Former MVP exercises 2025 player option with Cubs

Cody Bellinger has exercised his $27.5M player option for the 2025 season, according to ESPN’s Kiley McDaniel and Jeff Passan.  Bellinger’s three-year, $80M deal with the Cubs last winter included opt-outs after both the 2024 and 2025 seasons, but Bellinger will pass on the first opt-out (and $2.5M buyout) to remain in Chicago for at least one more year.

Bellinger also earned $27.5M in the first year of his contract, so he’ll have a $25M decision waiting for him with next year’s opt-out.  With $5M attached to that opt-out, Bellinger has now guaranteed himself $60M of that initial $80M payday and could potentially be in line for another long-term contract if he delivers a big 2025 season.

Of course, Bellinger thought his big 2023 season might’ve set him up for a lucrative long-term contract last winter, yet he rejoined the Cubs for that three-year pact.  Similar option-heavy shorter-term deals were also in the cards for other notable Scott Boras clients like Blake Snell, Matt Chapman, and Jordan Montgomery, leading the quartet to be known as the “Boras Four” as their trips through free agency dragged deep into Spring Training.

Bellinger signed near the end of February, so he still had the benefit of most of spring camp, though injuries were probably the bigger reason why the former NL MVP’s performance dropped off from 2023.  A fractured right rib and a fractured left middle finger resulted in a few relatively brief trips to the injured list, though Bellinger hit a modest .266/.325/.426 with 18 home runs over 569 plate appearances.

While his 109 wRC+ was still above the league average, it wasn’t the kind of standout platform year that would’ve made Bellinger a lock to top the remaining salary on his Cubs contract.  As a result, Bellinger was still reportedly unclear about his opt-out decision as late as Sept. 20, and he has now chosen perhaps the slightly more cautious move of just sticking in Wrigleyville for another season.

Bellinger’s decision has plenty of logic beyond the obvious appeal of a $27.5M payday.  After being a free agent in the last two offseasons, a quiet winter with his 2025 destination established surely had some appeal for Bellinger.  He has also been vocal about how much he has enjoyed playing for the Cubs, so he’ll now stay in the familiar and welcoming environment of the Friendly Confines.

From the Cubs’ perspective, they now have a pretty big salary on their books for 2025.  Of course, a one-year outlay for a player with Bellinger’s upside isn’t exactly a bad outcome, and obviously, it was an outcome the front office had planned for, given the three-year contract.  With Pete Crow-Armstrong now establishing himself in center field, Bellinger will probably be the Cubs’ primary right fielder next season, with Seiya Suzuki perhaps getting the bulk of DH duty.  Bellinger’s ability to play center field and first base also adds to his versatility and gives manager Craig Counsell some flexibility in figuring out his daily lineups.

As per RosterResource, the Cubs’ projected payroll for next year is roughly $183.5M, factoring in Bellinger staying and Drew Smyly leaving after Chicago declined their end of the veteran pitcher’s mutual option.  This leaves the Cubs with plenty of spending space before they get up to the $241M luxury tax threshold, provided the threshold is any sort of real barrier for ownership.  The Cubs didn’t pay the tax in any of the 2021-23 seasons but may have barely crossed the threshold this season, depending on the league’s final calculations.