Found January 17, 2012 on All Things Philly Sports:
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The Phillies have avoided arbitration with Cole Hamels, signing him to a one year, 15 million dollar contract, according to Jon Heyman of CBS.  This is a significant raise for Hamels, who made 9.5 million last season.

The next step for the Phillies will be to wrap up Hamels long-term, something that may be tricky given all of the other big contract already on the books.  Avoiding arbitration and the headaches and hassle that go with that will help the Phils stay on good terms with Hamels but they will still have to shell out big bucks over a number of years to keep Cole in Philly.

Wilson Valdez also reached an agreement with the Phils, leaving Hunter Pence as the only arbitration-eligible Phillie.  Expect Pence to get wrapped up very soon.
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