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Yankees Acquire Cody Bellinger

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The long-awaited Cody Bellinger trade has arrived. The Yankees and Cubs announced a trade sending Bellinger and cash considerations to the Bronx in exchange for right-hander Cody Poteet. Chicago is reportedly paying down $5MM of the $52.5MM remaining on Bellinger’s contract. They’ll pay $2.5MM of next season’s $27.5MM salary and send another $2.5MM in 2026 — either covering a portion of his $25MM salary for that season or paying half of the $5MM buyout if he opts out of his contract next winter. New York reportedly plans to use Bellinger as a center fielder.

Bellinger heading to the Bronx is a logical fit and it has been in plenty of rumors recently. At the start of the offseason, the Yankees lost Juan Soto, Alex Verdugo and Anthony Rizzo to free agency, opening up two holes in their outfield and one at first base. Since Bellinger has played both the outfield and at first, the 29-year-old was seen as a possible fit for their 2025 plans in various ways. The Yanks pursued Soto for a long time but he eventually landed with the Mets, pushing the Yankees to several backup plans. They have since signed left-hander Max Fried and acquired right-hander Devin Williams to upgrade their rotation and bullpen.

For the Cubs, Bellinger has seemed expendable for a few reasons. On the one hand, Pete Crow-Armstrong emerged as a viable glove-first center fielder in 2024, which was Bellinger’s primary spot the year before. Michael Busch also took over the first base spot. With Ian Happ and Seiya Suzuki in the outfield corners, Bellinger was a bit squeezed. The Cubs only compounded the problem when they acquired Kyle Tucker from the Astros.

However, beyond the roster crunch, the Cubs were also likely motivated to move Bellinger due to his decline in performance. After some rough years with the Dodgers while recovering from shoulder surgery, the Cubs took a bounceback flier on Bellinger in 2023. After being non-tendered by the Dodgers, the Cubs gave Bellinger a $17.5MM guarantee on a one-year pact, hoping he could get over his injury woes and return to being the player that won Most Valuable Player in 2019.

He didn’t get all the way back to that level but was still great value for that investment. He stole 20 bases and hit 26 home runs. He only struck out 15.6% of the time. The reviews of his center field defense were mixed but were mostly close to league average. He also moved to first base on occasion. He slashed .307/.356/.525 for a 136 wRC+ and produced 4.4 wins above replacement, in the eyes of FanGraphs.

Perhaps the Cubs would have been happy to walk away at that point. They gave Bellinger a qualifying offer and didn’t seem to have a very high motivation to re-sign him, but nor did any other clubs, as Bellinger remained unsigned through late February. Eventually, he and the Cubs agreed to a three-year, $80MM deal with opt-outs after each season.

On that kind of deal, the best case scenario for the club is that the player performs well and then opts out. If the player doesn’t opt out, it means he doesn’t like his prospects in free agency, which likely means he got hurt or underperformed.

Bellinger’s production did indeed slip relative to 2023, though it wasn’t disastrous. He stole nine bases and hit 19 home runs. His strikeout rate held steady at 15.6%. He slashed .266/.325/.426 for a wRC+ of 109. His center field defense was still graded as around league average but he spent less time there due to the aforementioned emergence of Crow-Armstrong. He produced 2.2 fWAR, half of the year before.

Going into the offseason, it was a borderline call as to whether Bellinger would opt out or not. He could have taken the $2.5MM buyout and taken his chances, leaving a $52.5MM guarantee on the table. While he may have been able to beat the $50MM difference this winter, he decided to stay, perhaps due to the way the current contract is allocated. He will make $27.5MM in 2025 with a $5MM buyout on his $25MM for 2026. There’s a best-case scenario for him personally where he plays better in 2025 and then takes the second opt-out, returning to the open market with greater earning power, pocketing $32.5MM in the process. He decided that was more attractive than opting out this year.

It seems fair to conclude that the Cubs would have rather he opted out. Trade rumors surrounding Bellinger have been flying all offseason and now the Cubs have moved on from him, mostly for salary relief. By taking on the majority of that salary, the Yankees haven’t had to give up much, though there is financial risk and the deal has more downside than upside.

If Bellinger plays especially well in 2025, he will trigger that opt-out. That will leave the Yankees having paid him $27.5MM for one year, which is the best-case scenario for them at this point. Though if he doesn’t play well or finishes the upcoming season with a notable injury, he will stay on their books for 2026, with the Yanks on the hook for $22.5MM of his $25MM salary.

The Yankees are also repeat luxury tax payors, which will add to what they are paying Bellinger. If they end up above the highest threshold as they did in 2024, then they are slated for a 110% tax on spending over the top line, so any new additions to the roster effectively cost double. That compounds the risk they are taking with Bellinger but the same would be true if they had instead opted to sign a free agent or acquire another player making a notable salary.

Bellinger has been a very streaky player in his career, so it’s anyone’s guess which of those outcomes is more likely in the upcoming year. As mentioned, he’s shown MVP upside but followed that up with a stretch so bad that he was non-tendered. He roared back in 2023 but dipped a bit in 2024.

All that being said, it’s understandable why the Yankees would be interested in taking this risk. The free agent market features outfielders like Teoscar Hernández and Anthony Santander, but they will likely end up with larger guarantees than Bellinger. Santander is reportedly looking for a five-year deal and Hernández three, each likely hoping for an average annual value of $20MM or more.

They are also both bat-first guys with poor defense, whereas Bellinger is capable of being a strong defender in an outfield corner or perhaps passable in center. The Yanks played Aaron Judge in center a lot in 2024 while using Verdugo and Soto in the corners, though it seems that Judge is now slated to return to right field. That’s a sensible pivot since Judge’s marks were poor this year and he’s about to turn 33, meaning the long-term toll on his body would have to be considered. The Yankees may have continued to have Judge up the middle if they had re-signed Soto but after he signed with the Mets, it was reported the the club was planning to move Judge back to right and have Jasson Domínguez get a crack at the center field job.

