Cubs, Imanaga agree to 4-year deal reportedly worth $53M

The Chicago Cubs agreed to a four-year contract with star Japanese left-hander Shota Imanaga, the club announced Thursday.

The deal is worth $53 million in guaranteed money, sources told ESPN's Jesse Rogers. The pact also reportedly contains a complicated series of team and player options that could raise the total value to five years and $80 million.

After the second season, the Cubs will have an option to extend the contract to a fifth year (2028), Rogers adds. If Chicago declines, Imanaga will reportedly get the chance to opt out immediately. The same option exists for both sides after the third campaign of the deal, per Rogers.

The agreement also includes escalator clauses, according to Jon Heyman of the New York Post.

The Cubs have to pay a release fee of $9.825 million to Imanaga's Japanese team, the Yokohama DeNA BayStars, on top of his contract, Rogers reports. His deadline to sign is Thursday at 5 p.m. ET when his posting window expires.

Imanaga passed his physical Wednesday and is expected to be officially introduced Friday, according to USA Today's Bob Nightengale.

The 30-year-old went 64-50 with a 3.18 ERA, 1.12 WHIP, and 1,021 strikeouts while earning two All-Star berths during his eight seasons with Yokohama. Imanaga also threw a no-hitter in 2022 and was Japan's starter against the United States in last year's World Baseball Classic championship game.

Imanaga recorded a Central League-leading 174 strikeouts last season and issued only 24 walks while posting a 10.6 K/9, 2.80 ERA, and 1.05 WHIP in 148 innings for Yokohama. However, Imanaga was prone to giving up the long ball, allowing the second-most home runs (17) in his league.

Nicknamed "The Throwing Philosopher," Imanaga posted a 68% strike rate in 2023 that would have placed him in the top 10 for MLB starters, per Sports Info Solutions. The 5-foot-10 southpaw's arsenal includes a fastball that can reach the low-to-mid 90s, a slider, a curveball, a splitter, and an occasional changeup.

Imanaga will add a solid veteran arm to the middle of the Cubs' rotation, where he'll likely replace free agent Marcus Stroman. He'll be the third left-hander in Chicago's rotation, joining Justin Steele and Jordan Wicks.

Cubs' projected 2024 rotation

Once official, this will mark the Cubs' first major-league free-agent signing of this offseason. Chicago's only significant move of the winter was poaching manager Craig Counsell from the Milwaukee Brewers in November. Two of the club's key players from last season, Stroman and NL Comeback Player of the Year Cody Bellinger, remain unsigned in free agency.

The Boston Red Sox, Los Angeles Angels, and San Francisco Giants were rumored to be among the finalists for Imanaga.