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Cespedes hit 32 homers to win the Derby on Monday night at Citi Field in New York.
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Joba Chamberlain and the Yankees have agreed to a one-year, $1.875 million contract for the coming season.
The non-guaranteed contract gives Chamberlain a raise of $200,000 and contains performance bonuses for games finished.
He missed more than half the 2012 season after undergoing Tommy John surgery the previous June.
Chamberlain was eligible for arbitration.
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