THURSDAY, 10:41pm: Jeff Wilson of The Fort Worth Star-Telegram has the year-by-year breakdown of Darvish's contract. The right-hander will earn $5.5MM in 2012, $9.5MM in 2013, $10MM annually from 2014-2016, and $11MM in 2017.

WEDNESDAY, 6:41pm: Even if they’d had a relatively quiet offseason, the two-time defending American League Champions could have been a playoff-caliber team in 2012. Yet they spent aggressively on one of the top available arms and became a little scarier in the process. The Rangers have agreed to sign Yu Darvish to a six-year deal in the $60MM range. Agents Don Nomura and Arn Tellem represent the 6'5" 25-year-old and negotiated for bonuses that could be worth another $10MM.

Darvish can opt out of the contract after the fifth year, Jeff Wilson of the Fort Worth Star-Telegram tweets. However, Jon Paul Morosi of FOX Sports adds (on Twitter) that Darvish must hit certain "high-end award levels" to be able to opt out of the contract. The deal is worth just $56MM guaranteed, Wilson tweets. Wilson says the deal includes $4MM in bonuses with the potential to reach even more incentives by winning Cy Young Awards.

GM Jon Daniels liked what he saw when he watched Darvish pitch in June, and the Rangers committed a record-setting amount for the right to negotiate with the right-hander. The Nippon Ham Fighters obtain a $51,703,411 posting fee from the Rangers, who topped the $51.1MM Boston paid for the rights to speak with Daisuke Matsuzaka five years ago.

Darvish posted a 1.44 ERA with 10.7 K/9 and 1.4 BB/9 in 232 innings this past season and he hasn't posted an ERA above 2.00 since 2007. He'll join a Rangers rotation that looks considerably different than it did a year ago. C.J. Wilson is gone, but Neftali Feliz will move to the rotation and Colby Lewis, Derek Holland, Matt Harrison, Scott Feldman and Alexi Ogando provide manager Ron Washington with an abundance of alternatives for the rest of the rotation.

The Angels finished ten games behind the Rangers in both 2010 and 2011, but GM Jerry Dipoto has signed Wilson and Albert Pujols, so the Angels are considerably more threatening entering the 2012 campaign.

Prince Fielder may have lost a suitor this afternoon. It's been reported that the Rangers are unlikely to sign both him and Darvish, so agent Scott Boras may turn elsewhere as he looks to find a deal for the 27-year-old free agent. ESPN.com's Jayson Stark tweets that the Rangers feel "less urgency" to sign Fielder, though a deal is still possible.

Jon Heyman of CBSSports.com first tweeted news of the agreement, Evan Grant of the Dallas Morning News tweeted the value of the deal and Jeff Passan of Yahoo Sports tweeted news of the incentives. The Rangers have confirmed the deal.