies have been eyeing a big-name closer this year, setting their sights on Davis and last year's closer, Greg Holland, who opted for free agency after the season.