Ken Rosenthal of Fox Sports is reporting that the Colorado Rockies have signed utility player Ian Desmond to a five-year deal worth $70 million. Desmond last played with the Texas Rangers in 2016, though he spent the first seven years of his career with the Washington Nationals.

Sources: Ian Desmond to #Rockies.

— Ken Rosenthal (@Ken_Rosenthal) December 7, 2016

Desmond is a shortstop by trade, but over the past couple of years, he has evolved into more of a utility player who can play both outfield and infield positions. The two-time All-Star (2012, 2016) slashed .285/.335/.446 with 22 home runs and 86 RBI for the Rangers in 2016.

The Nationals offered him a 7 year, $107 million contract after the 2013 season, but he “bet on himself” and signed a two-year contract with the Nationals in hopes that he’d garner even more money later on. After subpar 2014 and 2015 seasons, the $100+ million contract was off the table and he took a large pay cut to sign a 1-year deal worth $8 million with the Rangers. His gamble has (sort of) paid off as the Rockies are set to pay him an average of $14 million per year over the next five years.

As a result of this signing and the new Collective Bargaining Agreement, the Rockies will forfeit their first-round pick (#11) in the 2017 MLB Draft. Sources are suggesting that the Rockies current intention is to play Desmond at first base.

There has been wide speculation about the Rockies making a big splash this week at the Winter Meetings, so this may not be the only move the Rockies make today. Charlie Blackmon is rumored to be on the trade block and it’s always possible the Carlos Gonzalez could be on the move as the Rockies continue to work to improve their roster.