Josh Hamilton and Rangers agree to two-year, $24 million deal

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Josh Hamilton and the Rangers won’t have to worry about arbitration again, as the two sides have agreed to a two-year contract. Jon Heyman of SI.com reports that the deal is worth $24 million.

Hamilton was seeking $12 million for this season, while the Rangers countered at $8.7 million. That makes the midpoint $10.35 million and he likely would have been in line for an even bigger figure next season, so the contract is a fair one for both sides that gives the Rangers some cost certainty in case he has another MVP campaign.

And perhaps just as importantly, it also allows the Rangers to avoid bringing up his history of substance abuse in a hearing, which potentially could have gotten very ugly.

If they hadn’t reached an agreement there was a hearing scheduled for Monday, but various reports during the past couple weeks have consistently said negotiations were going smoothly. Hamilton, who hit .359 with 32 homers, 100 RBIs, and a league-leading 1.044 OPS in 133 games last season, will be 32 years old when he’s eligible for free agency following the 2012 season.

Yankees acquire A.J. Cole from the Nats

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The New York Yankees have acquired reliever A.J. Cole from the Washington Nationals for cash considerations.

Cole was supposed to be the Nats’ fifth starter this year but that didn’t work out too well. He pitched in four games for the Nats, starting two, to the tune of a 13.06 ERA, having given up six home runs in 10.1 innings. That’s . . . something.

Don’t get too used to Cole on the New York roster, as this seems like one of those “give us an arm” for a couple of days deals, after which Cole will be DFA’d and will either accept an assignment to Scranton or be cut loose. Such is life at the fringes for a guy who is out of minor league options.