The Chicago Cubs are set to lose multiple players in free agency this offseason. 

The Cubs' free agent list includes players like Ian Happ, Seiya Suzuki, Tyrone Taylor, Michael Conforto, Kevin Gausman, and Shota Imanaga. But their full free agent list isn't complete yet, as several players still have options to decide on. 

Here are three players who will decline their options. 

The Cubs made a big move at the trade deadline by sending their No. 2 prospect (Jefferson Rojas) to acquire Clay Holmes. Holmes was one of the best available starters at the deadline, and the North Siders needed some pitching help. 

Unfortunately, all signs point to Holmes entering free agency after spending the last few months with Chicago. The veteran right-hander has a $12 million player option set for the 2027 season that he will almost certainly decline. 

Holmes could get a bigger contract in free agency. He finished with a 3.53 ERA and 129 strikeouts over 165 ⅔ innings in 2025 and posted a 3.29 ERA and 78 strikeouts over 101 ⅓ innings in 2026. Those strong numbers in back-to-back seasons will earn him more than the $12 million he would make if he accepted the option. 

Matthew Boyd has been a reliable starting pitcher for the Cubs over the past two seasons. He had a 3.21 ERA, a 1.091 WHIP, and 154 strikeouts in an All-Star campaign in 2025 and posted a 3.91 ERA, 1.208 WHIP, and 96 strikeouts this past season. 

While the Cubs would likely love to have Boyd back, there’s a strong chance that he will decline his $15 million mutual options. Mutual options rarely get picked up, as less than 7% of these options actually get exercised. 

That makes it unlikely for Boyd to accept the end of his mutual option. If the Cubs don’t exercise this mutual option, they'd have to pay a $2 million buyout to the left-hander. 

Carson Kelly also has a mutual option set for the 2027 season. His mutual option is worth $7.5 million next season and includes a $1.5 million buyout. The expectation is that Kelly will decline his mutual option at the end of the season. 

Kelly is certainly worth more than that $7.5 million. He hit .249 with 17 home runs, 13 doubles, and 50 RBI in 111 games in 2025, and batted .258 with 10 home runs, 15 doubles, and 58 RBI in 120 games in 2026. 

The 32-year-old will surely head to free agency.