Colby Lewis is returning to Texas on a one year, $4 million deal, per multiple reports. Evan Grant says it is $4 million in "base pay," so I suspect there are incentives based on innings.
Colby re-signing with Texas was expected, with Jon Daniels saying earlier this week he expected a deal to be done this week.
Colby came back from flexor tendon surgery and a hip procedure to pitch in 2014, and while his 5+ ERA wasn't attractive, he pitched much better in the second half, after, as he said, he got used to the additional range of motion he was allowed by his hip, and was able to resume pitching bullpens between starts. Colby had a 3.86 ERA in 13 second-half starts over 86.1 IP, and if the Rangers can get close to that over 180 innings in 2015, this contract will be a home run for the team.
Yu Darvish and Derek Holland are expected to front the Ranger rotation, with Colby Lewis as the #4 starter and one of the internal candidates -- Nick Tepesch or Nick Martinez, most likely -- filling the #5 starter spot. The Rangers are still seeking another pitcher from outside the organization, likely via trade, to be the #3 starter.
Also, per John Blake on Twitter, the Rangers have brought Michael Kirkman back on a minor league deal. Kirkman will likely compete for a spot in the Rangers' bullpen as a lefty specialist this spring, and will pitch in the bullpen in AAA if he doesn't make the team.