Now that they have landed Bellinger, it seems he is Plan A for center. As mentioned, the advanced metrics have been a bit split on his viability there. In over 4,000 innings, he has been credited with 10 Defensive Runs Saved. However, most of that positive value came earlier in his career with the Dodgers. He’s been average or below for four straight years now. Outs Above Average, however, is far more bullish. That metric has given Bellinger a grade of +19 in his career, having him at par or better in every season of his career.

Perhaps there’s a scenario where Domínguez seems like the better option and pushes Bellinger to a corner, but there’s no guarantee he will be a capable big leaguer in 2025 at all. He tore through the minors and then debuted with a splash in 2023, but he then required Tommy John surgery late that year, which put him on the shelf for a decent chunk of 2024. He then missed more time this year due to an oblique strain and has only appeared in 26 big league games at this point. He will likely still get a shot at taking the left field job next to Bellinger and Judge but isn’t guaranteed anything, with guys like Everson Pereira and Spencer Jones around to give him some competition.

The Yanks didn’t have many other options if they wanted to find a solution for center field. The free agent market is arguably led by glove-first Harrison Bader, who they weren’t likely to sign anyway after a bad experience trading for him in 2022. The trade market has other options such as Luis Robert Jr., though all reports have indicated the White Sox are setting a high asking price even though Robert is coming off yet another injury-marred season.

It’s also possible that they change their plans, depending on how the rest of the offseason plays out. They reportedly have interest in various first base options, such as trade candidates Josh Naylor or Nathaniel Lowe, as well as free agents Pete Alonso, Christian Walker, Carlos Santana and Paul Goldschmidt. But if they can’t complete a deal they like there, they could always pivot back to Hernández and/or Santander or some other outfielder, sending Bellinger to first base in that scenario.

For the Cubs, they are likely happy to get the majority of Bellinger’s salary off their books but also take a flier on Poteet. The 30-year-old has 83 innings of major league experience at this point between the Marlins and Yankees, missing the 2023 season while recovering from Tommy John surgery. He returned to the mound in 2024 but also missed about three months due to a right triceps strain.

He tossed 24 1/3 innings in the majors this year over four starts and one relief appearance. He allowed 2.22 earned runs per nine with a 16.7% strikeout rate, 8.3% walk rate and 42.3% ground ball rate. He also made ten Triple-A starts with a 3.92 ERA, 27.2% strikeout rate, 8.3% walk rate and 40.7% ground ball rate.

The Cubs already have a solid rotation mix consisting of Justin Steele, Shota Imanaga, Jameson Taillon, Matthew Boyd and Javier Assad. They’ve been connected to Jesús Luzardo in recent rumors and also have Jordan Wicks, Ben Brown and Cade Horton in the mix. Poteet still has options and can slot in as Triple-A depth for the Cubs.

Financially, RosterResource now has the Cubs with a competitive balance tax calculation of $192MM, almost $50MM shy of the $241MM base threshold. They went a bit over the line in 2024 but it’s unclear if they are willing to do so again in 2025. It’s also unclear if they have any other big moves planned now that they have added Tucker and Boyd. The bullpen could certainly use some upgrades but the club has generally shied away from big splashes there.

RR puts the Yankees at a $270MM payroll and a luxury tax calculation of $292MM. They had a payroll around $300MM last year and therefore still have a bit of wiggle room for other moves if they are willing to get to a similar level next year. The top tier of the tax starts at $301MM next year, so they are not far from getting up to that 110% tax rate, but are already at a 95% rate at their current level.

They are still on the lookout for help at the infield corners, with Jazz Chisholm Jr. likely slated to be moved from third to second base, though adding a second baseman and keeping Chisholm at third is also a possibility. Perhaps a trade of Marcus Stroman could help in multiple ways, as he is making a notable salary and arguably surplus to requirements in the rotation.

Jeff Passan of ESPN first reported that Bellinger and cash were going to the Yankees for Poteet. Jack Curry of YES Network first had the $5MM total. Jesse Rogers of ESPN reported that it was split into $2.5MM per year while Passan added that the second half would be coming regardless of the opt-out decision. Bob Nightengale of USA Today reported that Bellinger has been told he’ll be playing center field for the Yanks.

Yankees, Colten Brewer Agree To Minor League Deal

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The Yankees have agreed to a minor league deal with righty Colten Brewer, reports Robert Murray of FanSided. The ISE client will be back for a second stint with the Yankees and will receive an invite to big league camp next spring.

Brewer, 32, pitched 8 1/3 innings with the Yankees in 2023 and spent the bulk of that season with their Triple-A affiliate. He spent the 2024 campaign with the Cubs, pitching 20 2/3 innings with a grim 5.66 ERA but a more encouraging 23.2% strikeout rate versus a 9.5% walk rate. The 6’4″ righty has pitched in parts of six big league seasons for four teams, compiling 120 innings of 5.10 ERA ball.

Though Brewer doesn’t have a standout MLB track record, he’s been solid in parts of seven Triple-A seasons, working 164 2/3 innings with a 4.10 ERA, a 26.6% strikeout rate and a 9.5% walk rate. He averaged 94.3 mph on his heater this past season and, like many Yankees pitching targets, has shown a repeated penchant for inducing ground-balls. Just over half the batted balls put into play against Brewer in his big league career have been grounders (50.1%).

With the exception of an uncharacteristic six homers in 25 2/3 innings in 2020, Brewer has done a good job of both keeping the ball in the yard and avoiding hard contact. He yielded just a 31.9% hard-hit rate in Triple-A this past season and an even stingier 28.3% mark with the Yankees in 2023. Overall, Brewer was excellent with Scranton/Wilkes-Barre in 2023, recording 20 2/3 innings of 1.80 ERA ball for the Yankees’ top affiliate that year. He parlayed that success into a run with the Hanshin Tigers in Japan but returned stateside this past season.

