ME: Short answer: No. Technically, the teams have six months to complete the deal from the time it was made (November 2). That gives the Rangers plenty of time to look at minor leaguers in spring training and perhaps into the start of their regular seasons.
The original deal was Smyly and a player to be named later to the Rangers in exchange for a player to be named later or cash considerations. Essentially, the deal allowed the Cubs to pick up Cole Hamels’ 2019 option and still keep some degree of salary relief from the Rangers only if they decided not to pick up Hamels’ option.