Cubs Sign Wood to Three-Year Deal
The Cubs have signed Kerry Wood to a three-year deal, ensuring he will be with them through 2006. The contract provides Wood with a $3M signing bonus, $7.5M in 2004, $8M in 2005 and $11M in 2006. It includes a no-trade clause, and an indecipherable fourth-year option.
I like this deal, and am surprised the Cubs got away with only giving him three years. A longer committment would have increased the risk beyond a point with which I would have been comfortable. The amount of money (including the signing bonus) is essentially 10% of the budget, which seems right for the second best pitcher on the staff, where the best pitcher has yet to reach arbitration eligibility. And The Big Red C makes the good point that this deal looks even better compared to what the Astros gave Andy Pettite.