Texas has traded Kevin Millwood and cash to the Orioles
, in exchange for reliever Chris Ray. Ray has one more year of arbitration eligibility before becoming a free agent, while Millwood is in the final year of a 5-year deal, with $12M owed next year and a backloaded $15M signing bonus payable from 2011 through 2015. Not a good deal if you're Texas, but it's looking like they're happy to get salary off the books.
The Baltimore Sun reports the deal must be approved by the Commissioner's office because more than $1M is changing hands.
Update: Ken Rosenthal says the amount of salary following Millwood to the Charm City is $3M.
Labels: orioles, rangers, trades