According to AZ Phil, Brothers has right to elect free agency if outrighted (would have to pass thru revocable waivers to be outrighted).
Brothers is on a 1-year deal, so can be released with Cubs only on hook for termination pay (amount depending when in spring training released). So, unlike Ryan, Brothers not guaranteed full contract salary. Believe that Ryan guaranteed full salary---player option exercised by Ryan at end of 2015 season as part of multi-year deal with Yankees that Cubs inherited.
Brothers is interesting because he's talented so I'd like to keep him. But I totally don't want to plan him onto roster, given he's so wild and probably untrustworthy. But it would be interesting to send him down, and implement perhaps some arm-slot adjustments or whatever that the Cubs analysis diagnoses. Give him some some time at Iowa and see if he can sustain anything enough to earn a shot.
So, the options are:
1. Keep him, good/bad/ugly
2. Cut him, goodbye, clear a million
or
3. Option him? If nobody claims him, he can opt out (and lose the million?) or accept the assignment, and remain on roster at $1.4 or whatever salary?
Am I close on that, or not really?
I suspect there'd be a pretty good chance he'd accept the option to Iowa if the Cubs offer it to him. I think that would be a nice situation for both Cubs and Brothers.