10:13am: The deal will likely include two guaranteed years, Morosi reports (on Twitter).
Balfour posted a 2.28 ERA with 9.1 K/9 and 2.8 BB/9 in 55 1/3 innings for the Rays last year. The 33-year-old has always been a fly ball pitcher and last year was no exception; he posted a 30.6% ground ball rate and a 49.7% fly ball rate.
Since Oakland's first round pick is protected, the Rays will obtain a second round pick from the A's for losing the Type A free agent. Tampa will also add a supplementary first round pick to its growing collection of draft picks. The Rays have 11 of the first 89 picks in next year's draft, including nine before the start of the second round.
If Balfour and Carl Pavano finalize deals with the A's and Twins, as expected, all Type A free agents tied to draft pick compensation will have signed.
This post was originally published on January 14th.