Concluding Cody Bellinger's extended offseason, an insider revealed Sunday that he has reached an agreement to rejoin the Cubs. Contract terms include a three-year deal valued at $80 million, which incorporates out clauses after the first two seasons.
This development represents a significant move in the free agent market, removing one of the top five remaining players from the board. So far, Blake Snell, Jordan Montgomery, Matt Chapman and J.D. Martinez are among the standouts still seeking contracts.
Remaining Contracts
The current status of Snell, the reigning Cy Young Award winner in the National League's National LeagueThe current situation for Snell, the reigning National League Cy Young Award winner, is unfolding with an offer on the table from the New York Yankees. Despite the Angels lurking in the background, a solid market for the 31-year-old pitcher has yet to emerge.
A tentative scenario could see Snell agreeing to a deal similar to Bellinger's, possibly with a higher average annual value up front, along with annual exit clauses, giving him the flexibility to explore the market again in a year or two.
Meanwhile, Montgomery, the Angels' object of interest, sees his fate tied to ongoing negotiations. It appears the Angels are positioned to secure either him or Snell in the grand scheme of things.
The Boston Red Sox are also hovering on the fringes of the Montgomery situation, although indications suggest they are biding their time, anticipating a reduction in their price tag.
A shorter-term deal, complete with out clauses, could align more closely with the Red Sox' preferences.
Throughout much of the winter, Chicago has been a speculated destination for Chapman. While the recent signing of Bellinger might suggest that the Cubs are backing away from the search for a third baseman, it would be unwise to completely dismiss the possibility.
The Cubs' payroll currently maintains a considerable margin, exceeding $30 million before reaching the initial Competitive Balancing Tax threshold of $237 million.
This financial flexibility allows for the addition of another substantial salary. If Chapman is willing to accept a deal structured similarly to Bellinger's, albeit with presumably lower average annual value and total guarantee, the Cubs could remain viable contenders for the third baseman.
The addition of Chapman would not only strengthen the Cubs with a solid defensive presence at third base, but, assuming exit clauses are included after 2024 and 2025, would allow Chapman to reevaluate the market next winter.
Final: Padres 7, Cubs 0. pic.twitter.com/OvvUmFXYx0
- Chicago Cubs (@Cubs) February 25, 2024
Chicago's Future Strategy
While initial projections anticipated that Bellinger would secure a contract in excess of $200 million this winter, the 28-year-old opted for a shorter-term deal to return to the Cubs.
This deal mirrors the path taken by Carlos Correa, another client of agent Scott Boras, who signed with the Minnesota Twins prior to the 2022 season.
Like Bellinger, Correa initially sought a longer-term contract, but ultimately agreed to a three-year, $105 million deal with get-out clauses after the first two seasons.
After Correa exercised his opt-out clause after the first year with the Twins, he entered free agency at the age of 28.
Despite initially reaching a substantial 13-year, $350 million contract with the San Francisco Giants, concerns raised over his physical prevented the deal from coming to fruition.
Correa subsequently secured a 12-year, $315 million contract with the New York Mets, but problems stemming from his physical led to the collapse of the deal.
As a result, Correa returned to the Twins with a six-year, $200 million contract, which includes club options from 2029 to 2032 that can be guaranteed based on plate appearances during the previous season.
After a resurgent 2023 season with the Cubs, Bellinger now retains the option to explore the free agent market again after the 2024 or 2025 season.
This flexibility gives the 28-year-old the opportunity to pursue a more lucrative deal without the burden of a qualifying offer.
