From Roch's blog this morning:

They've purchased Victor Zambrano from the Pittsburgh Pirates' system, and he'll be in uniform for today's game.
Most importantly, to make room for Zambrano on the 40-man roster, the Orioles have placed Erik Bedard on the 60-day disabled list. His season - and faint Cy Young hopes - are over.
The Orioles are trying to corner the market on Victors. At least that's close to "victories."
This particular Zambrano hasn't been very good, though he once cost the New York Mets Scott Kazmir. This move proves again that the Orioles need arms.
I'm not sure which is worse - that EB is done, or that we signed Victor Zambrano.