Tom Ricketts made the announcement Wednesday and Theo Epstein talked about the five-year contract extension that he signed. Epstein never planned to leave the Cubs and as it turns out the delay in his new deal came down to all of the reasons he’s stated publicly for the last 18 months.
Epstein will run the baseball side of the Cubs for the next five years.
It was a prerequisite for Epstein to make sure Jed Hoyer and Jason McLeod, along with other members of his staff, receive extensions at the same time. Epstein knows the importance and values continuity. While Epstein gets a majority of the credit for the team on the field and the deep farm system, it takes an organization filled from top to bottom with people he can trust to build what the Cubs have over the last five-plus years.
Theo Epstein and Jed Hoyer signed five-year extensions. Jason McLeod received an extension, which is believed to be three years. McLeod signed an extension two years ago when he withdrew his name from consideration for the GM opening in San Diego.
Epstein, Hoyer and McLeod are under contract, by all accounts, through the 2021 season. And the Cubs will announce the extensions for Hoyer and McLeod in the coming days.
Epstein’s contract is for five years and reportedly worth around, if not in excess of $50 million with bonus clauses and an incentive package.
According to Jon Heyman, Epstein’s deal includes an incentives package “that will pay him a bit less than $50 million over five years but has incentives that could take him over that figure.” Epstein is now the highest paid executive in baseball. Epstein’s contract does not include an equity stake in the Cubs. Reports have not surfaced on the financial terms of Hoyer and McLeod’s contracts.
Theo Epstein and Jed Hoyer have confirmed all three have signed new contracts.
Joe Maddon and Crane Kenney, Cubs President of Business Operations, are under contract through the 2019 season.
As Comcast SportsNet reported “management’s 2021 timeframe matches up with All-Star talents Anthony Rizzo, Kris Bryant and Addison Russell, who all remain under contract through that year, along with Kyle Schwarber and Javier Baez, part of a 20-something cast that now includes Jason Heyward, Willson Contreras and Albert Almora Jr.”
- CCO – Cubs, Theo Epstein Agree to Five-Year Contract Extension
- The Tribune – Cubs give Theo Epstein a five-year extension
- Comcast SportsNet – Five More Years: Theo Epstein Signs Massive Contract Extension with Cubs
- ESPN Chicago – Theo Epstein, Cubs sign on for five more years
- The Sun-Times – Cubs sign Epstein to five-year extension for close to $50 million
- The Tribune – Joe Maddon believes Theo Epstein’s balancing act is a great asset
- Jeff Passan – The perfect marriage of the Chicago Cubs and Theo Epstein
- ESPN – What moves will Cubs make over the next five years?
- Comcast SportsNet – Theo Epstein keeps the band together with Cubs extending Jed Hoyer and Jason McLeod
“The strength and stability we have now is a reflection of what happens when there’s trust, teamwork, transparency, from a lot of people working together, starting with the Ricketts family,” Epstein said. “I found out all I needed to know about the family when we were struggling. We were suffering through a 101-loss season. I never once heard any whispers. I never once felt any pressure from them or loss of faith. All I felt were support and patience.”