Cliff Lee Signs With the Philadelphia Phillies

Cliff Lee, the biggest free agent target of the 2010 offseason, has agreed to sign with the Philadelphia Phillies, reports the Associated Press.

The deal, which is for five years at $100 million in total, was, in fact, not the highest bid for the ace lefty. The Yankees offered Lee a guaranteed $138 million for six years, with a $16 million player option for a seventh year, according to ESPN's Buster Olney.

A Phillies 2011 starting rotation that includes Lee, Roy Halladay, Roy Oswalt, Cole Hamels, and Joe Blanton is arguably the best in the history of the game.

The report of Lee's signing comes almost exactly one year after the Phillies traded him to the Seattle Mariners as part of a three-team trade, the trade in which they landed 2010 NL Cy Young award winner Halladay.

It is not yet known what the Texas Rangers offered Lee. They will receive the Phillies 33rd overall pick, plus a supplementary first-round pick in next year's draft.

Even with Blanton making a very nice fifth starter for the club, they are said to be shopping him now to free up their payroll, as Blanton is due to make $17 million over the next two seasons. Left fielder Raul Ibanez is also a player who could be shopped by the Phillies in order to free up some money.