Cubs Fall Short on Dylan Cease, but Show Signs of Bigger Ambitions This Offseason
The Blue Jays made a major splash this week, officially landing right-hander Dylan Cease on a seven-year, $210 million deal. The contract includes deferred money, which strategically lowers the average annual value (AAV) to around $27 million for luxury tax purposes - a savvy financial move that more and more teams are leaning into to stay under the Competitive Balance Tax (CBT) threshold.
Meanwhile, the Cubs were in the mix - but only up to a point.
Sources confirmed Chicago was indeed pursuing Cease, but backed out once the bidding reached the $200 million mark. That decision, on its own, might not raise too many eyebrows.
Cease has flashed ace-level stuff, but he’s also had his share of inconsistency. If the front office decided that nearly $30 million per year was too steep for a pitcher with some volatility, that’s a defensible position.
But here’s where things get murkier: the Cubs, once again, reportedly refused to use deferred money in their offer - a stance that may be costing them in the high-stakes world of free agency.
According to a report from The Athletic, Chicago has avoided deferrals for several years now, and that policy was in place during negotiations with Cease. That’s significant, because deferred money isn’t just a player-friendly perk - it’s a proven tool for teams to manage payroll more flexibly. By spreading out payments over time, clubs can reduce the immediate hit to their CBT calculation, freeing up room to make other moves in the same offseason window.
And here’s the kicker: the Cubs have used deferrals before. Jon Lester’s deal?
Deferred money. Jason Heyward’s contract?
Same story. That 2016 World Series core was built, in part, with the help of smart financial structuring.
So why the sudden aversion?
It’s a fair question - and one that continues to hover over this front office as the Cubs try to retool into a contender. Whether it’s philosophical or financial, their reluctance to use deferrals may be putting them at a disadvantage when competing for elite talent.
Still, there is a silver lining here. The Cubs were in the mix for Cease.
That’s not nothing. It signals a willingness to spend - and to spend big - on top-tier arms.
After a few years of more cautious spending, that’s a shift worth noting.
And with Cease off the board, attention now turns to the next wave of high-end pitching talent. One name generating buzz among Cubs fans is Tatsuya Imai, the 27-year-old right-hander from Japan.
Imai is making the jump to MLB this offseason and has drawn interest from several clubs. While scouting reports vary - some see mid-rotation upside, others think he could be more - the talent is there.
Contract projections have ranged from $150 million to over $190 million, depending on how the market shakes out.
If the Cubs are serious about upgrading the rotation, Imai could be a logical next target. He fits the mold of the kind of high-upside, international talent that could make a real impact, and he wouldn’t require draft pick compensation like some domestic free agents.
So, where does that leave the Cubs?
They were willing to go big - reportedly somewhere between $100 million and $200 million - for Cease. That’s a notable jump from recent years.
But their refusal to use deferred money may have been the dealbreaker. If that policy doesn’t change, it could continue to be a stumbling block in negotiations with top-tier free agents.
That said, the team’s posture this offseason feels different. More aggressive.
More ambitious. And if they stay in the mix for pitchers like Imai, it could signal a broader shift in strategy - one that fans have been waiting on since the post-2016 glow started to fade.
Bottom line: the Cubs didn’t land Cease, but their pursuit suggests they’re ready to play in the deep end of the free-agent pool again. Now it’s a matter of whether they’re willing to adjust their financial approach to actually close those deals.