According to Rob Bradford of WEEI, the Boston Red Sox and Mike Napoli have finally reached an agreement. The Red Sox had an agreement on a three-year, $39 million deal in place with the free agent catcher/first baseman/designated hitter in November, but it fell apart as details of Napoli’s ailing hip surfaced following his physical. ESPN’s Gordon Edes, citing Jim Bowden, intimated late Wednesday that Napoli’s revised deal would be worth less than the $13 million average annual value of the initial contract.

Update: Jon Heyman brings us the details. Can you say PAY CUT?