Veteran Cubs Pitcher Put on Waivers (UPDATE)

The Chicago Cubs placed veteran pitcher Drew Smyly on waivers Monday, giving the other 29 MLB teams the opportunity to claim the lefty and take on the remainder of his contract. However, unlike the Hector Neris decision in which the Cubs released the reliever after he cleared waivers, the team is not expected to simply move on from Smyly is there are no takers.

According to Chicago Sun-Times reporter Maddie Lee, the Cubs plan to keep Smyly is he goes unclaimed this week.

Smyly, 35, has a 2.84 ERA with 43 strikeouts and a 1.18 WHIP in 50.2 innings out of the bullpen with the Cubs this season. The lefty is still owed $1.9 million for the rest of 2024 and also has a $2.5 million buyout for 2025. If a team does claim Smyly by Wednesday, then the Cubs would no longer be responsible for paying the rest of his contract.

(Previous Update)

The Chicago Cubs blew out the Pittsburgh Pirates, defeating their division rival 18-8 to get back to .500 Monday night, but the team might be showing signs that it's ready to waive the white flag on the 2024 season. The Cubs already let go of veteran reliever Hector Neris earlier this month and during Monday's game news surfaced that left-hander Drew Smyly was put on outright waivers.

USA Today's Bob Nightengale had the scoop on the potentially soon-to-be former Cubs pitcher.

So, the other 29 teams will now have the chance to claim Smyly off waivers and if one does, then that means the that team will be responsible for the remainder of his salary this season, which is about $1.9 million. However, the left-handed pitcher is also be owed money for 2025, a $2.5 million buyout will still be on the books for Smyly.

Meanwhile, the Cubs would simply benefit from not having to pay Smyly $4.4 million anymore if he does get picked up on waivers. So yeah, kinda waiving the white flag here a bit because Smyly has been excellent since returning from the injured list, posting a 1.82 ERA in his last 34.2 innings. Overall in 2024, the lefty has recorded a strong 2.84 ERA in 50.2 innings all as a reliever.

At the same time, it's not like the Cubs are willing to lose their top guy in the bullpen or anything. Yes, Smyly has been great for the past couple months yet that's been mainly in middle relief. At this point it's probably better for the team to see if young righty Daniel Palencia can come back up and establish himself as a quality MLB reliever than hanging onto Smyly for another month.

The chances are probably slim that a team does claim Smyly because of the money left on his deal, but I certainly wouldn't be surprised if a team desperate for pitching scooped him up for their playoff run. Smyly has done a great job handling left-handed hitters this season and if you recall from the end of the 2023 season, the veteran posted a 2.51 ERA in 28.2 innings out of the bullpen in the last few months of the year.

He has a proven track record, so maybe a team not concerned about luxury tax thresholds will jump at the chance to get Smyly. Besides Smyly, fans shouldn't be surprised if a few more veterans are put on waivers this week to see if the Cubs can catch any buyers before the end of the month.

A reminder that a player can only be rostered in the postseason if he was in the organization before Sept. 1.