Per T.R. Sullivan, the Rangers deal with Colby Lewis is official and being announced today.
$1.75 million and $3 million bases for 2010 and 2011, with a $3.25 million 2012 option with a $250K buyout, and incentives based on starts and innings pitched that would get him potentially another $500K.
The incentives, anyway, seem to suggest that the team and Lewis expect him to be in the rotation, as compared to in the bullpen.