Mariano Rivera will be in New York for at least another three seasons. A two-year extension, with an option for a third, could be announced later today. According to the New York Times:

The Yankees and Rivera agreed to terms on a two-year, $21 million contract extension that will keep Rivera with the team through 2006, several club officials said Monday. The deal includes an option year for 2007 that will be triggered by games finished. Rivera will earn $10.5 million each season, making the total value of the deal $31.5 million if the third year vests.

A lot of money for a closer? Yup. Is Rivera worth the risk? I’d say so. I know I’ll sleep well at night knowing that the Sandman is around to close games out for the Yankees. If he holds up for the next few years, I think it’s safe to say: Next stop, Cooperstown.