11:50am: The AP reports that Wood gets $10MM in 2009 and $10.5MM in 2010. If he finishes 55 games either year, the Indians' option vests and they pay Wood $11MM in 2011. Check out this Chicago Tribune article for comments from Wood and Mark Shapiro.
9:09am: Kerry Wood signed a two-year $20.5MM contract with the Indians that has a vesting club option for a third year.
The Indians decided to complete the deal after discussing Wood's physical and running it past club executives.
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