Phelps should provide valuable depth as a reliever for the Cubs down the stretch. He has pitched well this season for a non-contender in Toronto and has plenty of experience in Major League Baseball (245 games). Expect to see Phelps in some high-leverage situations for Chicago.

The Blue Jays managed the Phelps asset well. He pitched well after coming back from Tommy John surgery and was traded for Hatch, a marginal starting pitching prospect with modest upside. He is a bit of a dart throw for Toronto, but he certainly has more value to a rebuilding team than Phelps has.

It is unlikely that Phelps will get a lot of save chances down the stretch, but he should continue to strike a lot of hitters out and register a few holds with the Cubs. He may even pick up a few wins. Therefore, his stock goes up after this trade. As for Hatch, take a wait-and-see approach. He does not need to be owned right away.