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It does, but here's the catch...
If he's good, he'll be worth whatever he can get in arbitration.
If he's bad, the Cubs pay the original amount because there's no way the other teams will pay more in free agency than what the Cubs were slated to pay him anyway.
You root for him to be good to force the Cubs to spend money. Because you're supposed to spend money on good players.
I covered this in my most recent post. I don't think it is a bad deal now because of that, but it certainly isn't as awesome as the flat 9 years for 30 million that we were told earlier.