Weeks into MLB free agency, there have been very few Chicago Cubs rumors linking the team to top free-agent pitchers and hitters this offseason. Instead, there are growing indications that Chicago intends to shed payroll this winter and the plan doesn’t seem to be going very well.

Cody Bellinger exercised his $27.5 million player option on Nov. 2, guaranteeing his spot on the Cubs roster and ensuring his salary is part of their 2025 payroll. Almost immediately after Bellinger exercised his opt-in clause, MLB rumors came out that the team wanted to trade him.

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• Chicago Cubs payroll 2025 (FanGraphs): $176 million

Bellinger, age 29, came to Chicago before the 2023 season on a one-year contract to restore his value. He won NL Player of the Month in July and finished the regular season with 97 RBI, 26 home runs, 20 steals and a .881 OPS. The rebound year resulted in Chicago re-signing him to a three-year deal worth $80 million in February.

Unfortunately for the Cubs, Bellinger regressed last season. The left-handed hitter’s batting average dropped 40 points (.307 to .266) and his slugging percentage dropped by 100 points (.525 to .426). Following the disappointing season, it was an easy decision for Bellinger to exercise his option.

• Cody Bellinger contract (Spotrac): $27.5 million salary in 2025, $25 million player option in 2026

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MLB executives who spoke to USA Today‘s Bob Nightengale said that the Cubs have been desperately trying to trade Bellinger this winter, shopping him around the league to anyone who will listen. The trouble for Chicago is that not a single team has expressed “strong interest” in acquiring him.

“Come on, who’s going to touch that contract? The risk is just too great for the production.”

Anonymous MLB GM on Chicago Cubs’ attempts to trade Cody Bellinger

Furthermore, per Nightengale, the Cubs front office is “driving agents crazy” and the message has already been made clear that the team won’t go after the top MLB free agents. Instead, Chicago is focusing its attention on “mid-market players” who are all waiting for Soto to sign.

• Cody Bellinger stats (ESPN): .266/.325/.426, .751 OPS, 78 RBI, 23 doubles, 18 home runs, 9 steals

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If the Cubs find a trade partner for Bellinger, perhaps the New York Yankees if Juan Soto leaves, they will have to eat a portion of Bellinger’s contract. That’s because teams recognize that Bellinger isn’t worth the salary he’ll make in 2025 and if he does replicate his 2023 success, then he will immediately leave next offseason and essentially be a one-year rental.

Having already missed the playoffs in the last four years and without a single playoff game win since 2017, it currently appears like the Cubs payroll in 2025 won’t be increased significantly. If that’s the case, Chicago’s playoff drought is likely to extend into 2026 and Bellinger might still be on the Cubs payroll by then, too.