Wood signs for two years with the Indians

The 31 year old Wood will be plugged in at closer for the next two years at a cost of $20 million.

There is a third vested option year which is great as the Indians can keep him if he stays relatively healthy and performs. GM Mark Shapiro will formally announce the deal later today along with more details.

With this signing and the addition of RH submariner Joe Smith, the Indians bullpen suddenly looks like the strength of the team with lots of depth. It slides last year’s reliable closer Jensen Lewis back to a setup role. The breakdown will look something like this:

Closer: Kerry wood

7th & 8th inning: Take your pick: Jensen Lewis, Joe Smith, Rafael Perez, Kobayashi, Betancourt.

There is also depth in the form of younger players: Eddie Mujica, Tony Sipp, Jeff Stevens.

And so there isn’t a whole lot of risk here if Wood were to lose time to injury over the next two years, other than to one guy’s wallet.

This, in my opinion, is a great signing by Mark Shapiro, maybe his best free agent signing since being GM. It is the first time he has given obtaining premium talent the highest priority in his free agent shopping.

Kerry Wood was the best closer talent on the market this year.

Here’s a less expensive starting pitcher the Indians could pick up. Perez has been an enigma, great stuff but a problem with bases on balls. He’s still only 27 and has pitched in 8 ML seasons with his yearly results either being above average (3 years), below (3), or average (1) last year.

His career numbers suggest he will average about  a K per IP. But he will also walk 1 for every 2 IP. Given his history, it appears he has a great year the first year he plays for a team and then regresses in ensuing years, which makes you wonder if his control problems are a concentration issue.

Regardless, here is what he did with the Mets last year:

194 IP, 167 hits, 105 BB, 180 K, 4.22 ERA

Perez might get a 3 year deal this offseason, which could put the Indians in the running for him. But with Boras as his agent, who knows.

In the three team deal between Seattle, NY Mets, & Cleveland, the Indians received RH RP Joe Smith from the Mets and 2B Luis Valbuena from the Mariners. Valbuena is still a prospect.

First of all, Cleveland got back two quality players. Smith is 24 years old and already has a good major league track record in the bullpen.

Joe Smith

2007: 44 IP, 45 K, 21 BB, 48 Hits, 3.45 ERA

2008: 63 IP, 52 K, 31 BB, 51 Hits, 3.55 ERA

This is a case of a large market team overreacting in the offseason to their bullpen troubles and going crazy. The Mets signed not only Francisco Rodriguez but gave up quite a bit in a trade for J.J. Putz. They gave away a good young bullpen arm in the process, amongst others.

The Indians also received 2B Luis Valbuena (23 years old) from Seattle. Valbuena split 2008 between AA & AAA and looks like a low power, good contact, good plate discipline type of hitting prospect.

This can be a good deal for both the Indians & Mariners. The book is not closed on Franklin Gutierrez as a hitter in the big leagues and Seattle got a guy that can play gold glove defense at any OF position.

Cleveland got a good young bullpen arm with ML experience that they can plug into their ML bullpen today. Smith has the ability to K batters, although he’s not dominating, but where he really has shined is vs RH hitters. Here are Smith’s ML numbers against them:

84 IP, 77 K, 34 BB, 69 Hits, .223 BAA

Now, inquiring minds want to know: what are the Indians going to do to fill the hole at a corner OF spot?

 I really hope they do not consider Ben Francisco a starter. And David Dellucci - yikes. They should be paying him to leave.

Given the fact there are other questions on the offense (1B, 2B, 3B, DH), it makes me wonder if the Indians aren’t going to try a free agent upgrade in the OF - a big bat. Here’s what is available:

Manny Ramirez

Adam Dunn

Bobby Abreu

Raul Ibanez

Milton Bradley is also available

The only two guys that are true difference makers are Dunn & Ramirez. Let’s hope Shapiro doesn’t get sucked into a multi year mistake for the other two.

But if he did or could go this route, this would make Kelly Shoppach even more expendable and would be smart given he is selling Shoppach at probably the highest value he will ever have. That would be a catcher (hard position to fill), young, cheap, and coming off a great year showing power in a dwindling power era.

 The other route Shapiro could take would be to go after a good startig pitcher. The Indians are showing with Kerry Wood that they are willing to go big money per year but don’t want to be stuck in long term deals with it. This is where Manny Ramirez would fit.

But Shapiro could do a similar thing with Ben Sheets. A lot is going to depend on how many years Burnett gets, but it is possible that Sheets does not get a long term deal, similar to Wood.

And since I’m dreaming now, picking up a starter of Sheets caliber & prying loose one of Boston’s young starters would be a heck of an offseason. It almost wouldn’t matter who they stuck out there in that 3rd corner OF spot or 3B.

The Indians could also move a little bit of money now since as far as I’m concerned, both Rafael Betancourt and Masahide Kobayashi are expendable. I don’t have updated 2009 salary information, but given 2008’s numbers - that’s $5 million right there. The Indians also got rid of about $28 million with Sabathia, Blake, Borowski, & Byrd gone.

Even given increases amongst remaining players, there really should be plenty of money to cover another big signing if they want to do it.

There was really no need to trade Franklin Gutierrez here as another relief arm was not necessary with the signing of Kerry Wood. The 2B they got - I can’t believe they are going to plug him into 2B with only a couple hundred at bats in AAA. The Indians also need to upgrade a corner OF spot, not create less competition there.

So it looks to me like they are not done.