Jed Hoyer saw the jokes. He was aware fans were frustrated with the way the offseason had been going. He knew they weren’t happy that the guy tasked with running their favorite ballclub hadn’t done much of anything as the week of the Cubs Convention arrived.

“People were sending me the highway sign stuff,” Hoyer joked Friday just before the Convention kicked off at the Sheraton Grand Chicago. “So yeah, I know what people are saying.”

The Cubs’ president of baseball operations wants to put the best team out there that he can. He wants to give the fans a winning ballclub to cheer for. But he’s also not an executive who’ll just throw money at free agents, hoping to improve the team by ransacking the market.

Building the farm system, gaining and keeping financial flexibility and establishing a core group of major league players is how Hoyer has gone about building the Cubs since they hit the reset button at the 2021 trade deadline.

And as far as free agency goes, Hoyer has conversations with plenty of players and agents, and when he feels a deal makes sense for his club, he’s willing to do what it takes to get it done — regardless of how long into the winter it takes.

“I look at it like, my job is to make moves that I feel strongly about that I think are good investments in the Cubs organization,” Hoyer said. “I can’t make those up. I can’t force those. Sometimes, they happen in a flurry. Sometimes, it’s really slow and I have to do things at my own pace.”

The patience has paid off some this week, as the Cubs signed Japanese free-agent southpaw Shōta Imanaga to a four-year deal ($53 million guaranteed with potential for it to grow to a five-year, $80 million contract) and traded for infielder Michael Busch and reliever Yency Almonte from the Dodgers. Still, for a team that ended 2023 with a collapse many fans won’t soon forget, there’s more work to be done.

But what exactly is left on Hoyer’s offseason to-do list?

First things first — let’s examine how Busch’s addition impacts the roster.

Hoyer made it clear he believed Busch is ready for more big league opportunities. Considering the numbers he put up in Triple-A last season —.323/.431/.618 slash line with 27 home runs — that should be pretty clear to every one else, too. The bat is ready for an extended look against major league pitching, and he could be an impact left-handed bat with slug that the Cubs have been searching for.

But where he fits on the diamond is another story. Despite getting most of his innings at third base in 2023, various scouting reports still say his best long-term spot is at first. Hoyer didn’t disagree with that, nor did he deny it when asked if Busch would prevent the Cubs from getting another first baseman.

“He’s certainly going to play,” Hoyer said. “How the rest of the offseason plays out, we’ll see, but the mindset is that first base is the most natural spot for him.”

Plans can change, of course, but for now, it doesn’t seem the Cubs are desperate to sign an everyday first baseman.

That appears to be the case for the rotation, too. Asked if he felt the rotation is set, he reiterated the idea that no team can ever have enough pitching, but said “I think that’s an area we probably don’t make another transaction.”

“I think if we do, it may be smaller,” he added. “Something could fall in our lap. We could end up with something, but that’s not my expectation.”

Offensively, Busch shouldn’t be the only addition to the lineup, nor does it appear he will be.

Asked if it’s important to add an established offensive presence to the lineup, Hoyer said, “We’re talking to a number of those in the market, and I think we probably will [add one].”

He also made it clear that the team is focused on improving its ability to hit right-handed pitching, which seemingly signals a desire for another left-handed hitter, though he noted “sometimes that comes in the form of a right-handed hitter as well.”

Whether that established hitter comes in the form of Cody Bellinger, Rhys Hoskins or someone else remains to be seen, but adding one is still a priority for the Cubs.

And then there’s the bullpen. Arms like Adbert Alzolay, Julian Merryweather, Mark Leiter Jr. and Michael Fulmer were the most reliable options in former Cubs skipper David Ross’ bullpen in 2023, and he certainly made sure to use them. But injuries and ineffectiveness from the relievers in September contributed to the Cubs’ collapse, which is why Hoyer knew going into this offseason it was a spot that needed to be addressed.

Bringing in Almonte is a start, though he’s coming off a rough season with the Dodgers (5.06 ERA, 1.40 WHIP). But that likely won’t be the end of it — even if that means potentially giving out a multi-year reliever deal.

“We’ve offered some this offseason,” Hoyer said, referring to multi-year offers. “It’s not my favorite thing in general, but certainly the bullpen is an area of priority. It’s a hard area. You can look at some teams that’ve built through multi-year deals have struggled, and you look at some teams that’ve built through the smart, targeted transactions that’ve had a lot of success.

“There’s a lot of ways to skin the bullpen cat, but we do need to focus on it. It was an Achilles heel last year, for sure.”

The Cubs clearly had needs this offseason, and the two months they went between Craig Counsell’s hiring and Imanaga’s signing felt like an eternity for fans wondering why those needs weren’t being addressed.

But after biding their time, it seems like the Cubs’ offseason is only just getting started.

“We’re certainly not done with our offseason, by any stretch,” Hoyer said.

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