An Article XX-B free-agent is designated a "Qualified Player" if the player spent the entire immediately-preceding MLB regular season on a club's MLB Active List (25-man roster) and/or on one or more of the club's inactive lists (7-day, 10-day, and/or 60-day Injured List, Military List, Paternity Leave List, etc) and/or on the Active List or an inactive list (7-day or 60-day Injured List, Military List, Temporarily Inactive List, etc) of one or more minor league affiliates of that club, and the club offers the player a guaranteed contract (known as a "Qualifying Offer") for the following season. 
NOTE: Beginning with the post-2017 off-season, a player cannot receive more than one Qualifying Offer in his career. 

CUBS POST-2024 ARTICLE XX-B FREE-AGENTS NOT ELIGIBLE TO RECEIVE A QO: (last updated 11-15-2023)
NONE AT THIS TIME 

The Qualifying Offer must include a salary at least equal to the average salary of the 125 highest-paid MLB players from the previous season. The exact amount of the average salary of the 125 highes-paid MLB players from the previous season will be communicated by the MLB Labor Relations Department (LRD) simultaneously to all MLB clubs and the Major League Baseball Player's Association (MLBPA) within ten days after the conclusion of the MLB regular season. 

2024 QUALIFYING OFFER MINIMUM SALARY: $20.325M
NOTE: The Qualifying Offer minimum salary was $19.65 in 2023 and $18.4M in 2022 

To be valid, a Qualifying Offer must be extended by a club no later than 5 PM (Eastern) on the 5th day after the final game of the World Series (or no later than 5 PM Eastern on October 20th if the World Series is cancelled). The LRD then provides the MLBPA with a list of players receiving valid Qualifying Offers.

MLB clubs are not permitted to extend a Qualifying Offer to an Article XX-B MLB free-agent if the player has agreed in advance to decline the offer so that the club will obtain a compensatory draft pick once the player signs with another club.

CUBS ARTICLE XX-B QUALIFIED PLAYERS POST-2023 (last updated 11-15-2023):
Cody Bellinger, OF-1B 

The Qualified Player then has until 4 PM (Eastern) on the Tuesday prior to MLB Contract Tender Day (which is the second Tuesday prior to Thanksgiving, November 14th in 2023) to decide whether to accept or decline the offer. If the Qualified Player accepts the offer, he is considered "signed" and must be immediately added back to his club's MLB Reserve List (40-man roster). If he declines the offer, the player is free to sign with any MLB club, including his former club.
NOTE: Prior to the post-2022 off-season a player had ten days to decide whether to accept a QO, and prior to the post-2017 off-season a player had seven days to decide whether to accept a QO.  

If a Qualified Player subsequently signs a Major League contract with another (different) MLB club on or before the day prior to the MLB Rule 4 Draft (MLB First-Year Player Draft), the player's former club (the club that lost the Qualified Player) normally will receive a compensatory draft pick in the MLB Rule 4 Draft between the 2nd & 3rd rounds (after Competitive Balance Round "B").
EXCEPTIONS: An MLB club that receives revenue sharing funds would receive a compensatory draft pick immediately after the conclusion of the 1st round (prior to Competitive Balance Round "A") - IF - the Qualified Player signs a contract worth at least $50M (the club would receive a compensatory draft pick between the 2nd & 3rd rounds and after Competitive Balance Round "B" if the Qualified Player signs a contract worth less than $50M), and an MLB club that is a Competitive Balance Tax (CBT) payor (club's payroll from the previous season exceeded the CBT threshold) would receive a draft pick between the 4th & 5th rounds.
NOTE: If more than one club receives the same type of compensatory pick, the draft order for the comp picks is the same as it is for all other rounds in that draft (clubs select in inverse order of league standings from the previous season, and in the case of two clubs finishing with the same record the previous season, league standings from two seasons back will be used to break the tie, and if the clubs are still tied, league standings from three seasons back, four seasons back, etc, will be used to break the tie).

If a Qualified Player signs a Major League contract with another (different) club on the day of or anytime after the MLB Rule 4 Draft, or if a Qualified Player signs a minor league contract with another (different) club and either remains in the minor leagues or is later added to that club's MLB 40-man roster, the player's new club does NOT forfeit a Rule 4 Draft pick, and the player's former club does NOT receive Rule 4 Draft pick compensation. However, MLB clubs are not permitted to sign a Qualified Player to a minor league contract just to avoid losing a draft pick.

An MLB club that signs a Qualified Player (not including its own Qualified Players) to a Major League contract prior to the Rule 4 Draft deadline forfeits its 2nd highest selection in the next MLB Rule 4 Draft and $500,000 is subtracted from its assigned International Signing Bonus Pool (ISBP) in the next full International Signing Period (ISP) for each Qualified Player signed.
EXCEPTIONS: An MLB club that receives revenue sharing funds would surrender its 3rd highest selection in the draft but nothing is subtracted from the club's ISBP in the next full ISP, and an MLB club that is a CBT payer (club's payroll from the previous season exceeded the CBT threshold) would forfeit its 2nd & 5th selection in the draft and have $1,000,000 subtracted from its ISBP in the next ISP for each Qualified Player signed.
NOTE: The Competitive Balance Tax threshold will be $230M in 2022, $233M in 2023, $237M in 2024, $241M in 2025, and $244M in 2026. 

POST-2023 ARTICLE XX-B QUALIFIED PLAYERS SIGNED BY CUBS (last updated 11-6-2023): 
NONE AT THIS TIME   

The next highest Rule 4 Draft pick (or draft picks) will be forfeited if a club signs more than one Qualified Player (one draft pick forfeited for each Qualified Player signed).
NOTE: A CBT payer (club's payroll from the previous season exceeded the CBT threshold) would forfeit its 3rd & 6th highest selections if the club signs a second Qualified Player, its 4th & 7th selections if the club signs a third Qualified Player, and its 8th & 9th highest selections, 10th & 11th highest selections, etc, for additional Qualified Players signed. 

Draft picks subject to forfeiture include the club's own Rule 4 Draft picks, compensatory draft picks awarded to the club after losing an Article XX-B Qualified Player, and draft picks awarded as the result of the Rule 4 SBP Forfeited Draft Pick lottery (including draft picks that were subsequently acquired in a trade). Competitive Balance draft picks (including Competitive Balance draft picks acquired in a trade) and a compensatory draft pick awarded to a club for failing to sign a pick from a previous Rule 4 Draft are - NOT - subject to forfeiture.
NOTE: Prior to the 2018 MLB Rule 4 Draft, Competitive Balance draft picks were subject to forfeiture.

A Rule 4 Draft pick forfeited as the result of a club signing a Qualified Player is not transferred to any other club (it just disappears).

A Qualified Player who signs a Major League contract after 11:59 PM (Eastern) on the 5th day after the final game of the World Series receives automatic "no trade" rights that extend through June 15th of the following season, even if the player re-signs with his former club. A Qualified Player who receives "no trade" rights this way can waive the right, but if he does, his club can trade the player only for player contracts and/or cash with a maximum aggregate value of $50,000.