Obviously, Brewer’s minor league deal is far from the most impactful Yankees news of the day. However, he’ll give the Yanks an experienced reliever with a nice Triple-A track record and plenty of grounders to stash in the upper minors. Brewer has pitched in six of the past seven MLB seasons — 2022 being the lone exception — and ought to be in line for a call should the Yankees need an extra arm in the event of injuries and/or a stretch that heavily taxes the big league bullpen.

Yankees Interested In Paul Goldschmidt

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The Cubs have seemingly been trying to trade first baseman/outfielder Cody Bellinger for weeks, with the Yankees the club most often connected to Bellinger. Recent reports have suggested that the two clubs have been facing a gap in negotiations, however. It was reported over the weekend by Jon Heyman of The New York Post that the Yankees were considering various alternatives, which was echoed this afternoon by Bob Nightengale of USA Today.

Heyman’s report from the weekend suggested that the Yankees were considering trade candidates like Josh Naylor of the Guardians and Nathaniel Lowe of the Rangers, as well as free agents Pete Alonso, Christian Walker or Carlos Santana. Nightengale’s framing is similar, saying that the Yankees are engaged with those three free agents as well as Paul Goldschmidt.

Those free agents will all come with very different price points, mostly due to age. Alonso is easily the youngest at 30 years old. Walker will turn 34 in March, Goldschmidt is 37 and Santana turns 39 in April. At the start of the offseason, MLBTR predicted Alonso for a five-year, $125MM deal, with Walker at $60MM over three years and Goldschmidt projected for $15MM on a one-year pact. Santana wasn’t mentioned after signing with the Twins for $5.25MM via a one-year deal last winter, though he could earn a raise after a strong 2024 season.

The Yankees still have several moving pieces in their offseason, so their first base move will come in conjunction with moves elsewhere. They also need a left fielder and one more infielder, likely a third baseman with Jazz Chisholm Jr. moving to second base, though adding at the keystone is also a possibility. Further bullpen moves could also be considered while the rotation arguably still has a surplus, even after the Yanks got Devin Williams for Nestor Cortes and Caleb Durbin.

For those various openings, they have been connected to guys like Alex Bregman, Teoscar Hernández, Anthony Santander, Bellinger and others, as well as these various first base candidates. How much they spend on one spot could naturally have an impact on how much they spend on another. RosterResource currently projects the club for a payroll of $245MM next year, while they were in the $300MM range in 2024.

Goldschmidt will likely be relatively affordable compared to Alonso or Walker, at least in terms of contract length. Given his age and recent downturn in performance, he’s likely looking at a one-year deal. He won National League Most Valuable Player in 2022 by hitting 35 home runs and slashing .317/.404/.578 for a 175 wRC+, but he’s fallen off since.

Last year, it was 25 home runs, a .268/.363/.447 batting line and 122 wRC+. In 2024, he hit 22 homers with a .245/.302/.414 slash and 100 wRC+, indicating he was exactly league average at the plate for the year. Apart from his rookie debut in 2011, his walk and strikeout rates were both career worsts in 2024, coming in at 7.2% and 26.5% respectively.

Given his age, those could be taken as signs of the start of a decline, though there’s perhaps some optimism to be found in his strong finish. He produced a line of .230/.291/.373 and an 87 wRC+ in the first half of 2024, then a .271/.319/.480 line and 120 wRC+ in the latter half. Either way, he shouldn’t be able to secure a massive payday this winter, but there’s also more risk with him than with someone like Alonso or Walker.

The Yankees will presumably be weighing all these different options as they decide where to put their resources. There’s nothing to say that they can’t get Bellinger and a free agent first baseman, as Bellinger could be slotted into left field, though the Yanks have other options there if they can’t line up with the Cubs on a trade.

Latest On Teoscar Hernandez

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The thinking that Teoscar Hernandez would sign early in the offseason or in the immediate aftermath of Juan Soto’s decision has not played out as such. The 32-year-old slugger remains unsigned, reportedly juggling interest from at least the Dodgers, Blue Jays, Red Sox and Yankees to this point in the winter. Hernandez and the incumbent Dodgers have been unable to bridge a gap in Hernandez’s asking price and the team’s offer. Mark Feinsand of MLB.com adds further context, reporting that Hernandez is seeking a three-year deal that’ll guarantee him $22-24MM annually.

A three-year deal in $66-72MM range would generally dovetail with expectations. Hernandez’s agent, Rafa Nieves, already stated earlier in the offseason that Hernandez had been seeking three years last offseason when they pivoted and took a one-year deal in Los Angeles. A three-year deal on the heels of the slugger’s rebound campaign in L.A. seemed (and still seems) reasonable, even though he’s now headed into his age-32 season after rejecting a qualifying offer (and thus attaching himself to draft pick compensation). That $22-24MM range would align with last year’s $23MM salary (though some of that was deferred, dinging the net present value a bit).

With Soto off the board, Hernandez and fellow slugger Anthony Santander are the top corner outfield bats on the free agent market. Santander is two years younger but is also reportedly seeking a five-year deal after swatting 44 homers for the Orioles in 2024. Both players rejected QOs. Hernandez is the more affordable of the two but is also older and more strikeout-prone. The presence of Cody Bellinger on the trade market and the recent emergence of the now-traded Kyle Tucker might’ve combined to slow things down for Hernandez’s market, speculatively speaking.

Hernandez turned in a .272/.339/.501 slash with a career-high 33 home runs last season before going on to hit .250/.352/.417 in postseason play. His 28.8% strikeout rate was an improvement over his 31.1% mark from 2023 but still sat about six percentage points higher than league average. His 8.1% walk rate was the second-best of his career but fell right in line with the 8.2% league average. At this point, teams can expect plus power, a below-average walk rate and more strikeouts than they’d prefer from Hernandez. He drew well below-average marks for his defense, but Hernandez has plus speed and above-average arm strength, per Statcast, so a team might think there’s enough raw talent to coax some better performance out of him.

