SAN DIEGO -- Reliever Fernando Rodney and the San Diego Padres completed their $2 million, one-year contract.

The 38-year-old right-hander, who agreed to the deal on Jan. 20, split last season between the Seattle Mariners and Chicago Cubs, going 5-5 with 16 saves and a 5.68 ERA.

He enters spring training as the likely replacement for closer Craig Kimbrel, who was traded to Boston.

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Rodney gets a $1.6 million salary this year as part of Thursday's deal, and the Padres have a $2 million option for 2017 with a $400,000 buyout.

He can earn $1.5 million in performance bonuses each year based on appearances: $500,000 each for 40, 50 and 60 games. He can also earn $3.5 million annually for games finished: $250,000 each for 20 and 30, and $500,000 for 40 and each additional five through 65. The 2017 option would escalate by any performance bonuses earned this year.