The Cubs exercised their $20 million option on left-hander Cole Hamels by creating some financial space Friday.
They dealt left-hander Drew Smyly and a player to be named to the Rangers for a player to be named. The Cubs cleared $7 million by trading Smyly, who hasn't pitched in a major-league game since undergoing Tommy John elbow surgery in 2016.
The Cubs faced a 4 p.m. Friday deadline to pick up the option on Hamels, who would have received a $6 million buyout from the Rangers _ his former team _ had the Cubs elected not to do so.
That would have allowed Hamels _ who posted a 2.36 ERA in 12 starts after joining the Cubs on July 27 _ to become a free agent.
Smyly, 29, struck out three in one inning for Class A South Bend on Aug. 30 in his only minor-league rehab appearance.
He signed a two-year, $10 million contract with the Cubs in December. The trade to the Rangers was first reported by Jerry Crasnick.
The Cubs rotation now comprises left-handers Jon Lester, Jose Quintana and Hamels and right-handers Kyle Hendricks and Yu Darvish. Tyler Chatwood, Mike Montgomery and Alec Mills provide depth.
