The 30-year-old receives a $4 million signing bonus, payable
next month, and salaries of $5 million in 2007, $7 million in 2008
and $12 million in each of the next two years.
Lilly was 15-13 with a 4.31 ERA in 32 starts for the Toronto
Blue Jays last season. He had to pass a physical for the agreement
to be finalized.
Lilly broke in with Montreal in 1999 after being traded from the
Dodgers, the team that initially drafted him. He has a 59-58 with a
4.60 ERA in a major league career that also included stints with
the New York Yankees and Oakland.
The acquisition of Lilly has been part of a major offseason
overhaul by the Cubs, who after hiring Lou Piniella as manager
agreed to a $136 million, eight-year contract with free agent
Alfonso Soriano. They also re-signed third baseman Aramis Ramirez
for $75 million over five years, added free agent second baseman
Mark DeRosa ($13 million), acquired left-hander Neal Cotts in a
trade with the crosstown White Sox and re-signed pitchers Wade
Miller and Kerry Wood and backup catcher Henry Blanco.
Chicago also is closing in on a three-year contract with
right-hander Jason Marquis worth about $21 million.