If this is true, you can disregard everything I wrote earlier today about Cole Hamels and Zack Greinke...the Rangers aren't going to add Oswalt's salary and give him a rotation spot, and then also go out and trade for one of those guys, pick up their salary, and bump yet another pitcher from the rotation.
Barring an injury to another Rangers' pitcher, the addition of Oswalt seemingly spells the end of Neftali Feliz in the Rangers' rotation, and it may very well mean Feliz's permanent return to the bullpen, since I don't know if the Rangers are going to want to put him back in the bullpen for the rest of 2012, and then try re-inserting him into the rotation for 2013.
I've said before I don't think Oswalt makes a ton of sense for Texas. Nevertheless, it appears that he's here. Here's hoping he's the top-of-the-rotation caliber pitcher he was a few years ago.
UPDATE -- Rosenthal confirms Oswalt to Texas:
Confirmed: Oswalt to #Rangers. First reported by Dallas Morning News.— Ken Rosenthal (@Ken_Rosenthal) May 29, 2012