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Cubs re-sign Kerry Wood to one-year, $3 million deal with club option for 2013

Chicago Cubs v New York Mets

NEW YORK, NY - SEPTEMBER 10: Kerry Wood #34 of the Chicago Cubs pitches against the New York Mets in the eight inning during a game at Citi Field on September 10, 2011 in the Flushing neighborhood of the Queens borough of New York City. (Photo by Patrick McDermott/Getty Images)

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Things looked a little dicey earlier this week, but Kerry Wood is back where we all thought he would be when the offseason began.

From David Kaplan of CSNChicago.com comes word that the Cubs and Wood have agreed to terms on a new deal. The announcement was made to an “insane ovation” at Cubs Convention earlier this evening. Gordon Wittenmyer of the Chicago Sun-Times reports that he’ll get a one-year deal worth $3 million with a club option for 2013.

Wood signed a team-friendly one-year, $1.5 million deal with the Cubs last offseason, despite getting multi-year offers for more money elsewhere, but his new deal is much more in line with the market value for a veteran set-up man. The 34-year-old right-hander posted a 3.35 ERA and 57/21 K/BB ratio over 51 innings in 2011. He’ll set up for closer Carlos Marmol again in 2012.