It has finally happened.

After all the speculation and drama and even declarations that this day would never come, the Colorado Rockies have extended the best player in the history of their franchise, Nolan Arenado.

According to reports, the deal is an eight-year contract with a potential opt-out after three seasons and is worth $255 million, making Arenado the highest paid player per year in all of baseball at about $32.5 million depending on how it is structured.

That makes this deal not only a record-breaking one for Arenado but for the Rockies as well who have often (and usually undeservedly) been considered cheap.

It may well change the narrative not just around whether or not Colorado can truly be consistent contenders but even about whether or not they should be seen as market trendsetters.

Arenado, 27, is a four-time All-Star who has collected six consecutive Gold Gloves and is coming off a third-place finish in the National League MVP voting after leading his club to the postseason two years in a row.

The Colorado Rockies have solidified their core now with Charlie Blackmon and Arenado signed long term, Bud Black extended through 2022, and a myriad of young players who appear to be around for the long haul.

The Rockies have not yet made the deal official.

While it remains to be seen whether or not the club can remain flexible with such a big contract on the books, it appears to be a great deal for both sides. Arenado will deservedly be paid like the best player in baseball and the Rockies have the security of knowing they have their leader for an ever-expanding contention window.