Cubs owner Tom Ricketts talks CBT, Jed Hoyer's status and ' very disappointing' 2024

On the heels of his annual end-of-season letter to Chicago Cubs fans, team owner Tom Ricketts spoke with Megan Montemurro of the Chicago Tribune, opening up on a number of topics fans will want to hear from him on - including payroll, the impact of the CBT, Jed Hoyer's job status and much more.

When it comes to Hoyer, Ricketts would not comment on whether or not he planned to have extension talks with his president of baseball operations but expressed confidence in his ability to make the moves necessary to push the Cubs over the hump in 2025.

“He’s been a big part of all of our success that we’ve had over those years,” Ricketts said. “I know Jed very well. I trust him. I really believe in him. I think he’s going to have good ideas for this offseason that will get us back on track ... “I think he’s motivated. I know he’s driven, like everyone else here. He works really hard. I think Jed’s going to have a great offseason and put us back in the playoffs next year.”

Hoyer is heading into the final year of his deal, signed in 2020 to succeed his mentor Theo Epstein as head of the team's baseball operations. The Cubs missing the postseason yet again next year could very well be the difference between him getting a new deal or Ricketts making a change.

One of the biggest miscalculations made by Hoyer this year led to Chicago being past the first CBT threshold by a mere $280,000. That makes it very likely Ricketts will give him a mandate to stay under in 2025, resetting the annual penalties heading into next winter. That shouldn't handcuff the team, though, with $90 million or so coming off the books (assuming a Cody Bellinger opt-out, which is widely perceived as a 50/50 decision at this point).

Over the years, Ricketts and Hoyer have operated in lock-step when it comes to the importance of player development when building a sustainable product. He again reiterated that focus in the interview, saying he believes the Cubs have what they need in place now to continue developing young players internally.

The division's highest payroll and the seventh-highest in baseball got the Cubs a distant second-place finish, 10 games behind the NL Central champion Milwaukee Brewers. With major money coming off the books and the top group of prospects in the game knocking on the door, it's all eyes on Chicago heading into a critically important winter.