Failing to complete a multi-year deal with Kerry Wood, Chicago chose to sign the pitcher to a one-year, $9.75M contract before the two sides would have needed to exchange figures in the arbitration process on Tuesday. The Cubs plan to continue to work on a multi-year contract with the third-year arbitration-eligible Wood, who is currently scheduled to become a free agent following the 2004 season.

Wood's incredible strikeout rate places him among the most effective pitchers in baseball. The Cubs' defense and Wood's ability to retire the batter at the plate without having the ball put in play, easily compensate for a walk rate that rests slightly above target levels. Barring injury, I suspect he'll be able to maintain his current productivity at least into his 30's. Unfortunately, his walks and strikeouts have led to high pitch counts, putting the 26-year-old at risk for additional injury problems. As he's already undergone Tommy John, I'd expect trouble to next arise in his shoulder, though he has proven fairly healthy over the last few seasons.

I support Chicago's pursuit of a multi-year contract with Wood. Given their position as a playoff contender, the Cubs aren't likely to trade Wood during the season, and neither Wood's injury risk nor the other pitching talent present in Chicago's system should persuade the organization to allow him to exit without the club receiving substantial compensation.