UPDATE: Rangers ink Joe Nathan to two-year contract, moving Neftali Feliz to rotation

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UPDATE II: Via Jeff Wilson, Nathan will earn $7 million in 2012 and 2013 while the contract includes a $9 million club option for 2014 or a $500,000 buyout.

UPDATE: Jeff Wilson of the Fort Worth Star-Telegram reports that Nathan is guaranteed $14.5 million over the length of the contract, including the buyout for the option year.

Meanwhile, Evan Grant of the Dallas Morning News reports that Feliz has been informed he will indeed make the move to the starting rotation.

8:07 PM: In a move that likely indicates Neftali Feliz is headed to the starting rotation next season, T.R. Sullivan of MLB.com reports that the Rangers have signed Joe Nathan. Full details aren’t yet known, but Evan Grant of the Dallas Morning News reports that he will receive a two-year contract with an option for a third year.

Nathan, who turns 37 tomorrow, made his way back from Tommy John surgery this season and posted a 4.84 ERA, 14 saves and 43/14 K/BB ratio over 44 2/3 innings. The veteran right-hander pitched much better when he regained the closer’s role from Matt Capps following the All-Star break, posting a 3.91 ERA and 22/5 K/BB ratio over 23 innings.

While the Rangers waffled on the situation earlier this year, they have said that they want to make a decision Feliz’s status going into spring training, so this would presumably set the stage for him to make a permanent move to the starting rotation.

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.