The Cubs have been busy this offseason reshaping their bullpen, and while they’ve made some solid additions, one big question still lingers: are they done, or is there another high-leverage arm still to come?
Let’s start with what they’ve already done. The front office hasn’t exactly gone star-hunting, but they’ve quietly built a deeper, more versatile bullpen heading into 2026.
Colin Rea, Phil Maton, Hoby Milner, and Caleb Thielbar headline the group of new additions. None of these names will dominate headlines, but each brings something specific to the table - experience, consistency, and in Maton’s case, a proven ability to get big outs in high-leverage spots.
Here’s how those deals break down:
- Colin Rea: $6.5 million guaranteed, with a $5.5M salary in 2026 and a $7.5M club option for 2027 ($1M buyout).
- Phil Maton: $14.5 million guaranteed.
He’ll make $5.5M in 2026 and $6M in 2027. There’s an $8.5M club option for 2028, with a $3M buyout.
- Hoby Milner: One-year deal worth $3.75 million.
- Caleb Thielbar: $4.5 million guaranteed - $4M in 2026, with a club option for 2027 and a $500K buyout.
That’s a solid foundation - not flashy, but functional. The Cubs clearly value depth and flexibility, and this group gives manager Craig Counsell a lot of matchup options.
Still, it’s hard to ignore the elephant in the room: the Cubs were believed to be in the market for a true late-inning weapon, maybe even a closer. And as of now, most of those arms have found new homes.
Two more names came off the board on Wednesday - and they’re notable, especially for Cubs fans. Brad Keller, who emerged as the Cubs’ best reliever in 2025 and was closing out playoff wins, signed a two-year deal with the Phillies. That’s a tough loss, not just because of his production, but because he was already thriving in Chicago’s system.
Then came Luke Weaver, who inked a similar two-year, $22 million deal with the Mets, leaving the Yankees behind. While Weaver wasn’t heavily linked to the Cubs this offseason, there was at least some buzz around the idea. He’s another quality arm off the market.
So who was on the Cubs’ radar - and who’s now officially out of reach?
Here’s a rundown of some of the top relievers the Cubs were reportedly connected to this offseason, and where they ended up:
- Devin Williams: Mets, 3 years - $51 million ($15 million deferred)
- Robert Suarez: Braves, 3 years - $45 million
- Ryan Helsley: Orioles, 2 years - $28 million (2027 player option)
- Brad Keller: Phillies, 2 years - $22 million
- Emilio Pagan: Reds, 2 years - $20 million (2027 player option)
- Luke Weaver: Mets, 2 years - $22 million
- Kyle Finnegan: Tigers, 2 years - $19 million
That’s a long list of quality arms - and a lot of potential fits that didn’t come to fruition. Some of these players, like Devin Williams and Robert Suarez, were likely longshots due to their price tags.
Others, like Keller and Pagan, felt more realistic. Either way, the Cubs are now looking at a thinner pool of available talent if they want to add that final bullpen piece.
So, who’s still out there?
Here are the top free-agent relievers still on the market:
- Pete Fairbanks
- Evan Phillips
- Seranthony Dominguez
- Shawn Armstrong
- Michael Kopech
- Kirby Yates
- Pierce Johnson
- Ryne Stanek
Among this group, Pete Fairbanks seems to be the name most consistently linked to the Cubs. He’s got the stuff and the late-inning experience to fill that closer role, and if Chicago is still shopping, he makes a lot of sense.
Evan Phillips was mentioned earlier in the offseason, but it’s important to note that he’s rehabbing from Tommy John surgery and won’t be available until the second half of 2026. That’s a long wait for a team that may want to hit the ground running.
Seranthony Dominguez has been on the Cubs’ radar before, including around the trade deadline. Kirby Yates is another name who’s been connected to the team in the past, though he just signed a one-year deal with the Dodgers last offseason.
Pierce Johnson - a former Cubs draft pick - has been solid with the Braves the last couple of years. There’s a familiarity factor there, and he could be a sneaky-good fit. Shawn Armstrong is coming off a strong season with the Rangers and had a brief stint with the Cubs in 2024, so there’s at least some history.
And then there’s Michael Kopech. He’s the wild card.
Big arm, high ceiling, and when he was traded to the Dodgers, he started to show flashes of what made him such a highly touted prospect. But the injury history is long, and the risk is real.
Still, if the Cubs want to add some serious heat to their bullpen, Kopech could be worth a flier.
Bottom line: The Cubs have done the work to build a more stable bullpen, but if they want to make a serious run in 2026 - and especially if they want to give Daniel Palencia some help at the back end - there’s still room to make one more impact move. The options are dwindling, but they’re not gone. And if recent years have taught us anything, it’s that the Cubs aren’t afraid to make a late splash when the fit is right.