Betancourt was 2-5 with a 4.08 ERA and 16 saves for the Rockies last season before tearing a ligament in his pitching elbow. He considered undergoing platelet-rich plasma therapy to fix his arm, but announced in August his decision to have Tommy John surgery.
The 38-year-old Betancourt spent parts of five seasons with the Rockies after being acquired from the Cleveland Indians in 2009. He had 31 saves for Colorado in 2012.
Betancourt will receive a $250,000 buyout.
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