The Dodgers signed Diaz to a three-year, $69 million contract Tuesday, Jeff Passan of ESPN.com reports.

EDGE Analysis

For the second straight offseason the Dodgers have inked the top closer on the free-agent market. The $23 million average annual value sets a new record for a reliever. Diaz will turn 32 in March but is coming off one of his best seasons, having collected a 1.63 ERA, 0.87 WHIP and 98:21 K:BB over 66.1 innings while notching 28 saves. He will take over as closer for the two-time defending World Series champs.