Update 7 PM ET: Martin will earn $7.5 million in 2012, reports Jon Heyman of CBS Sports. He could make another $100K based off incentives as well.
The New York Yankees and catcher Russell Martin agreed to a one-year, non-guaranteed contract the club announced (via Chad Jennings of LoHud). By striking a deal, the two sides have successfully avoided salary arbitration this year, but Martin will hit free agency at season's end. For what it's worth, Martin had filed for $8.2 million while the Yankees countered at $7 million.
The Yankees acquired Martin after the Dodgers non-tendered the catcher last winter. The 28-year-old hit .237/.324/ .408 with 18 homers in 476 plate appearances as the Yankees starting catcher last year. In a powerhouse lineup the Yankees feature, the club doesn't need from Martin at the plate - but it's what he does behind the plate that is most important.
The Yankees only have one arbitration eligible player they'll need to deal with now, in southpaw Boone Logan. They have some time to reach a deal before heading to the third-party arbitration panel.