Shota Imanaga Becomes Free Agent After He, Cubs Decline Options -

"The relationship between Shōta Imanaga and the Cubs started off better than expected, but ended far more abruptly than anticipated. What looked like an absolute steal by Jed Hoyer when he signed Imanaga to a complex four-year, $53 million contract has ended after just two years and $23 million. That's because, as Jesse Rogers first reported, both parties have declined their respective options to keep the lefty in Chicago. We covered the various contractual loopholes a little while back, but let's recap quickly."

"While I'm not surprised in the least that the Cubs opted against the extension, I'm a little surprised Imanaga turned down his option. Not because $15 million for a season is anything big, but because he was really guaranteed $30 million by doing so. That said, he could still end up making $22.025 million for 2026 if the Cubs extend a qualifying offer and he accepts."

"There is no word yet on whether the Cubs will extend a QO, though it makes sense for them to do so. That figure should hardly be prohibitive given their payroll situation, and they'd get a free draft pick if and when he signs elsewhere. It's hard to imagine Imanaga getting a higher AAV in free agency, but he's got to weigh the possibility that another poor performance under the QO would tank his future value with a labor battle looming."

The Cubs signed Shōta Imanaga to a complex four-year, $53 million deal that concluded after two years and $23 million when both sides declined remaining options. The Cubs had a three-year, $57 million option they declined, then Imanaga held a $15 million option for 2026. If he had opted in, the Cubs could have exercised a two-year, $42 million extension, and declining that would have left Imanaga with another $15 million option for 2027. Imanaga declining his option is surprising because opting would have effectively guaranteed $30 million. A qualifying offer could pay $22.025 million for 2026 and yield a draft pick for the Cubs. Payroll constraints and front-office budget limits make the decision to keep $22 million for acquisitions understandable, while Imanaga must weigh free-agency value against performance risk and a looming labor dispute.

Read at Cubsinsider