Shota Imanaga, Cubs decline options with free agency looming
Left-hander Shota Imanaga and the Chicago Cubs agreed to a four-year, $53 million contract before the 2024 season that included several unique clauses. Imanaga earned $9.25 million and $13.5 million in each of the first two seasons. That’s where things stopped being simple.
The Cubs needed to decide on a three-year, $57 million option to extend Imanaga. If they declined, he could exercise his own $15 million player option.
The two sides would then face a similar situation a year from now. Chicago could exercise a two-year, $42 million option. Imanaga would have the same player option available.
It all became moot on Tuesday. Chicago declined their three-year option. Imanaga declined his player option. Barring a surprise turn of events that results in him accepting the qualifying offer (which would mean a one-year, $22.025 million contract for 2026), it seems likely that the 32-year-old will reach the free agent market.
The Cubs will get a compensatory pick in next summer’s draft if Imanaga declines the qualifying offer and signs elsewhere.
Imanaga was a standout in his first season with the Cubs after an eight-year career in Japan’s NPB, going 15-3 with a 2.91 ERA (137 ERA+) over 173.1 IP. He threw a no-hitter, made the NL All-Star team, finished fifth in Cy Young voting, and fourth in Rookie of the Year voting.
This past season marked a step back. He was 9-8 with a 3.73 ERA (103 ERA+) over 144.2 IP, with a dip in his strikeout rate from 25.1% to 20.6% and an increase in home runs allowed (almost two per nine innings). His final dozen outings were particularly troublesome (5.17 ERA, 20 home runs allowed, over 69.2 IP).
Despite the late-season struggles, Imanaga still should command serious interest on the open market from several suitors — especially when you consider the baseline contract he’s looking to beat is essentially the two-year, $30 million guarantee he’d have received by exercising his two player options.
Pete Alonso, Alex Bregman opt-outs lead wave of notable option decisions
Several other notable option decisions have already become public in the last 48 hours. Teams and players have until five days following the conclusion of the World Series to make these decisions (the deadline should be Thursday).
No-brainer decisions to exercise:
Seattle exercised a $6 million option for closer Andres Munoz.
Chicago exercised a $20 million option on center fielder Luis Robert Jr. (who they should have traded last summer and will presumably try to trade again in the coming months).
Milwaukee exercised an $8 million option on right-hander Freddy Peralta, who they reportedly could explore trading this offseason (they don’t think he’ll sign an extension before reaching free agency next year).
Outfielder Lourdes Gurriel Jr. exercised his $13 million player option. After tearing his ACL in late September, he likely won’t return to the Diamondbacks roster until midseason.
Left-hander A.J. Minter exercised his $11 million player option to remain with the Mets. His 2025 was cut short in May by a lat strain.
Easy choices to turn down:
Padres right-hander Michael King declined his side of a $15 million mutual option.
Colorado declined its side of a $7 million mutual option with infielder Thairo Estrada. He technically remains on the roster (he’d be arbitration eligible) but is expected to be non-tendered in the coming weeks to make him a free agent.
Milwaukee declined its side of a $20 million mutual option with right-hander Brandon Woodruff, who has dealt with a variety of injury concerns over the last three seasons.
Right-hander Lucas Giolito declined his side of a $19 million mutual option with the Boston Red Sox.
Baltimore outfielder Tyler O’Neill declined to exercise his opt-out and will stay with the Orioles. He could have walked away from a two-year, $33 million deal, but spent most of last season injured.
Opted out, as expected, and will return to free agency:
Mets first baseman Pete Alonso opted out of the one-year, $24 million remaining on his deal.
Mets closer Edwin Díaz opted out of the two years, $38 million remaining on his deal.
Braves shortstop Ha-Seong Kim opted out of the one-year, $16 million remaining on his deal.
Padres right-hander Robert Suarez opted out of the two years, $16 million remaining on his deal.
Yankees outfielder Cody Bellinger opted out of the one-year, $25 million remaining on his deal.
Red Sox third baseman Alex Bregman opted out of the two years, $80 million remaining on his deal. Boston is viewed as the favorite to retain him, though.
Still pending:
The Braves hold an $18 million club option on left-hander Chris Sale and a $7 million option on second baseman Ozzie Albies, both of which I expect will be exercised.
Trevor Story can opt out of the two years, $55 million on his deal with the Red Sox.
Boston will likely decline their side of a one-year, $12 million mutual option with right-hander Liam Hendriks.
Right-hander Jack Flaherty holds a $20 million player option with the Tigers.
Kansas City holds a one-year, $13.5 million club option that they will likely exercise on catcher Salvador Perez.
Los Angeles will likely exercise the one-year, $10 million option they hold on third baseman Max Muncy.
Right-hander Shane Bieber holds a $16 million player option with the Blue Jays.
Tampa Bay holds options on second baseman Brandon Lowe (one year, $11.5 million) and closer Pete Fairbanks (one year, $12.5 million). The team is expected to exercise both and try to trade the players during the offseason.
Let’s pump the brakes on the “Dodgers will sign everyone” narrative
Let’s not assume the Dodgers will sign every premier free agent available this offseason, at least on the pitching side. This team already boasts a wealth of starting options.
Yoshinobu Yamamoto was 12-8 with a 2.49 ERA (167 ERA+) over 173.2 IP this past season, which was good enough to make him a finalist for the NL Cy Young Award. He then topped it off with an incredible postseason run, going 5-1 with a 1.43 ERA over 36.2 IP (including two complete games) en route to winning the World Series MVP Award.
Blake Snell was limited to just 61.1 IP during the regular season, but posted a 2.35 ERA (177 ERA+) in that time. He then went 3-0 with a 0.81 ERA over 18.0 IP to help get the Dodgers to the WS (where he was 0-2 with a 6.92 ERA in 13.0 IP).
Tyler Glasnow was also slowed somewhat during the regular season, pitching to a 3.19 ERA (130 ERA+) over just 90.1 IP before adding another 21.1 IP in the postseason with a 1.69 ERA.
Shohei Ohtani posted a 2.48 ERA (145 ERA+) over 47.0 IP in his return to the mound after not pitching during the 2024 season. He then had a 1.50 ERA over two starts to help get LA to the World Series (where he posted a 7.56 ERA over 8.1 IP). He’s the favorite to win his fourth MVP Award after also hitting .282/.392/.622 (179 OPS+) in 727 PA with 55 HR, 109 RBI, and a league-leading 146 runs scored.
Emmet Sheehan was 6-3 with a 2.82 ERA (147 ERA+) over 73.1 IP after starting the year in the minors. He spent the postseason working out the bullpen.
Four more options are already on the 40-man roster — Nick Frasso, Kyle Hurt, Justin Wrobleski, and Landon Knack — and two of the club’s top prospects — Jackson Ferris (No. 6 per MLB Pipeline) and Patrick Copen (No. 17) — spent most of 2025 just a level behind the group.
The club will also have Tony Gonsolin, River Ryan, and Gavin Stone returning from injury sometime next season.
Sure, some of these guys can likely shift to bullpen roles. Sheehan and Wrobleski have both shown promise in such a role at times. The Dodgers could also look to use some of this pitching depth in a trade to address another area of concern on the roster. Still, the front four of their rotation are locked in place.
There is no clear need — and little room — for the Dodgers to add a big-name starting pitcher this offseason.