After being drafted by the Pittsburgh Pirates back in 2012, Petersen finally made his major league debut with the Los Angeles Dodgers at the age of 30 last year.
He appeared in 11 games for the Dodgers last year. Although he went 3-0, he had an ERA above 6.00 and was designated for assignment in early September.
He was quickly scooped up by the Marlins, where he pitched the final five games of his debut season.
While it's unfortunate that the Blue Jays were unable to work out a trade, the return was unlikely to have been anything of significance.
The Angels have a couple of spots available in the bullpen and now Petersen can add his name to the list of those who will be fighting for a job in Spring Training.
Being let go is Cáceres, who appeared in two games for the Angels in 2023. Los Angeles now has seven days to trade, release, or outright him.