Smyly gets a $2.5 million buyout. The 35-year-old moved to pen the second half of the 2023 season and had a 3.84 ERA in 58 2/3 innings as a reliever last season. He could look to return to the rotation as a free agent.

Smyly is owed about $1.5 million this season and then a $2.5 million buyout of a $10 million mutual option next year, greatly increasing the chances that he’ll clear waivers. He could be helpful to a contender, though. He has a 2.84 ERA in 50 2/3 innings out of the Cubs pen.

Smyly figures to factor into Chicago’s pitching plans this weekend, although he’ll likely be back as a multi-inning reliever, rather than a traditional starter. The 34-year-old southpaw has been out since late April due to a right hip impingement.

Counsell also noted that Smyly is unlikely to be used as part of the rotation, instead he’ll be treated as a multi-inning option out of the bullpen. The 34-year-old left-hander has been shelved since late April with a right hip impingement.