Welcome Back: Kerry Wood Comes Home

The Chicago Cubs have made another splash in free agency, as they have agreed to terms with fan favorite Kerry Wood. The Chicago Sun Times reports that the deal is for one year, and is worth $1.5 million.

To say that Kerry Wood took a discount to come back to the Cubs is a big understatement, as both the Red Sox and Yankees offered Wood lucrative multi-year deals. However, Wood took below market value in order to return to the Chicago Cubs. As early as this week, it was believed that Wood was seeking $6MM. Fortunately for the Chicago Cubs, Wood had his sights set on returning to the Cubs and was willing to take a considerable pay cut.

Now, that we know the terms of the deal, I do not see how you can not like this deal if you are a Chicago Cubs fan. For one, Kerry Wood’s impact on the Cubs go far beyond what he does on the field for them. As, Wood will probably be looked upon as a leader in the clubhouse, as he was with the Cubs in his previous tenure with them. Also, Wood figures to mentor the young pitchers that the Cubs will have on their staff in the 2011 season.

As far as his on the field impact for the Cubs, Wood will slide into the eighth inning set-up role in the Cubs bullpen, providing a bridge to closer Carlos Marmol. Wood proved late last season that he is still capable of being an effective reliever out of the bullpen. After being traded to the Yankees, Wood had an ERA of 0.69 in 26 innings. It is kind of interesting that the roles are essentially reverses compared to the last time Wood was with the Cubs in 2008. During the ’08 season, Carlos Marmol was the set-up man to Kerry Wood, who had 34 saves that season.

Considering the reduced rate that Wood took to come back to the Cubs, the Cubs still have the ability to add a starting pitcher. In addition, Wood’s arrival also creates more flexibility for Cubs Manager Mike Quade, who can now move Andrew Cashner out of the bullpen and into the starting rotation.

Luke’s Take:

Excellent deal for the Cubs.  Wood is the kind of reliable presence that will go a long way towards smoothing out the bumps as the Cubs young bullpen learns their roles.  I suspect this means the Cubs will finish games with Marshall, Wood, and Marmol.  That is as effective a 7-8-9 inning combo as I can think of in the NL.  Suddenly, the Cubs bullpen looks to be one of the teams main strengths.  It is possible that this contract will allow Cashner to move into the rotation.  I am still not a fan of that idea, but with Wood in the pen I can’t really argue against it.  If the Cubs can add a high innings left handed starter, they might have a surprisingly competitive pitching staff.

I think Wood could have gotten more on the open market, but he apparently really wanted to come back to the Cubs.  For Wood, this is a great situation.  If the Cubs are in contention in late July, he’ll likely be a big reason why.  If they aren’t, that $1.5 million contract will be very, very easy for the Cubs to trade to a contender, giving Wood another shot at a ring.  No matter how you slice it, it is hard to not love this deal.

Joe’s Take:

I know the Kerry Wood/Cubs reunion interest was mutual, but I am very shocked to see that the agree deal is just for one year at only $1.5 million. I was expecting a discounted deal, but not to the tune of at least 50% less, if not more, than market value.

This deal is a text book definition of a win-win situation, for reasons Jordan and Luke have already discussed. But what strikes me even more is the character Wood shows by signing this deal. Fans may recall that Wood was pretty much shoved out the door by Hendry and Co. in 2008. And not in a negative way. The mutual respect between player and GM, even referred to by some as almost a father and son relationship, had Hendry looking out for Woods best interest market value wise even when Wood’s heart wanted to stay in Cubbie blue pinstripes. Wood of course went on to get his $20 million over two years from the Indians before being traded to the Yankees. And now he is returning the favor to Hendry by coming back for a mere $1.5 million.

Kerry, its great to have you back. Thanks for showing that even in this day and age of pro athletes, it truly isn’t always about just the money.

The Cubs will likely make an official announcement of the signing tomorrow, after Wood completes a physical.

Keep it here, we will have updates on Wood’s return to the Cubs as more information becomes available.