Per Article XX-B of the CBA, any player on an MLB Reserve List (40-man roster) who has accrued at least six years of MLB Service Time and who is not signed for the following season automatically becomes a free-agent the day after the conclusion of the World Series. The player's former club retains exclusive negotiating rights with the player for the first five days after the conclusion of the World Series, after-which the player is free to sign a Major League contract (or minor league contract) with any club, including with the player's former club.
CUBS ARTICLE XX-B MLB FREE-AGENTS POST-2013 (last updated 5-6-2013):
Scott Baker, RHP
Shawn Camp, RHP
David DeJesus, OF (club option)
Matt Garza, RHP
Kevin Gregg, RHP
Scott Feldman, RHP
Carlos Marmol, RHP
Dioner Navarro, C
Ryan Sweeney, OF
An Article XX-B MLB free-agent who signs a Major League contract after the conclusion of the exclusive negotiation period that extends through the 5th day following the conclusion of the World Series receives automatic "no trade" rights that extend through June 15th of the following season, even if the player re-signs with his former club. An Article XX-B MLB Free-Agent who receives "no trade" rights this way can waive the right, but if he does, his club can trade the player only for player contracts and/or cash with a maximum aggregate value of $50,000. Note that a player who signs a Major League contract after becoming a free-agent by any other means (Outright Release, Non-Tendered, or Article XX-D or MLB Rule 55 minor league free-agent) does NOT receive automatic "no trade" rights through June 15th.
If an Article XX-B MLB free-agent signs a minor league contract at least 10 days prior to MLB Opening Day, and then is either not released by 12 PM (EDT) on the 5th day prior to MLB Opening Day or added to an MLB Active List (25-man roster) or MLB Disabled List by MLB Opening Day, the player automatically receives a $100,000 retention bonus, and the player can unilaterally opt-out of the minor league contract on June 1st if he has not been added to an MLB Active List (25-man roster) or an MLB Disabled List by that date.
A club receives one compensatory draft pick between the 1st and 2nd rounds in the next First-Year Player Draft (MLB Rule 4 Draft) if an Article XX-B MLB free-agent subject to compensation signs a Major League contract with another MLB club. The MLB club that signs the player forfeits its 1st round selection in the Rule 4 Draft, unless it selects in the Top 10 of the 1st Round, in which case it will forfeit its next-highest pick. Additional draft picks will be forfeited in subsequent rounds if the club signs more than one Article XX-B MLB free-agent who is subject to compensation.
For a club to be eligible to receive compensation, an Article XX-B MLB free-agent must have spent the entire immediately-preceding MLB regular season on that club's MLB Active List (25-man roster) and/or on one or more of the club's inactive lists (7-day, 15-day, and/or 60-day Disabled List, Military List, Bereavement List, et al), the club must offer the player a guaranteed contract for the following season with a salary at least equal to the average salary of the 125 highest-paid MLB players from the previous season (expected to be about $13.5M in 2012), and the contract (known as a "Qualifying Offer") must be tendered no later than the 5th day following the conclusion of the World Series.
If a club extends a "Qualifying Offer" to an Article XX-B MLB Free-Agent subject to compensation, the player has seven days to decide whether to accept or decline the offer. If the player accepts the offer, he is considered "signed" and must be immediately added back to his club's MLB Reserve List (40-man roster). If he declines the offer, the player is free to sign with any MLB club, including his former club. MLB clubs are not permitted to extend a Qualifying Offer to an Article XX-B MLB free-agent if the player has agreed in advance to decline the offer so that the club will obtain a draft pick once the player signs with another club.
If an Article XX-B MLB Free-Agent subject to compensation signs a minor league contract with a new club, or if the free-agent signs a Major League contract with a new club after the MLB Rule 4 Draft, the player's new club does not forfeit a Rule 4 Draft pick, and the player's former club does not receive draft pick compensation. However, MLB clubs are not permitted to sign an Article XX-B MLB Free-Agent who is subject to compensation to a minor league contract just to avoid losing a draft pick.
If an unsigned player is not tendered a contract on December 2nd (or December 1st if December 2nd falls on a Saturday, or November 30th if December 2nd falls on a Sunday), the player is said to be "Non-Tendered," he is immediately removed from his club's MLB 40-man roster, and he becomes an unrestricted free-agent, free to sign a major league or minor league contract with any club, including the club that non-tendered the player. A "Non-Tendered" player receives no termination pay, and the player's former club receives no compensation if the player subsequently signs with another club.
Each unsigned player on an MLB 40-man roster who is tendered a contract must be offered at least the MLB minimum salary ($480K in 2012, $490K in 2013, and $500K in 2014) and (with a couple of exceptions) at least 80% of the player's previous season's salary, and at least 70% of the player's salary from two seasons back.
Some players have a "minor league split" salary in their contract which they are paid if they are sent to the minors. In most cases, a player's minor league "split" salary must be at least 60% of the player's salary from the previous season. The one exception is if a free-agent signs a major league contract with a minor league "split" salary, the "60% rule" does not apply
The minor league "split" minimum salary is $39,125 in 2012, $39,950 in 2013, and $40,250 in 2014 for players who are on an MLB 40-man roster for the first time, and a minimum $78,250 in 2012, $79,900 in 2013, and $80,500 in 2014 for all other players.
Performance-incentive bonuses are permitted in Major League contracts, but a bonus cannot be based on batting or pitching skill, or where the club finishes in the standings. A performance-incentive bonus can, however, be tied to days spent on an MLB Active List during the MLB regular season, and/or Games Played, Games Started, Games Finished, and/or Innings Pitched for pitchers, or Games Played, Games Started, and/or Plate Appearances for position players. Awards such as MVP, Cy Young, Silver Slugger, and/or Gold Glove, and/or being named to an All-Star team, can also be tied to an incentive bonus.