The AP reports this morning:

The San Francisco Giants and outfielder Angel Pagan agreed to a $4.85 million, one-year contract that avoided arbitration, a person with knowledge of the negotiations said.

Pagan’s contract also includes some performance incentives:

Pagan’s deal includes $150,000 in performance bonuses: $50,000 each for 550, 600 and 650 plate appearances.

Pagan should start the year as the team’s primary center fielder and leadoff man. He’s coming off a down season with New York, but despite his struggles he was still nearly a league average batter (99 wRC+). The Giants’ outfield is in a state of flux at the moment, but I think the (best) starting configuration right now would look something like: LF Belt, CF Pagan, RF Cabrera. Though, penciling in Belt into any lineup is kind of silly, as he could start the year in AAA if the Giants aren’t impressed with his Spring Training, which is foolish for all the obvious reasons we all know.

Of the two newest additions to the Giants, I’m most hopeful for Pagan. He is, essentially, a similar version to Torres in most respects. He doesn’t have the same defensive ability, but he’s a good baserunner, a near league average hitter, and he’s an upgrade in CF over someone like Melky Cabrera.

ZiPS has Pagan’s projected slash for 2012 at .269/.322/.403 (97 OPS+).