Hernandez, 33, is of course formerly known as Fausto Carmona. He went 6-13 with a 4.89 ERA with Tampa Bay last season, but set career-highs in K/9 (6.7) and strikeout-to-walk ratio (2.97). His xFIP was 3.60.
According to Tim Dierkes of MLB Trade Rumors, it's a one-year, $4.5 million deal containing another $1.5 million in incentives.
Hernandez has a career groundball rate of 57.8 percent, and misses more bats than most groundballers. His biggest issue last season was home runs. He allowed 24 in just over 150 innings.
Hernandez's best year was 2007 with Cleveland, when he went 19-8 with a 3.06 ERA and placed fourth in AL Cy Young voting.
The Phils had been searching for a back-end starter, and Hernandez isn't a bad option. He has more upside than a Paul Maholm or Bronson Arroyo, and though he's 33 he still has a lot left in the tank -- he's thrown only 1,100 innings over eight major-league seasons.
A shift to the NL should be beneficial for Hernandez, though he did spend 2013 in a pitcher's park in Tampa Bay.
Rule 5 results
The Phillies selected right-handed reliever Kevin Munson from the Diamondbacks with the fourth pick in Thursday's Rule 5 draft. Munson, 24, has struck out 225 batters in 181.1 career minor-league innings, and was a Southern League All-Star with Arizona's Double-A affiliate in 2013.
Per MLB rules, the Phils must keep Munson on their active roster (barring injury) all season in 2014 or else offer him back to Arizona for $25,000.
The Phils also lost two players in the draft: Pitcher Seth Rosin was selected by the Mets, then traded to the Dodgers. And shortstop Jonathan Roof was picked by the Red Sox in the Triple-A portion of the Rule 5 draft.
With Rosin gone, Tommy Joseph is now the only remaining player from the ugly Hunter Pence 2012 deadline deal with San Francisco.