Matthew Boyd's Projected Contract Revealed After Declining Option

After declining his mutual option, the veteran southpaw heads to free agency seeking a significant pay raise following two productive seasons and a projected multi-year market value increase. Chicago Cubs starting pitcher Matthew Boyd made an important decision on Thursday. The Cubs signed Boyd back in December of 2024 to a two-year, $29 million contract that also included a mutual option for the third year.

Mutual options very rarely get picked up in today’s game, so the expectation was that the southpaw would be a free agent this coming offseason. That will now officially be the case with Boyd’s decision to decline his end of the option. The Cubs will have to pay the left-hander a $2 million buyout, and the veteran will head to free agency looking for a new contract.

Boyd had two productive seasons in Chicago over the last two years. He posted a 3.21 ERA, 1.091 WHIP, and 154 strikeouts over 179 2⁄3 innings pitched in an All-Star campaign in 2025. He then posted a 3.91 ERA, 1.208 WHIP, and 96 strikeouts over 126 2⁄3 innings pitched in 2026.

The 35-year-old wasn't as consistent on the mound this past season. He had a 4.45 ERA in his final 10 starts and struggled in the team’s postseason game against the San Diego Padres. Boyd allowed four runs on five hits across four innings pitched in Game 1 of the National League Wild Card Round.

Those numbers down the stretch raise the question of what Boyd’s next contract could look like. He will turn 36 years old in February, dealt with some injuries early in 2026, and his overall numbers regressed a bit this past year. Well, Spotrac lists Boyd’s market value and next potential contract at two years, $41.8 million .

That would be a noticeable bump from his last $29 million contract, and this two-year, $41 million deal would pay him close to $21 million per season. It’s unclear whether the Cubs would bring him back on a similar contract in 2027. Paying him around $42 million over two years would be cheap, especially given the pitching help the team needs this offseason.

Boyd, Shota Imanaga, Kevin Gausman, Clay Holmes, and David Peterson are all currently free agents. So bringing back the veteran left-hander on a deal under $45 million could work for both sides. The Cubs get a pitcher who has been consistent for them in the past, and Boyd doesn’t have to move his family while getting a slight annual pay bump.

Boyd, though, will surely test the open market after his back-to-back solid campaigns.