Cubs, Imanaga decline options, making lefty a free agent (source)

CHICAGO -- Shota Imanaga burst onto the scene as a Major League rookie two seasons ago, winning over Cubs fans and teammates quickly with both his fun personality and dominant performances. A rockier showing this year forced the team’s front office to consider the best path forward with the pitcher.

On Tuesday morning, a source told MLB.com that the Cubs opted against picking up the three-year option in Imanaga’s contract. The left-hander subsequently declined a one-year player option, making Imanaga a free agent this offseason. ESPN’s Jesse Rogers was first to report the decisions, which were not confirmed by the club.

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There is still one step for the Cubs to complete this week with Imanaga. By 4 p.m. CT on Thursday, Chicago must decide whether to extend the pitcher a one-year Qualifying Offer worth $22.025 million. If Imanaga were to decline that offer by the Nov. 18 deadline, the Cubs would secure Draft-pick compensation in the event he signs with a new team.

“When we signed Shota,” Cubs president of baseball operations Jed Hoyer said after the season, “if you sort of had shown us his production the last two years, we would’ve taken that in a heartbeat. Not only has he produced for us, but he’s a great teammate, a terrific asset to the organization. Obviously, we have decisions to make.”

The Cubs originally signed Imanaga to a four-year deal valued at $53 million guaranteed prior to the ‘24 season, but the contract contained multiple future outcomes.

After the ‘25 season, Chicago’s team option on Imanaga was worth three years and $57.75 million. His fifth-place finish in the ‘24 National League Cy Young Award race added $250,000 to each upcoming salary ($20.25M in ‘26, $20.25M in ‘27 and $17.25M in ‘28). With that option turned down, Imanaga had the choice between a $15.25M option for ‘26 or free agency.

Turning down the player option looked like an easy decision for Imanaga, given that the Qualifying Offer offered a pay increase for ‘26. Another way to look at the situation is Imanaga was guaranteed two years and $30.5M for ‘26-27 (he would have had another player option for ‘27), so that could be a baseline for a multiyear deal on the open market.

Over the last two years combined, the 32-year-old Imanaga went 24-11 with a 3.28 ERA in 54 starts, in which he struck out 291 and walked 54 in 318 innings. He was an All-Star in ‘24 and finished fourth in NL Rookie of the Year voting, beyond his Cy Young ranking. The lefty also helped author a no-hitter in his debut season.

This past season, Imanaga finished with a 3.73 ERA and 117 strikeouts against 26 walks in 144 2/3 innings. He missed time due to a hamstring injury and also struggled with allowing home runs (31 total). The latter issue was especially glaring down the stretch, with Imanaga posting a 5.17 ERA and giving up 20 homers in 69 2/3 innings across his final 12 outings.

Imanaga’s troubles with the home run made things challenging in the playoffs, while Cubs manager Craig Counsell tried to get the most out of a depleted rotation. The lefty came out of the bullpen in Game 2 of the Wild Card Series against the Padres and started Game 2 of the NL Division Series against the Brewers, allowing three homers in 6 2/3 innings between the two outings.

Even before the decisions surrounding Imanaga, the Cubs were in the market for rotation help this offseason.

As things stand, veterans Matthew Boyd and Jameson Taillon are under contract for ‘26, with lefty Justin Steele (arbitration eligible) on the comeback trail from elbow surgery. NL Rookie of the Year finalist Cade Horton is on the staff, with Javier Assad, Ben Brown and Jordan Wicks making up the rest of the pre-arb depth. The Cubs still have to decide on veteran righty Colin Rea’s $6 million team option for ‘26.

This winter’s free-agent class includes starting options like Dylan Cease, Framber Valdez, Ranger Suárez, Michael King, Zac Gallen and potentially Shane Bieber, among others. The Cubs will also likely explore the trade front. At last year’s Trade Deadline, some arms that wound up staying put included Joe Ryan of the Twins, MacKenzie Gore of the Nationals, and both Sandy Alcantara and Edward Cabrera of the Marlins.