The Cubs have agreed with left-hander Matthew Boyd on a two-year deal that will guarantee him $29MM, per a report from Jon Heyman of the New York Post. The deal includes $1MM in performance bonuses that could take the total guarantee to $30MM over two years. Boyd is represented by the Boras Corporation.
Boyd, 34 in February, made his big league debut with the Blue Jays back in 2018 but established himself in the majors as a member of the Tigers the following year. From 2016 to 2020, Boyd served as a slightly below league average starter for Detroit with a 4.75 ERA (95 ERA+) and 4.54 FIP in 727 innings of work. The southpaw at times flashed exciting peripherals, such as the 2019 season when he punched out 30.2% of opponents in 185 1/3 frames while walking just 6.3%, but his overall body of work cast him as more of a solid back-of-the-rotation arm than anything else.
Boyd’s time with the Tigers came to a close when he required surgery to repair a torn flexor tendon late in the 2021 campaign, which left him limited to just ten relief appearances as a member of the Mariners. He returned to the Tigers in 2023 but made just 15 starts to lackluster results before going under the knife a second time, this time due to Tommy John surgery.
Once again a free agent coming off major surgery, Boyd remained unsigned headed into the 2024 season before eventually landing a big league deal with the Guardians back in June. The lefty didn’t make his season debut until mid-August after building up to game readiness in the minor leagues, but once he suited up for Cleveland he looked quite good with a 2.72 ERA and 3.29 FIP in 39 2/3 innings of work across eight starts down the stretch. He struck out 27.7% of his opponents while walking just 7.3%, which would have given Boyd one of the better K-BB% figures for a starter in the sport this year if he had pitched enough innings to qualify. He built on that solid regular season performance with a strong showing during the Guardians’ run to the ALCS. He pitched 12 innings for the club across four appearances (three starts), and struck out 28% of opponents while posting a dazzling 0.75 ERA.
That strong finish to Boyd’s season left the southpaw poised to garner plenty of interest in free agency this winter, even in spite of his checkered injury history. MLBTR ranked Boyd as the #23 free agent in this winter’s class on our annual Top 50 MLB free agents list, and predicted a two-year, $25MM guarantee that comes in just below the pact he ultimately landed with the Cubs. Boyd becomes the fifth starting pitcher to sign a multi-year deal this winter, joining Michael Wacha’s three-year deal with the Royals, Yusei Kikuchi’s three-year pact with the Angels, Blake Snell’s five-year contract with the Dodgers, and the two-year agreement between Frankie Montas and the Mets that was reported earlier this evening.
Notably, four of the five were unencumbered by draft pick compensation in a pitching market where plenty of borderline candidates such as Nick Pivetta and Luis Severino were extended the qualifying offer by their clubs. (Wacha re-signed in Kansas City the day before QOs were tendered but would very likely have received one.) Each pitcher has landed a deal that come in at or above expectations.
Even so, that seems to have pushed clubs that aren’t interested in signing a qualified free agent to act quickly. The calendar has only just flipped to December the market is already beginning to thin in terms of starters who aren’t attached to a qualifying offer. MLBTR predicted multi-year deals for just four more free agent starters who aren’t attached to draft pick compensation this winter: Jack Flaherty, Nathan Eovaldi, Andrew Heaney, and Jose Quintana.
Turning back to the Cubs, the addition of Boyd adds another capable veteran arm to a rotation that already features lefties Justin Steele and Shota Imanaga as well as right-hander Jameson Taillon. Adding to the rotation has been a well-established priority for the club this winter, though early reports of plans to shop for a top-of-the-rotation arm eventually gave way to the suggestion Chicago could instead look for arms a tier or two below that pedigree. Boyd fits the latter description, given his roughly league-average work throughout his career and his recent struggles with injuries. The lefty has been limited to just 202 2/3 innings of work since the start of the 2021 season, and in that time he’s posted a 4.04 ERA (105 ERA+) with a 3.97 FIP and a 23.2% strikeout rate against an 8% walk rate.
While Boyd may not necessarily profile as a front-end starter, it’s still not hard to imagine him providing an upgrade to the Cubs’ rotation when healthy. After all, the lefty was legitimately impactful for the Guardians this year in both the regular season and the playoffs, and that success being a late-career step forward rather than a simple hot streak can’t be ruled out for a pitcher who has long shown flashes of dominance throughout his time in the majors. What’s more, Chicago is perhaps uniquely well-equipped to handle any absences caused by future injuries thanks to a deep group of optionable arms that includes Ben Brown, Javier Assad, Jordan Wicks, and Hayden Wesneski who can step into the rotation fairly seamlessly if needed.
For the time being, that quartet appears likely to vie for the fifth spot in the club’s rotation this spring, with Assad as the early front-runner after a generally successful (3.73 ERA, 4.64 FIP) season as a starter in 2024. RosterResource currently projects the Cubs for a $176MM payroll in 2025, and the Boyd deal should move that up to the $191MM range. That still leaves a bit more than $20MM of breathing room relative to the club’s 2024 Opening Day payroll, which Cot’s Baseball Contracts notes sat just over $214MM. It’s not impossible to imagine the club pursuing another starter to strengthen their rotation through either free agency or trade this winter with the financial flexibility the club has remaining, but given the club’s needs at catcher and in the bullpen it seems those funds will likely be used elsewhere—at least unless a trade of Cody Bellinger clears some additional money off the club’s books.