Beane's & McDermott's comments post press conference were illuminating. If the contract situation was cut & dried, Wood would be off the roster. But for whatever reasons, he's still on the team despite announcing his retirement, and they went out of the way to say that he's still on the team. I don't recall any other retirements being spun that way.
Beane hinted that the reason he's still on the team is for cap reasons, and a reasonable bet is they're negotiating either the guarantee or paying back some of the bonus.