Cubs Sign Pedro Strop to Contract Extension
Mark Gonzales at the Chicago Tribune is reporting that the Cubs have signed RHRP Pedro Strop to a contract extension that will keep the right-hander under club control through the 2019 season.
The 31-year old Strop gets $5.85M in 2018, and the Cubs hold a $6.25M club option for 2019 ($500K buy-out if Cubs decline the club option).
Strop was the one post-2016 salary arbitration-eligible Cub who did not agree to a 2017 contract when arbitration figures were exchanged on January 13th, eventually signing a contract on February 11th. Strop had requested $6M and the Cubs offered $4.6M when the two sides exchanged figures in January, before Strop accepted a $5.5M offer ($200K above the mid-point) prior to the scheduled hearing.
So combining his 2017 $5.5M salary with the contract extension, Strop gets $11.85M guaranteed through 2018 ($5.925M AAV), with the possibility of earning as much as $17.6M over the three-year period 2017-19 ($5.867M AAV).
The Cubs 2017 payroll is presently in the $175M range (counting actual salaries, signing bonuses, and legacy payments to be paid in 2017, not AAV of contracts), but guaranteed contracts only amount to $72.85M in payroll (so far) for 2018 (less than half of the Cubs projected 2017 payroll). This should allow the Cubs to sign (or re-sign) two or three significant free-agents (including perhaps Jake Arrieta?) and/or acquire via trade a couple of established players (most-likely pitchers) post-2017, or perhaps sign Kyle Hendricks, Kris Bryant, Addison Russsell, Kyle Schwarber, and/or Javier Baez to contract extensions (presuming the player - and his agent - are willing). NOTE: Hendricks, Bryant, and Russell will be first-time salary arbitration eligible post-2017 (with Bryant and Russell eligible for arbitration as "Super Two" players), but Schwarber and Baez will not be arbitration-eligible until post-2018.
The bottom line is, while the Cubs 2017 payroll is fairly tight (not a lot of wriggle room), things will loosen-up considerably in 2018. However, the Cubs 2017 payroll (in particular) matters because if the Cubs go over the Competitive Balance Tax threshold again in 2017, they will get a pick between the 4th & 5th rounds of the 2018 June draft instead of between the 2nd & 3rd rounds should Jake Arrieta in fact become an Article XX-B MLB free-agent post-2017, receive a Qualifying Offer from the Cubs, decline the QO, and then sign with another MLB club. (Arrieta is the one Cub eligible to be a free-agent post-2017 who is a virtual lock to receive a Qualifying Offer, although there is a chance that Wade Davis could receive a QO as well).
ARTICLE XX-B MLB FREE-AGENTS POST-2017:
Brett Anderson (not eligible to receive a Qualifying Offer)
Jake Arrieta
Wade Davis
Brian Duensing
Jonn Jay
John Lackey (not eligible to receive a Qualifying Offer)
Miguel Montero
Koji Uehara
SIGNED BEYOND 2017:
Jon Lester ($22.5M in 2018-19 & $15M in 2020, plus $2.5M signing bonus each post-2018-19 & $10M post-2020, & $25M vesting option for 2021 if 200 IP in 2020 or 400 IP in 2019-20 or $25M club option for 2021 or $10M buy-out)
Jason Heyward ($21.5M in 2018, $20M in 2019, $21M each in 2020-21, and $22M each in 2022-23, and player may opt-out of contract post-2018 or post-2019 if 550 PA in 2019, plus $20M signing bonus deferred with $5M paid each April 1st 2024-27, or starting April 1st of the next season following opt-out)
Ben Zobrist ($16M in 2018 and $12M in 2019)
Anthony Rizzo ($7M in 2018, $11M in 2019, $14.5M each in 2020-21 with $2M club option buy-out each season 2020-21, 2019-21 salaries increase by $1M if one MVP or two Top 5 MVP 2013-19, and player may void 2021 club option with Top 2 finish in MVP 2013-19 and/or subsequent trade)
Pedro Strop ($5.85M in 2018 and $6.25M in 2019 or $500K buy-out)
2018 SUB-TOTAL: $72.85M
PROJECTED ARBITRATION-ELIGIBLE POST-2017:
Kris Bryant (“Super Two”)
Justin Grimm
Kyle Hendricks
Tommy LaStella
Hector Rondon
Addison Russell (“Super Two”)
Matt Szczur (possible “Super Two” – borderline at this point - TBD)
ESTIMATED PROJECTED 2018 SUB-TOTAL: $25M???
AUTO-RENEWAL (PRE-ARBITRATION) POST-2017:
Albert Almora Jr
Javy Baez
Aaron Brooks
Jake Buchanan
Eddie Butler
Jeimer Candelario
Victor Caratini
Willson Contreras
Carl Edwards Jr
Jacob Hannemann
Pierce Johnson
Jack Leathersich
Mike Montgomery
Felix Pena
Jose Rosario
Kyle Schwarber
Caleb Smith
Matt Szczur (if not “Super Two”)
Duane Underwood Jr
Rob Zastryzny
ESTIMATED PROJECTED 2018 SUB-TOTAL: $10M???
ESTIMATED PROJECTED 2018 PAYROLL: $107M+
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