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Nov. 21: Cubs want to trade Bellinger (report)
Although outfielder/first baseman Cody Bellinger exercised his player option for 2025, it’s not a guarantee that he’ll be with the Cubs on Opening Day. According to The Athletic's Ken Rosenthal (subscription required), rival executives say that the Cubs want to trade the 29-year-old.

Bellinger’s contract -- he’s owed $27.5 million in 2025 and can earn $25 million in 2026 by picking up his player option -- could limit the return for the Cubs. But if they are truly motivated to move him, they should be able to find a suitor.

Bellinger’s production regressed in 2024, but he still had a solid 111 OPS+. He has also proven capable of handling center field, a weak position in this year’s free-agent market.

Rosenthal mentions the Yankees as a possible fit for Bellinger if they aren’t able to re-sign Juan Soto, noting that the Bronx Bombers have shown interest in Bellinger in the past. Bellinger could potentially be a backup option for some of the other teams involved in the Soto sweepstakes as well.

Trading Bellinger would add more payroll flexibility for the Cubs to address their top priority this offseason, which is pitching. But while Chicago’s interest in adding a starter is clear, there have been conflicting reports about which arms the team might target.

On Wednesday, MLB Network insider Jon Heyman mentioned the Cubs among the teams in the mix to sign one of the three aces currently available via free agency: Corbin Burnes, Blake Snell and Max Fried. However, The Athletic's (subscription required) Sahadev Sharma reports that the Cubs have “ruled out” that tier of free-agent hurlers and could also stay away from other pitchers who declined a qualifying offer, including Sean Manaea, Luis Severino and Nick Pivetta.

Sharma mentions Yusei Kikuchi, Nathan Eovaldi and Jack Flaherty as possible options.

Nov. 20: Cubs acquire Morgan and Thaiss, DFA Wisdom
The Cubs acquired reliever Eli Morgan from the Guardians in exchange for outfield prospect Alfonsin Rosario (No. 21 on Pipeline’s Top 30 list for the Cubs) on Wednesday.

The Cubs also shored up their catching depth on Wednesday, acquiring Matt Thaiss from the Angels.

To clear room on the 40-man roster for their new acquisitions, Chicago designated Patrick Wisdom and Trey Wingenter for assignment.