The Chicago Cubs declined a three-year option on left-hander Shota Imanaga's contract on Tuesday, prompting the 32-year-old pitcher to decline his one-year player option and enter free agency. Imanaga, who signed a four-year, $53 million deal before the 2024 season, posted a 3.73 ERA in 2025 amid struggles with home runs and a hamstring injury. The Cubs may still extend a qualifying offer worth $22.025 million by Thursday.
Shota Imanaga's path to free agency unfolded through a complex contract structure originally signed with the Chicago Cubs prior to the 2024 season. The deal, valued at $53 million guaranteed over four years, included multiple options that altered its length and terms. After the 2025 season, the Cubs opted against a three-year club option worth $57.75 million, which included bonuses from Imanaga's fifth-place finish in the 2024 National League Cy Young Award voting—adding $250,000 to each year's salary ($20.25 million in 2026, $20.25 million in 2027, and $17.25 million in 2028).
Imanaga then declined his one-year player option for $15.25 million in 2026, making him a free agent when the market opens later this week. This decision allows him to pursue a multiyear deal potentially exceeding the two-year, $30.5 million baseline he would have had by exercising his options. Cubs president of baseball operations Jed Hoyer praised Imanaga post-season, stating, “When we signed Shota, if you sort of had shown us his production the last two years, we would’ve taken that in a heartbeat. Not only has he produced for us, but he’s a great teammate, a terrific asset to the organization. Obviously, we have decisions to make.”
Over his two MLB seasons, Imanaga compiled a 24-11 record with a 3.28 ERA in 54 starts, striking out 291 and walking 54 in 318 innings. In 2024, he earned All-Star honors, finished fourth in NL Rookie of the Year voting, and contributed to a no-hitter. However, 2025 was tougher: he posted a 3.73 ERA with 117 strikeouts and 26 walks in 144 2/3 innings across 25 starts, missing over a month due to a hamstring injury and allowing 31 home runs. His late-season form dipped to a 5.17 ERA, surrendering 20 homers in his final 12 outings. In the playoffs, Imanaga allowed three home runs in 6 2/3 innings across appearances in the Wild Card Series against the San Diego Padres and NL Division Series against the Milwaukee Brewers.
The Cubs, seeking rotation reinforcements after a depleted staff, have Matthew Boyd and Jameson Taillon under contract for 2026, with Justin Steele recovering from elbow surgery and prospects like Cade Horton in the mix. They must decide on Colin Rea's $6 million option and could explore free agents such as Framber Valdez, Ranger Suárez, Dylan Cease, and Zac Gallen, or pursue trades. Imanaga fits in the second tier of available starters, behind top left-handers like Valdez and Suárez, amid a market rich in mid-rotation options.