Richard signed a one-year contract with the Cubs on Wednesday, avoiding arbitration, Carrie Muskat of MLB.com reports.

EDGE Analysis

Four months ago Richard was designated for assignment by the Cubs, but he returned to post 2.96 ERA over the final two months of the regular season, then made six scoreless appearances during the team's playoff run. Now under contract through 2016, Richard will likely open the year as a lefty specialist out of the bullpen.