The defensive concerns do make a multi-year reunion with the Dodgers a potentially problematic pairing, however. Hernandez has said he hopes to return — and the Dodgers are clearly open to a reunion. Beating the rest of the market when Hernandez is already 32 and there’s no DH opportunity thanks to the presence of Shohei Ohtani could make a long-term arrangement worrisome for Los Angeles in a way that’s not the case with other Hernandez suitors.

Yankees Sign Max Fried

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The Yankees made their biggest move of the winter official, announcing Tuesday that they’ve signed left-hander Max Fried to an eight-year contract. The CAA client will reportedly be guaranteed a staggering $218MM on the deal, which does not include an deferrals or opt-out provisions but does include a full no-trade clause. Fried receives a $20MM signing bonus that’ll be paid out in two equal in January 2025 and ’26. He’ll make $12MM in salary for each of the first two seasons and be paid $29MM annually between 2027-32. Fried is set to be introduced at a press conference on Wednesday, which is scheduled for noon ET.

After losing the Juan Soto sweepstakes, the Yankees had plenty of money to outspend the rest of the field for his services and made use of those resources. Jon Morosi of the MLB Network reported earlier this evening that the Yanks were willing to offer Fried seven years, but they were evidently willing to going beyond that to get the market’s top unsigned southpaw on what is the largest contract for a lefty pitcher in MLB history, outbidding the club’s fellow finalists for Fried’s services in Boston and Dallas. It’s not hard to see what they like about the southpaw. Dating back to his first full season in 2019, Fried has a 3.07 ERA in 824 2/3 innings pitched. Only one pitcher in baseball has bested him in both categories during that time: Gerrit Cole, who he’ll now share the front of the Yankees rotation with.

That track record of dominance and durability that made Fried such an appealing target in the Bronx given the question marks that surround the rest of the club’s deep but flawed rotation mix. Carlos Rodón has been utterly dominant at times throughout his career, but he’s looked uneven in two seasons with the Yankees as he’s pitched to a 4.74 ERA and 4.77 FIP in 46 starts. Veteran righty Marcus Stroman has a long history of solid mid-rotation work, but he’s entering his age-34 season and did not make an appearance during the club’s run to the World Series this postseason. Nestor Cortes offers similar mid-rotation stability but struggled as recently as last year and is just one season away from free agency. Reigning AL Rookie of the Year winner Luis Gil and fellow youngster Clarke Schmidt both turned in promising seasons in 2024 but have checkered injury histories and minimal track records in the big leagues.

By contrast, Fried is the whole package. Since breaking out as a front-of-the-rotation arm with Atlanta, Fried’s 2.81 ERA is the third-best figure in all of baseball among qualified starters, bested only by Brandon Woodruff and Clayton Kershaw. While his 23.6% strikeout rate during that time doesn’t exactly jump off the page, his 6.3% walk rate is well above average and he’s also generated grounders at an impressive 54.2% clip that only Alex Cobb, Logan Webb, and Framber Valdez have bested. The southpaw’s grounder-heavy approach should serve as an excellent complement to Cole’s power-pitching reputation and form a fearsome combo at the top of the Yankees rotation for years to come.

That combination was sufficiently intriguing to the Yankees that they were willing to go well over the top to land their man. The #6 ranked free agent on MLBTR’s annual Top 50 MLB Free Agent list, Fried blew away the six-year, $156MM pact we predicted for him as well as other projections around the baseball world. Today’s pact is surely exciting news for Corbin Burnes and agent Scott Boras, to whom anyone hoping to land a top-of-the-rotation free agent this winter will now have to turn with both Fried and Blake Snell off the board. Chris Cotillo of MassLive reports the Red Sox already began preparing an offer for Burnes this afternoon. The Blue Jays, another suitor for Fried, have also expressed interest in Burnes. Burnes landed as MLBTR’s #2 free agent of the winter behind only Soto and was predicted to land a seven-year, $200MM contract at the outset of the offseason but it would hardly be a surprise to see his camp’s asking price increase in light of Fried’s deal.

Turning back to the Yankees, their projected payroll for 2025 now sits at $257MM (per RosterResource). That’s still $46MM below last year’s total. Meanwhile, their $265MM luxury tax payroll is above the first two CBT thresholds; last season it sat above the fourth and highest threshold for penalties. In other words, the Yankees should still have plenty to spend on impact free agents to try to fill the Soto-shaped hole in the roster. However, it’s worth keeping in mind that signing Fried will cost the Yankees their second- and fifth-highest picks in the 2025 draft in addition to $1MM in international bonus pool money.

They might be hesitant to sign a second QO-rejecting free agent and therefore forfeit their third- and sixth-highest draft picks as well. A look at MLBTR’s Contract Tracker reveals that while the Yankees signed three players who declined a QO during the 2022-23 offseason, two of them (Aaron Judge and Anthony Rizzo) were their own free agents and therefore did not cost the club anything beyond a hypothetical compensation pick. To find the last instance of the club signing multiple qualified free agents hailing from other teams in a single offseason, you would have to turn towards the 2013-14 offseason when the club landed Carlos Beltran, Jacoby Ellsbury, and Brian McCann.

With that being said, some have compared the club’s approach to the free agent market in a post-Soto world to their approach that offseason, when they failed to re-sign star second baseman Robinson Cano. That could suggest at least some level of willingness to continue pursuing qualified free agents, particularly given the fact that they’ll receive a compensatory pick for the loss of Soto to help mitigate the losses. Christian Walker, Alex Bregman, Anthony Santander, and Teoscar Hernandez are among the other qualified free agents to which the Yankees have been connected since Soto signed in Queens.

