The Cubs have signed pitcher Wade Miller to a one-year deal, ostensibly for "insurance." He will be paid a $1 million base salary and up to $1 million more in possible incentives.

The good news: Miller will only be 30 this season, and has a career 3.98 ERA. He's not a great pitcher by any means; like seemingly every other pitcher to suit up for the Cubs, he walks a few too many batters, and over the last three seasons he hasn't been able to match his 2001-2002 performance. Still, when healthy, he's a solid starter.

The bad news: "When healthy" is a fairly big qualifier in this case. He's only made 31 starts over the past two seasons, and the Cubs don't expect him to be ready to go until May, which presumably really means "July." He also pitched quite poorly in 2005, posting a 4.95 ERA and walking 4.65 batters per nine innings. It seems likely that those numbers are due to his shoulder problems, but the Cubs' rotation is questionable enough that "insurance" is more of a necessity than a luxury.

All that said, $1-2 million seems like an awfully good price for someone like Miller. If he is indeed healthy, he could wind up being the steal of the offseason.