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Philadelphia Phillies Sign Jonathan Papelbon

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There's officially a new market for closers, courtesy of the Philadelphia Phillies.  According to Jim Salisbury of CSN, the Phillies have reached an agreement with former Red Sox closer Jonathan Papelbon, pending a physical.  The deal is reportedly for 4 years and just over $50M.

Papelbon, who turns 31 next week, was widely considered the best available closer on the market.  In 2011, Papelbon was 4-1 with a 2.94 ERA and 31 saves.  Perhaps more impressively he had an outstanding walk to strikeout of 12.17 to 1.40.

Apart from setting a new standard for closers in terms of salary, Papelbon has also said he wanted to sign with a team that gives him a good shot at the title.  With his new contract, he has accomplished both his stated goals. 
He represents an upgrade over Ryan Madson who had a deal fall through earlier in the week.

The Red Sox are now on the hunt for a closer -- although they do have an in-house candidate in Daniel Bard.

Question: Did the Phillies pay too much?

Tell us in the comments!