One other avenue for improving the club signing Fried opens up is dealing a different starting pitcher, and with the club’s rotation now featuring seven starters it’s difficult to imagine the club not moving at least one if not two of their starters below Fried and Cole on the pecking order. Rodon’s weak results in the Bronx and hefty contract would appear to make a deal coming together involving him unlikely, but any of the club’s other four starters could reasonably be moved. Stroman and Cortes have frequently found their names in the rumor mill this winter as potential trade targets, though health question marks surrounding Cortes and Stroman’s lackluster 2024 campaign could hamper the potential return for either hurler. Schmidt and Gil would both surely bring back a far more interesting return but it’s unclear if the Yankees have much of an appetite for moving on from either youngster. While the club could dangling one or more of its starters in exchange for big league talent, it’s also possible that trading from the rotation could supplement the farm system and make the Yankees more comfortable losing the draft picks associated with additional qualified free agents signings.

ESPN’s Jeff Passan first broke the agreement and the terms of the deal. USA Today’s Bob Nightengale and Joel Sherman of the New York Post came through with additional details. The Post’s Jon Heyman had the specific salary breakdown.

D-backs Had Interest In Devin Williams Prior To Yankees Trade

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The Diamondbacks are known to be on the lookout for high-leverage options in the bullpen — general manager Mike Hazen has said as much on record — and they spoke to the Brewers about a potential deal for Devin Williams before Milwaukee traded him to the Yankees, John Gambadoro of Arizona Sports 98.7 reports.

On the one hand, it’s entirely unsurprising that a team seeking a leverage arm would throw its hat into the ring with regard to Williams. On the other, it’s at least tangentially notable, given the number of similarly priced late-inning arms on the market. If the Snakes were trying to engage the Brewers on Williams, it stands to reason that Cardinals closer Ryan Helsley, Rays closer Pete Fairbanks and perhaps Houston’s Ryan Pressly are all of varying levels of interest. (At $14MM, Pressly costs significantly more than the other listed options, it should be noted.)

The bullpen market, unlike in many recent offseasons, has been slow to develop this winter. That could be in part due to the presence of names like Williams, Helsley, Fairbanks and Pressly (among others) all potentially being available. To this point, the only signings of note have been Aroldis Chapman (one year, $10.75MM to the Red Sox), Blake Treinen (two years, $22MM back to the Dodgers), Yimi Garcia (two years, $15MM back to the Blue Jays) and Jordan Romano (one year, $8.5MM to the Phillies). None of the market’s top relievers have come off the board, save for righty Clay Holmes, who signed a three-year deal to convert to a starting role with the Mets.

After last week’s Winter Meetings drew to a close, D-backs general manager Mike Hazen told Nick Piecoro of the Arizona Republic that both free agent and trade scenarios are still in play. Arizona did not complete any deals at last week’s event, but Hazen expressed confidence that the groundwork for future transactions was laid.

“There’s free-agent situations and trade situations that are both out there for all the areas that we’re looking at,” said Hazen, who is also looking for help at first base. “Trying to find what combinations go together in different ways is part of what we’re discussing right now.”

The top names still on the free agent market include Tanner Scott, Jeff Hoffman and Carlos Estevez. All figure to command multi-year deals, with Scott in particular standing a chance at landing four years. That type of contract length could be an issue for the D-backs. Under Hazen, they’ve never signed a free agent reliever for more than two years and never gone higher than a $7MM annual value (as shown in MLBTR’s Contract Tracker). The market has plenty of intriguing one-year options as well, though any of David Robertson, Kirby Yates or Kenley Jansen would require pushing well past that $7MM highwater mark.

Latest On Yankees’ First Base Search

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The Yankees have been linked to such free-agent first baseman as Christian Walker and Pete Alonso this winter, and talks seemingly remain ongoing in some form with the Cubs about Cody Bellinger’s availability.  Recent reports suggest that the Yankees and Cubs are upwards of $10MM apart in deciding how much of Bellinger’s salary will be covered by Chicago, and the New York Post’s Jon Heyman writes today that not much has changed in the stalemate between the two clubs.  As Heyman puts it, “it’s a matter of ’who blinks first,’ if ever.”

If none of these targets end up being a fit, the Yankees are “also considering” several other backup plans.  According to Heyman, these options include signing free agent Carlos Santana, or exploring a trade for the Guardians’ Josh Naylor or the Rangers’ Nathaniel Lowe.  Given how Yankees GM Brian Cashman usually casts a wide berth in checking in on numerous players every offseason, it’s probably safe to guess that more than just these aforementioned first basemen have drawn some level of interest from New York.

Signing Santana would be the most straight-forward and cost-effective move of the bunch, as Santana will almost surely require just a one-year guarantee because he is entering his age-39 season.  Despite his age, Santana rebounded from a few middling seasons to post a .238/.328/.420 slash line and 23 home runs for the Twins over 594 plate appearances in 2024, while also winning the AL Gold Glove at first base.  The combination of offense and defense translated to 3.0 fWAR for Santana, the third-highest of his 15 Major League seasons.

This production will merit Santana a raise on the $5.25MM he received in his one-year deal with Minnesota last winter, but concerns over his age and possible regression will probably limit his salary.  Signing Santana would also be a relatively low-upside play, whereas trading for Naylor or Lowe represents a higher ceiling for production.

Trading for Lowe would also mean more than just a one-year commitment, as the first baseman is arbitration-controlled through the 2026 season.  Projected for a $10.7MM salary this year, Lowe is coming off another solid season that saw him hit .265/.361/.401 with 16 homers over 565 PA, and Lowe also delivered quality defense as a Gold Glove finalist behind Santana.

There was a little buzz about Lowe’s possible availability heading into the trade deadline last summer, but nothing in the way of concrete reports that Texas was seriously considering moving the 29-year-old.  In re-signing Nathan Eovaldi and trading for Jake Burger, the Rangers are certainly aiming to return to contention in 2025, but moving Lowe to address another need on the active roster is a plausible tactic.  Since the Rangers are known to be looking for left-handed hitting, however, however, dealing such a lefty swinger in Lowe would only serve to tilt the lineup further to the right.

