Butler has spent parts of the last three seasons with the Rockies, posting a 6-16 record and 6.50 ERA in 36 appearances (28 starts). In five Minor League seasons, Butler was 32-25 with a 3.33 ERA in 87 outings, all but one as a starter.
Last season, Butler split time between the Rockies and Triple-A Albuquerque, and he was 8-3 with a 4.45 ERA in 15 starts in the Minors and 2-5 with a 7.17 ERA in 17 appearances (nine starts) in the big leagues.
Farris was selected by the Cubs in the ninth round of the 2014 Draft, and he was 4-13 with 22 saves and a 2.91 ERA in 88 Minor League relief appearances over the last three seasons.
To make room for Butler on the Cubs' 40-man roster, right-hander Dylan Floro was designated for assignment. The Cubs had claimed Floro off waivers from the Rays on Jan. 17.
Under the recently expired Collective Bargaining Agreement, which applies to the current international signing period, each team was allotted a $700,000 base for its international signings. In addition to that base, the team got a signing bonus pool that was made up of four slot values, based on the previous season's record.
The Cubs received the No. 28 slot value ($563,700), which was traded to Colorado, plus No. 58 ($380,700), No. 88 ($257,100) and No. 118 ($161,100), for an original total of $2,063,100 during the current period, which began on July 2, 2016.
Under the new CBA, starting with the 2017 signing period that begins on July 2, every team will get at least $4.75 million. Any team receiving a Competitive Balance Round A pick in the Draft will get $5.25 million in international bonus pool money. Teams receiving a Competitive Balance Round B pick will have $5.75 million to spend.
Carrie Muskat has covered the Cubs since 1987, and for MLB.com since 2001. She writes a blog, Muskat Ramblings. You can follow her on Twitter @CarrieMuskat and listen to her podcast. This story was not subject to the approval of Major League Baseball or its clubs.