Cubs actually have gone over multiple years in a row. From 2016-2020, the Cubs had the 4th, 9th, 5th, 2nd and 3rd highest payrolls in baseball. Some of that is Theo being more naturally aggressive than Jed, but also Theo had some absolute disasters in there that led to a tightening of the check book. The Cubs will absolutely spend the $25M save on Bellinger. Look for them to end the offseason within $8-10M of the CBT so that they have money for in-season acquisitions and I think if things are really going well, they could push past that.
If this season is a good season (division winning, wins a playoff series, etc.) - the Cubs will make a hard run at Kyle Tucker (if they can’t get him locked up early) and they will be over CBT next year. This year might be a re-set after they completely screwed up the CBT last year.