He can earn $1 million in performance bonuses: $250,000 each for 45, 50, 55 and 60 games finished.
The 30-year-old Knebel posted a 2.45 ERA and 0.97 WHIP, held opponents to a .176 batting average and had three saves in 27 total appearances for the Los Angeles Dodgers in 2021. He stranded all six inherited runners and struck out 30 of the 101 batters he faced.
A veteran of eight major league seasons with the Detroit Tigers (2014), Milwaukee Brewers (2015-20) and Los Angeles (2021), Knebel has appeared in 266 career games, posting a 3.23 ERA with 60 saves and 366 strikeouts in 262 innings.
Knebel was named to his first National League All-Star team in 2017 and led all NL pitchers with 76 appearances while ranking second (min. 75.0 IP) among all relievers with a 1.78 ERA.
Knebel was originally selected by Detroit in the first round (39th overall) in the 2013 MLB Draft.
Philadelphia also agreed to a $1.4 million, one-year deal with infielder Johan Camargo, who can earn $50,000 each for 450 and 500 plate appearances.
Camargo became a free agent this week when Atlanta failed to offer a 2022 contract. He hit .326 at Triple-A Gwinnett this year with 24 doubles, 19 homers and 67 RBIs. He played 15 games for the Braves plus four in the postseason.
Right-hander Adonis Medina was designated for assignment.