After weeks of being close, the Cubs have signed outfielder Cliff Floyd to a one-year deal with a mutual option for '08. The AP has the terms. It's $3MM guaranteed, with bonuses that can bring it to a maximum of $17.5MM over the next two seasons.
The homecoming was a long time coming as Jim Hendry has had various ties to Floyd for many years. He hoped to acquire him for Sammy Sosa in '04.
Floyd will make a solid fourth outfielder for the Cubs. His signing doesn't leave much room for uber-prospect Felix Pie, but Jacque Jones could still be traded.