Yankees sign Derek Lowe

The Yankees have signed veteran starting pitcher Derek Lowe this afternoon. New York placed pitcher CC Sabathia on the disabled list today, so this move basically replenishes the Yankees' pitching depth.

Lowe was released by the Indians earlier this week after being designated for assignment and clearing waivers a week before that. He has posted a 5.52 ERA in 21 starts this season, but is still generating a great ground ball rate (60%) with his sinker.

The Indians acquired Lowe from the Braves last off-season, and only had to pay $5 million of his $15 million annual salary. Cleveland still has to pay that money, so in essence the Indians are paying Lowe to play against them.