Via Buster Olney, Russell Martin passed his physical and his one-year deal with the Yankees is now official. He will earn $4M in base salary, and I assume there are some incentives in there as well. Martin turned down a $4.2M offer (with another $1.7M in incentives) from the Dodgers before they non-tendered him, instead asking for $5.5M guaranteed. He either misread the market or really wanted to get out of Los Angeles.
The physical was no formality; Martin missed the last few weeks of the 2010 season with a hairline fracture in his hip after taking an awkward step crossing the plate. His agent confirmed that there was no damage to the labrum, which is good news. The Yankees will be able to control Martin for the 2012 season as well since he still has another year of arbitration eligibility remaining, so they gained some flexibility should Jesus Montero need time to adjust to the big leagues or (gasp!) be traded.