Cubs come in above first luxury tax threshold, but have little to show for it, with one huge exception

The 2026 MLB team payroll numbers are in - and the Chicago Cubs check in at #8 on the list, with a $248.8 million figure. That's the highest payroll the organization has ever fielded, but it didn't lead where ownership and the front office hoped.

Last winter, given another chance at landing Alex Bregman after a failed pursuit the year prior, Jed Hoyer didn't miss, inking the veteran third baseman to a five-year, $175 million deal that, when you factor in deferred money, comes out to about to about 5/150 in net present value. After a rocky start to his Cubs tenure, Bregman flipped a switch in the second half, completely changing the narrative.

Bregman finished the year at 5.6 fWAR - his highest single-season total since 2019. Not only did he lock down the hot corner defensively, but he put up big-time numbers at the plate (28 home runs, 92 RBI) and helped likely NL MVP Pete Crow-Armstrong shoulder the load offensively.

So that deal has gone from 'potential overpay' to 'absolute steal' - but when you look around at some of the Cubs' other major offseason expenditures, Hoyer's decision-making comes into question.

Cubs' offseason pitching expenditures left a lot to be desired in 2026

Before we dig into free-agent spending, you have to call out the other elephant in the room: acquiring Edward Cabrera from the Miami Marlins last winter. The right-hander made $4.45 million this year, and Chicago got very little in return. He finished with a 5.96 ERA in just 80 innings of work, leaving much to be desired.

On the free-agent front, though, the team's 'big' bullpen additions - Hunter Harvey, Phil Maton and Hoby Milner - were all busts. Harvey came with a ton of health-related red flags the Cubs opted to ignore, instead paying him $6 million for all of four appearances. Maton spent much of the year hurt and eventually saw a knee injury curtail his 2026 season, but when he was on the mound, he was only rarely effective.

Chicago wound up dumping Milner late in the summer, as well, dealing another blow to the bullpen mix. The decision to reunite with Caleb Thielbar was ill-fated, as well, raising serious questions about the front office's bullpen construction.

For years, the fanbase has been clamoring for increased spending, especially in the bullpen. But after finally getting it, the return on investment was, to put it mildly, lacking. Yes, the team punched a postseason ticket for the second straight year, but in a season that began with serious division title and World Series aspirations, their missteps on how they spent proved costly.

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