The Cubs re-signed 30 year-old free agent Kerry Wood to a one-year, $4.2 million deal which includes additional incentives for closing games. The fragile former right-handed starter, who turned down multi-year offers from other clubs to stay with Chicago, will be given an opportunity to become the club’s closer.

2007 – The Lotte Giants hire Jerry Royster as their manager. Royster, a former major league and longtime minor league manager and major league player, is the first foreigner ever hired to manage a team in the Korea Baseball Organization. Another Lotte-owned team, the Chiba Lotte Marines of Nippon Pro Baseball, had their best run ever thanks to an American manager, Bobby Valentine.

New Mexico governor Bill Richardson admits that the part of his bio which reports he had been picked by the Kansas City A’s in the 1966 amateur baseball draft is untrue. The claim of the potential presidential candidate, who pitched in college for Tufts University, is debunked by an Albuquerque Journal investigation which found no evidence of the Guv ever being selected by any major league team.

While visiting his wife’s family and scheduled to be the best man at a wedding later in the day, Joe Kennedy awakes and collapses in the bedroom at 1:00 am and dies unexpectedly. The 6’4″, 250-pound Blue Jays southpaw reliever, who signed with the club in September after being released by the Diamondbacks, also played for the A’s, Rockies, and Devil Rays during his seven-year career.

Mike Lowell and the Red Sox finalize a $37.5 million, three-year contract. The 33 year-old third baseman, who was the World Series MVP, had been seeking a four-year deal but chose to stay with the World Champions despite longer and more lucrative offers.

The Angels trade Orlando Cabrera (.301, 8, 86) to the White Sox in exchange for Jon Garland (10-13, 4.23). Many see this trade of their Gold Glove shortstop for a right-hander as a precursor of the pitching-rich Halos dealing a hurler for a big bat such as Miguel Cabrera or Miguel Tejada.

Scott Boras’s reputation takes another hit when free agent Kenny Rogers, formerly with the Tigers, informs big league teams that he has dismissed his agent and is now representing himself in contract talks. Earlier in the week, another client, Alex Rodriguez, reached out to the Yankees to start negotiations without his involvement.

After a five-year departure to play for the Mets, Tom Glavine returns to the Braves, agreeing to an $8 million, one year deal. The 41 year-old southpaw, a two-time Cy Young winner with the team, left Atlanta in 2002 after negotiations as a free agent became acrimonious with team president Stan Kasten.