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Feldman activated, O'Day optioned, Phillips DFA'd, Perez promoted

ARLINGTON, TX - JULY 4: Darren O'Day #56 of the Texas Rangers throws a pitch against the Baltimore Orioles at Rangers Ballpark in Arlington on July 4, 2011 in Arlington, Texas. (Photo by Rick Yeatts/Getty Images)
ARLINGTON, TX - JULY 4: Darren O'Day #56 of the Texas Rangers throws a pitch against the Baltimore Orioles at Rangers Ballpark in Arlington on July 4, 2011 in Arlington, Texas. (Photo by Rick Yeatts/Getty Images)
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We've got a sequence of transactions today...

Scott Feldman has been activated from the disabled list, having informed the Rangers that he would elect free agency if they outrighted him (which would mean the Rangers would still be on the hook for his contract, and he could go sign with another team if he wanted).

To make room for Feldman on the 25 man roster, Darren O'Day has been optioned, rather than Yoshinori Tateyama, the pitcher expected to be sent down.

To make room for Feldman on the 40 man roster (he previously was on the 60 day d.l.), the Rangers have designated for assignment lefthanded reliever Zach Phillips.  Phillips was on his second option and wasn't making a ton of progress...he could be claimed, or could clear waivers and be outrighted.

And finally, replacing Feldman in the rotation in AAA is Martin Perez, who is being promoted from AA Frisco.  Presumably either Robbie Ross or Barret Loux will move up to Frisco to replace Perez, but the Perez promotion is pretty big news, and it will be interesting to see how he handles this new challenge.

UPDATE -- Jon Daniels speaks on all the transactions.  Among other things, he's unhappy the news of Feldman being on waivers leaked because it isn't fair to the player, that it is Feldman's "right and prerogative to make a call" about whether to accept an outright assignment, and that there's no ill-will towards Feldman as a result of his decision.