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MLB hot stove: Old aces Kerry Wood, Bartolo Colon sign new deals

MLB hot stove: Old aces Kerry Wood, Bartolo Colon sign new deals

A pair of veteran pitchers and former aces will once again be back in the majors after signing new deals. Recently signing new contracts this week are Kerry Wood and Bartolo Colon.

Wood, who began his career with the Chicago Cubs and rejoined the club after signing a bargain deal last off-season, will be back with the team after reaching a $3 million contract for the 2012 season.

A prized first-round draft pick, Wood appeared to be on the fast track to stardom with the Cubs after breaking into the big leagues in 1998 with a 13-6 record, 3.40 ERA and a wicked fastball. Unfortunately, due to a myriad of ailments, one of which being the one-time pitcher death knell known as Tommy John surgery, Wood saw his production decline before reinventing himself as a closer and later a reliever over the past few seasons.

After stints with the Cleveland Indians and the New York Yankees, Wood, now back with the Cubs, finished last year 3-5 with a 3.35 ERA in 51 innings. His 2011 season was cut short after suffering a tear in his right knee that ultimately required arthroscopic surgery.

Also coming to terms on a one-year contract agreement is free agent right-hander Bartolo Colon. Colon, who enjoyed a renaissance of sorts with the New York Yankees last season, inked a deal with the Oakland Athletics, who have spent much of the off-season in characteristic A's "offload mode," trading many top players away for prospects.

The 38-year-old Colon will be expected to bolster an Athletics rotation that will be without top starters Trevor Cahill (traded to the Arizona Diamondbacks) and Gio Gonzales (traded to the Washington Nationals) next season.

After watching his production decline and his weight balloon after signing a big deal with the Anaheim Angels in 2004, Colon was out of baseball in 2010, but broke back into the majors as a starter for New York last season.

In 29 games for the Yankees, Colon managed 26 starts and finished the year with an 8-10 record and an ERA of 4.00 in 164.1 innings pitched. The American League's 2005 Cy Young Award winner has a lifetime record of 161-113 with an ERA of 4.09 over fifteen seasons.

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