Alvarado signed a three-year, $21.5 million contract extension Friday with a $9 million club option for 2026.
Alvarado and the Phillies avoided arbitration with a one-year, $3.45 million deal last week, but this new contract wipes that out and tacks on two, and possibly three, more years. The buyout for the option is $500,000, per Joel Sherman of the New York Post, so Alvarado is guaranteed at least $22 million. The big left-hander had been slated to hit free agency next offseason. Alvarado put up a 3.18 ERA and 81:24 K:BB over 51 innings for Philly in 2022, earning two saves along the way. He'll be in the late-inning mix for the team again in 2023.