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Ted Lilly to sign with the Cubs, 4 yrs/$40M

Jim Baumbach is reporting on his Newsday blog that Lilly will be headed to the Cubs.

Here's the scoop:

Here's how it went down.

The Cubs offered four years for $40 million, not $44.

Agent Larry O'Brien told the Yankees yesterday they have until 6 p.m. to match it. And if they did match it, he more than likely would have become a Yankee.

Brian Cashman called O'Brien at 5:45 p.m. today and told him he "couldn't make a decision within the timeframe," O'Brien said. O'Brien said thanks for your interest and Lilly is now a Cub.

Now the Yankees turn to Andy Pettitte, of course.

Thank you, Brian Cashman, for not making Ted Lilly a Yankee again.