The Cubs and Jon Lester have terms on $155 million contract that will keep the 30 year-old southpaw in Chicago for the next six years. The deal, which includes a record $30 million dollar signing bonus, makes the former Red Sox and A’s ace the second highest-paid by pitcher in baseball history, behind only Clayton Kershaw, who inked a $30.7 million pact with the Dodgers.

2012 – The Phillies sign Ps Mike Adams and John Lannan as free agents. In Adams’s case, his two-year, $12 million deal bypasses options to become a closer, so he can set up for Jonathan Papelbon.

2011 – The Twins sign OF Josh Willingham to a three-year contract and the Cardinals sign reliever J.C. Romero for one year.

P Rich Harden signs a one-year deal with Oakland, returning to the team for which he first pitched in the major leagues.

Commissioner Bud Selig announces that he will chair a 14-person committee to analyze ways to improve baseball’s on-field product. The group will look at issues such as the pace of the game, umpiring, instant replay and possible rule changes.

The White Sox acquire OF Juan Pierre from the Dodgers for two minor leaguers. Pierre, signed to a five-year contract worth $44 million before the 2007 season, has become the odd man out in the Dodgers’ outfield with the development of youngsters Andre Ethier and Matt Kemp and the acquisition of superstar slugger Manny Ramirez in 2008.

The Los Angeles Dodgers sign Hiroki Kuroda for 3 years and between $36 million and $40 million. Kuroda had been the top pitcher in the Central League in 2006 before fading in 2007. He was deemed to be the second-best Japanese free agent seeking to come to the US this winter, after Kosuke Fukudome. Hitoki Iwase, another top free agent, decided to stay in Japan.

Andy Pettitte, with a career record of 211-113 in the majors through this past season, admits to using Human Growth Hormone in 2002 to recover from an elbow injury. Pettitte had been named in the Mitchell Report released earlier in the week.