According to CBS's Jon Heyman, Carlos Pena signed a 1-year, $7.25m deal with Tampa Bay today. Since Pena was a Type B free agent and declined the arbitration offer from the Cubs, the Cubs get a free sandwich round pick in this year's draft.
In retrospect it's puzzling that Pena declined arbitration. He was paid $10m last year (though $5m of that is being paid this year) and could have easily gotten a raise on that number. Instead he probably cost himself five or six million dollars. You'd think that with Fielder and Pujols on the market his open market value would have taken a hit, and it did. On the other hand, he'll be playing for a team that might actually win something next year, so he's got that going for him.
Of course, we might find out two days from now that it was actually a $12.5m contract (dying laughing)