He gets a guaranteed $6 million, according to multiple reports, including $4 million this season and a $2 million buyout.
With Hosmer joining the Padres as a four-time Gold Glove victor at first base, Myers will push to the outfield, according to Lin.
Entering the 2018 season, Hosmer has batted.284 with 127 career home runs and 566 RBI.
Hosmer leaves the Kansas City Royals after a marvelous eight-year tenure with the franchise.
Renfroe, who recently turned 26, is a former first-rounder who's put up a line of.242/.291/.492 (105 OPS+) across parts of two big-league seasons.
When Hosmer hit free agency, the Padres and Royals were widely considered the favorites for his services.
"He always made you feel special whether you were a 12-year veteran superstar or you had one day in the show", catcher Drew Butera said Sunday morning after the news of Hosmer's departure broke.
Making sure the Royals had the talent in place around him - other notable free agents Lorenzo Cain and Mike Moustakas among the group - was the key to making that possibility a reality.
Hosmer is coming off the best season of his career, batting.318 and tying his career-high 25 home runs while playing in 162 games.
At first blush, the addition of Hosmer appears redundant as the Padres employed Wil Myers (30 HR) as an everyday first baseman in 2017, but AJ Cassavell of MLB.com reports Myers is on board with the deal and has agreed to move back to the outfield.
He also was an All-Star in 2016 and an All-Star MVP. He may not be J.D. Martinez but Hosmer is loved around the baseball world for his leadership and intangibles.