The Rangers are in agreement with free agent starter Michael Lorenzen on a one-year, $4.5MM contract, reports Ken Rosenthal of the Athletic (X link). The deal, which is pending a physical, contains another $2.5MM in performance bonuses. Aside from Jordan Montgomery, Lorenzen was arguably the best starter still on the market. The right-hander had reportedly waited out the market in search of a multi-year pact. That evidently didn’t materialize, as he instead inks a one-year deal for the third straight offseason. After securing respective $6.75MM and $8.5MM contracts in the last two winters, he winds up taking a reduced rate for the 2024 season. More to come.
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