Cubs Re-Sign Ramirez and Wood

By Benjy Lipsman in News on Nov 13, 2006 8:00PM

Cubs General Manager Jim Hendry annouced on Sunday that the team had agreed to new contracts with free agents Aramis Ramirez and Kerry Wood, answering two questions about the Cubs' 2007 roster. To be honest, Chicagoist was surprised that either one is coming back, let alone both of 'em.

Ramirez had been demanding a significant raise from the $11 million per year his current deal had been paying him before filing for free agency. In the end, he agreed to stay with the Cubs by signing a new five-year, $73 million deal that effectivly got him two years and $40 million added to the balance of the deal. Is he really worth that much money? We certainly don't think so. But the Cubs were pressured by the Angels and Dodgers, who were thought to be ready to make substantial offers. We'll say it now: the Cubs will regret the size and length of this deal.

And the Kerry Wood deal? He will earn $1.75 million and have the opportunity to earn up to $6 million in incentives — tied to performance, whether as a starter or reliever. For that kind of money, this probably was a good deal. If Wood can get healthy, the Cubs have a bargain and Wood has a chance to earn a bigger payoff for 2008 and beyond. If he still can't get healthy, the Cubs are only out a middle relievers' salary.