Four years, $40 million. I'll take Jason Schmidt at $7 million more, myself, but Schmidt wanted to stay on the West Coast, so the Cubs didn't have that option.
If this deal is any indication, the market for starters is getting crazier. Vicente Padilla is younger and probably better than Lilly (though Lilly is a lefty and Padilla isn't), and yet Lilly got an extra year on his contract.