According to John Dennis of WEEI in Boston, Theo Epstein has agreed to a five year deal to become part of the Chicago Cubs organization. The official title is yet to be announced, but it is rumored to include the title of President and be seen as a promotion from his Boston gig.

The issue of compensation is also yet to be determined. With no current GM to negotiate the compensation, I asked the Chicago Daily Herald’s Bruce Miles who would be involved in that and he replied “From what I can gather, (Tom) Ricketts is getting input from (Randy) Bush, (Tim) Wilken and (Oneri) Fleita on compensation.” Don’t be shocked to hear that it is Cubs top prospect Brett Jackson.

This is about as good of news as we can get for the GM position. Epstein does have his faults but he has been considered one of the best General Managers in the game ever since he took over as a 28 year old in 2004.

MLB Trade Rumors has a tool you can access to search for all of Theo’s moves as GM:

http://transactions.mlbtraderumors.com/widget/transactions-tracker

It’s a good day. The Cubs get a GM that has already ended one “curse”. Let’s all hope he has the magic touch for a second. He may not do it, but this is about as good as it can get.

*UPDATE 1: The deal will be closer to $20 million over five years than the initial report of $15 million because the Cubs will be responsible for paying a $3.5 million conclusion bonus.

*UPDATE 2: (MLBTR) “There’s some discussion as to whether the Red Sox will obtain minor leaguers or cash from the Cubs, according to Jon Heyman of SI.com (on Twitter). It appears that the Red Sox prefer cash.”

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