Report: Theo Epstein agrees to a five-year deal with the Cubs

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John Dennis of WEEI just reported that Red Sox general manager Theo Epstein has agreed with the Cubs on a five-year deal worth more than $15 million. This is a huge moment for the Cubs.  Franchise-altering.

The deal is expected to be finalized by the end of this week. The Cubs and Red Sox still have to talk about compensation for letting Epstein go when he still had a year on his deal.  As was reported last night, however, compensation is not expected to be in the form of a top major league player. Most likely it’s a minor leaguer.

The assumption is that Epstein will be both team president and general manager.  That first title means very different things on different teams, so it’s not quite clear how much responsibility he’ll have or who else he’ll have to answer to at 1060 West Addison.  But given that the Cubs’ issues are primarily roster issues, you figure that Epstein will be rolling up his sleeves and getting to work on that as soon as he hits Chicago.