The Cubs will get their small waiver fee from the Blue Jays, and Cowles gets a 40-man spot with the Blue Jays - who may ultimately DFA him later on and try, themselves, to sneak him through waivers. The goal being that you'd get to keep Cowles on what is effectively a minor league deal for 2026, and he would not take up a 40-man spot. All the best to him on however that winds up playing out.
The lefty missed most of 2024 due to an elbow injury that required an internal brace repair, but he is expected to return at some point in the first half. Internal brace procedures typically result in much quicker return to play than traditional Tommy John replacement, sometimes as soon as six months, but the Cubs are not going to push Steele.
