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.
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.