Trading Naylor would also be an imperfect move for a Guardians team that needs offensive help, but Cleveland has typically looked maximize its return on notable players by trading them before they reach free agency.  Naylor is therefore a more clear-cut trade candidate than Lowe, and Naylor’s projected $12MM arbitration salary won’t break the bank.  While Lowe or the switch-hitting Santana would also be good fits hitting at Yankee Stadium, the short porch in right field seems taylor-made for Naylor’s left-handed power bat, and it is easy to imagine Naylor topping his career-best total of 31 homers (set in 2024) over a full season in the Bronx.

Kyle Manzardo and Jhonkensy Noel are the likeliest candidates to step in at first base for the Guardians if Naylor is traded, though that is putting extra pressure on a pair of inexperienced players, plus the Guards would also need some extra first base/DH depth in that scenario.  Cleveland is also in need of outfield help, though the Yankees might not be a fit in that sense since they’re looking for outfielders themselves in the wake of Juan Soto’s departure.

Details On Yankees’ Pursuit Of Kyle Tucker

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Before Kyle Tucker was traded from the Astros to the Cubs, the Yankees were known to be one of the teams also vying to land the star outfielder.  Reigning AL Rookie of the Year Luis Gil was reportedly of interest to the Astros in these trade talks, but New York ultimately turned down Houston’s demand for Gil and infield prospect George Lombard Jr. in exchange for Tucker, according to USA Today’s Bob Nightengale.

It makes for an interesting contrast to the trade package that the Astros did accept from Chicago.  Lombard and prospect Cam Smith could be viewed as essentially a match as recent first-round draft picks, though Smith is higher regarded in the view of MLB Pipeline (Smith is 73rd on their top-100 prospect list and Lombard isn’t on the list).  Gil is a controllable pitcher who has already made a name for himself at the big league level, so Isaac Paredes and Hayden Wesneski represent something of a split of those two resume points.  Wesneski is controlled through 2029 and has a solid 3.93 ERA over his 190 Major League innings, but he isn’t considered to have quite Gil’s ceiling, so making up that difference could’ve been achieved by adding a proven hitter like Paredes.

Landing three players instead of two obviously allowed the Astros to address more needs, as Paredes can help fill one of Houston’s corner infield vacancies and Wesneski brings rotation depth.  Gil would’ve been a more clear-cut installation into the Astros rotation and perhaps then necessitated another trade, since the Astros on paper have a surplus of rotation options.  However, since Luis Garcia and Lance McCullers Jr. are both returning from lengthy injury absences, the Astros might also want to see how things play out in Spring Training before dealing an arm, lest the club again get caught with a lack of depth in the rotation.

Interestingly, the Yankees did indeed trade a starting pitcher and an infield prospect for a prominent star player with one year remaining before free agency, except rather than Gil/Lombard for Tucker, it was Nestor Cortes and Caleb Durbin going to the Brewers for closer Devin Williams.  The two trade packages have some differences, of course, as Cortes is a year away from free agency, and was viewed a more expendable part of New York’s pitching mix since he was relegated to bullpen duty in the playoffs and was floated in trade rumors at the deadline.  Durbin is also over five years older than Lombard and is considered to be on the verge of his MLB debut, whereas Lombard has yet to reach even the Double-A level.

The timing of the negotiations between the Astros and Yankees was perhaps also a factor.  If the Yankees were already well down the road in talks with Milwaukee about Williams, that might’ve made the Bronx Bombers less likely to deplete their pitching and prospect depth even further by accepting the Astros’ offer for Tucker.  Some New York fans might well wonder “why not both?”, as even without Gil or Cortes, the Yankees still have a projected starting five of Gerrit Cole, Carlos Rodon, Clarke Schmidt, Marcus Stroman, and newly-signed frontline arm Max Fried.  Acquiring both Tucker and Williams would’ve left the Yankees still in search of infield help and now a “sixth starter” type of depth arm, but those are perhaps minor question marks compared to the upside of bringing both an All-Star outfielder and All-Star closer into the mix.

Gil is a known quantity to baseball fans, but the 19-year-old Lombard was the 26th overall pick of the 2023 draft.  Baseball America and MLB Pipeline each rank Lombard as the third-best prospect in New York’s farm system, viewing him as a very solid all-around player with five-tool potential, even if he perhaps lacks a true plus-plus calling card.  Lombard has played mostly shortstop in the minors and evaluators feel he can stick at the position, but he has also seen time at second and third base.  Lombard’s approach and overall hitting potential are both considered good, though he hit only .231/.338/.334 over 497 combined plate appearances with A-level Tampa and high-A Hudson Valley in 2024.

Cubs Notes: Hoerner, Third Base, Bellinger, Steele

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The Cubs made a massive splash on the trade market yesterday when they landed star outfielder Kyle Tucker is a blockbuster deal with the Astros. The club surrendered a hefty package of All-Star third baseman Isaac Paredes, 2024 first-rounder Cam Smith, and right-handed youngster Hayden Wesneski in order to make the deal, however, and the loss of Paredes in particular may have changed some of the club’s offseason plans.

Second baseman Nico Hoerner has reportedly been available in trade talks this winter, with the Mariners in particular being said to have interest in the infielder. According to Ken Rosenthal of The Athletic, however, it’s possible that the club’s thinking involving Hoerner has changed in the aftermath of yesterday’s deal with the Astros. Rosenthal notes that the Cubs were motivated to trade from their infield mix in order to open up playing time for top prospect Matt Shaw, who hit a sensational .298/.395/.534 in a late-season cup of coffee at the Triple-A level and appears ready to make the jump to the major leagues.

