It's a substantial raise for Wood, who earned $527,500 last season, in which he posted career highs in starts (32) and innings pitched (200). The lefty compiled a career-best 3.11 ERA en route to his first All-Star selection and reached the 200-inning plateau for the first time in four big league seasons.
A second-round pick by the Reds in the 2005 First-Year Player Draft, Wood spent his first two seasons with Cincinnati before being traded to the Cubs in the deal that included reliever Sean Marshall. In four seasons, Wood is 26-35 with a 3.83 ERA over 97 appearances (93 starts).
The Cubs have three arbitration-eligible players remaining: Darwin Barney, Justin Ruggiano and Jeff Samardzija. Hearings will take place from Feb. 1-21 if settlements are not reached before then.
Carrie Muskat is a reporter for MLB.com. She writes a blog, Muskat Ramblings, and you can follow her on Twitter @CarrieMuskat. This story was not subject to the approval of Major League Baseball or its clubs.