Wilson, who won 15 games last season when he made the transition from reliever to starter, gets a $7 million deal, up from $3.1 million last season. Cruz receives $3.65 million after making $440,000 last season. Both can earn an extra $150,000 in bonuses.
The AL champions also exchanged figures with their three remaining arbitration-eligible players. AL MVP Josh Hamilton asked for $12 million and was offered $8.7 million. Reliever Frank Francisco asked for $4.875 million and was offered $3.5 million. Reliever Darren O'Day asked for $1.4 million and was offered $1.05 million.
The Rangers haven't gone to an arbitration hearing since Lee Stevens in 2000.
Wilson was 15-8 with a 3.35 ERA in 33 regular-season starts last year. He was 1-2 with a 3.70 ERA in four postseason games.
Before last season, Wilson's only major league starts had been as a rookie in 2005. He worked exclusively as a reliever from 2006-09 and was the team's primary closer at one point.
Cruz hit .318 with 22 home runs and 78 RBIs in 108 games during the regular season, when he was on the disabled list three times and missed 51 games because of issues with both hamstrings. He hit .317 with six homers and 11 RBIs in 16 postseason games.
Information from ESPNDallas.com's Richard Durrett and The Associated Press was used in this report.