Denny Neagle and the Colorado Rockies agreed Monday to a $51.5 million, five-year contract, a deal that includes a team option for 2006.
Neagle 32, and his agent, Barry Meister, had been in serious negotiations with the Rockies since Thursday, when the left-hander and his wife, Jennifer, met with team officials at Coors Field.
Neagle also received offers from the Boston Red Sox, Los Angeles Dodgers and New York Mets. The Yankees, who acquired him from Cincinnati during the All-Star break, made no offer to re-sign him.
Neagle has compiled a 76-39 record and 3.69 ERA the past five seasons, including 7-7 with a 5.81 ERA in 15 starts for the Yankees.