Holland bolstered Colorado’s bullpen this year by saving a franchise record-tying 41 games in his first season since Tommy John surgery.
The 31-year-old right-hander was at his best before the All-Star break, when he converted 28 of 29 save chances and had a 1.62 ERA. He struggled in the second half, going 13 of 16 in save opportunities with a 6.38 ERA.
In addition, Colorado declined a $2.5 million club option on utility infielder Alexi Amarista, who gets a $150,000 buyout.
Other Rockies free agents include right-hander Tyler Chatwood, outfielder Carlos Gonzalez, catchers Jonathan Lucroy and Ryan Hanigan, left-hander Jake McGee, right-hander Pat Neshek and first baseman Mark Reynolds.