Stephenson and the Rockies agreed Tuesday on a one-year, $1.28 million contract to avoid arbitration, Thomas Harding of MLB.com reports.
The 29-year-old righty was one of the Rockies' more dependable middle relievers in 2021, turning in a 3.13 ERA and 1.30 WHIP while striking out 52 over 46 innings. He could pick up more setup work after logging only four holds a season ago, but he'll likely enter 2022 behind all of Alex Colome, Carlos Estevez and Daniel Bard in the pecking order for saves.