From Rotoworld:

According to the Los Angeles Times, the Angels have signed Torii Hunter to a five-year contract worth $80 million.

The Rangers and White Sox appeared to be the front-runners for Hunter and the Angels seemed set at the position with Gary Matthews Jr. and Reggie Willits, but instead hand out a big contract to a free-agent center fielder for the second straight offseason. Hunter's agent said Wednesday that "it all happened within the last 24 hours" and the signing comes after Hunter said earlier this week that he wouldn't make a decision until after Thanksgiving. A seven-time Gold Glover who batted .287 with 28 homers and 107 RBI in 2007, Hunter could see plenty of RBI chances if he's asked to hit behind Vladimir Guerrero. The signing figures to push Matthews to a corner spot, with either Guerrero or Garret Anderson sliding to designated hitter and Willits going to the bench, but the Angels could look to trade some of their outfield depth for a shortstop.
That's 16 million a year for a centerfielder already declining defensively, and who has never had an OBP above .337. Better them than us.