Wood’s agreement marks the first Cubs player to avoid arbitration after the salary-exchange deadline, last Friday, on Jan. 17.
Wood, 26, had asked for $4.25 million and the Cubs offered $3.5 million, so the two sides were able to reach a deal between those two figures.
In 2013, Wood went 9-12 with a 3.11 ERA and 1.145 WHIP, 3.0 BB/9 and 6.5 K/9, which landed him a spot on the National League All-Star team.
The CUbs now have three arbitration-eligible players still unsigned: starting pitcher Jeff Samardzija, who reportedly asked for $6.2 million and was offered $4.4 million; second baseman Darwin Barney, who requested $2.8 million and was offered $1.8 million by the Cubs; outfielder Justin Ruggiano, who was offered $1.6 million after he filed for $2.45 million.
Arbitration hearings are schedule to take place from Feb. 1 through Feb. 21, so the Cubs have a week to negotiate with the remaining players. The order for settlement looks to be Ruggiano, Barney, and then finally Samardzija, as former Notre Dame standout has the biggest gap between want he requested and want the Cubs offered.