The deal also includes a club option.
The Phillies may be shopping Sixto Sanchez, their best pitching prospect, in a potential follow-up trade.
There is already some debate on whether this move means the Phillies are now out on star free-agent outfielder Bryce Harper. Howard Eskin speculated as much, but Phillies radio announcer Kevin Frandsen says that's not the case. USA Today reported the Phillies are still pursuing Harper.
McCutchen, the longtime star of the Pittsburgh Pirates, hit .255/.357/.415 with 15 homers and 55 RBIs in 130 games last season with the San Francisco Giants and New York Yankees. Although McCutchen is on the downside of his career, he had a .421 on-base percentage in 30 games with the Yankees, and his veteran leadership will be huge for the young Phillies team.