Cubs Acquire Gregg, Part Ways With Wood

4:12pm: Dave Cameron sees a net loss of 1-2 wins for the Cubs, swapping out Wood with Gregg.

2:18pm: GM Jim Hendry says the Cubs will part ways with lifetime Cub Kerry Wood.  Replacing him with Gregg should save the team a good $6MM.  The Cubs just couldn’t pony up a huge multiyear deal for Wood.

1:06pm: The Miami Herald’s Clark Spencer says the Marlins will receive relief prospect Jose Ceda in return.  Seems pretty good for one year of Gregg.

12:57pm: According to Ken Rosenthal, the Cubs acquired Kevin Gregg from the Marlins today.  It seems that Gregg could become the Cubs’ setup man for Carlos Marmol if Kerry Wood departs.