Jonathan Papelbon

According to wins above replacement, Jonathan Papelbon is the most valuable reliever over the last five seasons, with a 14.7 rating.

Papelbon’s four-year, $50-million deal will be the largest total package ever signed by a relief pitcher, with the previous high being a five-year, $47-million contract signed by B.J. Ryan in 2005. His departure leaves a big hole for the Red Sox to fill, though the club will receive a first-round pick as compensation from the Phillies. The 30-year-old right-hander posted a 2.94 ERA and 0.93 WHIP in 64 1/3 innings this season, converting 31 saves in 34 opportunities.

Red Sox general manager Ben Cherington said Friday that they never made a formal contract offer to Jonathan Papelbon, who agreed to a four-year, $50 million deal with the Phillies.

It doesn’t matter much, anyway, as Cherington said he wouldn’t have offered four years at this point of the offseason given the other closer options available in free agency. We still expect they’ll sign someone, but Cherington said he isn’t against the idea of a closer competition during spring training. In that scenario, Daniel Bard and Bobby Jenks could be in the mix. It doesn’t appear that Alfredo Aceves will be an option, though, as the Red Sox have told him to come to spring training prepared to start.

Jim Salisbury of CSNPhilly.com reports that the Phillies and Jonathan Papelbon have reached a deal, pending a physical.

It’s been an interesting week for the Phillies, as just a few days ago they appeared to be close to locking up Ryan Madson on a long-term deal. Those talks fell apart, so they turned their attention to Papelbon. The particulars of the contract aren’t known at this point. If Papelbon does indeed sign with Philly, they’ll have to surrender their first-round draft pick to the Red Sox.

Jayson Stark of ESPN.com reports that the Phillies are showing “serious” interest in Jonathan Papelbon as the Ryan Madson deal “disintegrates.”

Madson was reportedly close on Tuesday to re-upping with the Phillies on a four-year, $44 million deal, but general manager Ruben Amaro denied that an agreement was in place and it appears now that momentum is swinging in favor of the contract not getting done. Papelbon would make for a fine second choice, but, as a Type A free agent, he would cost the Phillies a first-round draft pick.

According to SI.com’s Jon Heyman, “some Phillies people really like” free agent Jonathan Papelbon.

The Phillies are currently attempting to re-sign closer Ryan Madson, but if that falls through Papelbon could be next in line. The 30-year-old right-hander posted a 2.94 ERA and 0.93 WHIP in 64 1/3 innings this season for Boston, tallying 31 saves in 34 opportunities.

According to Jon Heyman of SI.com, the Phillies have had contract talks with Jonathan Papelbon.

Ruben Amaro, Jr. said as much when he told Ken Rosenthal of FOXSports.com on Monday that he is “talking to everyone,” but Heyman writes that the Phillies “seem determined” to sign either Papelbon or Ryan Madson. Papelbon earned $12 million this season while posting a 2.94 ERA, 0.93 WHIP, 31 saves and an 87/10 K/BB ratio over 64 1/3 innings. He figures to get the biggest contract among free agent closers.