Updated Reports are the deal is done. Expect a press release and all that good stuff soon. And here it is
Cubs.com has the news
The Chicago Sun-Times and the Newark Star-Ledger, citing sources, reported the Cubs and Dempster were close on a new contract worth at least $52 million. The extension would secure the free agent right-hander's services through 2012.
Given the current market for starting pitching, 4/52 should actually be a fair price for Dempster. Of course, his performance at the end of the contract has a wide range of possibilities. At least the Cubs don't give up any prospects or draft choices in this move.
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