Bard, 37, was the subject of trade rumors ahead of the Tuesday deadline, but the deal announced Saturday will keep the closer where he is.
The hard-throwing righty was 3-3 with 21 saves and a 1.91 ERA in 37 games this season when he signed. Later Saturday, Bard allowed a two-out double in the ninth but earned his 22nd save to close out Colorado's 5-3 win over the Los Angeles Dodgers.
Bard broke into the majors with Boston in 2009 and spent five seasons with the Red Sox. His time in Boston ended with control issues after just two games in 2013.
He briefly retired from baseball and served as a player mentor for the Arizona Diamondbacks in 2018-19 then signed with the Rockies in 2020.
Bard earned National League Comeback Player of the Year honors in the pandemic-shortened 2020 season, going 4-2 with six saves and a 3.65 ERA in 23 games. He regressed in 2021 with a 7-8 record, 20 saves and a 5.21 ERA but has bounced back this season.
In three seasons with the Rockies, Bard was 14-13 with a 3.91 ERA and 48 saves, which rank seventh all-time in franchise history.
Bard will play out his one-year, $4.4 million deal this year then make $9.5 million in 2023 and 2024.
He is eligible for several bonuses: $100,000 for winning MVP, Cy Young, Mariano Rivera/Trevor Hoffman Reliever of the Year or World Series MVP Awards; $75,000 for League Championship Series MVP; $50,000 for second through fifth in MVP and Cy Young or second through third in Reliever of the Year voting; $100,000 for Comeback Player of the Year; and $25,000 for All-Star and Gold Glove selections.
Bard ranks fifth in the National League and tied for sixth in the majors in saves.