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Why on earth would they move Hendricks?

Hendricks continues to be perhaps the most unappreciated Cub among some folks here. Pretty sure he's unappreciated by Theo though, and that's what counts.

No one under appreciates Hendricks here, he's been great. He'll probably continue to be good for the next three years while the Cubs still control him.

But there is a reason you don't see many players with his velocity in MLB anymore--they just have so little room for error. If he ever lost a little command, he would be in trouble. If he loses much velocity, he's probably not going to really struggle to get by. All pitchers are risky by nature, especially those with no real margin for error.

In theory, I think some combination of all the reasons listed below could motivate them to trade Hendricks:
 - The risk mentioned above--at some point, maybe the trade value is worth more than his expected future on-field value once risk is factored in.
 - The farm system is weak and Hendricks has a lot of value--he can help refill the pipeline as the current core starts closing in on free agency.
 - He's getting expensive, the Cubs are getting close to the luxury tax, and he's a significant salary they can move easily.
 - He's getting close to free agency--he'll only be two years away next offseason. He's probably not going to be a priority to sign long term over guys like Bryant or Contreras (or Harper or Machado if they decide to get into those markets next offseason). So maybe he's less untouchable a year from now.

I think it's unlikely for Hendricks to get traded, but I see the reasoning. 

Hendricks has always been compared to Doug Fister as a control artist with low (for MLB) velocity. So I think it's interesting to note that when Fister was 29 and had four years of MLB service (which will be Hendricks' status next year), the Tigers traded him to the Nationals for what was viewed as a questionable trade at the time. The Tigers got a lot of criticism. But it turned out that they moved on at the right time. Fister has been worth a total of about 4 fWAR in his last four seasons after being worth almost 16 fWAR in his first four years.

No one under appreciates Hendricks here, he's been great. He'll probably continue to be good for the next three years while the Cubs still control him.

Many here have under appreciated him ever since he came up, minimizing his success, insisting it could not be repeated, describing it as smoke and mirrors, and viewing him as anything other than the best starter on the staff.  That attitude tends to match hand-in-glove with the belief of many than top pitchers have to be hard throwers and that pitchers getting lots of strikeouts are inherently better than those who do not.

Contending otherwise is nonsense.... particularly when the contention comes from someone whose own comments put him in that under appreciating category --

But there is a reason you don't see many players with his velocity in MLB anymore--they just have so little room for error. If he ever lost a little command, he would be in trouble. If he loses much velocity, he's probably not going to really struggle to get by. 

When Hendricks velocity was down last year he wasn’t as good.

Recently, Hendricks was ranked #11 of MLB aces.  He was in lofty company. We would be thrilled with any of the ten listed above him.

Recently, Hendricks was ranked #11 of MLB aces.

Currently #12 on the Bill James Starting Pitcher list.

Ahead of Lester.

Why on earth would they move Hendricks?

The best reason would be if Theo felt Hendricks perceived value around the league was higher than Theo's opinion of his value.  As many have suggested, there is little margin for error.  If his velocity drops a few MPHs he will be taking advantage of his Ivy League education as opposed to getting outs.

Personally, I take Quintana over Hendricks in a heartbeat.