Update: Tuesday, May 29 at 5:35 ET by Ben Chodos
Correction: Oswalt deal, between $5M and $6M, will be full guarantee, not pro-rated.— Ken Rosenthal (@Ken_Rosenthal) May 29, 2012
Oswalt will make more than every pitcher on the Rangers staff except Joe Nathan ($7 million) and Scott Fedlman ($6.5 million). Due to the conditional basis of the contract, he may or may not earn more than Yu Darvish ($5.5 million).
Update: Tuesday, May 29 at 4:35 p.m. ET
It would appear that the Rangers have signed Oswalt on Tuesday afternoon, according to Gerry Fraley of DallasNews.com:
"The Texas Rangers have signed free-agent right-hander Roy Oswalt, according to an individual familiar with the process."
Terms of the deal are not yet known.
Oswalt, who had previously auditioned for the Philadelphia Phillies, Boston Red Sox and the Rangers, has given teams indications that Texas is his destination of choice. He has a close relationship with club president Nolan Ryan, and he apparently likes the thought of pitching for a contending team that's close to his Mississippi home.
"I would be shocked if he doesn't go to Texas," a baseball official said. "A team is going to have to greatly outbid Texas to keep him from going there."
After not signing with a team in the offseason, Oswalt decided on a midseason return this year and has since been the subject of much speculation. Last year with the Phillies, the veteran right-hander was 9-10 in 23 starts with 93 strikeouts, a 3.69 ERA and a 1.34 WHIP.
The Rangers have a temporary need in the rotation, as Neftali Feliz was recently put on the disabled list with right elbow inflammation and will be shelved for at least a month.
While Feliz has pitched well in his switch to the rotation this year (3-1, 37 strikeouts, 3.16 ERA, 1.20 WHIP in seven starts), he would most likely switch back to the bullpen should the Rangers sign Oswalt.
The Rangers staff has been solid but unspectacular thus far. Overall, Matt Harrison has been the weakest link on the staff and could be put in the bullpen if the Rangers are keen on keeping Feliz in the rotation.
Oswalt wouldn't drastically improve this rotation, but he would help strengthen it from top-to-bottom. His playoff experience would certainly help a squad looking to get over the World Series hump after two straight appearances without a championship.
Hit me up on Twitter—my tweets pack more punch than Junior dos Santos.
Like the new article format? Send us feedback!