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The 2026 season is underway and last offseason is officially in the books. While free agency hasn’t completely closed — Lucas Giolito continues to wait for an offer he and his camp find acceptable — we’ll take our first look at next winter’s class.

As a reminder, these lists are based on our predictions of a player’s market value. This isn’t strictly looking at the most valuable free agents. Players in their mid-to-late 30s are going to have a difficult time cracking the top 10 because they’re naturally limited to shorter-term deals. Even in what is shaping up as a weak class, everyone in the top five and arguably the top eight have a path to a nine-figure contract.

MLBTR publishes our first free agent power ranking each April. A player’s walk year performance is the biggest factor in what they make, but their play over one week of the ’26 season doesn’t have much of an impact on their initial ranking. At this point, we’re going more off age and career track record — particularly the past couple seasons. There’s a lot of volatility this far out.

That’s especially true for the 2026-27 class. In recent offseasons, it has been fairly easy to identify the top free agent hitter at least a year in advance. Over the past five years, the respective top free agents on our first in-season rankings were Kyle Tucker, Juan Soto, Shohei Ohtani, Aaron Judge, and Corey Seager. Seager signed for $325MM, while the other four all set records for overall guarantee and/or average annual value.

This year also features a clear No. 1 free agent, but it’s a pitcher for the first time in years. Pitchers occupy the top two spots, in fact, and Jesús Luzardo would have made three of the top four if not for his recent extension with Philadelphia. Pitchers are riskier bets than an elite free agent hitter because of the ever-present worry of an injury that could wipe out a season or more.

There simply isn’t an impending free agent position player of Tucker’s or Seager’s caliber, much less an Ohtani or Judge. Nico Hoerner had an argument as the best or second-best free agent position player before signing a six-year extension with the Cubs last week. It’s the weakest hitting class in recent memory.

[Related: Who Will Be The Top Free Agent Hitter?]

The likelihood of a lockout looms over any projection of the 2026-27 offseason. It seems inevitable that MLB and the Players Association will not reach agreement on a new collective bargaining agreement before the expiration of the current CBA on December 1. MLB would immediately implement a lockout, freezing all roster movement and communication between teams and players until a new agreement is reached. The 2021-22 lockout brought the sport to a halt for 99 days.

The anticipated lockout isn’t a factor for this list. It’s too early in the process to predict specific contracts. It also doesn’t seem that last winter’s group of free agents feared the work stoppage. Four players accepted qualifying offers, setting the stage for a return to the open market during the expected lockout offseason. A handful of others took short-term deals at higher annual values with opt-out opportunities this winter. The CBA will be the defining story of next offseason, but it has no bearing on the first ranking of the class.

We’ll refresh these rankings at least twice more during the season as injuries and players’ performances change their market value. There’s frequent turnover in the back half of these lists throughout the season. A lack of top-end talent means that’ll be particularly true this year.

One final note: players whose contracts contain opt-out clauses or mutual options are considered for these rankings. Those whose deals have club options are not. For instance, there’s no scenario in which Ronald Acuña Jr. signs a massive free agent contract next offseason. The Braves are all but certain to exercise their $17MM option for the 2027 season. It’d take some kind of catastrophic injury for Atlanta to buy him out.

Onto the rankings:

1. Tarik Skubal, LHP, Tigers

Skubal enters his walk year on track for the largest pitching contract of all time. He’s probably the best pitcher in the game right now, no lower than second after Paul Skenes. Skubal is the two-time defending Cy Young winner in the American League.

Going back to the start of the 2024 season, he carries a 2.25 earned run average that ranks second among qualified pitchers behind Skenes. He’s third in strikeout rate after Garrett Crochet and Chris Sale, each of whom has thrown fewer innings. Only Logan Webb has logged a heavier workload. Skubal has been even more dominant in October, turning in a 2.04 ERA while striking out 38% of opponents in six career playoff starts.

Skubal has a prototype workhorse build and sits in the 97-98 mph range on his fastball. He dominates hitters from either side of the plate and has no issue working deep into games. The only potential concern is that Skubal has twice undergone elbow surgeries: a 2017 Tommy John procedure while in college and a ’22 flexor repair that cost him a year. Skubal has not missed a start since returning from the latter surgery.

