Ken Rosenthal of Fox Sports reports the deal has more to it:
#Cubs would get DeWitt, Class AA pitcher and possibly third player for Lilly/Theriot package. Not sure of financial exchange.
On MLB Network, Tom Verducci said the Dodgers would receive roughly $2.5 million from the Cubs. Jayson Stark of ESPN has the full details:
Deal done. #Cubs sending Lilly & Theriot to Cubs for Blake DeWitt & minor lgers Brett Walch & Kyle Smit. LA also gets $2.5M
The left-handed 34-year old, who was drafted by the Dodgers in 1996, was 3-8 with a 3.69 ERA in 18 starts for the Cubs this season. Lilly is 106-92 with a 4.21 ERA in his 12-year career, split between the Expos, Yankees, A's, Blue Jays, and Cubs. On July 31, 1998, the Dodgers, under interim general manager Tommy Lasorda, traded Lilly, Peter Bergeron, Wilton Guerrero, and Jonathan Tucker, to the Expos for Carlos Perez, Mark Gruzielanek, and Hiram Bocachica.
The Dodgers have tried several fifth starters this season, and they have struglled mightily. John Ely, Carlos Monasterios, Charlie Haeger, Ramon Ortiz, and James McDonald have combined this season for 31 starts, including Friday night, and have a collective 5.82 ERA while averaging just 4.89 innings per start.
Lilly has averaged 6.12 innings per start over his last five seasons. He is owed $12 million this season, the last year of a four-year contract. With 64 days remaining this season, Lilly is owed approximately $4,196,721 for the remainder of 2010. He will be a free agent after the season.
Theriot has struggled this season, with career lows in both on-base percentage (.321) and slugging percentage (.329). He has played both shortstop and second base in his career. The 30-year old Theriot is making $2.6 million this season, and is eligible for arbitration during the next two seasons. He is owed approximately $909,290 for the rest of the season.
The Dodgers gave up DeWitt, a player who is better than Theriot, younger than Theriot, and cheaper than Theriot. DeWitt is hitting .270 this season, with a .352 on-base percentage and .371 slugging percentage, and is under club control through 2014. His is making $410,000 this season, which means he is owed approximately $143,388 the rest of the season.
Lilly last started Tuesday for the Cubs, so he would be on regular rest Sunday, although Clayton Kershaw is scheduled to start for the Dodgers on that day. The Dodgers are seven games behind the Padres in the National League West, and four and a half games behind the Giants in the Wild Card race.