(CBS) As expected, the Cubs extended qualifying offers to right-hander Jake Arrieta and closer Wade Davis ahead of the 4 p.m. deadline Monday.

The qualifying offer is a one-year deal for $17.4 million for the 2018 season. Arrieta, Davis and others across baseball who were extended offers now have 10 days to accept or decline.

READ MORE: Stimulus Check Update: Will You Get A Fourth Relief Payment?

The Cubs’ extension of the qualifying offer means they’ll receive draft pick compensation should Arrieta and/or Davis choose to sign elsewhere. That compensation would likely be a pick after the second round.

READ MORE: Mayor Lori Lightfoot Nominates Annette Nance-Holt As First Black Woman To Serve As City's Fire Commissioner

As one of the most sought-after starter pitchers on the open market, Arrieta is expected to decline the qualifying offer. Arrieta, who turns 32 in March, went 14-10 with a 3.53 ERA and 1.22 WHIP in 2017.

MORE NEWS: City Begins Testing Buckingham Fountain Ahead Of Official 'Switch On Summer' On May 22

There’s an outside chance Davis could accept the qualifying offer, as the $17.4 million payday would make him the game’s highest-paid closer in 2018. He had 32 saves and a 2.30 ERA this past season.