As long as he stays healthy, he should shatter the record for the largest pitching contract ever. Excluding the Ohtani deal, that’s currently held by Yoshinobu Yamamoto, who got to $325MM over 12 years. Skubal turns 30 in November, so he’s not signing for 12 years, but he could land a nine- or 10-year pact that beats the $43.33MM record average annual value for a pitcher. We’re probably looking at the sport’s first $400MM arm and the clear prize of the winter.

Skubal and agent Scott Boras have already broken new contractual ground. They were rewarded for a bold arbitration filing, resulting in a record salary ($32MM) and the largest single-year jump (nearly $22MM) via that process. He’ll be attached to a qualifying offer unless the Tigers unexpectedly face plant and trade him at the deadline (which makes a player ineligible for the QO). That’s irrelevant for players this good. Teams will happily forfeit a couple draft choices and international bonus pool money to install Skubal atop their rotation for the better part of the next decade.

2. Freddy Peralta, RHP, Mets

Peralta has been one of the best and most consistent starting pitchers in the majors for over five years now. From 2021 to 2025, he has thrown 738 1/3 innings, allowing 3.30 earned runs per nine. His 9% walk rate in that time is around league average while his 29.6% strikeout rate is tied for 16th among 208 qualified pitchers. He has a four-pitch mix consisting of a four-seamer, changeup, slider and curveball, getting good results will all four.

For that span, he has been credited with 14.8 wins above replacement from FanGraphs, making him one of the 20 most valuable pitchers in the league. He hasn’t had a major injury in that time. A lat strain limited him to 18 appearances in 2022, but he has made at least 30 starts in each season since.

After the Mets acquired Peralta from the Brewers this offseason, many expected an extension to keep him in Queens. However, it seems there may be a misalignment of priorities. President of baseball operations David Stearns prefers short-term deals, for all players but especially for pitchers. Including his time with the Brewers as well as with the Mets, he has only twice gone beyond three years for a pitcher. In both cases, they were five-year extensions for pitchers early in their careers. One was for Peralta himself, a $15.5MM deal signed before he was established. The other was a $20.5MM deal for Aaron Ashby.

The Mets would presumably offer Peralta a very high average annual value, but it seems he would prefer a more traditional long-term deal. He has publicly said he is hoping to sign a deal of seven or eight years in length. He would have a case for such a pact. His profile lines up fairly nicely with Dylan Cease, who just got a seven-year deal worth $210MM from the Blue Jays, though deferrals knocked the net present value down to the $180-185MM range. Here are the two pitchers from 2023 to 2025:

Peralta: 95 starts, 516 innings, 28.9% strikeout rate, 8.8% walk rate, 38.5% ground ball rate, .265 BABIP, 79.8% strand rate, 13% HR/FB, 3.40 ERA, 3.88 FIP, 3.63 SIERA

Cease: 98 starts, 534 1/3 innings, 28.8% strikeout rate, 9.5% walk rate, 37.5% ground ball rate, .304 BABIP, 69.3% strand rate, 10.3% HR/FB, 4.18 ERA, 3.45 FIP, 3.72 SIERA

The strikeout, walk and ground-ball profiles are extremely close. Peralta had a bit better luck in terms of batted balls and sequencing, giving him an edge in the ERA department, but advanced metrics put them much closer together. Front offices these days tend to overlook ERA, as Cease’s deal shows.

Peralta will be one year older than Cease, in baseball terms. Cease signed his deal with the Jays going into his age-30 season. Peralta turns 30 this June, so 2026 will technically be his age-30 campaign. However, the difference is actually just six months. Cease turned 30 in late December, about three months before his first start with the Jays. Peralta will turn 30 about nine months before the start of the ’27 season. Like Cease, he’ll be attached to a qualifying offer but shouldn’t be impacted by draft forfeiture.

3. Bo Bichette, 3B, Mets

Bichette was just one of the top free agents of the past offseason but has a chance to be in that position again. Though he did receive at least one long-term offer — the Phillies reportedly bid around $200MM — he opted to go for a short-term deal with an extremely high average annual values and opt-outs.

