Friday, February 27, 2004


Cubs sign Wood to multi-year deal
MESA, Ariz. -- Kerry Wood wanted to stay with the Chicago Cubs and the Cubs wanted to keep him. It was that simple. On Friday, the two sides agreed to a three-year, $32.5 million contract through 2006 with a mutual option for 2007.

Wood will receive $7 million in 2004, $8.5 million in 2005 and $11 million in 2006 plus a $3 million signing bonus. The fourth year has three scenarios. There is a club option for $13.5 million with a $3 million buyout. If Wood totals 400 innings in 2005-06, he could opt for a vesting option for 2007. Or, if he doesn't reach the innings figure and the Cubs decide not to honor the option, Wood could file for free agency.

The deal is the most lucrative ever for a Cubs pitcher.

There is a full no-trade clause for the first three years of the deal, which is unique. Wood also can receive extra rewards if he places high in the Cy Young balloting, for example.

Sweet!