'We made the best offer we could': Cubs, Hoyer react to missing on Bregman

MESA, Ariz. -- Cubs president of baseball operations Jed Hoyer made his case to ownership that this was the right moment to pursue star free agent Alex Bregman for third base, and received the green light. In the end, the Red Sox presented Bregman with an offer that was beyond Hoyer¡¯s approved reach.

That was the message delivered by Hoyer during Thursday morning¡¯s workout at the Cubs¡¯ Arizona complex. He would have rather been discussing where Bregman might fit within Chicago¡¯s lineup, but Boston prevailed in this bidding war with a reported three-year, $120 million contract, per MLB.com¡¯s Mark Feinsand.

¡°Obviously, disappointed. He¡¯s a great player -- was a great fit,¡± Hoyer said. ¡°It's free agency. Ultimately, they got a deal in structure and amount that we couldn't match, but that's just the nature of it. But I'm thankful that I was able to pursue it. It was a really good opportunity. Now, we move forward.¡±

Now that Bregman Watch is over for the Cubs, top prospect Matt Shaw (No. 19 on Pipeline¡¯s Top 100 list) is the clear leading candidate for the job. Veteran Jon Berti offers a safety net, while Vidal Bruj¨¢n, Gage Workman and Nicky Lopez are among the alternatives.

As long as Shaw has a strong camp, and the Cubs do not feel he would be better served working out any lingering development goals with Triple-A Iowa, he is the odds-on favorite to be at third come Opening Day.

¡°Matt¡¯s passed a lot of tests,¡± Cubs manager Craig Counsell said earlier this week. ¡°He¡¯s a talented young player. Yeah, I think Matt¡¯s got a shot at it -- there¡¯s no question about it. He¡¯s squarely in the mix and he is going to get the first shot at it. But, it¡¯s still a competition, too. And it¡¯s [about] development.¡±

Multiple sources told MLB.com that the Cubs offered Bregman a four-year deal worth $115 million, while including opt-out clauses following the 2026 and ¡®27 seasons. Per Feinsand, Boston¡¯s contract offer includes opt-outs after ¡®25 and ¡®26 and also has some deferrals. Hoyer said the Cubs have ¡°philosophically¡± avoided deferrals to this point.

The Tigers were the other team in the hunt for Bregman at the negotiating finish line, offering a six-year, $171.5 million pact (with an opt-out clause after ¡®26), per Feinsand. The Cubs were not going to match that length of contract and reached as far as they could in average annual value, according to Hoyer.

Even after seeing the other options Bregman had on the table, Hoyer felt the Cubs¡¯ offer was competitive.

¡°We made the best offer that we could make. To me, that¡¯s competitive,¡± Hoyer said. ¡°Within the structure and our finances, we made the best offer we could make.¡±

After going over the first Competitive Balance Tax threshold last season, the Cubs are trying to stay under that line ($241 million) this year. At the moment, the ballclub is estimated to have just north of $30 million in CBT payroll flexibility, so signing Bregman presented a financial challenge.

While Hoyer has not tipped his hand about any specific budget restraints, he noted on Thursday that the team is near its limit right now. Bregman was the caliber of player worth loosening the purse strings for, but the expectation now is that the Cubs will revert back to keeping an eye out for additions around the roster¡¯s edges.

¡°We have a little bit of money for some small in-season things,¡± Hoyer said. ¡°But this obviously was a significant exception to be able to pursue this. I¡¯m thankful that I was able to do that. I think it¡¯s important to be able to be opportunistic, and we tried to do that.¡±

Hoyer said the ¡°big blocks¡± of the team are now essentially locked into place. That includes star outfielder Kyle Tucker, who was acquired from the Astros in December. Chicago also traded for closer Ryan Pressly from Houston, giving the Cubs a pair of Bregman¡¯s long-time teammates in the room.

Earlier this week, Pressly was vocal about hoping Bregman picked the Cubs.

¡°Would I like to play with him? 1,000 percent. I would love to play with him,¡± Pressly said. ¡°But he¡¯s got to make decisions for his family as well. Whatever decision he makes, I¡¯m going to support him.¡±

Bregman¡¯s decision still carried some sting around Cubs camp.

¡°Look, it¡¯s a reality,¡± Counsell said. ¡°It¡¯s one of those deals where you¡¯re interested in a really good player and someone else got him. You¡¯re disappointed and you move on. On the field, I think that¡¯s how you have to approach it.¡±