The total cut was one more than the previous high at the tender deadline, ahead of the 2004 season.
Schwarber earned $2,596,296 in prorated pay from his $7.01 million salary last season but hit .188 with 11 homers in 59 games, down from 38 homers, 92 RBIs and a .250 batting average in 155 games in 2019.
Schwarber returned from a serious knee injury and hit .412 with two RBIs in the 2016 World Series as the Cubs won their first championship since 1908.
Fifty-nine players agreed to one-year contracts ahead of the deadline, many of them facing a threat of being cut.
Minnesota reached deals with five players, including pitcher José Berríos ($500,000 signing bonus plus $5.6 million salary) and center fielder Byron Buxton ($5,125,000).