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This has nothing to do with Wood. Gregg is coming in to replace Howry.
Kerry is getting some age on him however. May be a good time to trade while they can get some value.
I think there is a good chance this is the first part of a trade for Peavy. The cubs didn't have what the Padres demanded, which was a pitcher, so they had to involve another team to get that pitcher. This "could" be that part they needed. He would then go on to the Padres.