The Cubs could potentially lose right-hander Jake Arrieta as a free agent this offseason, so signing Chatwood gives Chicago another bona fide starter. Factoring in ballpark and season, Chatwood still finished last season with an above-average ERA+ of 107, per Baseball Reference.
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Chatwood passes the age test with his 28th birthday coming next weekend, and his GB% and road numbers suggest that he will be a fine addition in the friendly confines of Wrigley Field. Pitching half his games at Coors Field, Chatwood actually has performed quite well but does come with some questions about how many innings he can pitch. He is 40-46 with a 4.31 ERA over six seasons with the Los Angeles Angels (2011) and Rockies (2012-14, 2016-17). By comparison, Chatwood owned a 5-7 mark with a 3.49 ERA in 16 games on the road. Chatwood missed much of 2014 and the entire 2015 after undergoing Tommy John surgery.
The Cubs have signed a pitcher, but not the one that's been dominating the last 11 news cycles (.yet?). Mike Montgomery will once again prepare as a starter in spring training and fill a rotation role as needed. Keep in mind that the money Chatwood is earning also could have been put towards an extension for Hendricks, who is about to go to arbitration for the first time, or even star third baseman and former MVP Kris Bryant.