Another down-to-the-wire free-agent courtship culminated in disappointment for the Red Sox.

According to MLB insider Jon Heyman and USA Today’s Bob Nightengale, the Chicago Cubs have “reached a tentative deal” with Shōta Imanaga, pending a physical. The terms of the contract are not yet known, but he was projected to receive a long-term deal worth at least $100 million.

The Red Sox were technically in contention to land the left-hander as recently as Tuesday morning, but Alex Speier of the Boston Globe described the outlook as “doubtful.”

Imanaga, whose nickname is “The Throwing Philosopher,” was the second Japanese star pitcher on their wish list this offseason, but it’s unclear how aggressive they truly were with him or Yoshinobu Yamamoto, who chose the Dodgers. The Red Sox were never going to give Yamamoto the 12-year, $325M deal he got from Los Angeles, which would’ve eclipsed Rafael Devers’ franchise-record extension, but it’s unclear if they’ve made truly competitive bids to any of their supposed top targets. They were originally hot on Teoscar Hernández’s trail, discussing a two-year deal with the slugging outfielder. He also chose the Dodgers, agreeing to a one-year, $23.5M pact with the west coast powerhouse.

The Red Sox need a right-handed hitter, an infusion of power in the lineup, and another starting pitcher, but appear more focused on cost-cutting. Despite current projections, which have them nearly $40M under this year’s luxury tax threshold, they’ve told at least one free agent that they’d need to shed payroll in order to make him a legitimate offer. Their most aggressive move thus far has been the Chris Sale trade, and it did little in the way of saving money; they’re paying $17M of his salary this year.

Other than the Dodgers, it’s been a slow offseason for most of the league. Yet most clubs aren’t as wealthy as the Red Sox, nor are they held to the same standard. At present, the prevailing opinion around the league is that the Red Sox are continuing to operate with unnecessary restraint, continuing to operate like a smaller-market team. “It’s embarrassing,” a league source told the Herald. “What excuse do they have for not spending?”

Perhaps it’s because the Red Sox see this as another bridge year. They’ve been rebuilding for the last several seasons – Devers is the only remaining player from the ’18 championship team – and now have a top-ranked farm system and immense financial flexibility ahead. Next year’s free-agent class is headlined by several impressive arms, including Corbin Burnes, Gerrit Cole (opt-out), Justin Verlander, and Zack Wheeler, so the Red Sox may be holding off in regards to their rotation. They’re also navigating new baseball operations leadership in the form of Craig Breslow, and Alex Cora’s contract is up next offseason.

If that’s the case, though, chairman Tom Werner shouldn’t have promised a “full throttle offseason.”