CHICAGO -- The Chicago Cubs made it official Friday, bringing former staff ace Kerry Wood back to the North Siders on a one-year, $1.5 million deal.

The favorable contract for the Cubs allows the team the financial flexibility to add more pitching help.

During a news conference at Wrigley Field on Friday, Wood said he had offers from three or four other teams to pitch next season but left money on the table because he wanted to return to the Cubs and raise his family in Chicago. Wood said he never really wanted to leave in the first place.

"It's never been about the money," said Wood, who will have performance bonuses for games pitched and finished. "It's about being home and being here at Wrigley, which is home for me."

Wood and general manager Jim Hendry attended Ron Santo's funeral last Friday and the next day they met and had a discussion at a fundraiser held by Cubs pitcher Ryan Dempster.

Hendry said the deal wasn't reached on sentiments alone but also because Wood can still help the Cubs out of the bullpen.

Wood, 33, passed his physical Thursday and rejoins a team that selected him fourth overall in the 1995 draft. He ranks fourth in franchise history in strikeouts.

He signed with the Cleveland Indians as a free agent in December 2008 for two years and $20.5 million, but he maintained his residence in Chicago, where he and his family will live full-time.