UPDATE 2 (10:15 PM CST): The Rockies officially announced the deal, pending a physical. Ubaldo Jimenez is going to Cleveland, where he'll top their rotation for the next few seasons. Alex White, Joe Gardner, Matt McBride and a player to be named later that will eventually become Drew Pomeranz are going to Colorado.
It's a fascinating deal for both sides. The Indians acquire a top-of-the-rotation pitcher that's reasonably priced through 2014, while the Rockies acquire two pitchers that could eventually become Jimenez-like and two more pieces that could end up providing them with some additional value. Pomeranz is obviously the big name here, he ranked No. 14 on Baseball America's Midseason Top-50, but many also regard White as an elite pitching prospect as well.
It's a strong return, although you have to wonder if the Rockies didn't push hard enough to get a premium position player prospect from Cleveland. It's a little bonus for the Indians that they were able to complete the deal without giving up Lonnie Chisenhall or Jason Kipnis.
UPDATE 1: Troy Renck of the Denver Post confirms that Pomeranz, McBride, and White are included in the package.
LHP Drew Pomeranz, the Indians' 2010 first-round pick, has a 1.98 ERA in 18 starts this year (15 in high-A, 3 at double-A).
RHP Alex White, meanwhile, was ranked by Baseball America as the Indians' 2nd-best prospect entering this season.
Matt McBride, a 26-year-old 1B/OF, didn't not appear on Baseball America's Top 30 Indians prospects at the beginning of the season; he's hit .279/.339/.501 in 96 games at Double-A/Triple-A this season (mostly AA).
Despite control problems over the last three seasons (3.6 BB/9), Ubaldo Jimenez, 27, has managed to post an ERA+ of 137 over 86 starts. His contract will pay him $4.2MM in 2012, with team options that will pay him $5.75MM and $8MM respectively in 2013 and 2014.
Thomas Harding tweets that a few Indians prospects have been scratched from today's games, indicating there's a good chance they're included in the package:
Confirmed: Indians prospect Drew Pomeranz was scratched today, OF-1B Matt McBride scratched. P Alex White scratched tomorrow.