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What would an Ian Happ contract extension look like?

Ian Happ and the Cubs just settled on a 2023 contract to avoid arbitration:

That’s $250,000 above the MLB Trade Rumors projection for Happ, so actually pretty close to reality. Incidentally, it’ll be the first time since 2020 that the Cubs will not go to an arbitration hearing (Happ in 2021 is the most recent Cub to go to a hearing since then).

The Cubs have talked about signing Happ (and Nico Hoerner) to long-term extensions, but so far, that’s been only talk. It was talked about again at the Cubs Convention last weekend by Cubs President of Baseball Operations Jed Hoyer:

“We have interest in both (Happ and Hoerner), in keeping them long term,” Hoyer said.