Four seasons, zero playoffs. That’s the sobering reality for Chicago Cubs fans as their team wrapped up 2024 with an 83-79 record, a repeat of last year’s record, and once again, no October baseball. After spending an additional $30 million on payroll this year, the Cubs fell short in a lackluster NL Central, leaving fans wondering if the team’s management has the strategy—and spending power—to change the trend.
Owner Tom Ricketts recently spoke to the Chicago Tribune about the financial and competitive future of the Cubs, shedding some light on how far the team is willing to push payroll limits to get back into contention. Ricketts confirmed that Chicago went over the $237 million competitive balance tax (CBT) threshold this year, though only by a hair—roughly $300,000. While this overage results in a minimal $55,000 tax bill, the stakes go up if the Cubs exceed the threshold again next season, with the tax rate jumping to 30% for the first $20 million in overages and escalating from there. “The penalties on CBT grow over time, so you want to be careful when you do it,” Ricketts noted, hinting that the team may keep future payroll flexibility in mind rather than piling on spending.
Next season, the CBT threshold rises to $241 million, giving the Cubs a decent financial cushion. The club’s projected obligations currently hover around $150 million, leaving some $70 million in breathing room. This doesn’t factor in arbitration cases, expected to cost around $33 million unless some players are released. Depending on decisions about players like Cody Bellinger and arbitration-eligible players, the team’s approach could range from conservative offseason spending to a significant midseason push.
As for the Cubs’ leadership, President of Baseball Operations Jed Hoyer enters the final year of his contract, a period that’s typically extended for front-office leaders to avoid “lame-duck” status. Ricketts was tight-lipped about Hoyer’s contract status, merely stating, “He’s under contract, that’s the way I see it.” Still, he expressed confidence in Hoyer, hinting at high expectations for 2025: “I think Jed’s going to have a great offseason and put us back in the playoffs next year.”
So, Cubs fans, here’s the question: Is Ricketts ready to make the big bets to bring a championship back to Wrigley? The Cubs have room to maneuver, but only time will tell if they’re willing to roll the dice.
