Cubs’ bid for Shohei Ohtani ends as he signs monster deal with Dodgers

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The Cubs’ pursuit of two-way superstar Shohei Ohtani officially ended when he announced Saturday on Instagram that he’d chosen to sign with the Dodgers. His agent Nez Balelo of CAA Sports told reporters the 10-year deal was for a record $700 million.

“This is a unique, historic contract for a unique, historic player,” Balelo said in a statement.

It’s the largest contract in North American sports history. Ohtani’s Angels teammate Mike Trout previously held the record for the largest MLB contract at $426.5 million over 12 years.

“To all the fans and everyone involved in the baseball world, I apologize for taking so long to come to a decision,” Ohtani wrote in his post.

He went on to thank the Angels, who he represented for the first six years of his MLB career, and promise the Dodgers that he’d always strive to be the best version of himself.

“Until the last day of my playing career, I want to continue to strive forward not only for the Dodgers but for the baseball world,” he wrote.

By the end of the Winter Meetings in Nashville this week, it was clear the Cubs weren’t the favorite to sign Ohtani. But they were one of the few teams believed to still be in the running, including the Blue Jays — false reports even claimed Ohtani was flying to Toronto on Friday — and of course Dodgers.

“As I’ve said a lot of times over the years, winning the offseason is probably more curse than than blessing,” Hoyer said Wednesday. “... Certainly there’s immensely talented players on the market. But I think if you go in thinking it’s one of those guys or bust, you can make some really bad long-term decisions.”

He was alluding to the unpredictability of each move, using Cody Bellinger’s signing last season (one year, $17.5 million) as an example. At the time, the uncertainty surrounding a drop in production over the previous two seasons made for a metered response across the industry to the signing. Then he massively over-performed his contract.

Ohtani’s elbow surgery in September, his second in five years, raised questions. But his camp insisted he’d return to the mound in 2025. And the injury didn’t seem to dampen his market much if at all.

Risks are worth taking for generational talent – which is why the Cubs pursued Ohtani, knowing he’d bring in an unprecedented deal.

On the field, Ohtani immediately elevates a lineup, and he ‘s poised to impact a pitching staff next year. And though he garnered a massive contract, he also provides a boost on the business side through international appeal for both fans and advertisers. 

The Dodgers’ baseball and business operations clearly valued the combination at a sky-high mark. 

The Cubs were prepared for the possibility that Ohtani would land elsewhere. And Ohtani making his choice is expected to push what has been a slow market into action.

“I think you have to be careful not to wait around hoping for the perfect sequence to happen,” Hoyer said, “because oftentimes it doesn’t.”

This marks the second time the Cubs’ pitch to Ohtani fell short. The Cubs were also finalists when Ohtani first came to MLB from Japan before the 2018 season. 

“It doesn’t surprise me in the end that he picked an AL team,” Hoyer said at the GM meetings, recalling the disadvantage of being unable to offer him the DH position. “But wish we could roll back the clock and take a shot at it again.”

Though Hoyer didn’t get a shot at rewriting history, he at least got another chance to pitch his team to the player who had become the face of baseball.