The Phillies have agreed to terms on a six-year, $144 million contract extension with Cole Hamels, according to sources. Hamels becomes the second highest paid pitcher in baseball history behind CC Sabathia's $161 million deal with the Yankees. Philadelphia has been working to re-sign Hamels before the July 31 non-waiver trade deadline. Hamels could have become a free agent after the season.

Despite his trade value, the Padres have come to an agreement on a three-year contract extension with Carlos Quentin. The deal, which is guaranteed through 2015 and carries a mutual option for 2016, is believed to be worth $27 million with a bonus that could eventually make it worth $30 million. "We are very pleased to extend Carlos' contract," said general manager Josh Byrnes. "He provides a real threat in the middle of our lineup and brings an intensity and edge to our club. As a San Diegan, he is very invested in the success of the Padres."

The Orioles agreed to a contract with right-hander Kevin Gausman, the No. 4 overall pick in this year's draft, for a $4.32M signing bonus. The deal Friday was $120,000 more than slot for the LSU right-hander.

The Marlins agreed to a contract with first-round draft pick Andrew Heaney, giving the Oklahoma State left-hander a $2.6M signing bonus. The deal Friday with the No. 9 overall selection was for $200,000 less than his slotted value under baseball's new labor contract.

The Yankees today announced they have agreed to terms with 18-year-old right-handed pitcher Ty Hensley, their first-round selection (30th pick overall) in the 2012 First-Year Player Draft. Hensley, who recently graduated from Santa Fe High School in Edmond, Okla., went 10-0 with a 1.52 ERA in 11 games as a senior in 2012, striking out 111 batters in 55.1 innings pitched en route to being named the 2012 Gatorade Oklahoma "Baseball Player of the Year." "I'm excited that I get to join such a prestigious organization with so much history and tradition," Hensley said. "I'm lucky to have this opportunity, and I'm looking forward to getting my professional career going and getting to the big leagues as quickly as possible."

The Cubs have reached an agreement with first-round pick Albert Almora, who received a $3.9 million signing bonus. The language in the contract isn't complete, but a finalized deal is close. "We're working on it," agent Scott Boras said. "They knew the player and they knew the value of the player. With where the Cubs are at, I think the fan base has to believe in player development. So that means these types of signings are very important."

The Braves are hoping that Ben Sheets can bolster their starting rotation. After Sheets passed a physical on Sunday morning, Atlanta signed the oft-injured pitcher to a minor league contract. Sheets, 33, will report Wednesday to Double-A Mississippi. "I ain't telling you I'm throwing 100 (mph), but I'm just saying the ball's coming out of my hand really good," Sheets said. "Breaking ball's spinning. Eddie even told me my cutter-slider looked good. I know he's lying." The right-hander last pitched in 2010 with Oakland, going 4-9 with a 4.53 ERA in 20 starts.