According to the Dallas Morning News, the Cubs got involved in a three-team deal with the A's and Rangers, which amounted to them acquiring Freddie Bynum for John Koronka (who will slide into the Rangers' fifth rotation slot. Yikes!), and either a PTBNL or cash.

Without further guidance, I'd guess that Bynum will join the 25-man roster at the expense of Ryan Theriot, which is really no expense at all. What Bynum brings is positional flexibility, a hint of discipline, and speed, which falls nicely in line with what the club's emphasis all offseason, whether you buy into it or not. He certainly has more utility than Theriot, and with the price being Koronka and a bag of balls, it's a solid pickup.

UPDATE: Bynum's officially on the team, and indeed, he's taken the Koronka/Theriot Memorial Roster spot.