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:

• Twitter / @Buster_ESPN - Rockies extensive talks with Padres about Huston Street; talks on-going.
• Twitter / @ScottMCBSSports - Sources: Padres and Rockies talking seriously about deal sending closer Huston Street to SD. Rox would pick up much of salary.

• Twitter / @Ken_Rosenthal - Source: #Padres taking all or most of Street's $8M in trade, giving #Rockies little in return.

• Twitter / @ScottMCBSSports - Rox closer Street due 7.5 mil 2012 w/ $500,000 buyout. Padres hoping to close deal today.
• Twitter / @DKnobler - Padres very close to getting Huston Street from Rockies
• Twitter / @DKnobler - Rockies will get PTBNL for Street

• Twitter / @TroyRenck - Rockies aren't bringing back Hudson... Padres expected to pick up most of Street money, freeing Rockies to make other moves

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