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.