Should they? Absolutely. To what degree remains to be seen. As they tend to like shorter deal, perhaps a 6Y/210M deal brings him back. But if some team goes crazy in years and money, they shouldn't go all Mike Trout to bring him back. I'd want to get him on a 30M AAV but if it take 35M, I won't complain. The Cubs have a few holes and just over 75M to address it for next year and another 50M the year after. They have what looks to be good talent on the way up.
It is a tough call. I do believe that the line up needs 2 hitters that can carry the team. Happ fell short of last year and the team ended up co-dependent on Cody. So bringing him back at a higher rate really doesn't solve the issues plaguing this team.
So Yes you want to bring him back but you might want to trade Happ and his 17M hit out while his stock is high. Jed has Canario ready to go next year for LF. That way Jed can look to upgrade the other area of weakness. 3B. Matt Chapman should get around 20M per which is a slight upgrade to Happ's production at a more needed position.
So looking it over:
LF Canario
CF Brown
RF Suzuki
3B Chapman
SS Swanson
2B Hoerner
1B Bellinger
C Amaya (Not sure if Jed picks up Gomes opt/he can sign a vet back up for cheap)
DH Mervis
With this line up You want another LH bat to balance the line up.
With that said I do think putting Morel on the trade market makes sense. His value is high right now. Cubs have strong system depth in the OF so it makes sense to start making some trades.
Speaking of that. Owen Caissie should be at Iowa to start 2024. So if Mervis sucks again it just opens up a job for Cassie. Triantos and Shaw should both be at Tenn for half of the season. Thus 3B would make sense as an investment. Looking forward. If one of the two looks MLB ready for 3B then Chapman becomes the next trade chip and so on.
So looking at it this way you can see Jed can still make deals going forward to restock the system while competing. The glitch would be a no trade clause. He might want to avoid that. Bellinger might be a special case as it could lower his asking price.