The contract is worth $30.75 million with $21.25 million guaranteed.
Baldwin is the first player to win the award in back-to-back seasons in 21 years.
Fries heads to the Vikings after spending four seasons with the Colts.
Klosowicz had six extra-base hits in four games this weekend.
The Nittany Lions took down then-No. 3 Cornell to move up four spots.
