6:09pm: According to multiple reports, Hughes received $7.15M. Wow, good for him.
5:31pm: The Yankees and Phil Hughes have avoided arbitration and agreed to a one-year contract for 2013, the team announced. No word on the terms, but MLBTR projected a $5.7M salary. Hughes, 26, will be eligible for free agency next offseason. I wrote about the idea of a contract extension a few weeks ago.