The Colorado Rockies were the proud owners of one of the elite set-up men in Major League Baseball in 2010, as Rafael Betancourt earned every bit of the two year $7.55million contract he signed last January.  The problem came as Betancourt was only signed through the end of the upcoming season, an issue the Rockies rectified today.

According to Enrique Rojas of ESPN, Colorado has extended Betancourt by adding on $4million commitment to 2012.  The 35-year-old right-hander also has a mutual option as part of the extension, allowing him to return in 2013 for $4.25million if both sides exercise the option.  Should the Rockies elect not to pick up the 2013 option, the buyout earns Betancourt $250k.  

The extension does not affect Betancourt's 2011 salary nor the organization's 2011 payroll.

As Andrew Martin wrote last month:

His strikeouts (12.9 K/9) and walks (1.2 BB/9) were downright elite (in 2010) - like ALL-TIME elite (his 11.3 K/BB ranks 5th all-time behind Dennis Eckersley - twice - Mariano Rivera, and Edward Mujica).

With this deal in place, Rafael Betancourt and Huston Street are both under contract through at least 2012 with the Colorado Rockies.