Chicago Cubs slugger Cody Bellinger decided not to test the free agent market this winter, opting to play out the remainder of his contract in the friendly confines of Wrigley Field. Bellinger had a 2.2 WAR and .266/.325/.426 slash line last season, good for a .751 OPS. That was below Bellinger’s career average of .818 OPS, which might explain why he took the $52.5 million over the next two years and ran.

That Joel Sherman of the New York Post points out, Scott Boras clients typically use whatever they have at their disposal to hit the free agent market. Bellinger went against the grain in his choice, and it was probably the right decision. Given his production in 2024, there’s no guarantee Bellinger would have received a better deal than the $26 million he’s slated to receive next year.

According to executives Sherman spoke with, the Cubs could have relied on Bellinger to hit the open market. Chicago wants to get under the luxury tax threshold and add to their roster at the same time. With the signing of Bellinger, their options are relatively limited now. Juan Soto was always off the table, but even downvote free agent targets cost a dime. Chicks need to test their limits.

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Bellinger’s OPS dropped 130 points from 2023 to 2024, and Boras failed to find his client a long-term commitment just last winter. Chances are he would have hit the same roadblock this offseason. Bellinger can still play the outfield as well, but his defensive stats suggest he’s better off at first base long term. Essentially, Bellinger isn’t worth as much as the Cubs thought, which is why Jed Hoyer may not have been thrilled with his choice to stay in Chicago on his current contract.

The best case scenario for the Cubs is obvious. Bellinger could have opted out, only to chase a free agent contract that never came. In the end, Chicago would have re-signed Bellinger to a lower deal than he had in the first place. Still, this is why Boras is a good agent and a well-connected one.

The Cubs aren’t necessarily upset. Bellinger is on the list. He’s a flawed player, but still a feature in Chicago’s lineup. He’s just not worth as much money as he’s making, barring a comeback campaign in 2025.