Shaw was drafted as a shortstop, but is a bat-first prospect who has spent time at both second and third base in the minors since being selected with the 13th-overall pick in the 2023 draft. While Shaw has typically been considered a more natural fit at second than third due to questions about his arm strength, the youngster logged 580 1/3 innings at the hot corner in the minors this past year and seems to be a natural choice to replace Paredes in Chicago’s infield mix next year. That, according to Rosenthal, leaves the Cubs “likely” to keep Hoerner in the fold headed into next season.

It’s at least possible another addition changes those plans, as USA Today’s Bob Nightengale reported earlier today that the club is in the market for third base help following yesterday’s deal. It’s unclear if such an addition would be a part-time player who could offer insurance in case Shaw proves to not be quite ready for the majors or if the Cubs are pursuing more of a regular option at the hot corner, but it would seem likely at this point that the Cubs may only seriously entertain a Hoerner trade going forward if they’re able to land a regular third baseman, thereby allowing them to replace Hoerner with Shaw at the keystone.

While Hoerner may be staying put in Chicago, the same cannot be said for Cody Bellinger. The 2019 NL MVP has been known to be on the trade block all winter due to the outfield logjam the Cubs experienced late in the 2024 season, when Bellinger was vying with Seiya Suzuki, Ian Happ, Mike Tauchman, and top prospect Pete Crow-Armstrong for regular playing time. That logjam already led the Cubs to non-tender Tauchman, and the introduction of Tucker as the surefire everyday starter in right field only further emphasized that Bellinger figures to play in another uniform next year.

The Yankees appear to be perhaps the most aggressive suitor for Bellinger this winter, though reports have previously indicated that the sides remain apart on how much of Bellinger’s contract the Cubs should retain. Peter Botte of the New York Post provided additional details about the situation yesterday, reporting that the sides are “more than $10MM” apart in their negotiations. That’s a hefty gap the sides will need to bridge in order to come together on a deal, as it represents more than a third of Bellinger’s $27.5MM salary for the 2025 season. Freeing up money in order to improve other areas of the roster seems to be one of the primary motivators for the Cubs in trading Bellinger. According to RosterResource, the club’s luxury tax payroll sits at just under $215MM after the Tucker deal, and clearing as much of Bellinger’s $26.67MM average annual value off the books as possible would greatly increase Chicago’s financial flexibility as they look into improving their rotation by dealing for a starter like Mariners righty Luis Castillo or Marlins southpaw Jesus Luzardo.

Speaking of the rotation, Patrick Mooney and Tim Britton of The Athletic recently took a look at the possibility of an extension between the Cubs and left-hander Justin Steele. The pair report that Steele and the Cubs have not engaged in extension talks to this point, though they note that the Cubs frequently use the start of Spring Training as an opportunity to explore extensions with players as they’ve done with Hoerner and Happ in the past before ultimately getting deals done closer to Opening Day.

The 29-year-old lefty is certainly an intriguing extension candidate. Steele is under team control for three more seasons and doesn’t sport high-end velocity or massive strikeout rates. With that said, his results have been undeniably excellent in three seasons since he joined the rotation on a full-time basis. In 427 innings of work across 78 starts over the past three years, Steele has posted a 3.10 ERA (134 ERA+) with a nearly matching 3.14 FIP. He generates grounders at a strong 48.5% clip and has limited walks to just a 5.7% rate over the past two seasons after struggling somewhat with his control in 2022. Among starters with at least 300 innings over the past two years, only Gerrit Cole has allowed a lower ERA than Steele’s 3.07, while his 3.11 FIP ranks third behind Sonny Gray and Logan Webb.

Yankees Acquire Devin Williams For Nestor Cortes, Caleb Durbin

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The Winter Meetings might be done, but the big trades aren’t. The Yankees and Brewers on Friday agreed to a trade sending star closer Devin Williams to New York in exchange for left-hander Nestor Cortes, infield prospect Caleb Durbin and a reported $2MM in cash.

Both Williams and Cortes are entering their final seasons of club control, and both were projected by MLBTR contributor Matt Swartz to earn $7.7MM in 2025. Milwaukee will still come out ahead a couple million dollars, which is of some moderate note, as the Brewers are working on an extremely tight budget this winter. Durbin, meanwhile, is a second baseman with experience at the hot corner. He was added to the Yankees’ 40-man roster ahead of the Rule 5 protection deadline and is likely to slot in at second or third base in 2025, with one of Brice Turang or Joey Ortiz moving to shortstop in place of Willy Adames, who signed with the Giants as a free agent.

Williams, 30, is one of the game’s elite relievers. The 2020 National League Rookie of the Year, he boasts a career 1.83 earned run average with 68 saves, 60 holds, a 39.4% strikeout rate and 48.1% ground-ball rate in his big league career. Command has been an issue at times (11.8% walk rate), but Williams’ utterly devastating changeup — nicknamed the “Airbender” — is one of the most dominant pitches in the entire sport. He’s finished off 2299 big league plate appearances with that pitch, during which opponents have posted a comically feeble .139/.223/.200. The pitch boasts a preposterous 23% swinging-strike rate.

Among pitchers with at least 200 innings pitched since 2019, Emmanuel Clase (1.67) is the only pitcher with a better ERA than Williams’ 1.83 mark. No other pitcher is within even 40 points. (Jacob deGrom is next, at 2.24.) In that same time, only Josh Hader and Edwin Diaz have posted higher strikeout rates than Williams’ 39.4%. Only Gerrit Cole has a higher mark in terms of win probability added. Hader is second in WPA among relievers, but his 12.46 mark isn’t close to Williams’ 14.24. Sports Info Solutions credits Williams’ changeup as far and away the most valuable pitch of its type in the majors.

Dominant as Williams has been, he’ll come to the Yankees with some recent injury concerns. A stress fracture in his lower back caused the right-hander to miss the first four months of the 2024 season. Williams wasn’t activated for his 2024 debut until July 28. Once healthy, he generally looked like his dominant self, rattling off 21 2/3 innings with a microscopic 1.25 ERA, a massive 43.2% strikeout rate and an unsightly 12.5% walk rate (that was largely mitigated by his near-unparalleled ability to rack up strikeouts). Of course, the lasting memory for many fans will unfortunately be the backbreaking three-run homer that Williams surrendered to Pete Alonso in Milwaukee’s NLDS loss to the Mets.

