The Chicago Cubs announced today that Jeff Samardzija has decided to commit to baseball full time, foregoing a potential NFL career as a wide receiver. As part of the decision, the Cubs signed Samardzija to a five-year major league contract, with club options for the 2012 and 2013 seasons. That's significant because it means that Samardzija's first option year will be 2007. The Daily Herald reports that the deal is worth $10M. With the options, the deal could be worth $16.5M, reports MLB.com. The deal "also includes a $2.5 million signing bonus that Samardzija will return to the Cubs if he decides at any point to pursue another sport."

If the Cubs eventually pick up the options, they will have bought out all three years of Samardzija's arbitration eligibility and the first year of his free agency. With Samardzija's addition to the 40 man roster, someone is going to have to be released or placed on the 60-day disabled list (Glendon Rusch?).

UPDATE (5:40pm): Paul Sullivan at the Chicago Tribune reports that the $2.5M signing bonus is included within the $10M Samardzija will receive over the first five years. And Arizona Phil at The Cub Reporter notes that Samardzija will have a 4th option year, meaning the contract will not cover his first free agency year.