Report: Cubs, Kerry Wood close to a one-year deal

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Jon Paul Morosi reports that the Cubs and Kerry Wood are close to signing a one-year deal with an option for 2013.  The terms aren’t known, but it was reported yesterday that it would represent a “substantial raise” over what he made in 2011.  Which was less than $2 million, so you figure it would have to be.

Wood was good in 2011, pitching 51 innings with a 3.35 ERA and 57/21 K/BB ratio.  That kind of performance is getting setup guys roughly $3-3.5 million this winter, so that’s where he’ll probably be.