It seems like it's close to official and looks like two years worth ~20 million with an option for a third year. Let's take a look at Wood since he became a full time reliever:
Not too bad. Wood's velocity was up nearly two notches and helped him notch 11.4 strikeouts per nine. Wood's BB/9 set a career low, over one walk less than he previously recorded. Here's how he compared to the Indians relievers in terms of NLRS and LRS:
Quite the upgrade, but as is the usual with Wood, there's an injury risk, he simpy has to be worth 2 WAR next season to validate the money given. Otherwise, between this addition and those of Jon Meloan and Joe Smith, the Indians could morph their bullpen into something impressive in 2009.