After being largely overshadowed by Yoshinobu Yamamoto when he was posted for MLB clubs during the 2023-24 offseason, southpaw Shota Imanaga landed with the Cubs on a deal that has worked out well for Chicago so far. Imanaga was an All-Star and the fifth-place finisher in NL Cy Young voting during his first season, and this year he’s chipped in a strong 3.21 ERA across his 22 starts. Chicago is squarely focused on October at the moment, with their first postseason berth since 2020 all but clinched. Once the postseason comes to an end and the offseason jumps to front of mind, however, the Cubs will face a significant decision regarding Imanaga because of the unusual nature of his contract.
Nominally, the contract is a four-year deal worth that guarantees the southpaw $53MM. That’s not quite how the contract actually works in practice. After the 2025 season, the Cubs face a decision on whether to pick up a three-year, $57MM club option that covers the 2026-28 seasons. If Chicago declines, Imanaga will have a $15MM player option for 2026. If that player option is executed, then there’s another fork in the road ahead. After 2026, the Cubs would have to decide on a two-year, $42MM club option for 2027-28. If they decline that, Imanaga can pick up a $15MM player option for 2027.
All of that is to say that the Cubs are facing a significant decision this offseason. If they don’t exercise their three-year option on Imanaga’s services, he’s all but certain to decline that player option and return to free agency. One-year rolls of the dice on older players like Alex Cobb and Charlie Morton last offseason cost $15MM, so it’s all but guaranteed that Imanaga could do better than that if he were to test free agency. The question then becomes if Chicago wants to keep Imanaga in the fold for the next three seasons for that aforementioned $57MM figure.
On the surface, that might appear to be an obvious choice. Imanaga is an All-Star with a career 3.04 ERA in the majors and is a big part of the Cubs’ success this year. A look at Imanaga’s underlying numbers paints a slightly less certain picture, and that’s especially true for this season. A hamstring injury cost Imanaga nearly two months, so he is not qualified for the ERA title. That said, among 92 starters with at least 120 innings, the lefty’s 4.55 FIP is tied with teammate Colin Rea for 65th. His 4.57 xFIP ranks 73rd, and 4.43 SIERA ranks 61st.
With Imanaga ranking in the bottom third of the league among starters this year by so many metrics, it’s worth at least looking under the hood to see what’s causing that downturn in peripherals. Only 15 starters in baseball (again, min. 120 innings) have a higher opponents’ barrel rate than Imanaga, and that’s left him very susceptible to the long ball. Just 14 starters in that group have allowed more home runs, despite Imanaga’s relatively small volume of innings. His ERA would be much higher without the fourth-highest strand rate in that set of starters.
Imanaga also has a .209 BABIP that’s the lowest among that same group by nearly 20 points and 55 points lower than his own figure last season. He’s benefited from some pretty significant luck when it comes to batted balls and sequencing. Imanaga’s four-seamer, sinker, and sweeper have all lost a tick of velocity relative to last year. He now sits just 90.8 mph on average with the heater, and while velocity isn’t necessarily a requirement to find success in the majors, the decrease is somewhat concerning when looking at his 20.2% strikeout rate — down from 25.1% last season.
Are those red flags concerning enough that the Cubs should really consider letting him walk? While much of Imanaga’s success at beating his peripherals this year can be chalked up to good fortune, consideration must also be made for Chicago’s excellent defense. The Cubs figure to have both Pete Crow-Armstrong in center field and Dansby Swanson at shortstop well past the end of the 2028 season, and with elite defensive talents working behind Imanaga it’s feasible that he could continue beating those peripheral numbers.
Another consideration is the possibility that Imanaga’s underlying numbers could improve next season with a normal start to the season. Between the Cubs’ trip to Japan for a two-game set against the Dodgers and the lefty’s early hamstring ailment, Imanaga had an unusual start to 2025. His strikeout rate has ticked back up to 23.1% clip since since the All-Star break, and he actually punched out 26.2% of his opponents in August, so maybe that trend line could create some optimism.
Regardless of whether more strikeouts and stronger peripherals can be expected for Imanaga, there’s an argument that three years and $57MM is a solid value for even a middle-of-the-road starter on the current market. Talented arms with All-Star track records can make a pretty penny on an annual basis, even entering their age-32 seasons, as Imanaga will be next year.
As shown in MLBTR’s Contract Tracker, Sean Manaea, Nathan Eovaldi and Sonny Gray all secured $75MM over three years for contracts beginning at age 32 or later. Yusei Kikuchi and Chris Bassitt landed $63MM guarantees over three-year terms heading into their age-34 seasons. The current $19MM AAV on the three years covered by that club option isn’t much larger than the $17.5MM AAV the Yankees paid a 33-year-old Marcus Stroman over two years and coming off a season with lesser results.
While Justin Steele will return from UCL surgery next year and Cade Horton has emerged as a long-term rotation piece, players like Matthew Boyd and Jameson Taillon are set to depart the Cubs rotation after 2026. Having another arm locked up for the long haul could have value for the Cubs so that they aren’t scrambling for innings going forward.
What do MLBTR readers think the Cubs should do about Imanaga’s contract option? Should they pick up that three years and $57MM for Imanaga’s age-32 through age-34 seasons, or should they bet that they can do better and give him the chance to walk? Have your say in the poll below:
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