Boyd declined his side of a $15 million option for 2027 on Thursday and is now a free agent, Jesse Rogers of ESPN.com reports.
The veteran left-hander will be given a $2 million buyout instead. The Cubs can still negotiate with Boyd for a few days before other teams are allowed to discuss a contract with him. Boyd -- who turns 36 in February -- logged a 3.91 ERA, 1.21 WHIP and 96:39 K:BB across 126.2 regular-season innings in 2026.