Here is the press release:

BLUE JAYS SIGN KEVIN GREGG

The TORONTO BLUE JAYS have signed RHP KEVIN GREGG to a US $2.75 million contract for the 2010 season, with a club option for US $4.5 million for 2011, or a two year option of US $8.75 million for 2011 and 2012.

        GREGG, 31, spent last season with the Chicago Cubs posting a 5-6 record with 23 saves and a 4.72 ERA. The 6’6" 238 lb. Corvallis, Oregon native has saved 84 games over his last three seasons, with Florida (2007-08) and the Cubs (2009), adding 216 strikeouts in 221.1 innings. Gregg spent the first four years of his career (2003-06) with Anaheim and has posted a 4.10 ERA in 343 career games.

Tom back: It is kind of interesting that it isn't two one year options, after the first year the team can take the one year option or the two year option. This fills our 40-man roster again, so when we add another catcher someone would have to be dropped unless someone is put on the 60-day DL.

I still really don't understand the point, we have a dozen or so of potential  bullpen arms at the moment and a number of them without options. I think likely the last guy cut would be someone I'd like more than Gregg. I also think that him being a A or B type free agent after 2010 will mean nothing because the Jays won't offer him arbitration. He had a hard enough time getting a contract this year and the Cubs didn't offer arbitration. I can't see how it would be easier next year when it costs the signing team a draft pick. I think a guy that gave up 13 home runs and way too many walks, in the NL Central, will have a tough time in the AL East. We'll see I guess.