Hoyer: Cubs would have gone over budget to sign Bregman, but he chose Red Sox
Alex Bregman isn't the first time the Cubs were outbid this winter.
Their offers also reportedly fell short for relievers Tanner Scott and Kirby Yates, who both landed with the Dodgers.
President of baseball operations Jed Hoyer thought the Cubs had a chance to come away with the Houston Astros free agent third baseman. But Bregman reportedly agreed to terms with the Boston Red Sox late Wednesday night.
“Obviously disappointed. Great player, great fit,” Hoyer told reporters in Arizona on Thursday. “We definitely recognized the opportunity. When you're in free agency, most of the time, the player goes to the highest bid. The Red Sox got a great player. They were aggressive, and kudos to them.”
The Red Sox locked up Bregman for a reported $120 million over three years, with some deferred compensation included. The Cubs’ reported offer was $120 million over four seasons. The other top contender, Detroit, was at $171.5 million over six years.
“I think we made the best offer we could make,” Hoyer said. “To me, that's competitive. That's free agency. Within the structure of our finances, we made the best offer we could make.”
An argument can be made that $30 million per season is too much for Bregman, whose best offensive season came in 2019. At the same time, he was a key figure in Houston’s incredible run of seven straight trips to the ALCS or World Series. So it’s possible his presence in the clubhouse is invaluable.
While the Cubs' offer wasn't good enough, Hoyer made sure to compliment the ownership group led by Tom Ricketts for a willingness to exceed the budget to make a run at Bregman. Hoyer said they did the same to lock up Cody Bellinger last year.
“I was really thankful to Tom and Todd and Laura (Ricketts),” Hoyer said. “I spent a lot of time talking about pursuit of him and they were willing to green-light us, pushing our budget. … I was really thankful the family allowed us to go way over budget last year to sign Belli, and it was the same thing.
“A lot of emails, a lot of memos, a lot of conversations (about the budget). That's what it should be. The way I look at this job, I try to make good investments. I thought this was a great investment, so we had a lot of communication and they were certainly receptive to that, which I really respect.”
Hoyer mentioned the Cubs are already near the top of their budget but have room to make some smaller, in-season moves. As examples, he talked about adding relievers Tyson Miller and Jorge Lopez last year.
According to spotrac.com, the Cubs 2025 payroll ranks 12th in MLB at $186 million. The Cubs spending is tops in the NL Central but sixth in the National League, behind the Mets, Dodgers, Phillies, Braves and Padres. The question is, how much will it cost to become a true World Series contender?
Obviously, one vital goal for the Cubs budget moving forward is re-signing newcomer Kyle Tucker when he becomes a free agent after this season. It remains to be seen what the Cubs might do if San Diego pitcher Dylan Cease or Toronto first baseman Vladimir Guerrero Jr. — two pending free agents after the season — are made available in trades.
There's been talk of the Cubs reaching out to veteran Justin Turner for third base depth if they missed on Bregman. Hoyer suggested the team is done making big moves and Bregman was an exception.
“I think we're always looking,” Hoyer said. “My expectation is the group we have now is really close to what we're going to go forward with.”
That likely means sticking to Plan A at third base, which has always been rookie Matt Shaw since the Cubs traded Issac Paredes and Cam Smith to the Astros for Tucker. Shaw, the team's first-round pick in 2022, has yet to make his major-league debut.
Turner, 40, had an .800 OPS for the Red Sox in 2023. Last year he dipped to .737, splitting the season between Toronto and Seattle. Turner has started just 13 games at third base the past two years. It's possible the Cubs stick with veterans Jon Berti and Nicky Lopez for their infield depth.