Padres, Rockies Complete Huston Street Trade

UPDATE 3:15 PM EST: The Padres will send a player to be named later and pay all but $7 million of Street's contract. The Padres designated Jeremy Hermida for assignment, the club announced.

UPDATE 2:48 PM EST: The deal is done; Huston Street is a San Diego Padre, reports Troy Renck of the Denver Post.

UPDATE 2:00 PM EST: Per Jayson Stark via Twitter, the trade is still not done, and that the teams are still working through names and related issues.

UPDATE 1:43 PM EST: Per Joel Sherman, the Rockies will be paying $1M of Street's salary, which will leave the Padres on the hook for $6.5 M for this year and a player option of $9 M in 2013 (salary info via Cot's)

The San Diego Padres are nearing a trade with the Colorado Rockies for closer Huston Street in exchange for a player to be named later, according to Buster Olney via twitter (other sources below). This gives the Padres the closer they've lost in Bell (no comment on whether they'll be at the same talent level).

Colorado is due to pay Street $7.5M in 2012 with a $500K buyout, most or all of which the Padres are expected to pick up. Troy Renck points out that this frees up a little money for the Rockies to pursue starting pitching:

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