Thursday night, the Rockies were facing a midnight deadline - they either had to pick up the 2011 option for Miguel Olivo, decline it, or trade him somewhere else. They chose the last one, as according to Troy Renck, the veteran catcher has been traded to the Blue Jays in exchange for a player to be named later or cash considerations.
For the Rockies, this move allows them to clear some salary space. For the Blue Jays, the reasoning remains unclear, as they're facing the same midnight deadline regarding Olivo's option. If they pick it up, they'll have Olivo for 2011 at $2.5 million. If they decline it and he signs elsewhere, they receive a compensatory draft pick.
The 32 year old Olivo batted .269 last season with 14 home runs and a .449 slugging percentage. He struggled badly in the second half, but did throw out 42% of attempted base-stealers. He is a free swinger with a good amount of power, not entirely unlike John Buck, who caught for the Blue Jays in 2010.
Whatever the Blue Jays end up doing with Olivo, it is expected that youngster J.P. Arencibia will become the team's starter before long. As for the Rockies, they have some sorting out to do. You can read more over at Bluebird Banter an Purple Row.