EDIT: Rodriguez will get $9 million guaranteed over the two years, according to Tom Haudricourt. In 2015, he'll get $3 million and in 2016 he'll receive $6 million.
According to Jon Heyman, Francisco Rodriguez has signed a 2-year deal with the Brewers with an option for a 3rd year.
Two years makes a lot of sense. Obviously in high demand, signing on 2/26. RT @JonHeymanCBS: K-Rod has agreement with brewers 2-yr deal— Jesse Spector (@jessespector) February 26, 2015
If the money is low enough it is tough to get too worked up about bringing in any reliever as part of the throw-it-against-the-wall-and-see-what-sticks strategy of bullpen management. But this is an old, flyball pitcher who is trending the wrong direction (and that's not mentioning his past personal domestic violence issues). It's rarely a good idea to give a a reliever a multi-year deal. It seems like a really bad idea to give one to 33 year old K-Rod.
This also isn't the case where the Brewers are adding a potentially effective pitcher to use as they see fit. K-Rod is a guy who has a "closer mentality (tm)". He will be pitching in the 8th or 9th inning with a 3 or less run lead for the next two years until he has a long-term, Gagne-esque meltdown and the Brewers have to move him out of that role and just cut him outright.
The Brewers picked Rodriguez off the scrap heap in 2013, got good production, and flipped him for a prospect. Two years later they've made a long-term commitment. If the choices were adding K-Rod or adding no one, I'll probably take K-Rod. But it's close.