The New York Yankees have reportedly reached an agreement with free agent first baseman Mark Teixeira on an eight year deal worth $180 million.

The Yankees’ bitter rivals, the Boston Red Sox had been favored to land the slugger but the Bronx Bombers once again won the war of the pocketbooks. Teixeira’s deal takes the Yankees’ off season tab up to $423.5 million to three players over an 8 year period, and also gives the team famous for it’s spending, the 4 highest paid players in the game (Teixeira, Sabathia, Jeter, and Rodriguez).

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The Atlanata Braves have reportedly reached a deal with free agent shortstop, Rafael Furcal, to return to Atlanta. Financial details of the deal haven’t been released yet but it is rumored to be for three years with a vesting option for a fourth. Ken Rosenthal of FoxSports calls the signing a “major offseason upset” as the Oakland A’s had been considered the major favorites to land Furcal, having extended a guaranteed 4th year in their $40 millon offer.

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Here’s a quick rundown of some of the free agent signings that you might have missed in the midst of all the Sabathia, Yankees, Mets madness lately.

The Cincinnati Reds signed reliever Arthur Rhodes to a 2 year deal worth $4 million. The veteran lefty put up impressive numbers last year, pitching in 61 games with the Mariners and Marlins and going 4-1 with a 2.06 ERA.

The Minnesota Twins re-signed infielder Nick Punto to a 2 year deal worth $8.5 million. The infielder batted .284 with 2 long balls and 28 RBI in 99 games for the Twins last year and will likely be the team’s starting shortstop going forward.

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The New York Yankees continued their offseason spending spree, signing AJ Burnett to a 5 year deal worth $82.5 million. The Yankees appear to be capitalizing on the down turn in the economy, going on a historic spending spree while the rest of the league has been cutting costs and keeping a sharp eye on their bottom line. Earlier this week the Yanks inked CC Sabathia to a 7 year, $161 million deal, the largest ever contract for a pitcher. The latest signing is pending a physical which is usually a formality, however, with the injury prone Burnett there are no guarantees.

If you thought committing a total of $243.5 million over the next 7 years would take the Yankees out of shopping mode, think again. The New York Post reports that they’ve now joined the bidding for first baseman Mark Teixeira, with Manny Ramirez as a backup option should they lose out on the switch hitting first baseman.

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The World Series Champion Philadelphia Phillies have replaced departing free agent outfielder Pat Burrell, by signing Raul Ibanez to a three year deal reportedly worth $30 million. Ibanez, a type-A free agent from Seattle, will also cost the Phils their first round pick next year.

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The Cleveland Indians have reportedly agreed to terms on a two year deal with former Cubs closer, Kerry Wood. The deal is believed to be worth nearly $20 million and have a vesting option for a third should the oft-injured pitcher reach certain performance incentives.

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The New York Yankees have reached a preliminary agreement with free agent pitcer C.C. Sabathia. The deal is reportedly for 7 years and $161 million with an opt-out clause (similar to the one A.J. Burnett exercised this year to become a free agent) after the third year. The deal is the biggest ever given to a pitcher, with an average annual value of $23 million, and is the 4th biggest contract overall, coming in behind the two deals given Alex Rodriguez and Manny Ramirez’s previous contract.

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Several sources are reporting that the New York Mets have signed free agent closer Francisco Rodriguez to a three year deal worth $37 million with a vesting option for a 4th year at $14 million. The former Angels closer had originally been seeking a 5 year deal worth $75 million and his signing may be the strongest signal yet of the impact the economy is having on the free agent market.

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The Milwaukee Brewers have signed former Orioles reliever Jorge Julio to a one year non-guaranteed contract reportedly worth $950,000 should he make the opening day roster.

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The St. Louis Cardinals today made official a signing that had long been reported as a done deal when they signed left handed reliever Trever Miller, formerly of the AL Champion Tampa Bay Rays. Miller pitched in 68 games for the Rays putting up a 4.15 ERA and is the first move in Cardinals’ GM John Mozeliak’s quest to rebuild the left side of the Redbirds ‘pen.

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