Papelbon's price: $50,000,058

The Phillies will introduce new closer Jonathan Papelbon on Monday. (AP)

MILWAUKEE — Turns out Jonathan Papelbon's deal was not for $50 million.

The Phillies have officially signed their new closer for four years and $50,000,058. There is a vesting option for a fifth year, and Papelbon will be introduced to reporters in Philadelphia later this afternoon alongside Ruben Amaro Jr. and Charlie Manuel.

The total possible value of the deal, according to an industry source, is $63,000,058. Papelbon's vesting option for 2016 is worth $13 million. It will vest if Papelbon finishes 55 games in 2015 or a total of 100 games from 2014-15. That is games finished, not games saved.

Papelbon will wear No. 58, last worn by Antonio Bastardo.

He's an eccentric one that Papelbon. Some Boston writers have said that the closer often calls himself "Cinco Ocho." But no, he has yet to legally change his name. 

"We are really pleased to bring Jonathan to Philadelphia," Amaro said in a statement. "He is among the elite closers in the game and someone who clearly has a passion to win."

Marc Narducci will have more from the press conference at Citizens Bank Park later.

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