BASEBALL American League * Orioles -- Signed Mark Smith (outfielder) and assigned him to Bluefield of the Appalachian League.
* Milwaukee Brewers -- Activated Darren Holmes (pitcher) from the 15-day disabled list. Designated Mark Knudson (pitcher) for reassignment.
* Texas Rangers -- Signed Nolan Ryan (pitcher) to option year contracts for 1992 and 1993.
* New York Mets -- Activated Sid Fernandez (pitcher) from the 60-day disabled list. Sent Pete Schourek (pitcher) to Tidewater of the International League.
BASKETBALL (NBA) * Cleveland Cavaliers -- Relinquished their rights to Derrick Derrick (forward).