The deal will keep Chatwood at Wrigley Field until the next decade, which is a good move for Chicago since they're certainly losing Jake Arrieta to free agency and needed to replace him with someone of the same caliber.
Chatwood, who turns 28 later this month, went 8-15 with a 4.69 ERA and 1.44 WHIP in 33 games, including 25 starts, for the Rockies in 2017. He struck out 120 batters in 147 2/3 innings and struggled with his control at times, walking 77 batters for a 4.7 walks-per-nine-innings rate. He registered a 6.01 ERA and allowed foes to hit.302 at Coors Field last season.
More runs were scored at Coors Field than any other park in 2017, per ESPN.
Chatwood made four starts in 2014, then underwent Tommy John surgery and missed the "15 season".
He is 40-46 with a 4.31 ERA in six major league seasons.
A second-round Draft pick by the Angels in 2008, Chatwood was traded to the Rockies in November 2011 for catcher Chris Iannetta.
Chatwood was 12-9 with a 3.87 ERA in a career-high 27 starts with the Rockies in 2016, including an 8-1 mark and 1.69 ERA on the road.
The 27-year-old Chatwood was one of the youngest and most intriguing free agents on the market.