Pirates and Scott Olsen finalize one-year deal with 2012 option

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As expected, the Pirates and Scott Olsen have agreed to a one-year contract with a team option for 2012.

Olsen, who’s gone 24-38 with a 5.17 ERA since a solid rookie season in 2006, will try to resurrect his career in Pittsburgh while earning $500,000 in base salary with another $3 million in potential incentives.

According to Jerry Crasnick of ESPN.com the Pirates will also hold a $4 million option on Olsen for 2012, giving them a chance to retain him at a somewhat reasonable rate just in case he finally breaks through with a big year at age 27.

Cubs sign Drew Smyly to a two-year, $10 million contract

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The Cubs announced on Tuesday evening that the club signed pitcher Drew Smyly to a two-year contract. Ken Rosenthal of The Athletic reports the contract is for $10 million total and allows Smyly to earn another $7 million with performance bonuses. Smyly was non-tendered by the Mariners at the beginning of the month and became a free agent.

Smyly, 28, underwent season-ending Tommy John surgery in late June. He’s expected to miss, at minimum, the first half of the 2018 season. The Cubs are hoping he can contribute to a playoff push in the latter half of the season as well as in 2019.

Smyly didn’t pitch at all in 2017. When he was healthy the season prior, he made 30 starts for the Rays and put up a 4.88 ERA and a 167/49 K/BB ratio in 175 1/3 innings.