New York Yankees Sign Raul Ibanez

The New York Yankees have officially announced agreement of a one-year, $1.1 million contract with outfielder Raul Ibanez. The deal was first reported by ESPN's Buster Olney, and it could potentially be worth up to $4 million if Ibanez manages to reach all of his performance incentives.

Ibanez, 38, is coming off a rough year with the Philadelphia Phillies. Despite hitting 20 home runs and 31 doubles, he posted a brutal .245/.289/.419 line while displaying an unusually awful brand of outfield defense. He'll be spending most of his time as a designated hitter with New York, which obviously removes defense from the equation, but he'll have to get back to taking more walks.

An above-average hitter in every single season from 2001 to 2010, Ibanez posted his worst walk rate since 1998 with the Phillies last season, nearly dropping in half from the previous season. The power is still intriguing, though, and at a low price it's reasonable to see if he can find some comfort with the Yankees' short porch.