Cubs nearly stole rival’s top closer in what would’ve been a massive free agency coup

Jed Hoyer confirmed that the Chicago Cubs are still in the market for bullpen help, even after the team signed Phil Maton last month, and the expectation is that the North Siders will add at least one more established arm to the bullpen before looking for reclamation projects they could turn into success stories.

The Athletic's Sahadev Sharma (subscription required) provided an update on their search, stating that the Cubs did have some interest in Devin Williams but realized that he was going to be priced out of their reach. Williams inked a three-year deal worth over $50 million with the New York Mets.

The Cubs were linked to Robert Suarez and Ryne Stanek on the first day of the Winter Meetings, and while Sharma adds Pete Fairbanks ot that list, he also added some insight on another failed pursuit. The Cubs' beat writer mentioned that Chicago was involved in the bidding for closer Emilio Pagán before he returned to the Cincinnati Reds on a two-year deal worth $20 million.

Cubs appear to be motivated to add one more established arm to the bullpen, but have yet to land a target.

Spending the last two seasons with the Reds, Pagán had one of the best seasons of his career in 2025. He tallied 32 saves in a tick under 69 innings pitched while posting an ERA of 2.88 and striking out 30% of the hitters he faced.

Between Maton, and likely the next reliever they add, the Cubs are prioritizing pitchers with swing-and-miss stuff. While Hoyer wasn't ready to commit to the idea of Maton being the closer for Craig Counsell next season, Pagán's arrival would have had that impression.

Looking through the remaining options for the Cubs, Stanek would likely be the most affordable, considering he is coming off a down year with the Mets. Suarez, considering his All-Star pedigree, would likely be at the higher end, but his age could make him a candidate for a short-term, high-AAV deal. Fairbanks probably falls somewhere in the middle of those two contract projections.

As of now, a reunion with Brad Keller remains a possibility, but multiple teams have expressed interest in him as a starting pitcher. In the end, that could be the reason why the bidding outpaces the Cubs' interest.

If the Cubs do add another established arm to the bullpen, especially one with closing experience, that should put the unit in a strong spot to open the season. Actually adding that arm is proving difficult at the moment.