MLB free agency is underway and while rumors are already flying around let's quickly run down the Chicago Cubs roster because there are some major things that have already happened since the offseason began following the World Series.

Options Picked Up

Kyle Hendricks: $16 Million

So far the biggest move for the Cubs has been the team picking up the $16 million option for right-handed starting pitcher Kyle Hendricks. He'll be back in 2024 and there have also been reports about the club exploring an extension with the 2016 World Series champion to keep him in Chicago beyond next season.

After coming back from a shoulder injury, Hendricks made 24 starts and posted a solid 3.74 ERA with a 1.20 WHIP in 137 innings. While Hendricks may not be in his prime, his performance in 2023 did resemble what an effective and healthy Hendricks can do in the starting rotation. He'll be a dependable starter under new manager Craig Counsell.

Drew Smyly: $11 Million

Left-handed pitcher Drew Smyly opted in to his 2024 deal, which guarantees him a base salary of $8.5 million and then a $2.5 million buyout for 2025, bringing the total to $11 million. Smyly was fantastic through the first two months of the 2023 season, but then lost his spot in the rotation following a couple brutal months in the summer. He did rebound late in the season and gave the bullpen a much-needed boost, posting a 2.51 ERA in 28.2 innings, averaging 12 strikeouts per nine innings as a reliever.

While $11 million is a lofty salary for a swing-man on the pitching staff, Smyly does provide a strong option to fill in for an injured starter and he has proven to be a good pitcher in relief.

Yan Gomes: $6 Million

This wasn't much of a surprise, as veteran catcher Yan Gomes rebounded from a tough 2022 season to have a solid campaign in 2023. He posted a .723 OPS with a slash line of .267/.315/.408, adding 10 home runs. The Cubs love Gomes' leadership and will continue to mentor Miguel Amaya, who will have a bigger role in 2024.

Free Agents/Options Declined

Cody Bellinger
Opted out of $25 million mutual option for 2024. Gets $5 million buyout.

Marcus Stroman
Opted out of the final year of his three-year contract. Walks away from $21 million.

Brad Boxberger
The Cubs declined a $5 million mutal option for right-handed reliever Brad Boxberger and bought him out for $800k.

No surprise with Cody Bellinger, as he accomplished his goal of reseting his value with a great 2023 season with the Cubs. He carried the team in the summer and ended the year as a top-10 hitter in the National League. He enters a week free-agent market, where Bellinger is the top-rated hitter below Shohei Ohtani.

The Cubs have issued a qualifying offer to Bellinger that is worth $20.325 million for 2024. He will obviously decline that to test free agency. If the Cubs are not able to re-sign Bellinger, they will be rewarded with a compensatory Draft pick next summer if he signs with a different team.

Before Jed Hoyer stole Craig Counsell from the Milwaukee Brewers, the biggest surprise for the Cubs was Marcus Stroman deciding to opt out of his $21 million option for 2024. He now enters a crowded free-agent market of starting pitchers, but despite his bad second half in 2023, Stroman should be able to secure a multi-year deal. Stroman will not have a qualifying offer attached to him as he goes out to free agency looking for a new contract.

Brad Boxberger was a disappointing free agent signing, as he struggled early in the season and then missed several months with a forearm strain. An easy decision by the Cubs to buy out the veteran reliever for $800k after paying him $2 million this past season.

Meanwhile, Jeimer Candelario and Michael Fulmer are also free agents.

Arbitration Eligible Players

The Cubs have nine arbitration-eligible players this offseason. Here are their projected salaries according to MLBTR.

RHP: Codi Heuer - $785,000
INF: Nick Madrigal - $1.9 million
OF: Mike Tauchman - $2 million
RHP: Nick Burdi - $800,000
RHP: Julian Merryweather - $1.3 million
INF: Patrick Wisdom - $2.6 million
RHP: Adbert Alzolay - $2.5 million
RHP: Mark Leiter Jr. - $1.6 million
LHP: Justin Steele - $4.1 million

Guaranteed Cubs Contracts

• Dansby Swanson, SS: $157 Million through 2029
• Ian Happ, LF: $61 Million through 2026
• Seiya Suzuki, RF: $56 Million through 2026
• Jameson Taillon, SP: $54 Million through 2026
• Nico Hoerner, 2B: $35 Million through 2026

Rest of 40-Man Roster

Pitchers
Javier Assad
Ben Brown
Jose Cuas
Brandon Hughes
Caleb Kilian
Luke Little
Daniel Palencia
Ethan Roberts
Michael Rucker
Keegan Thompson
Hayden Wesneski
Jordan Wicks

Catchers
Miguel Amaya

Infielders
Miles Mastrobuoni
Matt Mervis
Christopher Morel
Luis Vázquez

Outfielders
Kevin Alcántara
Alexander Canario
Pete Crow-Armstrong
Brennen Davis

So, as free agency begins, the Cubs' 40-man roster stands at 37.