It is official the Cubs have traded Ted Lilly and Ryan Theriot to the Dodgers for Blake DeWitt, pitcher Brett Wallach and pitcher Kyle Smit. The Cubs also sent 2.5 million to the Dodgers to help the cost of the players. Here is more information from CCO.COM.
At a first glace I feel the Cubs did not get enough value in return for Lilly and Theriot but Blake DeWitt is a valuable utiliy guy who is under team control for a while. The two arms the Cubs received are not highly regarded but are young and have a ton of upside. The Cubs also save money this season along with next season because Theriot is expected to make 4 million in arbitration so this deal looks better that it originally did on the surface. The only thing that bothers me is the Cubs could have gotten Kelly Johnson for Theriot and Russell which I view as a great trade for the Cubs but again Johnson would be owed more money and the Cubs want to cut cost.
Overall not a terrible trade but not a great one either.