Relative to their market size and generalized revenue opportunity, the Chicago Cubs are a financially conservative franchise. To be fair, they would tell you that “every” dollar that comes into the organization is turned back around and spent on the organization in one way or another. But that has always rung a little hollow to me.
Given how much more other teams are spending on their payrolls, the Ricketts are either not counting all of their broader organizational revenue as “team” revenue … or they’re simply not generating as much revenue as they should be. That … or about 20 other teams are more committed to using money to win baseball games than the Cubs. Take your pick.
None of this should take you by surprise, but I think it’s one of those things that bears repeating at the start of every offseason, at least until the Chicago Cubs begin acting like the big market, $4.5 billion franchise they are.
So here, for posterity, is some relevant data on the Cubs’ recent spending habits, their largest overall financial commitment to a player, and their overall organizational valuation rankings.
Let me know what stands out to you.
2025 Payroll Rankings (CBT Calc.)
(Data via Cot’s Baseball Contracts)
Dodgers – $415.2M Mets – $341.7M Yankees – $318.7M Phillies – $307.7M Blue Jays – $278.8M Padres – $270.9M Red Sox – $246.1M Astros – $244.5M Rangers – $238.1M Braves – $237.6M Cubs – $228.8M Angels – $221.0M Giants – $217.8M Diamondbacks – $212.8M Mariners – $191.6M Royals – $180.2M Orioles – $177.2M Tigers – $174.6M Cardinals – $154.9M Rockies – $148.4M Brewers – $143.4M Reds – $141.1M Twins – $140.2M Nationals – $134.6M Guardians – $125.9M A’s – $112.1M Pirates – $105.6M Rays – $96.5M White Sox – $90.2M Marlins – $84.8M2025 Payroll Rankings (Year-End 40-Man)
(Data via Cot’s Baseball Contracts)
Dodgers – $346.9M Mets – $338.1M Yankees – $298.1M Phillies – $289.7M Blue Jays – $254.0M Astros – $229.8M Rangers – $225.7M Braves – $219.3M Padres – $214.6M Angels – $210.4M Cubs – $207.6M Red Sox – $201.0M Diamondbacks – $179.2M Giants – $178.2M Mariners – $165.2M Tigers – $161.4M Orioles – $160.4M Royals – $137.9M Cardinals – $134.5M Rockies – $128.9M Twins – $130.1M Reds – $116.1M Brewers – $115.0M Nationals – $111.8M Guardians – $99.6M Pirates – $84.6M A’s – $78.6M White Sox – $78.3M Rays – $77.9M Marlins – $67.7M (Kamil Krzaczynski-USA TODAY Sports)Even if we concede that the idiosyncratic advantages of the Yankees (brand value, market size), Mets (richest owner, market size), and Dodgers (TV deal, market size) create insurmountable spending capabilities relative to the Cubs, they STILL should have been much higher on this list, especially in a go-for-it year like 2025.
But even in a less-than-competitive season, the Cubs should be right there with the Phillies, Blue Jays, Padres, Rangers, etc., spending money on guys who (and in ways that) could benefit the future. There’s always a way to spend more.
But that’s just not how Jed Hoyer’s front office — informed by budgets set by owner Tom Ricketts and business ops president Crane Kenney — has operated.
In fact, even when the Cubs have gone out and spent a little more than they did this year — like in 2024, when their year-end ($229.7M) and CBT payrolls ($239.7M) far exceeded this past season — they tend to spread it around, avoiding the monster contract.
Consider, for a moment, that 19 teams have handed out contracts of greater than $200M, but the Cubs are not one of them. And of the remaining eleven franchises, only nine have a “biggest deal” smaller than the Jason Heyward contract from TEN YEARS AGO.
Indeed, Jason Heyward’s 7-year, $184M contract with the 2016 Chicago Cubs doesn’t even crack the top-40 contracts in MLB history. And I think we’ve just become way too comfortable with how extremely weird it is that the Cubs aren’t higher up the list.
