It appears that the Rangers, as expected, have come to an agreement with Brandon Webb. This is only being reported by Ed Price at the moment and terms are unknown at this point but since Webb has thrown a total of four innings in the last two seasons, he probably is not getting much guaranteed.
Before the shoulder injuries, Webb was a dynamite pitcher and being such a ground ball heavy guy is a great fit for the Rangers ballpark. What to expect from Webb is totally up in the air until we hear more about his health and see how his velocity and endurance looks in Spring Training. This isn't great news for Seattle though because Webb almost certainly represents little risk for Texas and his potential reward, however unlikely in 2011, is high.
Then again, if you want one single example of how bad the Bill James projections are, go look at Webb's.