Cubs sign Theo Epstein to 5-year extension

The Cubs have agreed to a 5-year extension with president of baseball operations Theo Epstein, according to a team announcement.

Financial terms are not yet known, though USA Today’s Bob Nightengale reports that Epstein will receive more than $50 million. It has been widely anticipated that Epstein’s new deal would make him the highest-paid executive in baseball history, beating out the 5-year, $35 million deal the Dodgers gave Andrew Friedman before last season.

Epstein’s current 5-year, $18 million deal was set to expire at the end of the season, though the sides agreeing to a new pact seemed to be a mere formality for most of the year. The Cubs, of course, have already won 101 games this season and are considered one of the favorites to win the World Series.

Epstein, 42, has been with the Cubs since the 2012 season after running the Red Sox from 2003 to 2011. He is a 2-time World Series champion (2004, 2007) from his time in Boston and is widely regarded as one of the best executives in baseball history.

Chicago also signed general manager Jed Hoyer and senior vice president Jason McLeod to extensions, according to Jeff Passan of Yahoo! Sports. McLeod was previously considered a candidate to join the Twins front office, but was ruled out after the club decided to hire Indians assistant GM Derek Falvey as its new president of baseball operations.