Auto-fit placed images to canvas

When I place a photo into an existing Photoshop document, I’d like Photoshop to offer an option to automatically resize and center it to fit the canvas while preserving its proportions.

It would be useful to have two choices: Fit, which shows the whole photo, and Fill, which covers the canvas and crops the image only if needed. This would save me from manually resizing every image with Free Transform, especially when working with portrait, landscape, or differently sized images.