Ted Lilly signed a 4 year, $40 million dollar deal and is headed to Chicago to pitch for the Cubs. Jim Baumbach mentioned that SI.com reported (I'd link to it, but a quick scan of the site didn't yield one) that Lilly told the Yankees that he would sign with them over the Cubs for the same deal. ESPN.com reports that we didn't make a bid.

The left-hander eliminated a return to the Blue Jays earlier in the day and had narrowed his possible destinations to the Cubs and New York Yankees, O'Brien told ESPN.com. But the Yankees informed the 30-year-old Lilly on Wednesday night they would not bid for him, choosing to concentrate their efforts on Andy Pettitte, who said earlier in the day that he plans to pitch next season.

Works for me.