In a different climate for free agents, Jake Arrieta would have been widely courted. Over the last four and a half seasons, he has won more than half his starts, with a 2.73 earned-run average, a Cy Young Award, two no-hitters and a World Series ring.

But Arrieta is 32 years old, and an industry increasingly steeped in analytics has recalibrated the value of veteran free agents. Many have waited until deep into spring training to find new teams, and been creative with the structure of their contracts. Arrieta reached a deal with the Philadelphia Phillies on Sunday, but the dollars and years could vary widely.

The Phillies did not announce the agreement, because Arrieta must first pass a physical. But a person with knowledge of its structure, who was granted anonymity because the contract is not yet official, said that Arrieta could be bound to the Phillies for as little as two years, or as many as five.

Arrieta will earn $30 million this season, $25 million in 2019 and $20 million in 2020, and can trigger an opt-out clause after 2019. But the Phillies can void the opt-out by guaranteeing two more years — 2021 and 2022 — with salaries of at least $20 million for each. With incentives, Arrieta’s total payout could reach $135 million for five years.