Acevedo, a right-hander who went 6-8 with a 5.89 ERA for the Cardinals last season, gets a $25,000 signing bonus, $600,000 this year and $1 million next season.
He can earn an additional $450,000 in performance bonuses this year, and escalators can raise his 2001 base salary to $1.81 million. In addition, he can earn $710,000 in performance bonuses in the second year of the contract.
Acevedo made $475,000 last year and had asked for $850,000 in arbitration. Milwaukee had offered $600,000, and a hearing had been scheduled for Feb. 10 in Tampa, Fla.
Acquired by the Brewers from St. Louis on Dec. 20 for former All-Star second baseman Fernando Vina, Acevedo was the last potential arbitration case for the Brewers. Two weeks ago, the team signed pitchers Bill Pulsipher who was then traded to the Mets and Jamey Wright.
Acevedo shuttled between the starting rotation and the bullpen last season. He made 12 starts for St. Louis, but also had four saves and pitched in long relief.
He is among as many as 10 pitchers who will try for a spot in new manager Davey Lopes' starting rotation when the Brewers start spring training in Maryvale, Ariz., later this month.
Milwaukee also signed pitcher Matt Williams to a one-year deal. The minor-leaguer was acquired by the Brewers from the Yankees on Dec. 14.
©2000 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed