The Rockies have dealt 28-year old righty reliever Huston Street to the Padres for a player to be named later. Street pitched in 62 games (0 starts) for the Rockies last year and he was 1-4 with 29 saves, a 3.86 ERA and a 1.22 WHIP. He has now pitched in 170 games (0 starts) in his three years with the Rockies and he was 9-9 with 84 saves, a 3.50 ERA and a 1.06 WHIP. Street finishes his time with the Rockies ranked #3 in career saves with 84. Rafael Betancourt will take over as the closer for the Rockies, as he did a good job filling in for Street in that role when he was injured last year.
UPDATE: (12/9/2011) - The Rockies have acquired 26-year old lefty starting pitcher Nick Schmidt from the Padres to complete this deal. Schmidt pitched in 14 games (all starts) in Rookie+A-ball last year and he was 4-6 with a 3.91 ERA and a 1.35 WHIP. He has now pitched in 65 games (61 starts) in his first four years in the minors and he is 16-24 with a 4.61 ERA and a 1.46 WHIP.