edit: as you've no doubt heard by now, this is a done deal--two years, $5.5 million with a club option for 2013.
ESPN.com's Enrique Rojas is reporting tonight that the Phillies and Jose Contreras are close to agreeing to a 2 year, $5 million deal. The agreement would apparently include performance incentives and a third-year option.
I'm unsure how I feel about this. On one hand, Contreras adapted very well to bullpen duty, posting excellent composite stats (9.0 K/9, 2.5 BB/9, 44.7% GB) en route to a 3.19 SIERA -- best among Phils relievers not named Ryan Madson, and, for comparison's sake, the same as that of Cole Hamels. On the other hand, this is a soon-to-be 39-year old pitcher we're talking about here, and decent bullpen help is (supposed to be) pretty fungible.
Oh well, as long as this 2 year, $5 million deal doesn't turn out like the last one the Phillies gave a Cuban pitcher...