I will be very disappointed both in the Cubs and Hoyer if the "sweet spot" on Lugo was anywhere near Kevin Alcantara to begin with, regardless of other pieces. Alcantara is showing some red flags certainly, but is three months removed from being a pretty universal-top-75 type. I'm inclined to believe that there's some help and potential fixing that could happen as it pertains to his issues on non-fastballs. There's enough age there that I don't think we're at a nuclear option yet. Or at least, hope.
On the flip side, Lugo's top-line looks good, but the processes and under-the-hood stuff are horrible. He's taken major steps back on chase, whiff, and contact quality against from where he was in 2024. Couple in the age and the potential to be stuck with Lugo next year if the processes eventually match the top-line (as in, he regresses to those processes) the Cubs should be able to find a far cheaper option who won't come with the potential for a 2026 grenade than to have to trade a down-year Alcantara.
He did succeed in 2023 with similarly wonky Statcast data, but it's hard to think that it's very repeatable. Still the xData liked him more then, too.
If he was coming from an organization who hasn't had success recently in pitching, I'd maybe buy that you could find some fix/help, but considering the progress of pitchers like Ragans and Bubic, it isn't like the Royals are currently an org who's incapable of squeezing some value out of starters like maybe we would have viewed them four years ago.
Last year Martin Perez, at age 33 went for an 18 year old lottery ticket. Perez was not as good on the top-line, but his processes painted a similar picture. Lugo's got history to where you can argue his value is more because of it, but I cannot see the massive leap-and-bound that it would take to get to Alcantara.