The Cubs made qualifying offers Monday to free agents Jake Arrieta and Wade Davis by Monday’s 4 p.m. deadline.

By making an offer of $17.4 million to Arrieta and Davis, the Cubs are assured of a compensation pick in the 2018 draft if Arrieta or Davis reject the offer and sign with another team.

Davis is the top free-agent closer on the market, and the Cubs don’t have a full-time replacement for him. Davis, 32, converted 32 of 33 save chances in 2017.

The $17.4 million qualifying offer is $200,000 more than the annual average of the five-year, $86 million contract given by the Yankees to Aroldis Chapman.

The Cubs can continue to negotiate with the agents for both players, but other teams now can discuss monetary terms for them and other agents.

Free agents who receive qualifying offers have 10 days to accept or reject the offer and can still negotiate with their original team as well as others during that period.