12:55pm: Lewis can earn up to $4MM in incentives based on games started and active service time.
11:59am: The Rangers and Colby Lewis have agreed to a one-year contract extension for 2013 according to John Blake, the team's Executive Vice President of Communications (on Twitter). Lewis' deal is worth $2MM in guaranteed money plus incentives, Jeff Wilson of the Fort Worth Star-Telegram reports (on Twitter). The Octagon client had been on track for free agency this coming offseason, but he's on the 60-day disabled list and hasn't pitched since July.
Lewis, 33, signed a two-year, $5MM contract with the Rangers in January of 2010 after pitching in Japan for two years. The deal worked out well for the Rangers, who exercised their 2012 club option for Lewis after the guaranteed portion of the two-year deal expired.
The right-hander has started 16 games for this year's Rangers team, posting a 3.43 ERA with 8.0 K/9 and 1.2 BB/9 in 105 innings. However, he last pitched on July 18th and is expected to miss the remainder of the 2012 season and the beginning of the 2013 season with a torn flexor tendon. From 2010-12, Lewis posted a 3.93 ERA with 8.1 K/9 and 2.4 BB/9 in 506 1/3 innings with Texas.
Ben Nicholson-Smith contributed to this post.