After being injured for a majority of the 2011 season, the Yankees reached a deal with pitcher Phil Hughes that gave him a $500K pay bump.

Last year wasn't the greatest for Phil Hughes.  He was 5-5 at the end of the season after his 14 starts, and had a 5.79 ERA.  Apparently though the Yankees saw that as a reason to give Hughes a raise on a new deal.

Yesterday Hughes and the Yankees reached an agreement on a one year deal worth $3.2 million.  That's about $500k more than he made last season.  He can make even more money if he hits 20 starts.  No guaranteed starting spot for Hughes though, he will have to compete with Freddy Garcia and AJ Burnett for the last spot in the rotation, but maybe the money will be motivation.