Johan Santana signs with Orioles

— -- TAMPA, Fla. -- Two-time AL Cy Young Award winner Johan Santana agreed Tuesday to a minor league contract with the Baltimore Orioles as he tries to come back from the second major operation on his left shoulder.

Santana would get a one-year, $3 million contract if added to the 40-man roster and would have the chance to earn bonuses based on days on the active 25-man roster and starts.

Santana can earn a total of $5.05 million in incentives, a source told ESPN.com's Jerry Crasnick. 

Santana can earn $2.1 million in bonuses based on days on the active 25-man roster: $250,000 for 30, $350,000 for 60, $500,000 for 90 and $1 million for 120. He can make $2.95 million based on starts: $250,000 for five, $350,000 for 10, $500,000 for 15, $750,000 for 20, $150,000 each for 21 and 22, $200,000 apiece for 23 and 24, and $400,000 for 25.

He has additional award bonuses for All-Star selection, and winning a Gold Glove and the Comeback Player of the Year and league championship series and World Series MVP awards.

Santana would get $100,000 if he is released before March 25. He would be able to opt out of the deal if he isn't added to the major league roster by May 30.

"I think it's great," Orioles manager Buck Showalter said before Tuesday night's game against the New York Yankees. "I'm not going to say no risk, as far as, I'm not the owner, but it's another thing that Peter (Angelos) allowed us to do that puts us in position to get kind of lucky. I'm not going to say it's a no lose proposition. There are things you lose, but it makes a risk worth taking. I think it's exciting, the possibility down the road."

Santana is expected to report Wednesday. The Orioles are hopeful that he might be ready to pitch in the majors around June 1.

He took to Twitter on Tuesday afternoon to thank the Orioles for giving him a chance to make the team.

The 34-year-old left-hander became a free agent after completing a six-year, $137.5 million contract with the New York Mets, who declined a $25 million option and paid a $5.5 million buyout.

Santana, a two-time Cy Young Award winner who had a 139-78 record with a 3.20 ERA in 12 seasons with Minnesota and the Mets, missed the 2011 season following shoulder surgery on Sept. 14, 2010, returned to pitch the Mets' first no-hitter on June 1, 2012, and then missed last season after an operation on April 2.

From 2004 to 2010, Santana led the majors in ERA (2.87) and strikeouts (1,479) and tied for second with 110 wins.

"In the past he was one of the best," Orioles slugger Chris Davis said Monday. "Hopefully he can regain his form and be a help for us. There are some things you can't coach and experience is one of those things, and he definitely brings that to the table."

Santana was at Baltimore's training complex Monday, and he posed for a photo with young pitcher Eduardo Rodriguez, who sent it out on Instagram.

The left-hander threw for the Orioles and several other teams last week in Fort Myers, Fla.

The Associated Press contributed to this report.