The Chicago Cubs find themselves in an interesting situation with their pitching staff for the 2024 season, but the team could be getting creative to give themselves some financial flexibility.
According to a report from 670 the Score’s Bruce Levine, filed Sunday as part of the station’s “Hit and Run” program, the Cubs are “working on an extension” with starting pitcher Kyle Hendricks.
The Cubs have a club option on Hendricks’ contract for the 2024 season, which would pay him $16 million. The team also has a buyout on the contract for $1.5 million, according to Spotrac.
Hendricks posted a 6-8 record and a 3.74 ERA in 24 starts for the Cubs last season. He also showed upticks in his velocity and improved command, and was one of the more remarkable stories of the 2023 campaign after recovering from a capsular tear in his pitching shoulder.
An extension could potentially lower the annual value of his contract by several million dollars, giving the Cubs a bit more wiggle room under the luxury tax threshold, while allowing them to pursue other options to upgrade a team that won 83 games last season.
The negotiations for Hendricks come as the Cubs face the possibility of Marcus Stroman opting into his 2024 contract, which would pay him $21 million. There is a chance he could still opt out and test free agency, but with his struggles in the second half of the season, taking the guaranteed payday may win out for the right-hander.
Drew Smyly also has an opt-out clause in his contract with the Cubs, but if he chooses to stay, he would earn $10.5 million for the 2024 campaign.
Chicago Cubs
A decision on Hendricks’ option will be due shortly after the conclusion of the World Series, giving the Cubs a finite amount of time to negotiate a new deal with the lone remaining member of their 2016 championship club.
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