Just a few housekeeping notes on the recent Cubs transactions.
First, the Hoby Milner signing is officially official. He’s been incredibly durable the last four seasons, but he’ll be 35 next year, so the post-agreement physical was not a TOTAL zero entry. All seems to have gone well, so he’s inked at a reported $3.75 million for 2026.
Second, the Caleb Thielbar deal (discussed some more this morning) now has a dollar figure attached:
Caleb Thielbar’s one-year deal contract with the Cubs will be worth $4.5 million guaranteed, according to a source briefed on the deal for the lefty reliever. It includes a $4 million base salary for next season, a $500,000 buyout of a 2027 mutual option and performance bonuses.
— Patrick Mooney (@PJ_Mooney) December 17, 2025I’d say a click higher than I would’ve projected, but he was a stud this past season, and as we saw with Milner and Drew Pomeranz, the going rate for a solid middle-innings/match-up-or-better lefty reliever is right around $4 million. And since Thielbar is likely the best bet of the trio, he gets the most.
Speaking of which, together with Phil Maton (two years and $14.5 million), the Cubs have now committed $15.5 million to these three relievers for 2026. It’s not a ton of money, mind you, but it’s a healthy chunk for THIS front office to commit to a group of non-closing free agent relievers. Really hasn’t been their style, especially when the signings all come before Christmas. Just a product of the extreme need in the bullpen? The particulars of this market? A shift in philosophy? A Craig Counsell effect?
Once the Thielbar deal becomes official, the Cubs’ 40-man roster will be up to a whopping … 33. Still SO FREAKING MUCH wiggle room to do just about anything. That first waiver claim is gonna hit like whoa.
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