Jon Heyman of MLB Network reported the Orioles will receive second baseman Jahmai Jones—who was the seventh-ranked prospect in the Angels' system, per MLB.com—in return. Heyman noted Baltimore will cover "more than half" of the $15 million remaining on Cobb's contract.
Cobb has spent the past three years with Baltimore after beginning his career with the Tampa Bay Rays. He finished last season with a 4.30 ERA and 1.34 WHIP in 10 starts, although his 3.1 walks per nine innings were his most since his rookie season in 2011.
It was a bounce-back year for Cobb, who missed most of the 2019 season with a hip injury. Health has been a problem throughout his career, with the 33-year-old never topping 180 innings in a single season.
The right-hander is usually reliable when on the mound, though, producing a 3.88 career ERA and 12.6 wins above replacement, per Baseball Reference.
Joel Sherman of the New York Post also noted the pitcher's value in this new location:
He provides additional starter depth for the Angels, which also added Jose Quintana this offseason and will get Shohei Ohtani back as a pitcher after limited action last year due to a right forearm strain. Dylan Bundy, who was Cobb's teammate with the Orioles, should lead the rotation along with Andrew Heaney and Griffin Canning.
Baltimore will seemingly continue its rebuild after four straight losing seasons, also clearing the $15 million Cobb is owed for 2021 before he becomes a free agent next offseason.
Chris Davis ($23 million) is now the only player on the Orioles roster making more than $5 million in 2021, while John Means enters next year as the de facto ace in a rotation full of question marks.