Decisions, Decisions

With the 2026 MLB season officially over, some decisions around Club, Player and Mutual options need to be decided.

Mutual options are almost always voided by one side or the other, and I feel like they exists simplay to be able to announce a higher number in the press conference. But there are times when the club or players will feel that exercizing their option will be beneficial. So let’s look at some of those options decisions:

Mutual Options

• Matthew Boyd
  Option: $15M
  2026 AAV: $14.5M
  Spotrac Value: $20.9M
  Verdict: Boyd already declined his side of the option. I don’t see the Cubs giving him over $20M, so the only way he comes back is if the market is not very strong for him.
  
• Hunter Harvey
  Option: $8M
  2026 AAV: $6M
  Spotrac value: $4.2M
  Verdict: No chance the Cubs pick up their side. And I don’t see them re-signing Harvey to a lesser deal unless it is extremely team-friendly.
  
• Carson Kelly
  Option: $7.5M
  2026 AAV: $5.75M
  Spotrac value: $15M
  Verdict: Kelly will reject the option. He will be one of several catchers the Cubs may look at this offseason, but I don’t see them breaking the bank. A lot depends on their confidence about Owen Ayers.
  
• Caleb Thielbar
  Option: $6M
  2026 AAV: $4.5M
  Spotrac value: $5M
  Verdict: The Cubs will decline this option. Thiebar had decent stuff, but terrible home run numbers in 2026. He might come back on a deal closer to the 2026 value.
  

Club Options

• Jacob Webb
  Option: $2.5M
  2026 AAV: $1.5M
  Spotrac value: $2.7M
  Verdict: The Cubs will pick up this option, I think. It was a no-brainer during his dominant middle of the season. But even with the drop-off, I think he can be a vlaued member of the bullpen — but not the closer
  
• Colin Rea
  Option: $7.5M
  2026 AAV: $6.5M
  Spotrac value: $5.7M
  Verdict: On one side, $7.5M isn’t bad for a guy who might start as much as Colin Rea has the last two seasons. Especially with the number of starters the Cubs are losing. On the other hand, it would seem like an overpay, and I don’t think the Cubs picture Rea being in the rotation again next year. I’d lean no for now, but I could be wrong.

Player options

• Clay Holmes
  Option: $12.0M
  2026 AAV: $12.7M
  Spotrac vlaue: $13.8M
  Verdict: He already has declined the option, making him a free agent. I think the Spotrac estimate is low, but I think I’d like to see him back for a reasonable price.

Free Agents with a 5-day exclusive negotiation window

• Shota Imanaga
• Kevin Gausman
• Ian Happ
• Seiya Suzuki
• David Peterson
• Aaron Civale
• Tyrone Taylor
• Michael Conforto
• Tyler Austin
• Trent Thornton
• Drew Pomeranz

Verdict: none of the players acquired via trade are eligible for a Qualifying Offer. I would expect only Suzuki to get the offer, which he will certainly decline. Although I could see a slight chance of Ian Happ getting that offer, as opposed to rolling the dice on an internal or free agent replacement.