The Cubs reintroduced Cody Bellinger at a news conference Wednesday morning. The two-time All-Star was alongside agent Scott Boras and Chicago president of baseball operations Jed Hoyer to discuss his protracted free-agent process (link to the full presser).
At the start of the offseason, few would’ve expected Bellinger settling for a three-year guarantee worth $80M. His camp began the winter in search of a much larger offer, reportedly seeking upwards of $200M. Unsurprisingly, no one confirmed the precise contract terms that Bellinger had sought, although the former MVP conceded he initially expected an extended deal.
“Yeah, I think there’s definitely that thought that goes into it,” Bellinger said when asked if he anticipated signing a long-term contract. “Ultimately, that’s the goal. … I talked to Scott continuously to see what was going on. At the end of the day, I’m super excited how it all worked out. Yes, obviously (thought about a longer deal), but I’m very excited with it all and very happy to get going.”
With the offseason nearing an end, it’s clear that teams weren’t going to meet Bellinger’s asking price on that kind of contract. At that point, he moved to the much shorter term with the ability to opt out and retest free agency in either of the next two offseasons. He’ll collect $30M for the upcoming season. If he repeats his 2023 production, he’ll almost certainly take another swing at a massive contract – this time without a qualifying offer attached and with potentially greater confidence around the league that he has put his dismal 2021-22 campaigns behind him.
“Cody and I agreed that we’re going to look at this in a couple ways. We’re going to have two positive outcomes for this process. … Our dynamic was to determine what it was on the other end with a contract of great length," Boras explained. "As we got through that process and looked to it, that’s certainly where we let Jed know that on something like this — with this kind of structure, with this kind of flexibility, with these kinds of things, is what we’re looking for. We had mutual agreement and understanding that this type of structure was agreeable to both of us.”
Bellinger’s youth certainly plays a part in that. He turns 29 in July, leaving open the possibility of seeking another long-term pact next winter. His camp seemed to prefer that to locking in a five- or six-year contract that would’ve guaranteed more than $80M but wasn’t close to his initial asking price and wouldn’t have allowed him to get back to the market.
The short term with the higher annual salary works well for the Cubs. Bellinger offers cover in both center field and at first base. Chicago had been set to turn to highly-touted but unproven players in Pete Crow-Armstrong and Michael Busch at those respective positions. The move pushes the Cubs to a franchise high in terms of player spending.
RosterResource calculates their 2024 payroll around $222M. They’re at $234M in estimated luxury tax commitments, just below the $237M base threshold. It’s probable the Cubs will up end up paying the CBT if they’re as competitive as they hope. Even if this is their final move of the offseason, any salary taken on in midseason acquisitions counts against the CBT on a prorated basis.
Hoyer predictably declined to answer when asked if ownership was willing to pay the luxury tax. He noted that it’s his “expectation” they’ll carry this roster into the season, although he indicated the front office will stay open to opportunities.
“Obviously, we’re never going to stop looking. Never put a final nail in that because things come up all the time — trades, free agents. But, it’s the 28th of February," Hoyer said, "so I think that’s the expectation, though I would never rule anything out.“
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