I really hate this time of year.  It’s cold, the days are often grey, and worst of all, there’s no baseball.  I watched the 10-part Ken Burns Baseball documentary the other night.  It made me miss baseball even more.  My wife turned on Field of Dreams last night and I refused to watch it.

As Cubs fans, we are looking at a boring remainder of the off season.  The big free agent signing (i,e., Marlon Byrd) is behind us and now it’s just a waiting game.  We also are having to deal with the fact that the Cubs were not a very good team in 2009 and this off season hasn’t really made them any better.  So while we’re bored, we have that to deal with.

I have to admit that I am surprised that the Cubs didn’t do more to improve this off season.  With a new owner coming in and Jim Hendry’s job being on the line, I thought the Cubs would make more of a splash.  The free agent market was pretty thin, but there were always trades to be made.  Apparently the Cubs front office had other plans.

As it turns out, the way that Cubs owner Tom Ricketts structured the loans he used to purchase the team may be at least in part to blame for the new regime not making a big splash.  According to a report in Investment News, the Ricketts attracted a number of institutional investors (insurance companies, pension funds, banks) who normally don’t invest in sports franchises to privide short-term financing.  These investors tend to be more conservative and it appears that the Cubs will have to remain conservative with their payroll in order to keep those investors happy.

I suppose that “conservative” is a relative term in this case.  The Cubs payroll was the fourth highest in MLB last year and will remain in the neighborhood of $140 million this year.  Even so, considering the revenue generated by the franchise, having a $140 million player payroll is not outrageous.

So it appears that it may be a while before anything very exciting happens with the Cubs.  Long-term contracts are in place, many with no-trade clauses, others simply untradeable.  In the immortal words of former Secretary of Defense Donald Rumsfeld (I’m paraphrasing), you go to war with the army you have, not the army you want.

Ken Rosenthal of FoxSports.com provides a glimmer of light in an otherwise murky off season.  Rosenthal predicts that Ben Sheets will eventually sign with the Cubs.  Considering the Cubs starting rotation as it now stands, that is good news.  With a starting three of Carlos Zambrano, Ryan Dempster, and Randy Well to start the season, the Cubs rotation could use some help.  Lefty Ted Lilly will be on the shelf to start the season, so the final two rotation slots will be filled by some combination of Carlos Silva, Tom Gorzelanny, Sean Marshall, and Jeff Samardjzia.  Sheets would be a welcome addition indeed.

But is Rosenthal’s rumor/prediction really realistic?  Last I heard, Sheets and his agent were looking for a contract that would pay the oft-injured starter $12 million per year.  When he’s right, Sheets is worth ever penny of that.  But after coming off of surgery and a missed season in 2009, he’s a big question mark.  I don’t expect the Cubs to get involved unless his asking price comes way down.  And if it does, the Cubs will certainly not be his only suitor.

Reports like Rosenthal’s probably don’t hold much water, but at least they do brighten up the dark winter a little bit and give us something to talk about.  So reporters, keep the predictions and unsubstantiated rumors coming.  We still have two months to go before Spring Training.

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The Hall of Fame will announce their 2010 inductees tomorrow.  Good Luck to Andre Dawson.  I’ll be keeping my fingers crossed.