According to The Associated Press, Wood finalized a one-year contract worth $1.5 million with the Cubs on Friday. Wood reportedly talked with Cubs GM Jim Hendry last week while attending Ron Santo's funeral and said he wanted to return to Chicago to raise his family.
Wood also told Hendry that he wasn't looking for a blockbuster deal as long as the Cubs were interested in bringing him back. The Cubs were interested, and Hendry and team owner Tom Ricketts worked with Wood to establish the $1.5 million contract, which also includes additional performance bonuses for games finished and appearances.
There were reportedly a few other offers for Wood out on the MLB market, one of them coming from the rivaled Chicago White Sox. According to Wood, there was no question between the two teams.
"If I'm going to be in Chicago, I'm going to play for the north side," Wood said during the news conference announcing his arrival.
Wood pitched 46 innings of relief last season between the Indians and the Yankees, posting a 3-4 record with a 3.13 ERA. He was a two-time All-Star with the Cubs and was named the NL Rookie of the Year in 1998.
