The Cubs and ace Jake Arrieta avoided arbitration by agreeing to a $10.7 million contract for 2016. As CBS Chicago notes, that's the highest-ever single-season contract for a pitcher with four years of MLB service time.

Arrieta is coming off a Cy Young-winning campaign in 2015 in which he pitched to a 1.77 ERA (222 ERA+) and 4.92 K/BB ratio in 229 innings for the 97-win Cubs. For his career, he owns an ERA+ of 108.

Arrieta, who'll turn 30 next month, is slated for free agency following the 2017 season. Obviously, working out a long-term contract with the Cubs before that point is a distinct possibility. Coming into 2016, Arrieta had earned a little more than $5.5 million in career salary.

In 2016, Arrieta will front a Chicago rotation that also includes Jon Lester, John Lackey, Jason Hammel, and Kyle Hendricks.