With a healthy season, Bichette could return to the open market with fewer questions. He finished last season injured and with an uncertain defensive future. He was never considered an excellent shortstop and then suffered a sprained PCL in his left knee late in the 2025 season. He finished the campaign on the injured list and missed the first few rounds of the Blue Jays’ playoff run. He was activated for the World Series but was clearly not 100% and was limited to second base and designated hitter duty.

Despite the question marks, Bichette still had a robust market thanks to his bat. He doesn’t walk much but is also tough to strike out. He generally has 20-plus homer power, giving him an intriguing contact/power combo. He has a .292/.335/.466 batting line in his career, resulting in a 121 wRC+, indicating he’s been 21% better than league average overall. Before the knee injury in 2025, he hit 18 home runs and slashed .311/.357/.483 for a 134 wRC+.

Bichette’s largest total offer this winter came from the Phillies, who put forth a seven-year framework worth around $200MM. Instead, he signed a three-year deal with the Mets. The $126MM guarantee is well shy of the Philly offer but allows Bichette to bank $42MM this year. If he decides to opt-out, he will collect a $5MM buyout on his way out the door. While turning down $200MM isn’t easy, Bichette can return to free agency with about a quarter of that money already under his mattress.

It’s also theoretically possible he could get an even better long-term offer this coming winter. He will be a year older but still relatively young, as he will turn 29 in March of 2027. The Mets are playing him at third base this year. Moving down the defensive spectrum hurts his earning power, but that was already the expectation for him. Having one year of experience should at least give him some proof of concept at a new position. Ideally, he won’t go into the coming offseason with any health issues. He was a $200MM guy a few months ago and should still be that a few months into the future. He’s ineligible for the qualifying offer after receiving one from Toronto last winter.

4. Jazz Chisholm Jr., 2B, Yankees

There’s a clear tier break between the Nos. 3 and 4 players in the class. Chisholm seems to have the highest ceiling of the non-Bichette group of position players. He’s a lefty-hitting middle infielder with plus bat speed and athleticism. Chisholm was one of seven players to go 30-30 last season, setting a career-high with 31 home runs. His matching stolen base total was the second highest of his career.

The hangup is the amount of swing-and-miss in his game. Chisholm has fanned at a higher than average rate in every season of his career. He punched out in 28% of his plate appearances a year ago, batting .242 in the process. A personal-high 10.9% walk rate resulted in a solid .332 on-base percentage, but he has a more pedestrian .315 mark over his career. Chisholm’s career .247/.315/.451 batting line is around eight to nine points better than league average, in the eyes of park-adjusted metrics.

Free agency has generally been unkind to second basemen in recent years. Hoerner’s $141MM extension could be a nice boost for the position, but he may have gotten interest as a shortstop if the Cubs had let him hit free agency. That’s less likely for Chisholm, who is a solid but not elite second baseman and hasn’t played shortstop in five years. He could be an option for teams seeking third base or outfield help, though a downward trend in his sprint speed means he’s probably not returning to the everyday center field work he logged with Miami between 2023-24.

Chisholm will be eligible for qualifying offer. He wouldn’t have much delay in declining it if he repeats last season’s production. He’s one of the younger players in the class, not turning 29 until next February. Matching his 2025 numbers could set him up for a nine-figure contract.

5. Trevor Rogers, LHP, Orioles

The past 12 months have represented a remarkable turnaround for Rogers. Baltimore’s 2024 acquisition of the former All-Star lefty for Kyle Stowers and Connor Norby was heavily scrutinized. He was bombed over his first four starts as an Oriole and optioned to Triple-A to end the ’24 season. He began last season on the injured list and was on optional assignment to Triple-A into the middle of June.

From the time of his final recall through the end of the season, Rogers ripped off 17 starts with a 1.92 ERA. He fanned a slightly above-average 24.4% of opponents against a 7.2% walk rate while holding hitters to a .185/.246/.272 line. Within a half-season, Rogers went from a depth piece to Baltimore’s Opening Day starter. He has opened this season with a pair of quality starts, allowing two runs with an 8-to-5 strikeout-to-walk ratio over his first 13 innings.

Rogers’ dominant run prevention hasn’t come with a huge amount of swing-and-miss. He has good but not elite strikeout and whiff rates. His 93 mph average fastball isn’t overpowering on the surface. He gets a lot of weak fly-balls on the heater while using his changeup and sinker as ground-ball offerings. Rogers picked up a sweeper last year to build out the arsenal.

