Cubs free agency preview: Who's in, who's out for North Siders as signing period begins

While you shouldn’t expect a rush of contracts right away, MLB free agency is officially open, and the Chicago Cubs have positioned their roster for the start of that process.

As things stand on Tuesday, the club has 37 players on their 40-man roster, giving themselves some flexibility as they figure out how their 2024 roster will look.

You can find the full roster on the Cubs’ website, but here are the moves that got us to this point.

Departing Free Agents

While the Cubs would be allowed to sign any of these players to their roster, they will now all hit the open market.

That list is highlighted by outfielder Cody Bellinger, who declined a mutual option to return to the Cubs for the 2024 season. He will undoubtedly be one of the top hitters available on the market, and after the Cubs assigned him a qualifying offer, they would receive draft pick compensation if he leaves.

Pitcher Marcus Stroman also opted for free agency, foregoing the final year of his three-year contract with the Cubs.

Pitchers Brad Boxberger, Tyler Duffey, Michael Fulmer, and Shane Greene all elected free agency, as did infielder Jeimer Candelario.

40-Man Roster Losses

The Cubs sent multiple players to Triple-A Iowa, but two did not clear, as infielder Jared Young was claimed on waivers by the St. Louis Cardinals. Pitcher Jeremiah Estrada was claimed on waivers by the San Diego Padres.

The Cubs also traded pitcher Brendon Little to the Toronto Blue Jays in exchange for cash considerations.

Players Activated From 60-Day Injured List

The Cubs were required to activate players from their 60-day injured list, which re-adds them to the 40-man roster.

That group includes pitchers Codi Heuer, Brandon Hughes and Ethan Roberts, as well as infielder Nick Madrigal.

Finally, Players Opting to Stay

The Cubs also picked up the 2024 contract option on starting pitcher Kyle Hendricks and catcher Yan Gomes, while pitcher Drew Smyly chose not to opt out of his contract for next season.

Finally, the Cubs selected the contract of shortstop Luis Vazquez from Triple-A Iowa.

So What are the Team’s Needs?

The Cubs have two catchers on their roster at the moment, with Gomes and Miguel Amaya both available, but the club could still look for another veteran option the position.

The potential loss of both Bellinger and Candelario could mean that the Cubs will look for upgrades at their corner infield spots. Whether that’s via trade, with players like New York Mets first baseman Pete Alonso potentially available, or via free agency, with Candelario, Bellinger, Matt Chapman and others on the market, the Cubs would almost certainly want to upgrade there, giving Matt Mervis and company more time to develop.

The outfield is another area where the Cubs could look to add depth. Yes, Pete Crow-Armstrong should be with the team out of spring training, and Kevin Alcantara won’t be close behind, but the team could seek to add some veteran help there, especially if they use MLB-ready pieces in trades for higher-end talent.

Finally, the starting rotation could use some work too. Yes, Javier Assad, Jordan Wicks and Hayden Wesneski are still in the mix, but with Stroman’s departure and with Smyly perhaps better suited to a bullpen role, the Cubs could make a splash either in free agency, where pitchers like Blake Snell are available, or via trade, with the Tampa Bay Rays possibly looking to move on from Tyler Glasnow.

According to Spotrac, the Cubs are currently looking at a payroll of just under $177 million after figuring in retained salary on players like Tucker Barnhart and Trey Mancini. The Cubs also have $5 million in deferred salary on Jason Heyward.

Finally, the team will have to pay their arbitration-eligible players, a list that includes Justin Steele and Adbert Alzolay, among others.

The estimated luxury tax threshold for the coming season will be $237 million, giving the Cubs quite a bit of wiggle room if they should choose to spend big in free agency.