I'll just keep things simple here and go with Times New Roman Bold set to a size of 16pt, with my text color set to white: Selecting the font options in the Options Bar.
Then, with the Type Tool selected, I'll go up to the Options Bar at the top of the screen and select my font, font size and text color.
You choose between these three options by clicking on their corresponding icon up in the Options Bar at the top of the screen. But the only active path is the original rectangular one, which now isn't quite as rectangular because, even though Photoshop isn't giving us any visual clues of what's really happening, the elliptical path is now subtracting or "cutting out", if you prefer part of the rectangular path around the baseball.
Photoshop places the image onto its own layer, which appears in the Layers panel.
When I do that, my Type Tool cursor changes from having a dotted square outline around it to a dotted elliptical outline, indicating that the path will become my text container if I click here and start typing: The Type Tool icon now shows a dotted elliptical outline which tells me that I'm about to add my text inside the path.
As I said, Photoshop doesn't come with an official "text wrap" option, but thanks to paths and Photoshop's ability to use a path as a container for text, this is going to be easy.
Dennis Feb 14, PM in response to sitravel As you'll worked out, Photoshop is not ideal for page creation. If done correctly, the text automatically wraps around your subtracted path, as in my example below.
See below but remember, I made the rectangles appear bolder than they really are so that you can see them easily. The pointer changes to an I-beam with a wavy line.