Hosmer signed for $3.6 million, Hochevar will get $5.21 million, according to Joel Sherman of The New York Post.
Hochevar's deal also includes $400,000 in incentives based on games started or games finished.
Hochevar converted successfully to the bullpen last season after five seasons as a starter. He appeared in 58 games last season and was 5-2 with a 1.92 ERA and an incredible WHIP of 0.825. He also had two saves.
Hochevar, who made $4.56 million in 2013, is expected to compete for a spot in the rotation this spring.
Hosmer received a considerable raise in his first season of being arbitration eligible. He made $528,500 in 2013.
Hosmer enjoyed a huge bounce-back season last year, hitting .302 with a .353 on-base percentage. He had 17 homers and career-highs in doubles (34) and RBIs (79).
In 2012, Hosmer hit just .232 with a .304 on-base percentage along with 14 homers and 60 RBIs.
Bonifacio, whose contract terms were for $3.5 million according to Jon Heyman of CBSSports.com, made $2.6 million last season. After being acquired from Toronto last August, Bonifacio hit .285 with a .352 on-base percentage with the Royals. He also stole 16 bases.
Bonifacio, though, still remains a likely trade possibility, as reported by FOXSportsKansasCity.com last month.
The Royals, who avoided arbitration by signing Tim Collins on Thursday, still have three players arbitration eligible who are unsigned -- Greg Holland, Aaron Crow and Justin Maxwell.
You can follow Jeffrey Flanagan on Twitter at @jflanagankc or email at firstname.lastname@example.org.