There are obvious red flags to which Rogers’ detractors could point. He’s not going to match last season’s .226 average on balls in play, even if it’s reasonable to expect him to sustain a lower-than-average BABIP based on hitters’ struggles squaring him up. Durability is the other big concern. Rogers has yet to reach even 140 innings in a big league season. He missed time early in his career due to back, lat and biceps issues. A right knee subluxation cost him the first six weeks of the ’25 campaign.

Rogers is among the highest variance players in the class. He could hit the market as a 29-year-old coming off a season and a half of ace-caliber production. Another injury or a slight drop in velocity or whiffs could quickly drop him back into prove-it territory.

There’s a lot of projection in slotting him this high, but it’s also a reflection of how few pitchers in this class are hitting the market in their primes. There are a handful of pitchers below Rogers on this list who have much longer track records, but they’re mostly into their early-mid 30s. Rogers has a chance at a five-plus year deal that most of the older, more established arms do not. He’ll be eligible for a qualifying offer.

6. Michael King, RHP, Padres

King can return to the market by opting out of the final two seasons of his three-year, $75MM deal. The right-hander had a fairly robust market last winter despite being limited to 15 starts, largely by a nerve issue in his shoulder. However, King was unlikely to command five or six years coming off that platform, so he opted for three years with opt-outs to return to the Padres.

This is almost entirely dependent on health. King performed at a borderline ace level throughout 2024 and the first two months of the ’25 season. He struggled down the stretch after returning from the nerve injury and an August IL stay due to a minor knee issue. After a shaky spring, he worked around four walks across five scoreless frames versus the Tigers in his season debut. His 94 mph average fastball was at typical levels.

King won’t be eligible for another qualifying offer. He turns 31 in May, so a free agent deal would begin with his age-32 season. Five-year deals for starting pitchers at that age aren’t common. A healthy season could get him to four years at a strong enough annual value to reach nine figures. Injuries could take him off the market entirely by leading him to forego the opt-out.

7. Daulton Varsho, CF, Blue Jays

Varsho missed the final month of the 2024 season due to a shoulder injury that required offseason surgery. The rehab from that operation, coupled with a separate hamstring strain, limited him to only 71 games in 2025. Despite that considerable time off, he still ranks fifth among all major leaguers, at any position, in Defensive Runs Saved over the past three-plus seasons at 44. The four players above him have all played at least 1000 more innings. Varsho’s 22 Outs Above Average tie him for 23rd in baseball in that same span. The Ultimate Zone Rating metric isn’t as commonly used as it was 15 years ago, but no player in MLB (min. 1000 innings) has been a better defender than Varsho since 2023 by measure of UZR/150.

A former catcher, Varsho took shockingly well to center field and now stands as one of baseball’s premier defensive players. He’s far from a one-trick pony, however, even if his glove is his best asset. The second-generation big leaguer has been a perennial threat for 20-plus home runs, but his power output exploded in 2025. Varsho belted 20 round-trippers in only 271 turns at the plate. He chipped in three more homers in 81 postseason plate appearances. If he’d maintained that regular season pace over the same 562 plate appearances he averaged in the three preceding seasons, Varsho would’ve topped 40 home runs.

That type of power output was a new development, and whether he can sustain anything close to it will go a long way toward determining the extent of his earning potential this coming winter. If Varsho can somehow maintain anything close to last year’s breakout .310 ISO (slugging minus batting average), he could be in line for a nine-figure contract. If his power comes back down to Earth, things are less certain. Varsho is a good player, but he’s strikeout prone and typically has only an average walk rate. That’s led to a career .295 on-base percentage, which many teams will see as a glaring red flag.

There’s a wide range of outcomes here, but Varsho is going to reach free agency as a 30-year-old. He’ll turn 31 in July of year one on his new contract. A plus-plus center field defender with 20-homer pop should, at the very least, command three to four years in free agency. If he can sustain last year’s power output, Varsho can more credibly look for a contract of five years, which might be enough to push him into nine-figure territory. It’d be a big bet to place on someone with such paltry OBP skills, but 40-homer pop and a poor OBP netted Anthony Santander a $92.5MM deal (albeit with heavy deferrals). Varsho should be more appealing if he can stay healthy and deliver a career-best performance in the power department. He’ll be attached to a qualifying offer.

