BALTIMORE, MD - JULY 29: Heston Kjerstad #13 of the Baltimore Orioles runs back to the dug out during game two of a doubleheader baseball game against the Toronto Blue Jays at the Oriole Park at Camden Yards on July 29, 2024 in Baltimore, Maryland. (Photo by Mitchell Layton/Getty Images)
Cubs Reportedly Place Drew Smyly On Waivers.
The Cubs have placed veteran reliever Drew Smyly on waivers, reports Bob Nightengale of USA Today (X link). Smyly has not been designated for assignment and can continue to play for Chicago pending resolution of the waiver process. The placement is irrevocable, however, so Smyly would land with another team in the next two days if anyone places a claim.
In situations like this, the team is hoping that the player will be claimed to offload the salary. That’d be a big ask in this case. Smyly is playing on a $10.5MM salary. There’s around $1.9MM remaining. The deal also includes a $2.5MM buyout on a $10MM mutual option for next season. A claiming team would need to assume the entirety of that sum. It amounts to nearly $4.5MM for one month plus potential playoff work of Smyly’s services.
The 35-year-old southpaw has turned in solid results in his first full season as a reliever. Smyly carries a 2.84 ERA over 50 2/3 frames. His 20.4% strikeout rate and 10.8% swinging strike percentage are pedestrian, but he has kept left-handed hitters to a .226/.293/.310 slash in 92 plate appearances.
There’s not much downside for the Cubs in gauging if a contender is willing to take on Smyly’s money to strengthen their lefty relief group. Chicago is 5.5 games out of a Wild Card spot with four teams to surpass. They’re a postseason long shot. President of baseball operations Jed Hoyer confirmed last week that the team is on pace to exceed the $237MM luxury tax threshold (link via Sahadev Sharma of the Athletic). It’s not clear how far over the threshold they are, but RosterResource’s unofficial estimate of the team’s payroll has them less than $500K above the line. If they could shed what remains of Smyly’s salary, it’s possible that would suffice to get underneath the CBT mark.
If Smyly goes unclaimed, the Cubs can keep him in the bullpen for the remainder of the season. They do not need to release him or attempt to outright him to the minor leagues.
