Chapman and the Yankees have agreed to a contract spanning five seasons and worth $86 million, reports Rosenthal.
The deal includes a full no-trade clause for the first three seasons of the deal and a limited no-trade to California teams in the two years thereafter. The deal has an opt-out clause following the 2019 season.
The deal sets up a reunion between the Yankees and Chapman, who had him in the fold for the first half of the 2016 season before dealing him to the Cubs, where he went on to win the World Series. The Yankees turned Chapman into prospects in a year they could not contend, and they were able to bring him back the same offseason.
Chapman re-joins a Yankees' bullpen that looks very formidable heading into the 2017 season. He is expected to work alongside Dellin Betances and Tyler Clippard in the late innings and will presumably be closing out the 9th inning.
In 2016, New York had one of the best bullpens in the American League, even while only having Chapman (and Andrew Miller) for half of a season. They posted a 6.4 WAR, per FanGraphs, ranking second in the AL. From a pure run-prevention standpoint, their ERA of 3.67 ranked 7th.
The 28-year-old Chapman is one of the best relievers in the Majors. From a pure talent standpoint, he has a 100+ mph fastball, a 90+ mph slider and is left-handed, making him any team's dream to have in the back of a bullpen.
Last year, Chapman tossed 58 innings, posting a 1.55 ERA and a 90-18 strikeout-to-walk ratio in 59 games, totaling 36 saves in 39 opportunities. He posted a 1.42 FIP, a 1.92 xFIP and was worth 2.7 WAR, according to FanGraphs.