It's a true five-year deal, or a four-year commitment with an option season.
The team suspected Wood to be a holdout as recently as July 24, but clearly, things have changed.
Wood is the fifth, first-round pick from the 2009 draft class to reach a deal.
The rookie had the chance to play right away at camp, but missed the first four days.
A flurry of signings should continue into tomorrow.