Signed free agent RHP Paul Byrd to a two-year, $14.25M contract with a 2008 team option.
The option has a $250K buyout, which is cheap as buyouts go.
I think given the market, this is as well as the Indians could have done. Kevin Millwood is going to get at least a four-year contract, where he's going to be paid commensurate with his 2005 campaign. Byrd is going to be paid what Millwood was actually paid in 2005, and while there's little possibility of him winning the AL ERA title in 2006, he should give the Indians 200 innings of high 3-ish ERA, provided he stays healthy.
Byrd will probably slide into the 3 or 4 slot in the rotation, depending on if the Indians want to separate their left-handers. But that's something to worry about next year.
Next up: signing a closer. Hopefully it's Trevor Hoffman, not Todd Jones.