The Chicago Cubs will not be signing top free agent Alex Bregman, who inked a $120 million contract with the Boston Red Sox on Wednesday night.
The three-year deal was first reported by The Athletic's Chandler Rome, and it features opt outs for Bregman after each season.
Bregman was the most valuable hitter remaining on the market and his new contract puts to bed an onslaught of rumors linking the third baseman to the Cubs, Detroit Tigers, and Toronto Blue Jays among others. Negotiations have been seemingly stagnant over the last couple of weeks, with teams either unwilling to meet Bregman's amount of years or him not willing to sign with certain clubs.
In the end, the Cubs may have dodged a bullet when it comes to Bregman. Although the team could use a veteran third baseman and his bat would have been a nice addition to the lineup, it's hard to justify a $40 million-a-year commitment to a guy who will turn 31 next month. Not to mention the Cubs would have had to surrender two draft picks and $1 million in international bonus pool money due to Bregman rejecting a qualifying offer from Houston.
ESPN's Jeff Passan also reported that the contract includes some deferred money and that the $40 million average annual value exceeds Bregman's other offers by $10 million.
Bregman also reportedly turned down other six-year offers worth north of $170 million.
It's unknown whether the Cubs were one of the teams offering $30 million a year, but they were certainly not going to match Boston's final offer. Reports suggested that team President Jed Hoyer was looking for a shorter-term deal with opt outs similar to the final contract, but for much less average annual value than $40 million.
Even if Bregman agreed to $30 million a year with the Cubs, the team would have been on the cusp of the first competitive balance tax threshold that has been a self-imposed salary cap for the team in recent years. To stay comfortably under that cap, the team would have likely traded second baseman Nico Hoerner to shed some payroll, whose job in Chicago looks all but guaranteed now that Bregman has signed elsewhere.
All eyes will now be fixed on top prospect Matt Shaw, who is arguably the Cubs' best candidate to handle third base in 2025. The team could also pivot back to the trade market now that they don't have to commit significant cash to Bregman, possibly opening up a reunion with San Diego Padres starter Dylan Cease.