Cody Bellinger's plan to rebuild his value during the 2023 season and cash in as a free agent paid off in a big way, though it may have taken longer than expected to get done.

Per Jeff Passan of ESPN, the two-time All-Star has agreed to a three-year, $80 million deal to return to the Chicago Cubs after he declined a mutual option to test the open market. The deal calls for Bellinger to earn a $30 million salary in 2024 and 2025, along with a $20 million salary in 2026. He will have opt outs in his contract after each of the first two years.

Bellinger could have returned to the Chicago Cubs on a one-year deal worth $20.3 million after they extended him the qualifying offer, but there was virtually no chance he would accept that after his performance last season.

The Cubs don't appear to be messing around after missing the playoffs in each of the past three seasons. They started the offseason in stunning fashion when they fired David Ross as manager to hire Craig Counsell and make him the highest-paid skipper in MLB.

With Bellinger coming off two injury-plagued seasons in 2021 and 2022, the Los Angeles Dodgers elected to non-tender him rather than potentially pay him in excess of $20 million through arbitration.

It was a steep and dramatic fall for Bellinger, who was named 2019 NL MVP and hit the go-ahead homer in the seventh inning of Game 7 against the Atlanta Braves in the 2020 NLCS to send the Dodgers to the World Series.

In a cruel bit of irony, Bellinger's problems were largely a product of that homer. He injured his shoulder during the celebration by doing the forearm smash with Enrique Hernandez after crossing the plate.

The Dodgers announced Bellinger had shoulder surgery, and he was expected to be ready for the start of spring training during the 2021 season.

After hitting .193/.256/.355 with 29 homers, 104 RBI and 17 stolen bases in 239 games over the next two seasons, the Dodgers parted ways with Bellinger. He signed a one-year, $17.5 million deal with the Cubs that also included a mutual option for 2024.

Bellinger turned out to be one of the best free-agent signings for any team last offseason. He hit .307/.356/.525 with 26 homers, 97 RBI and 20 stolen bases in 130 games.

Among players with at least 550 plate appearances, Bellinger finished 21st in the NL with 4.1 FanGraphs wins above replacement. He's a rarity as a defender because of his ability to play in center field or first base.

The offensive bar for first baseman is very high, but Bellinger has shown at his best he's got the ability to clear it.

Durability remains a big concern for Bellinger. He missed one month last season because of a knee injury.

The Cubs reaped the benefits of Bellinger's bounce-back performance and are betting big on it continuing. It's a reasonable wager since he will play most of this season at the age of 28.

The pitching behind Justin Steele is going to be the biggest question mark for the Cubs in 2024. Shōta Imanaga has impressed early in camp, but there could be an adjustment period for him as he gets acclimated to MLB hitters.

Jameson Taillon will be counted on to have a rebound season. Cade Horton, the No. 7 overall pick in the 2022 draft, could be in the big leagues at some point in 2024.

Keeping Bellinger makes all the sense in the world for Chicago because the team will need to score runs if it wants to compete for a playoff spot this season. He's still in his prime and will be for several more seasons. This is an improving roster with Pete Crow-Armstrong likely to play his first full season in the big leagues alongside Seiya Suzuki, Dansby Swanson and Ian Happ.