Cliff Floyd has signed a one-year, $3 million deal to be a backup outfielder for the Cubs. Floyd always seems to have injury problems, had surgery on his achilles in October, and recently turned 34. Still, I like this signing - Floyd still has more upside than most fourth outfielders around the league. He's only one year removed from an .863 OPS in 2005. Matt Murton and Jacque Jones are probably both better options at this point, though.
UPDATE: The deal is actually a lot more complex than was being reported when I posted this. The deal includes a player option and a team option - Floyd gets the option if he reaches a certain number of plate appearances or starts this year, whereas the team gets it if he doesn't. With the option and with various incentives, this deal could be worth as much as $17.5 million. Since none of that matters much if Floyd doesn't play, though, I still think this is a reasonable gamble. However, it would be kind of a shame if Floyd were to platoon with Murton, as the ESPN article linked above now suggests. Murton's a decent young hitter who didn't exhibit a huge platoon split last year. Ideally you'd like for someone to platoon with Jones, who doesn't hit lefties well at all, but Floyd is also a lefty.