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I think the Cubs will try to trade him, but if they don't by 8/31, I can see him being bought out either soon after, and released, or just bought out at the end of the season. I honestly don't think they want to bring him back for the $16MM or whatever he's due in 2012 on that option.
Im not saying he worth 16 mil either but he is worth 8-10 mil for 2-3 years.