Update 15:13: Based on several reports, it looks like it’s a seven years for $119 million with a club option.  So does that eighth year make it a $1 million buyout?

Update 15:12: Derrick Goold of the St. Louis Post-Dispatch Tweets:  Holliday said the deal is seven years, $119 million, though it has some language that makes it $120 million guaranteed.

Update 15:09: Jon Heyman Tweets:  holliday signing was necessity for #cardinals. should be interesting to see if they have financial room for king albert now.

15:01:  Jon Heyman of Sports Illustrated Tweets:  holliday agrees to $120 million, 7-year deal with cardinals, si.com has learned.

You can see Matt Holliday’s contract history and statistics here.