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Update: According to ESPN.com’s Jayson Stark, the New York Yankees have acquired RP Kerry Wood from the Cleveland Indians in return for a player to be named later.

Fantasy Impact: This is another smart, savvy move for the Yankees. Wood (6.30 ERA, 8 saves) has struggled this season, but he should transition smoothly from closer to set-up man in the Bronx. Between command issues and injury history – after all, he just came of the DL today – Wood is certainly a risk. At the same time, though, it would be difficult for him to be much worse than Joba Chamberlain, the incumbent “bridge to Rivera”. Wood will provide a more consistent presence late in games, and he’ll play a big role in shoring up a bullpen that may well be New York’s weakest link. For the Indians, the move looks to be yet another salary dump (the Yankees also stole OF Austin Kearns from Cleveland for next-to-nothing), as the Yankees will reportedly be taking on approximately $1.5 million of the $3.6 million still owed to Wood. It’s not too hefty a price for New York, which has flexed its financial muscle for the third time in the past 24 hours. As such, it’s another low risk-high reward pickup for the Yankees. For fantasy owners, Wood loses pretty much any value he may have had, as he obviously won’t be supplanting Mariano Rivera as the Yankees’ closer.