The Rockies announced Blackmon's six-year deal through 2023 that includes two player options.
Per NBC Sports' Craig Calcaterra, Blackmon will earn at least $108 million over the life of the contract and will have an additional $8 million in incentives.
Calcaterra noted Blackmon's contract starts this season. A $12 million base salary and $2 million signing bonus will replace the $14 million deal he signed in January to avoid arbitration.
Blackmon was entering his final year under team control. He finished fifth in NL MVP voting in 2017 after leading the league with a .331 average, 14 triples, 137 runs scored, 213 hits and 387 total bases.
A two-time All-Star, Blackmon will turn 32 on July 1. His new deal will run through his age-37 season if he exercises both of his option years.
The Rockies made the playoffs last season for the first time since 2009, losing to the Arizona Diamondbacks in the NL Wild Card Game. Blackmon was an integral part of that success, and the franchise rewarded him with a deal commensurate with his performance.