Jack's Take: Chicago Cubs' Matthew Boyd Among Most Underrated Free Agent Signings

Matthew Boyd is settling in better than many expected in his new home at Wrigley Field.

In a 2-1 win over the Pittsburgh Pirates on Saturday afternoon, the Chicago Cubs starter tossed six innings with one hit, one earned run, a walk and three strikeouts. Boyd increased his impressive run to a perfect 6-for-6 in quality starts at Wrigley Field this season, or starts with at least six innings and three earned runs or fewer.

That's not to take anything away from Boyd's road performances either, where he has four quality starts across eight outings with no more than four earned runs in any start. He's pitched especially well of late, posting a 1.43 ERA and an 0.84 WHIP over his last four starts.

When the Cubs lost top starters Shota Imanaga and Justin Steele to injury, pitching became a major need on the north side. It's still likely they add a starter or two, plus some bullpen help, at the trade deadline. But in the meantime, Boyd has played a crucial role in maintaining the Cubs' five-game lead atop the National League Central.

Boyd's stats alone make the two-year, $29 million contract he signed with the Cubs during the offseason look like one of the most cost-effective, underrated signings of year. Compare it to the rest of the free agent starting pitching class, and Boyd was an absolute steal by Cubs president of baseball operations Jed Hoyer and company.

Some criticized the Cubs for taking a back seat to the New York Yankees and not handing out an eight-year, $218 million contract for ace Max Fried, a top contender for American League Cy Young award. Instead, they signed Boyd, who had a strong end to the 2024 season with the Cleveland Guardians, but hadn't pitched more than 80 innings since 2019, when he was worth a career-high 3.8 wins above replacement.

Sure, the Cubs would love to have Fried at the top of their rotation, and he's worth it – even at that price. But given Boyd's production at a fraction of the cost, plus other free agent signings that haven't worked out, it's hard to criticize Hoyer's process.

Another ace the Cubs didn't sign was Corbin Burnes, who inked the offseason's second-largest free agent contract among pitchers at six years and $210 million. Burnes, 30, was elite when healthy, recording a 2.66 ERA. But he'll have Tommy John surgery and miss the rest of the season.

Behind Burnes was Blake Snell and his five-year, $182 million contract with the Dodgers. The 32-year-old, two-time Cy Young winner has pitched just nine innings this season due to injury, though, and may not return until after the All-Star break. There's also Sean Manaea, who signed a three-year, $75 million contract with the New York Mets and hasn't pitched this season.

Here's a list of additional pitchers who signed for more money than Boyd in the offseason, per Spotrac.

• Nathan Eovaldi, Texas Rangers (three years, $75 million; 1.69 ERA, 69.1 IP)
• Luis Severino, Oakland Athletics (three years, $67 million; 4.47 ERA, 90.2 IP)
• Yusei Kikuchi, Los Angeles Angels (three years, $63.6 million; 2.92 ERA, 77 IP)
• Nick Pivetta, San Diego Padres (four years, $55 million; 3.48 ERA, 72.1 IP) 
• Clay Holmes, New York Mets (three years, $38 million; 2.87 ERA, 78.1 IP)
• Jack Flaherty, Detroit Tigers (two years, $35 million; 3.41 ERA, 71.1 IP)
• Frankie Montas, New York Mets (two years, $34 million; has not pitched in 2025)

And then there's Boyd, who has a 2.79 ERA across 80.2 innings with the Cubs after signing a two-year, $29 million contract with a mutual option for a third year at $15 million in 2027.

There's no surefire way to foresee injuries, but Burnes, Snell and Manaea are examples of the risk involved with signing pitchers over 30 years old to large contracts. On the other hand, Fried may be able to show how one major signing can take a team over the top, as the Yankees push for a World Series title.

That's what makes decisions by MLB front offices so difficult. But in this instance, Hoyer and the Cubs deserve a ton of credit for getting Boyd – who's tied for 16th in ERA among qualified MLB pitchers despite signing the 12th-largest contract in the offseason – at a great value.

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