According to USA Today's Bob Nightengale, Arenado will receive $260 million over the life of the deal. ESPN.com's Jeff Passan provided more of the details:
Arenado was set to become one of the top free agents available after the 2019 season. The 27-year-old set an arbitration record in February when he received $26 million for one year.
After the Rockies were able to secure a one-year deal with Arenado, owner Dick Monfort said he was optimistic the two sides would find common ground on a long-term extension.
"I'm optimistic that we are close enough that something will come about," Monfort told Patrick Saunders of the Denver Post. "It's in Nolan's hands, but my last impression with him is that this is something he wants to do."
The Rockies haven't been shy about handing out long-term deals in an attempt to extend their playoff window. Charlie Blackmon agreed to an extension in April that runs through at least 2021. They tried to fortify their bullpen before the start of 2018 by signing Bryan Shaw, Wade Davis and Jake McGee.
Even though Shaw, Davis and McGee struggled in their first season in Colorado, the team advanced to the National League Division Series. The Rockies have made the playoffs in each of the previous two seasons, though they're still looking for their first postseason win since 2009.
Arenado is Colorado's franchise player and will lead the team as far as it is going to go. He has won the Gold Glove in each of his first six seasons, been named to the NL All-Star team four times and finished in the top 10 of MVP voting every season from 2015 to '18.
Rather than take the risk of being outbid for Arenado's services next offseason, the Rockies secured a commitment from their superstar.
He's at an age when a long-term extension figures to age well, and the front office can now focus on adding players around him to keep the team among the best in the NL for a long time to come.