Pena re-signs with Rays

Pena re-signs with Rays
January 20, 2012, 5:44 pm
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Carlos Pena re-signed with the Tampa Bay Rays Friday, for a reported 7.25 million.

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Jon Heyman carlos pena, rays agree to terms.
Jan 20 via web Favorite Retweet Reply

Pena, who hit 28 homers and drove in 80 runs last year for the Cubs, was offered arbitration this offseason coming off a one-year "pillow" contract. The Cubs spread out the 10 million they owed him over three fiscal years and still have roughly 3 million left, according to several reports.

Had Pena, a Type B free agent, accepted arbitration, he would have likely earned around 10 million again, something the Cubs did not want.

Instead, Pena's deal with the Rays gives the Cubs a sandwich pick in between the first and second rounds in the upcoming June amateur draft. This follows a practice Theo Epstein was famous for in Boston -- letting Type A or B free agents walk to receive compensatory draft picks.

Pena reportedly wanted to go back to the Rays, who desperately needed another bat at first base or DH. This is a win for all involved.