Theo Epstein Is Officially A President

October 21, 2011 is a date that will go down in infamy. After a week of stern negotiations between the Chicago Cubs and Boston Red Sox, the two sides have agreed to disagree. Considering that the month of November is right around the corner, and the Cubs still have a number of baseball decisions to make before the Hot Stove season kicks off, the Cubs and Red Sox reached an agreement last night which has resulted in Theo Epstein officially being let out of his contract with the Red Sox and signing a five year, $20 million contract to be the President of Baseball Operations for the Cubs.

In an announcement made by both organizations last night, Theo Epstein has officially resigned from the Red Sox and has signed the reported 5 year contract with the Cubs organization. Out of respect for the World Series, the two sides will hold any further comment until next Tuesday–the next scheduled off-day for the World Series.

However, compensation for Boston allowing Epstein to join the Cubs organization has yet to be determined. In the announcement made last night, the two sides stated that a resolution on the compensation issue should come in the near term. The belief is that the Red Sox and Cubs are close to determining player compensation, and the package will not include any player on the 40 man roster nor top prospects Brett Jackson and Trey McNutt. Going under that guideline that would also mean that relief pitcher Chris Carpenter, and infielder D.J. LeMahieu will also not be a part of the compensation package. However, this increases the chances that pitching prospect Jay Jackson is at least one of the prospects that will be a part of the compensation package going to Boston.

This is a momentous week for Cubs’ fans. While Epstein is only one man, and it may take some time before the results are on the field, the Cubs are indeed headed in the right direction. While most people are hesitant to mention the Cubs and World Series in the same sentence, with Epstein in place, the Cubs will reach the World Series at some point during his regime.