Deal done. #Cubs sending Lilly & Theriot to Cubs for Blake DeWitt & minor lgers Brett Walch & Kyle Smit. LA also gets $2.5M. #trades
There's a typo in that tweet -- "Walch" is really Brett Wallach, son of former major leaguer Tim Wallach.
I don't know much about the minor leaguers; DeWitt likely gets installed as the Cubs' starting second baseman, and this also likely means Carlos Zambrano heads back to the rotation, and I'd guess Jeff Samardizja comes back from Iowa to the bullpen for the rest of the year.
Farewell to Ted, who did a wonderful job for nearly four years and was a great guy to have on the team. (This doesn't necessarily preclude the possibility that the Cubs could re-sign Ted as a free agent this winter.) Good luck to him, and also to Ryan Theriot -- who was the subject of much derision here, but you could never accuse him of not giving all-out effort.
Since Lilly and Theriot were the focus of trade rumors the last couple of days, my guess is that this will be the only Cubs deal before the deadline today.