Gregg, Cubs reach deal on $4.2 million contract

The Cubs are saving a lot of money at their closer's spot this year. Whether they get a bargain or not remains to be seen.

As expected, the Cubs agreed Monday on a one-year contract worth $4.2 million for relief pitcher Kevin Gregg, avoiding salary arbitration. Gregg and Carlos Marmol will compete for the closer's job left open when Kerry Wood signed a contract with Cleveland worth at least $20.5 million over the next two seasons with an option for a third year.

The $4.2 million Gregg will receive this year is the same base amount Wood collected in 2008, when he saved 34 games in 40 chances for the Cubs and earned a spot on the all-star team.

The Cubs obtained the 30-year-old Gregg from the Florida Marlins in a November trade for relief-pitching prospect Jose Ceda.

"He's a real good acquisition for us," Cubs general manager Jim Hendry said Monday. "I'm glad we got this done before filing the (arbitration) numbers. Filing the numbers isn't a big issue for us - we've done with with a lot of our players - but there was a window to get this done."

Gregg, who made $2.5 million last year, was 7-8 with a 3.41 ERA and 29 saves in 38 opportunities. He'll compete this spring with Carlos Marmol, who made $430,000 last season and isn't yet eligible for arbitration.

The team's lone arbitration-eligible player left unsigned is reliever Michael Wuertz, who made $860,000 last year, when he spent close to two months at Class AAA Iowa after opening the season with the Cubs. The Cubs may exchange numbers with Wuertz, but they don't anticipate going to a hearing.

Speculation now will turn to the Cubs trying to trade for San Diego Padres pitcher Jake Peavy, especially after they fortified their minor-league system in trades with Cleveland for Mark DeRosa and with Baltimore for Felix Pie. Hendry also may be shopping for a free-agent infielder to fill a backup role.

"We'll keep an eye on things - pitching," Hendry said without getting specific. "We'll see where the market goes and see if someone else may fall to us."