3 years, $40 million was more than I think was expected for the 27 year old righty. Chatwood put up a 4.27 ERA in 305.2 IP with a 4.62 FIP for the Colorado Rockies over the past two seasons, good for a 5.8 bWAR, after missing all of 2015 due to Tommy John surgery. Chatwood was a second round pick of the Angels in 2008, and went to Colorado almost exactly six years ago for Chris Iannetta.
There had been talk that Chatwood was someone the Rangers might (or should) look at in free agency, but with Doug Fister and Mike Minor signed, Chatwood wouldn’t be a fit for the Rangers, as they are likely looking at bigger game for the final rotation spot.
UPDATE — Jon Heyman says 3 years, $38 million.