Former Reds closer Francisco Cordero agrees to be the setup man for the Blue Jays:

The deal is for just one year– no option, apparently– and $4.5-million. It’s the same amount they could have paid Jon Rauch, had they picked up his option, only in Cordero it nets them a pitcher who still throws in the mid-90s (OK, he averaged 93 on his four-seamer in 2011), and… well… actually pre-2011 Rauch had some better things going for him: better ERA over the previous two years, better FIP, better fWAR, better walk rates.

But Cordero can miss more bats, will produce a lot more ground balls, and has a lot more depth behind him– Darren Oliver, Jason Frasor, Casey Janssen— to pick up the slack. And, of course, Sergio Santos, to close out ballgames.

In each of his four seasons with the Reds, Cordero’s ERA was well below his FIP. Although $4.5 million is a big salary cut for the former closer, the Jays may not get that value out of him.