Boyd can receive $100,000 bonuses for each 80, 90, 100, 110 and 120 innings he throws for each season of the two-year deal. The southpaw hasn't reached over 80 innings pitched since 2019.
The deal with Chicago and Boyd is still waiting for a successful physical, but it's expected the former Cleveland Guardians starting pitcher will join the Cubs, marking the team's first big free agent signing of the offseason.
Boyd returned last season after recovering from Tommy John surgery in 2023. He went 2-2 with a solid 2.72 earned-run average in eight starts. The long-time former Detroit Tigers pitcher threw for 39.2 innings last season for the Guardians, giving up 32 hits and 13 walks while striking out 46.
Batters only hit .213 against Boyd last season, which set a career-high as a starting pitcher.
Boyd has a career 4.85 ERA so it's no wonder the Cubs were looking to bolster the veteran lefty after having a great comeback year.
The Cubs will mark Boyd's fifth team in 11 years after making his debut with the Toronto Blue Jays in 2015, the same year the club traded him to the Tigers.