Largest Contract Rankings
(Data via MLB.com)
Mets – $765M (Juan Soto) Blue Jays – $500M (Vladimir Guerrero Jr.) Dodgers – $460M (Shohei Ohtani) – reduced for deferrals Angels – $426.5M (Mike Trout) Yankees – $360M (Aaron Judge) Padres – $350M (Manny Machado) Red Sox – $331M (Rafael Devers) Phillies – $330M (Bryce Harper) Marlins – $325M (Giancarlo Stanton) Rangers – $325M (Corey Seager) Royals – $288.7M (Bobby Witt Jr.) Tigers – $248M (Miguel Cabrera) Nationals – $245M (Stephen Strasburg) Mariners – $240M (Robinson Cano) Rockies – $234M (Nolan Arenado) Reds – $225M (Joey Votto) Braves – $212M (Austin Riley) D-Backs – $210M (Corbin Burnes) Twins – $200M (Carlos Correa) Brewers – $188.5M (Christian Yelich) Cubs – $184M (Jason Heyward) Rays – $182M (Wander Franco) Giants – $182M (Willy Adames) Orioles – $161M (Chris Davis) Astros – $151M (Jose Altuve) Cardinals – $130M (Paul Goldschmidt) Guardians – $124M (Jose Ramirez) Pirates – $106.75M (Bryan Reynolds) White Sox – $75M (Andrew Benintendi) Athletics – $67M (Luis Severino)Just for a little added context (because this list doesn’t account for teams that have handed out multiple big money contracts): In all of MLB history, there have been two deals greater than $500M, four deals greater than $400M, 17 deals greater than $300M, 39 deals greater than $200M, and 41 deals greater than the Jason Heyward contract.
Likewise, only nine teams have handed out a smaller “biggest contract” than the Cubs, two of which (Rays and Giants) are effectively tied right there with them. And the Giants have been begging free agents to take their money these past few offseasons. It just hasn’t worked out until Adames.
Of the seven remaining teams, four are the notoriously smaller-market/small spending franchises (Athletics, White Sox, Pirates, Guardians), which really leaves only the Cardinals, Astros, and Orioles behind. And of those three, only Houston has a similar market size/opportunity.
So in a lot of ways, the Cubs are in a league all of their own. I mean, the freakin’ Brewers have a larger top contract. That’s a travesty.
And just to put one final point on all of this – as we have twice earlier this year – take a look at the most recent franchise valuation rankings.
MLB Franchise Valuations
Forbes has the Chicago Cubs worth $4.6 billion, fourth-highest in MLB.
Yankees — $8.2 billion Dodgers — $6.8 billion Red Sox — $4.8 billion Cubs — $4.6 billion Giants — $4 billion Mets — $3.2 billion Phillies — $3.1 billion Braves — $3 billion Astros — $2.8 billion Angels — $2.75 billion Cardinals — $2.55 billion Rangers — $2.45 billion Mariners — $2.2 billion Blue Jays — $2.15 billion Nationals — $2 billion White Sox — $2 billion Padres — $1.95 billion Orioles — $1.9 billion Athletics — $1.8 billion Brewers — $1.7 billion Diamondbacks — $1.6 billion Tigers — $1.55 billion Twins — $1.5 billion Rockies — $1.475 billion Guardians — $1.4 billion Pirates — $1.35 billion Reds — $1.325 billion Royals — $1.3 billion Rays — $1.25 billion Marlins — $1.05 billionAs does CNBC, albeit with a slightly smaller number:
Yankees — $8B Dodgers — $5.8B Red Sox — $4.7B Cubs — $4.5B Giants — $3.8B Phillies — $3.2B Mets — $3.15B Braves — $3.1B Astros — $3B Rangers — $2.75B Angels — $2.7B Cardinals — $2.55B Mariners — $2.25B Blue Jays — $2.2B White Sox — $2.15B Padres — $2.1B Nationals — $2.05B Athletics — $2B Orioles — $1.85B Diamondbacks — $1.75B Brewers — $1.7B Twins — $1.65B Rockies — $1.62B Tigers — $1.6B Guardians — $1.55B Reds — $1.5B Pirates — $1.47B Royals — $1.45B Rays — $1.4B Marlins — $1.2BWe already discussed the two good reasons the Cubs have to spend big in free agency this offseason, and I stand by those remarks. But this is a whole other angle in. Relative to their market size and revenue opportunities, the Chicago Cubs simply do not spend enough. Not overall, not on the biggest stars, not in go-for-it years, not in down years, and definitely not relative to their overall franchise valuation.
It would be nice if they changed that up one of these times.
Here are some recent stories on the coming offseason and the Cubs’ rumored free agent targets.
Two Good Reasons for Jed Hoyer to Spend Big in Free Agency What Are the Cubs Going to Do this Winter? Who’s Available in Free Agency? Let’s Make One Thing Clear About Losing Kyle Tucker REPORT: Cubs Expected to Pursue Free Agent Starter Dylan Cease This Winter The Top 50 MLB Free Agents at The Athletic Feature Plenty of Cubs Mentions Japanese Ace Tatsuya Imai as a Cubs Target This Offseason? Well, Actually, Kazuma Okamoto IS Going to Be Posted Are the Cubs Going to Be a Surprise Suitor for Kyle Schwarber?Hence then, the article about a fresh reminder of how much more the cubs should be spending was published today ( ) and is available on Bleacher Nation ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.
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