8. Tatsuya Imai, RHP, Astros

Imai’s market didn’t materialize the way many expected last offseason. Despite several predictions of a nine-figure contract — MLBTR included — the Japanese righty wound up settling for somewhat of a prove-it deal. He signed a three-year, $54MM guarantee with the Astros which included opt-outs after the first two seasons.

The Astros also paid a $9.975MM posting fee to NPB’s Seibu Lions. In a sense, Houston was willing to spend nearly $28MM for one year of Imai’s services. That’s a decent amount, but scouts had enough trepidations about Imai’s command and the quality of his secondary pitches that teams weren’t willing to make a long-term commitment.

That’d probably change if he pitches at a mid-rotation level as a rookie. Imai is the youngest starter of note in this class, as he won’t turn 28 until May. He has a plus fastball that averaged 95.6 mph in his MLB debut. It was a rocky start overall, as he walked four batters and couldn’t escape the third inning, but one poor outing doesn’t say much about the caliber of pitcher he’ll be moving forward. (Yoshinobu Yamamoto gave up five runs and lasted all of one inning in his own MLB debut.)

Imai probably won’t be in this spot on the next iteration of the free agent rankings. If he’s pitching well, he could jump into the top five based on the youth and velocity. If he struggles, he could drop off the list equally quickly. He would be eligible for a qualifying offer if he opts out of his current contract.

9. Randy Arozarena, LF, Mariners

Arozarena is an above-average everyday left fielder. He has been between 14 and 27 percent better than average at the plate in five straight seasons. He hit a career-high 27 homers while stealing 31 bags last year. Arozarena has gone at least 20-20 in each of the last five years and is a lifetime .250/.344/.433 hitter.

That blend of power and speed comes with some swing and miss. Arozarena has struck out a near-26% clip in his career and punched out in 26.9% of his trips last year. Defensive Runs Saved has graded him as a league average left fielder, while he’s generally a little worse than par by measure of Outs Above Average.

Arozarena will hit the market at age 32, likely with a qualifying offer attached. A high-AAV three-year deal seems likelier than four guaranteed seasons. His camp would probably try to beat the $66MM Teoscar Hernández contract if he has his usual year.

10. Seiya Suzuki, RF/DH, Cubs

Much of the Arozarena writeup also applies to Suzuki. The righty-hitting slugger owns a .269/.346/.472 slash over four big league seasons since signing out of NPB. He popped 32 homers with a .245/.326/.478 mark over 651 plate appearances last season.

Suzuki has plus power and takes a lot of walks. It comes with some strikeouts but not enough to prevent him from slotting into the middle of a lineup. Suzuki is probably a slightly better offensive player than Arozarena, but he faces more questions about his position fit and injury history.

The Cubs have used Suzuki frequently as a designated hitter over the past couple seasons. He has the speed and arm strength to play right field, where the public metrics have graded him as a slightly below-average defender. He missed time in 2023 and ’24 with oblique strains and began this year on the shelf with a minor PCL sprain in his right knee suffered during the World Baseball Classic.

Suzuki will be eligible for a qualifying offer. Like Arozarena and teammate Ian Happ, he’ll hit free agency as a 32-year-old corner outfielder. They’re all consistently good but not top-tier hitters, and clubs could reasonably order them in any way. They each have a shot at three years and more than $20MM per season. A fourth year for any of the three isn’t a complete stretch but also shouldn’t be considered likely. As MLBTR’s Contract Tracker shows, the only free agent deals of four or more years for outfielders 32 or older in the past decade have been for Starling Marte (four years, $78MM) and Lorenzo Cain (five years, $80MM) — both of whom played center field in their platform seasons.

Honorable Mentions (listed alphabetically): Bryan Abreu, David Bednar, Shane Bieber, Kris Bubic, Jack Flaherty, Zac Gallen, Kevin Gausman, Trent Grisham, Ian Happ, Shota Imanaga, Brandon Lowe, Casey Mize, Adrian Morejon, Nick Pivetta, Brady Singer, Gleyber Torres, Taylor Ward, Brandon Woodruff

Respective images courtesy of Imagn Images.