Claudio Vargas and the Mets agreed to a minor league contract Thursday, giving New York another option for its injury-riddled rotation, according to an Associated Press report. Vargas was released by Milwaukee late in spring training after going 11-6 with a 5.09 ERA in 23 starts and six relief appearances for the Brewers last season.

The Indians have signed right-hander Fausto Carmona to a multiyear contract extension, ESPN The Magazine's Buster Olney is reporting. Carmona's contract is potentially worth $43 million over seven years, with the first four years guaranteed for $15 million total. With escalators, the contract could exceed $43 million. The deal is guaranteed through 2011 with club options for 2012, 2013 and 2014. The team will formally announce the extension at a 3 p.m. ET news conference. RealGM Note: Carmona was the 10th best pitcher in the MLB in 2007 and 'deserved' to make $13.2 million, giving him a Reina Value of +3,306%.

The Diamondbacks have signed outfielder Chris Young to a six-year extension that will be announced on Tuesday, according to MLB.com. The contract is rumored to be similar to the one Colorado's Troy Tulowitzki received in the offseason. Tulowitzki got $30 million over six years from the Rockies.

The Toronto Blue Jays have signed Alex Rios and Aaron Hill to long-term extensions, according to MLB.com. Rios received a six-year deal worth $64 million, while Hill signed a four-year pact that includes three different options. Hill, a second basemen, will receive $12 million over the life of the deal. The Blue Jays first began discussing the contract extension with Rios back in November.

The Pittsburgh Pirates today announced they have agreed to terms with closer Matt Capps on a two-year contract. The announcement was made by Neal Huntington, the Pirates' Senior Vice President and General Manager. Capps led the club in appearances (76) and tied for 14th among National League relievers in that department in 2007 while compiling 18 saves and a 2.28 ERA after moving into the closer?s role on June 1. He converted 18 of his 20 save opportunities from that point, which was the fifth-best ratio (90%) in the majors in that time. Matt appeared in a club rookie record 85 games while leading all major league rookies in appearances during his first full season in the big leagues in 2006. In addition to posting a 9-1 record and 3.79 ERA, he also allowed the second-fewest walks (12) among all pitchers in the majors (minimum 80.0 innings). ?We are pleased to reach agreement on a mutually beneficial contract with Matt Capps,? said Huntington. ?This contract provides the club cost certainty, gives Matt some financial protection, and will allow the Pirates to avoid the arbitration process following this season.? The 24-year-old pitcher was selected by the Pirates in the seventh round of the 2002 First-Year Player Draft. Capps has also agreed to make a sizable annual donation to Pirates Charities as part of his agreement with the ballclub. Established as a 501(c)(3) organization in 2006, Pirates Charities is the club?s official philanthropic arm that is committed to strengthening the community through the three core areas of youth health, fitness, and education.

The Rays agreed to terms on a new contract with reliever Dan Wheeler on Tuesday, according to the Tampa Tribune. The deal is for three years and is worth at least $10.5 million over it's length. "We've worked hard to try and address our bullpen situation," Vice President Andrew Friedman said, "and we feel like Dan will be an important part going forward, getting outs late in games."