10:48pm: The Blue Jays have declined the option on Olivo, according to a team press release. Toronto will be responsible for paying Olivo's $500K buyout and the catcher is now a Type B free agent.
9:15pm: The Rockies have traded catcher Miguel Olivo to the Blue Jays in exchange for cash considerations or a player to be named later, according to a press release from Toronto.
The Blue Jays have until midnight to decide whether to exercise Olivo's $2.5MM option for 2011. The veteran is a Type B free agent, meaning that he could potentially net the Blue Jays a compensatory draft pick if they decline the option, offer arbitration, and see him decline to sign elsewhere. Shi Davidi of The Canadian Press tweets that the Blue Jays could potentially wind up with eight picks inside of the top 50 selections in this year's draft. Toronto may get two picks for Scott Downs, two for Jason Frasor, and one each for John Buck, Kevin Gregg, and Olivo in addition to their own.
It would seem that the Blue Jays now have a glut of catchers as Olivo will join fellow backstops J.P. Arencibia and Jose Molina in Toronto. On the surface it doesn't seem as though there is a spot left for Buck, whom GM Alex Anthopoulos told could still have a place in Toronto.
Just short of the deadline, Colorado informed Olivo that they would not pick up his option for 2011, writes Troy Renck of The Denver Post. Renck reported yesterday that the Rockies were likely to wait until the eleventh hour to make a decision on Olivo to give themselves time to make a trade. Even if they had decided to exercise the catcher's option, he reportedly wouldn't have returned to Colorado as they planned to trade him either way.
The move clears the way for Chris Iannetta behind the plate though Renck writes that the Rockies will bring in competition. By trading Olivo, the Rockies avoid having to pay the veteran a $500K buyout.