Latest Freddy Peralta rumor makes a Cubs pursuit feel unlikelier than ever

The Chicago Cubs have been connected to right-hander Freddy Peralta for months now, thanks to the New York Mets' season crashing and burning early as well as the team's obvious need for rotation help. The price of such a deal appears to be steep, however, and he's not the only starting pitcher the Cubs should be considering making a run at this summer if they remain in contention come the trade deadline.

What makes Peralta truly stand out from the crowd is the possibility that he could be an extension target for whatever team acquires him. There's little hope of a team trading for, say, Tarik Skubal and convincing him to sign away his shot at free agency. Peralta, on the other hand, seems willing to discuss an extension if his team will meet his asking price. Unfortunately, the latest details on that asking price suggest the Cubs would never have a shot at keeping him in the fold long-term.

USA Today's Bob Nightengale reported recently that Peralta is seeking a contract in a similar range to the eight-year, $218 million contract Max Fried landed with the Yankees during the 2024-25 offseason. Cubs fans should immediately see the problem with that asking price: despite its status as a big market club, the team has never opened the pocket book that aggressively before. There's little reason to think they'll change their minds now.

Freddy Peralta has a big market asking price, but the Cubs are unlikely to operate as a big market team any time soon.

Sarah Langs of MLB.com recently took a look at the largest contracts each team has handed out in franchise history by total value, and the Cubs stick out like a sore thumb on that list. By total value, Jason Heyward's $184 million contract from the 2015-16 offseason remains the largest in franchise history. Other deals for players like Dansby Swanson and Alex Bregman have come in over $150 million since, but nothing has approached $200 million.

Fans shouldn't expect the team to make an exception for Peralta, either. Star players like Juan Soto, Corbin Burnes, Max Fried, Aaron Judge, and even former Cub Kyle Tucker have come and gone through free agency without the Cubs so much as sniffing around their markets because of an unwillingness to spend for top shelf free agents. Why would Peralta, who is less accomplished than any of those players, be any different?

Coming off an offseason where the Cubs took a big swing by signing Bregman with lackluster early returns, the Cubs are likely to be even less willing to add a big contract like Peralta is looking for this winter. With so many players expected to hit free agency this winter, there will be a lot of holes that need to be filled on the roster. Spreading that money around is both more in line with the Cubs' past behavior and perhaps even the most sensible way to construct next year's roster.

Of course, it's at least possible that the Cubs would be willing to swing a trade for Peralta even in the event that they know retaining him long-term is unlikely. They did it with Tucker just last year, after all. The difference here, however, is that the Mets will be searching for a huge return for just two months of Peralta, unlike the full year Chicago got of Tucker in their trade with the Astros. No one should be surprised if the Cubs find themselves outbid by a more aggressive team in this sweepstakes.

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