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Simply put, this deal didn't work out for Jim Hendry. There are a multitude of options that the Cubs have in place for Soriano; although the majority wouldn't work.
1. Trade him:
I can't think of a team unintelligent enough to pay out Soriano's contract for the level of play he is putting out. The only possible solution would be for Soriano to come out of the gates hot and have a Yankees' outfielder go down. Then, and only then, would there be any way Soriano is traded.
2. Release him:
This option isn't worth it. If you're paying someone that much money, you may as well have him on your team, right? Hopefully there is some kind of loophole that the Cubs can find that, if Soriano does something wrong, he can be released without the Cubs having to fully pay out his contract. Come on, Soriano, the drugs are waiting for you.
3. Trick him into giving his money back in order to afford Pujols next year:
This could work. I think we could all agree this is the best solution. I'm sure Hendry could find a way to make Soriano agree to this, as I'm sure Soriano is tired of Pujols hitting balls over Soriano's head and the left field wall. Three hundred million dollars is a lot of money, and the Cubs are going to need any help they can get to sign Pujols next off-season.