Wood is coming off a pretty solid year and would likely receive a multi-year deal on the open market. However, since 2004 (not including 2008), Wood has pitched in 69 games, four more than what he pitched in this season. The Cubs know better than anyone that they need to be careful with Wood, and giving him a multi-year contract is very risky.
What will probably happen is that the Cubs will give Wood a one year deal worth about 5-7 million dollars, and performance based incentives that would trigger an option if incentives are met.
However, if Wood is looking for more money, the Cubs may let him walk.
They have Marmol, and the impending sale has already made spending tough.
The Angels and Indians are looking for closers, but the Diamondbacks probably have the best shot on the open market.
Not only does Wood live in Arizona, but he has ties to several players within the organization, including commentator Mark Grace.