The good folks at FanGraphs aren't too high on the deal, given Grabow's high walk total. They believe his low ERA the last 2 years is largely due to an 82% rate of stranding runners. That's undeniably true.
What's not so true is their claim that this rate is unsustainable. Grabow has given up 7.1 and 7.7 hits per 9 innings the last 2 seasons. If he continues to keep the bats in check and the ball in the ballpark, he will continue to have success.
Grabow's value isn't just measured by him being a so-called LOOGY because he is almost equally effective against righties. Lefties posted a .617 OPS and a .614 OPS against him in '08 and '09. Righties posted a .663 OPS and a .698 OPS against him in '08 and '09.
Recall my earlier prediction:
"The Cubs will sign John Grabow to a 3-year deal or a 2-year deal with a club option. Most Cub fans will think Jim Hendry overpaid for him, but Grabow will have earned his paycheck when it's all said and done."
I stand by that.