The Colorado Rockies have avoided arbitration and agreed to a one-year pact with star third baseman Nolan Arenado for $5 million, according to a report from Jeff Passan of Yahoo Sports (and confirmed by Jon Heyman).

For example: Nolan Arenado was one of the best players last year, but because he's a first-time arb guy, he settled for $5M with Colorado. — Jeff Passan (@JeffPassan) January 15, 2016

Arenado was one of the best players in Major League Baseball last season, hitting .287/.323/.575 with 130 runs batted in and a league-leading 42 home runs over the course of 157 games, the most he has played in a single season. He finished eighth in MVP voting, won his third Gold Glove, took home a Silver Slugger award and was named to the All-Star Game for the first time in his career.

In just his third season, Arenado was a Super Two arbitration candidate, meaning that he was in the top 17 percent of service time for all players with fewer than three years on a major league roster. The $5 million Arenado will receive is the largest arbitration settlement given to a Super Two player since Ryan Howard was awarded $10 million prior to the 2008 season.

The Rockies have yet to agree to terms with their final two arbitration-eligible players, Charlie Blackmon and DJ LeMahieu.