Alex Cobb passes physical with Orioles (Mesa DFA)

SARASOTA, Fla. - Alex Cobb has passed his physical, according to a source, and is the latest free agent pitcher to join the Orioles rotation with less than a week remaining before they break camp.

Cobb agreed to terms yesterday on a four-year, $57 million contract, the largest given by the Orioles to a free agent pitcher. It exceeds the $50 million deal for Ubaldo Jiménez in 2014.

A better return is anticipated and sorely needed.

The Orioles haven't announced Cobb's signing, but it's done and he's expected back at the Ed Smith Stadium complex this afternoon.

I wrote yesterday that the contract includes deferred money in each year. According to an industry source, $20 million is deferred and brings the net present value of the deal to around $47 million.

Because Cobb declined the Rays' qualifying offer of $17.4 million, his signing today costs the Orioles their third pick and the 51st overall in the June amateur draft.

Cobb, 30, spent all six of his major league seasons with the Rays and compiled a 48-35 record, 3.50 ERA and 1.217 WHIP in 115 starts. In a career-high 29 starts and 179 1/3 innings last summer, Cobb went 12-10 with a 3.66 ERA and 1.221 WHIP after recovering from Tommy John surgery on his right elbow in May 2015.

The Orioles will decide later where to slot Cobb into a rotation that includes Dylan Bundy, Kevin Gausman, Andrew Cashner and Chris Tillman - the last two signed as free agents in February.

Cobb has one minor league option remaining and will build up his innings with an affiliate before joining the Orioles, who finished in last place in 2017 largely due to a rotation that produced a club-worst 5.70 ERA. A source confirmed the plan for Cobb, which allows the Orioles to carry another pitcher in the early weeks of the season.

Manager Buck Showalter doesn't need a fifth starter the first time through the rotation because of the off-day on March 30 that only can disappear if the opener is rained out.

Cobb is 15-11 with a 3.21 ERA in 36 career starts against the Yankees, Red Sox and Blue Jays.

Update: The Orioles announced the Cobb deal. Rule 5 pick José Mesa Jr. has been designated for assignment to create room on the 40-man roster.