The Chicago Cubs have exercised left-handed starting pitcher Cole Hamels' $20-million team option Friday, the team announced.
Additionally, the Cubs have traded starting pitcher Drew Smyly and a player to be named later to the Texas Rangers in exchange for another player to be named later. The move is designed to help offset Chicago's financial commitment to Hamels, a source told Gordon Wittenmyer of the Chicago Sun-Times.
On Thursday, it was reported that Chicago would likely look to shed salary in order to retain Hamels. The team owed Smyly a base salary of $7 million for 2019 with an additional $6 million available in performance bonuses.
Smyly signed a 2-year, $10-million contract last December as he recovered from Tommy John surgery. He last pitched in September 2016 when he was a member of the Tampa Bay Rays.
The Cubs acquired Hamels from the Rangers in July, with an agreement in place that Texas would cover the $6-million buyout if Chicago didn't exercise the southpaw's option.
With Hamels in tow, the Cubs don't appear to have room in their rotation for Smyly entering 2019. Alongside Hamels, they're poised to have Jose Quintana, Jon Lester, Yu Darvish, and Kyle Hendricks among their starters. Even if injury strikes, Mike Montgomery and Tyler Chatwood are still on the roster and have experience starting games.
Hamels was a key contributor after the midseason trade. The four-time All-Star went 4-3 with a 2.36 ERA and 74 strikeouts over 76 1/3 innings in 12 starts with Chicago. He was especially sharp in his first six starts with his new club, allowing only three earned runs across 39 innings (0.69 ERA).