The return on Rollins for Philadelphia is currently unknown.
It was reported earlier today, by Jon Heyman of CBS Sports, that Rollins would be willing to waive his 10-and-5 no trade rights in a deal with the Dodgers. It had picked up steam before beginning to be finalized.
The Dodgers acquisition of Rollins fills the void left by Hanley Ramirez when he signed with the Red Sox. Rollins actually posted a better fWAR than Ramirez in 2014, but by a slim margin (3.6 to 3.4). He wasn't as apt at the plate as Ramirez, but was much better defensively.
The 36-year-old Rollins leaves the team that he has spent his entire career with. The Phillies drafted Rollins in the second round of the 1996 MLB Draft and he has seen them win two National League Championships and a World Series championship in 2008.
He hit .243/.323/.394 with 17 homers and 78 runs batted in over 609 plate appearances. He posted a 102 wRC+, suggesting that he was two percent better than league-average at creating runs. Rollins was worth 3.6 runs on the base paths and was worth four runs in the field. Overall, Rollins represents a just above-average shortstop.
If Philadelphia does not eat any money, the Dodgers will be paying Rollins $11 million in 2015 before he becomes a free agent once again. He and third baseman Juan Uribe are free agents at the end of next season, which likely builds a bridge for top prospect Corey Seager to slide in to the big league infield.
As for the Phillies, it appears if Freddy Galvis will take over the shortstop position, at least for the time being. With top prospect J.P. Crawford one or two years away, Galvis will get to prove himself as an everyday shortstop.