An updated look at where Cubs payroll stands after the Matthew Boyd signing

The Chicago Cubs added veteran left-hander Matthew Boyd to its mix of starting pitchers on Monday, signing the veteran to a two-year, $29 million deal that includes a mutual option for 2027.

As the roster is currently constructed (a reminder, there's still a lot of time between now and spring training), Boyd will likely slot into the fourth spot in the rotation behind Shota Imanaga, Justin Steele and Jameson Taillon with the fifth spot yet to be decided between a mix of arms that includes Javier Assad, Jordan Wicks and Hayden Wesneski.

The Cubs are looking to stay under the first CBT threshold in 2025 to reset the escalating penalties that became relevant after the team inexplicably snuck over that mark last season. Knowing that, it's important to know the details of every signing - especially one like this.

Here are the details of Matt Boyd's contract with the Cubs

Initially reported as a straight two-year, $29 million deal, the contract is actually set up a bit differently than that. The left-hander will make just $7.5 million in 2025, along with a $5 million signing bonus, meaning the team's payroll hit is $12.5 million this year.

In 2026, he'll receive a $14.5 million salary (which brings us to $27 million total if you're doing the mental math at home). The remaining $2 million would come in the form of the buyout on a mutual option for 2027, valued at $15 million.

So, in the short-term, the Cubs save $2 million as they look to plug multiple holes on a roster that missed the postseason again in 2024. Spotrac has them at just over $182 million with the above breakdown taken into account, leaving them roughly $59 million below the first CBT threshold and about $50 million below where they opened the 2024 season.