Cubs Sign Kerry Wood

UPDATE, 11-26-07 at 1:45pm: It’s official, and it’s worth $4.2MM plus another possible $3.45MM in incentives.  Ryan Dempster’s move to the rotation is official, and it looks like the Cubs may not pursue another starter (they had been linked to Hiroki Kuroda).

FROM 11/26/07 at 11:50am:

According to Bruce Levine of ESPN Radio 1000, the Cubs have signed Kerry Wood to a one-year, $4MM deal with no options.  Wood apparently had four other offers for two years worth $5-6MM.  The Padres, Brewers, and Red Sox were among them.

I like the lack of risk here; it’s hard to find a reliever with Wood’s upside for one year.  I really thought he’d get two years, $10MM.  Of course, I am biased as a Cubs fan.  We all know Wood remains a significant injury risk.