TORONTO - The Toronto Blue Jays cut loose closer Kevin Gregg on Thursday night and then acquired catcher Miguel Olivo from the Colorado Rockies for a player to be named later or cash.
The team didn't immediately announce whether or not they would accept Olivo's US$2.5 million option for 2011. They had until midnight to either accept it or pay the catcher a $500,000 buyout.
The 32-year-old, who batted .269 with 14 homers and 58 RBIs in 112 games, is a Type B free agent and would fetch the Blue Jays a compensatory draft pick if he signs elsewhere.
That's the same return the Blue Jays may get for Gregg, who had both a $5.25-million option for 2011 and a two-year option worth US$9.5 million for the next two seasons declined.
The six-foot-six right-hander is now a free agent after recording a career-high 37 saves last season. Many of them were an adventure.
The 32-year-old also posted an earned-run average of 7.90 with 16 walks in 13 2/3 innings when pitching on the second day of consecutive games.
But the Blue Jays have no clear successor for the role, and the move means three of the team's most reliable relievers from 2010 -- Gregg, Scott Downs and Jason Frasor -- are all on the open market.
