BOSTON (CBS) — After nearly four full months of negotiations, the Red Sox and Cubs have finally settled on compensation for Theo Epstein.

The Red Sox will receive right-handed pitcher Chris Carpenter from the Cubs. CBSSports’ Jon Heyman confirmed the news via Twitter.

The teams will also exchange players to be named later, the team announced.

To make room on the roster, the Red Sox will place Bobby Jenks on the 60-day disabled list.

Epstein had one year left on his contract as general manager of the Red Sox when the team agreed to let him go to the Cubs to serve as president of baseball operations. The two teams planned to reach an agreement on their own, and commissioner Bud Selig said he’d step in to take over the compensation talks if it wasn’t settled by Nov. 1. It wasn’t, of course, and it still wasn’t on Dec. 1, Jan. 1 or Feb. 1.

Both Epstein and Red Sox GM Ben Cherington expressed happiness Tuesday that the two teams were able to reach an agreement on their own, without Selig forcing the issue.

“It was difficult because these things don’t normally happen and it was hard to figure out what was appropriate,” Cherington said in Fort Myers. “In the end, both teams compromised and we feel really good about the guy we’re getting.”

“I am relieved that this process is over and particularly pleased that the teams were able to reach agreement on their own without intervention from MLB,” Epstein said in a statement Tuesday. “I truly hope and believe that this resolution will benefit both clubs, as well as Chris, who is an extremely talented reliever joining a great organization at a time when there’s some opportunity in the major league bullpen.

“More than anything, I’m excited that we can all move forward and focus exclusively on getting ready for the season,” Epstein added. “I wish Chris and the Red Sox nothing but the best in 2012 and beyond.”

Carpenter, 26, made his major league debut last season, posting a 2.79 ERA in 10 appearances for the Cubs. His combined numbers from Double-A and Triple-A weren’t as encouraging, as he went 3-4 with a 5.91 ERA and 1.617 WHIP.

Comments (3)
  1. Mikael Monsen says:

    Well that was worth the wait, a number 2 starter for the Pawsox, yeeha.

  2. marc says:

    We got the wrong Chris Carpenter

  3. Frank says:

    Did Theo remember to bobby pin a note that says “Suck It” on Carpenter’s hat before he left for Red Sox camp?

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