Update 10:10am: According to Mark Sheldon of MLB.com, the signing of Chapman is for $30 million with a $16.25 million bonus included.  The money will be paid out beyond six years.  The Oakland Athletics were the second place team in the bidding for Chapman.

The Cincinnati Reds officially signed left-handed Cuban defector, Aroldis Chapman, to a six-year contract worth $30 million.

“This is a very significant signing and an exciting move in the right direction,” Reds president of baseball operations and general manager Walt Jocketty said. “We’re building an organization that is going to be competitive in the long term. With the caliber of young talent like Chapman, Edinson Volquez, Johnny Cueto, Homer Bailey and Mike Leake to complement veterans Bronson Arroyo and Aaron Harang, we’re very excited about the potential of our starting rotation.”

According to the Cincinnati Enquirer, Chapman’s $30 million will be spread out over time, probably as long as 10 years.  His salary for this season will be in the $1 million range.  Many question how refined Chapman’s game is, and where he could end up this year.  ESPN says that it’ll be surprising if Chapman is doing anything for the team this year.  Chapman will be wearing uniform No. 54 this year.