According to ESPN.com's Jerry Crasnick, the Red Sox have signed former Cy Young Award winner Bartolo Colon to a minor league contract. Colon will not be needed to be the ace he once was, but he should serve as insurance, should Curt Schilling not be able to come back from shoulder problems.
Colon is no longer the pitcher he was, and should not be viewed as such. He was linked to many teams this off season, and many teams have shied away because his stuff just wasn't there. If he can continue to make his way back from shoulder problems and get to throwing in the low 90s again he could be a decent starter, who could win a bunch of games given Boston's formidable offense.
Personally I think he is done. He has been injury plagued and ineffective the last few seasons, and for so many teams to walk away after seeing him throw, it tells you there must be something wrong. There are too many ifs that have to go right for Colon to again be an effective Major League starter. Ignore him come draft and take a chance on a younger starter with upside, like Andy Sonnanstine on Tampa, or Jesse Litsch on Toronto.