Everything coming out of St. Louis suggests that the Cardinals are at a major pivot point for the franchise. They are entering what could be a multi-year rebuild period as they focus on player development more than short-term contention. That has been the case for about a year already but all signs suggest the club will be leaning harder in that direction. Katie Woo of The Athletic reports that the ownership will now be more willing to eat money in trades, in order to extract greater returns.
That reporting aligns with comments this week from Chaim Bloom, the new president of baseball operations. “As far as cash being a lever on the trade front, that should never be off the table,” he said, per Woo. “Obviously, you’d prefer not to do that, but you could end up in a situation where adding cash to make a preferred deal work just makes sense.”
Between Bloom’s comments and Woo’s reporting about ownership, it seems the franchise is aligned. That should only add to the sense that highly-paid players like Nolan Arenado and Sonny Gray are more likely to be moved this offseason than they were last winter.
A year ago, the Cards made it clear that they were beginning this reset period. That initially made it seem likely that veteran players like Arenado, Gray and Willson Contreras could be logical trade candidates. However, Gray and Contreras quickly indicated that they wanted to stay in St. Louis. Arenado was a bit more open to a trade but had a narrow list of five clubs he considered acceptable landing spots and ultimately wasn’t traded.
The club’s rebuilding plans now seem to be more firmly in place and both Arenado and Gray have publicly expressed a greater willingness to waive their no-trade clauses this time around. Contreras seems less interested in leaving but didn’t completely discount the possibility.
That’s a good start for the Cardinals but eating money will be helpful to getting deals done. Gray is still a good pitcher and just wrapped a solid season, middling earned run average notwithstanding. Though he allowed 4.28 earned runs per nine over 180 2/3 innings, his .329 batting average on balls in play probably inflated that a bit. His 26.7% strikeout rate, 5% walk rate and 43.9% ground ball rate were all strong marks. ERA estimators like his 3.39 FIP and 3.29 SIERA suggest he was more his old self than the ERA itself would indicate.
Even if clubs are willing to overlook the ERA, the contract is an obstacle. His three-year, $75MM deal with the Cardinals was heavily backloaded. He made just $10MM in 2024 and $25MM this year. He’ll then make $35MM next year, followed by a $5MM buyout on a $30MM club option. If that option is picked up, Gray can then opt out.
At this point, there is just one more guaranteed season left on the deal but with $40MM still to be paid out. The option doesn’t really add any extra upside because of that opt-out. Despite Gray’s talents, $40MM for one year of a pitcher is a lot. That kind of average annual value has been reserved for ace-type pitchers. Even if it were a fair price for Gray’s services, eating more money to extract more prospect capital is a sensible tactic for a club focused on the long term.
Arenado is going to make $27MM next year, though the Rockies are going to pay $5MM of that and $6MM is deferred. He’ll then make $15MM in 2027. That works out to less than $20MM annually but his stock is down after some rough years at the plate. He hit just .237/.289/.377 for a wRC+ of 84 this year and was barely above league average in the prior two campaigns. He still gets good grades for his glovework but isn’t the MVP candidate he once was.
Other teams will have different valuations of what they expect from him going forward, but as mentioned with Gray, any money that the Cardinals are willing to eat should increase what teams are willing to give up.
With Contreras, as mentioned, a trade seems less likely before even considering the money but it could happen. He is still owed $41.5MM over the next two years. That’s an $18MM salary next year, $18.5MM in 2027, and then a $5MM buyout on a $17.5MM club option for 2028.
He has been moved from the catcher position to first base. He got decent grades for his glovework there this year, getting credit for six Outs Above Average, while Defensive Runs Saved had him just below par at -1. The bat is still strong, as he hit .257/.344/.447 this year for a 124 wRC+. Those numbers are all close to his career marks, where he has a .258/.352/.459 batting line and 122 wRC+.
Though he’s going into his age-34 season, the deal isn’t bad. Christian Walker just got $60MM over three years from the Astros going into his age-34 campaign. But even if the Contreras deal isn’t underwater, other teams may not give up much for it unless the Cards pay it down somewhat.
Last winter, the Cards seemed to be more motivated by salary relief. Arenado was still owed roughly $60MM over three years when they lined up a trade with the Astros. Arenado vetoed that deal but reporting indicated the Cards were only going to eat about $5MM per season, leaving the Astros on the hook for about $45MM. It’s unknown what the Cards were going to receive in that trade but is was likely going to be a salary dump deal. Cardinals chairman Bill DeWitt Jr. later said they would have to find cuts elsewhere if they didn’t move Arenado, though that didn’t really end up happening.
Per RosterResource, the Cardinals had a $144MM payroll in 2025. Thanks to some trades and some expiring contracts, they are projected for just $75MM next year. Arbitration salaries for players like Brendan Donovan and Lars Nootbaar could push that up but those players are themselves candidates to be traded this winter. Perhaps that lighter payroll is what opened the path for the Cards to worry less about cost savings this time, which could increase their chances of adding meaning young talent to their pipeline.
There will be non-payroll expenditures, however. Woo reports that the club is planning to make more investments in the fields of analytics, player development and scouting. There’s also some uncertainty with the club’s TV deal. The Cards reached a new agreement with Main Street Sports, formerly known as Diamond Sports Group, to be on the FanDuel Sports Network in 2025. Woo writes that the deal contains option provisions after each season. She says that no major shake-up is expected but that some renegotiations could take place.
Photo courtesy of Isaiah J. Downing, Imagn Images
