UPDATE: Orioles sign Vladimir Guerrero to a one-year, $8 million contract

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UPDATE: Ken Rosenthal of FOXSports.com hears that a significant portion of Guerrero’s $8 million salary is deferred.

6:59 PM: Buster Olney of ESPN.com confirms his colleague’s initial report. It’s one-year, $8 million, pending a physical.

Interestingly, as Jeff Zrebiec of the Baltimore Sun notes, the O’s payroll now sits at approximately $93 million, approximately $20 million more than last season.

You can’t say the Orioles aren’t trying to win, but unless their young pitchers take a huge leap forward this season, it’s hard to imagine them being a contender.

6:32 PM: Ken Rosenthal of FOXSports.com and Jeff Zrebiec of the Baltimore Sun have both confirmed the signing, though they haven’t provided the exact terms of the deal.

6:08 PM: Well, it looks like Vlad won this staring contest.

According to Enrique Rojas of ESPN Deportes, the Orioles have signed Vladimir Guerrero to a one-year, $8 million contract.

I’m curious to find out whether this figure includes potential incentives, but if not, this would mean that the Orioles ultimately bought Guerrero’s pitch that he had another $8 million offer on the table.

Guerrero is projected to be the regular designated hitter for the Orioles, moving Luke Scott to left field and Nolan Reimold and Felix Pie to the bench. The team’s defense will likely take a hit because of it, but their lineup now stacks up pretty well with the rest of the American League East.

Report: Giants in “serious discussions” with Reds to acquire Billy Hamilton

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Zach Buchanan of the Cincinnati Enquirer reports that the Giants are engaged in “serious discussions” with the Reds to acquire center fielder Billy Hamilton. Talks are apparently advanced enough that a deal could be completed before the end of the Winter Meetings on Thursday.

It’s no secret that the Giants would like to make an upgrade in the outfield this offseason, as the club has also been linked to Red Sox center fielder Jackie Bradley, Jr. Currently, the Giants’ outfield consists of Denard Span, Hunter Pence, and Jarrett Parker.

Hamilton, 27, owns a meager .248/.298/.334 batting line across parts of five seasons in the majors with the Reds. However, he has plenty of speed, having stolen at least 56 bases in each of the last four seasons. Hamilton is also well-regarded for his defense, which would be a boon at spacious AT&T Park.

Hamilton is in his second of three years of arbitration eligibility. He’s projected to earn $5 million for this coming season. Buchanan notes that the Rangers are also interested in potentially acquiring Hamilton.