Similarly, one of Cortes’ final moments as a Yankee is one he’d like to forget. The left-hander served up a walk-off grand slam to Freddie Freeman in Game 1 of the World Series — the first of four Gibson-esque home runs the hobbled L.A. first baseman swatted en route to World Series MVP honors. As with Williams, there are some notable 2024 health concerns; Cortes gutted his way through a late-season flexor strain to return to the Yankees in the postseason. Cortes was also limited to 12 starts in 2023, thanks to a strain in his rotator cuff. Clearly, both clubs are satisfied with the medical reports on the veterans they’re acquiring.

Cortes, who just turned 30, has been a rock-solid mid-rotation arm when healthy in recent seasons. Dating back to his 2021 breakout with the Yankees, he’s pitched 489 innings with a 3.33 ERA, 25.2% strikeout rate and 6.2% walk rate. The ERA is skewed by the 4.97 mark he logged in ’23 when dealing with that shoulder strain, but Cortes has been quite effective in three of the past four seasons.

In 2024, Cortes pitched a career-high 174 1/3 innings while sitting a career-best 92.1 mph with his four-seamer. The lefty fanned 22.8% of his opponents and notched a career-best 5.5% walk rate. If he can deliver anything close to that, the Brewers will surely be thrilled. Adding to the rotation was a significant need for the Brewers this offseason, but they’ve been operating with minimal resources as they try to find creative ways to do so.

Cortes will give Milwaukee an experienced arm to slot in behind Freddy Peralta, Brandon Woodruff (returning from 2023 shoulder surgery), Aaron Civale and diamond-in-the-rough Tobias Myers. The Brewers also have lefties Aaron Ashby and DL Hall as rotation candidates, plus young righties Carlos Rodriguez, Logan Henderson and Chad Patrick on the 40-man roster but likely ticketed for Triple-A.

With a full, healthy season, there’s a chance Cortes is a more valuable pitcher on the whole than Williams. He’s been worth about 10 wins above replacement over the past four seasons, per both Baseball-Reference and FanGraphs (even when accounting for his poor showing in an injury-marred 2023 season). For the Yankees, however, he was no more than sixth or seventh on the depth chart — not with Gerrit Cole, Max Fried, Carlos Rodon, Luis Gil, Clarke Schmidt and Marcus Stroman all on the roster.

For the Yankees, the deal is about not only beefing up their bullpen during the regular season but more specifically about bolstering their postseason roster, where Williams would be a focal piece and Cortes would be relegated to a lower-leverage relief role. In that sense, there are some parallels with the 2022 Jordan Montgomery/Harrison Bader swap: ship out a starter who’s not in the playoff rotation in exchange for someone who’ll have greater impact on postseason results. In the end, the trade involves both teams dealing from areas of strength.

The Milwaukee bullpen, after all, was one of the best in baseball last season — even in a year where Williams missed two-thirds of the year. The Brewers’ collective 3.11 bullpen ERA ranked second in the sport, and they were top-10 in terms of FIP (3.78, seventh), walk rate (8.3%, ninth) and K-BB% (15.5, tenth). With Williams out of the picture, they’ll likely look to Trevor Megill (2.72 ERA, 27.3 K%), Joel Payamps (3.05 ERA, 25.1 K%) and Bryan Hudson (1.73 ERA, 26.8 K%) for late-inning work. The previously mentioned Ashby (1.37 ERA, 36.8 K%, 19 1/3 innings) and Hall (3.00 ERA, 26.5 K%, 12 innings) also looked impressive when working as relievers.

The other major piece of the puzzle for the Brewers, of course, is the 24-year-old Durbin. Milwaukee lost Adames to free agency this offseason and has been in search of infield help but with scant money to spend. Durbin could slot in at second or third base, with one of Ortiz or Turang sliding over to shortstop. He could also simply give the Brewers a versatile utility option with intriguing contact skills and speed.

Durbin, who came to the Yankees from the Braves in exchange for Lucas Luetge, spent the bulk of the 2024 season in Triple-A Scranton Wilkes/Barre. He missed more than two months after being hit by a pitch on the wrist in May, but when he was healthy he was quite impressive. An infielder from the Altuve mold, Durbin is listed at just 5’6″ but nevertheless hit .287/.396/.471 (129 wRC+) with 10 homers and 31 stolen bases in 82 Triple-A games (375 plate appearances). He walked more than he struck out, drawing a free pass in 12.5% of his plate appearances versus a 9.9% strikeout rate.

With Durbin having missed a notable chunk of the season, the Yankees sent him to the Arizona Fall League to pick up some extra reps. He thrived there, hitting .312/.427/.548 with another five home runs and an AFL-record 29 stolen bases in 24 games (117 plate appearances). As he did in Triple-A, Durbin recorded more walks (17) than strikeouts (six).

Durbin has yet to take a single big league plate appearance, but the success he’s had in Triple-A and in the Arizona Fall League — coupled with the Brewers’ needs in the infield — give him a legitimate chance to break camp with the club. He might need to earn his way into a starting gig this spring, and his ultimate role will depend on any subsequent moves the Brewers make, but he’s very clearly an option to help the club in 2025. As it stands, he’s controllable through at least the 2030 season.

ESPN’s Jeff Passan first reported the Yankees and Brewers were finalizing a Williams trade. Will Sammon of The Athletic reported that the deal was in place. Robert Murray of FanSided first reported that Cortes was in the deal. Durbin’s inclusion was first reported by Bob Nightengale of USA Today. Bryan Hoch of MLB.com reported that there was cash in the deal, and Nightengale chimed in with the exact amount.

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