Jack Neely

The Cubs are releasing veteran reliever Hector Neris, reports ESPN’s Jesse Rogers. The team already passed Neris through waivers without making a formal announcement of the move. He went unclaimed. Neris’ spot on the 40-man roster will be filled by right-hander Jack Neely, whose contract is being selected from Triple-A Iowa. Neely was acquired from the Yankees in the deadline trade sending Mark Leiter Jr. to the Bronx.

Neris, 35, was signed to a one-year, $9MM contract over the winter and has had an up-and-down season in what’ll now be his lone year with the Cubs. His 3.89 earned run average is sound, but Neris has blown five of 25 save situations on the season while sporting career-worst strikeout and walk rates of 23.1% and 13.3%, respectively.

The more prominent factor in the decision to release the right-hander, however, could be a vesting player option that would’ve kicked in had Neris reached 60 appearances or 45 games finished on the season. He’s only appeared in 46 games right now and finished a game 33 times. Neris thus would’ve needed to pitch in 14 of Chicago’s remaining 37 games — a 37% usage rate — or recorded the final out in 12 of them, but if he’d done so he’d have secured a $9MM player option for the upcoming season. Given his shaky performance, the Cubs very likely weren’t interested in allowing that provision to be reached.

While Neris clearly hasn’t had his best season, he’s only a year removed from a sparkling 1.71 ERA in 68 1/3 frames for the Astros. That mark is also deceptive, as benefited from a .219 average on balls in play and 90.5% strand rate that combined to tamp down his earned run average. Metrics like FIP (3.83) and SIERA (3.89) were more bearish, but between Neris’ 28.2% strikeout rate and 11.4% walk rate, he still had the makings of a solid all-around season. More broadly, Neris’ track record from 2019-23 on the whole is quite impressive. He pitched 297 1/3 innings between the Phillies and Astros, combining for a 3.12 ERA (3.33 SIERA), 30.2% strikeout rate, 9.6% walk rate, 40.1% grounder rate, 0.97 HR/9, 73 holds and 50 saves.

With Neris returning to the open market, he’ll now be available for any team to sign for the remainder of the season. He’ll only cost his new club the prorated league minimum for any time spent on the big league roster/injured list. That sum would be subtracted from what the Cubs are paying him, but Chicago remains on the hook for the bulk of his contract regardless. And, so long as Neris signs with a new organization before Sept. 1 — even on a minor league deal — he can be eligible for that team’s postseason roster. (If he’s not on the 40-man at the time, he’d technically need to be a replacement for an injured player on the postseason roster, but such exceptions happen multiple times quite literally every season.)

As for Neely, he’ll be making his big league debut the first time he takes the mound in a Cubs uniform. The 24-year-old righty was the Yankees’ 11th-round pick in 2021 and has emerged as a legitimate bullpen prospect, brandishing a prototypical fastball/slider combination that’s helped him pitch to a combined 2.42 ERA with a whopping 38% strikeout rate against an 8.5% walk rate in 48 1/3 innings across the Double-A and Triple-A levels with the Cubs and Yanks this year.

MLB.com ranks Neely 18th among Chicago farmhands, while FanGraphs pegs him 22nd. The towering 6’8″, 245-pound Neely sits around 95 mph with his heater — and likely looks faster than that, given the extension his massive frame generates. FanGraphs credits him with a plus (60-grade) slider, while MLB.com’s report tabs it as a true plus-plus (70-grade) pitch — noting the massive whiff and chase rates that Neely generated on the pitch late in the 2023 season.

Neely won’t gain a full year of big league service in 2024, of course, so the Cubs will control him for at least six full seasons following the current campaign. Even if he’s in the majors for good, Neely can’t be arbitration-eligible until the 2027-28 offseason and wouldn’t hit free agency until the 2030-31 offseason. His contract is only just now being selected to the 40-man roster, however, meaning he’ll likely retain a full slate of three minor league option years beyond the current season. As such, future optional assignments could impact his arbitration and free agent timelines. For now, he’ll simply focus on carrying his excellent upper-minors work over to the big leagues and establishing himself as a credible major league bullpen weapon.