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Latest On Teoscar Hernandez’s Market

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2:17PM: The Blue Jays also have interest in Hernandez but Anthony Santander appears to be Toronto’s chief backup target if Soto isn’t signed, according to MLB.com’s Mark Feinsand (X link).

1:44PM: The Dodgers and Red Sox were previously linked to Teoscar Hernandez’s market earlier this offseason, and MassLive.com’s Chris Cotillo reports that the Yankees are also looking at the free agent slugger.  The three suitors all have “serious interest” in Hernandez’s services, with one noteworthy caveat — all three clubs are in the running to land Juan Soto, so Hernandez is viewed as the natural backup plan for all parties if Soto can’t be signed.

The Mets and Blue Jays are the two other teams known to still be pursuing Soto.  At the moment, all five teams seem to be still be under consideration even if the Mets and Yankees have reportedly pushed the bidding up into the range of $710-$730MM.  Los Angeles is thought to be the least aggressive of Soto’s five suitors and perhaps seems more likely to break away from the pack to pivot towards Hernandez or another option, but Cotillo figures Hernandez won’t make his own decision until after Soto signs.

Hernandez has openly said that returning to the Dodgers is “the priority” of his offseason, and “I’m going to do everything in my power to come back….It feels great to be part of this.”  After a down year with the Mariners in 2023, Hernandez rebounded in the best possible way by winning a World Series and hitting .272/.339/.501 with 33 home runs over 652 plate appearances with L.A. last season.  Hernandez inked a one-year, $23.5MM contract last winter and now looks poised to land a much heftier multi-year deal this time around.

As sources tell Peter Abraham of the Boston Globe (X link), Hernandez’s preference is still to remain with Los Angeles, though the Red Sox have a solid case in their own right for the slugger’s services.  The Sox made a push for Hernandez last year in offering him a two-year, $28MM deal that Hernandez turned down in order to take the greater flexibility of the Dodgers’ one-year offer, plus L.A. was the more clear-cut contender heading into 2024.  Hernandez “has long been intrigued by the idea of playing at Fenway Park and he’s a fan of Alex Cora,” Abraham writes, so with a World Series ring now in tow, Hernandez could now explore a move to Boston and perhaps a big role in a future Red Sox championship team.

The Yankees shouldn’t be overlooked as contenders, as Hernandez has also enjoyed a lot of success at Yankee Stadium over the years.  New York might have the most incentive of all these teams to bolster the lineup if Soto departs, even if adding a big bat in the infield is also a priority since Gleyber Torres and Anthony Rizzo are free agents and unlikely to return.

Rejecting the Dodgers’ qualifying offer probably won’t have much impact on Hernandez’s market, though the Yankees and Red Sox would face a differing penalty level for signing the outfielder (or any player who rejected a QO).  Because New York was a luxury tax payor in 2024, signing Hernandez would cost the Yankees $1MM in international bonus pool money and their second- and fifth-highest picks in the 2025 draft.  Boston would have to give up $500K of int’l pool funds and their second-highest 2025 draft pick.  Los Angeles, of course, wouldn’t have to give up anything to sign Hernandez, as he is one of the Dodgers’ own free agents.

Yankees Interested In Thairo Estrada

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The Yankees are interested in signing Thairo Estrada, MLB.com’s Mark Feinsand reports (X link).  New York is now the second team known to be in on Estrada’s market, as the Rockies were also linked to the veteran earlier this week.

There’s plenty of familiarity between the two sides, as Estrada was an international signing for the Yankees back in 2012 and he appeared in 61 games for New York during his first two Major League seasons (2019-20).  It wasn’t until after the Yankees traded Estrada to the Giants in April 2021 that the infielder broke out as a productive big leaguer, hitting .266/.320/.416 over 1203 plate appearances for San Francisco during the 2021-23 seasons.

Estrada’s performance dropped off badly last season, however, and the Giants outrighted him off their 40-man roster at the end of August after Estrada batted only .217/.247/.343 in 381 PA.  Wrist problems plagued Estrada for much of the summer, further hampering an offensive approach that has never led to much hard contact.  Estrada has also been limited in his capacity to get on base, and his 2.6% walk rate in 2024 was the second-lowest of any player in baseball with at least 350 PA.

In the wake of this down year, Estrada surely isn’t being viewed as a starting candidate in the Bronx, though his versatility makes him an interesting candidate for a part-time or bench role.  The large majority of Estrada’s MLB playing time has come at second base, but he has seen a decent amount of time as a shortstop while also chipping in as a third baseman and corner outfielder.  Estrada’s career splits are pretty even, yet on paper, his right-handed bat could complement the left-handed hitting Jazz Chisholm Jr., who is expected to hold down the starting role at either second or third base.

Chisholm and shortstop Anthony Volpe have two of the starting infield jobs spoken for, and Chisholm’s versatility gives New York some flexibility in deciding how to address second or third base.  Conceivably, the Yankees could add Estrada to their in-house collection of DJ LeMahieu, Oswaldo Cabrera, and Oswald Peraza and let that whole group serve as something of a rotating bench/platoon mix while rotating Chisholm between the keystone and the hot corner.  Or, the Bronx Bombers could go bigger with more of an everyday infield option, though those endeavors are probably on hold until the Yankees learn whether or not Juan Soto will be returning to the team.

Yankees, Mets Reportedly Increase Soto Bids Beyond $700MM

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After reports emerged last night that bidding for the services for free agent superstar Juan Soto could reach beyond the $700MM threshold, that possibility appears to have now come to pass. Jon Heyman of the New York Post reported this evening that both the Yankees and Mets have recently pushed their offers to the $710-730MM range as the slugger’s free agency nears its conclusion. Heyman suggests that while it’s “believed” that the Mets have placed the higher bid of the two New York clubs, the deals appear to be within the same range. He goes on to add that there’s been no indication of the Red Sox, Blue Jays, or Dodgers being eliminated from the Soto sweepstakes to this point despite the record-setting offers from both New York clubs.

The 26-year-old phenom has long been expected to easily beat the record for net present value Shohei Ohtani’s megadeal with the Dodgers set last winter, which is estimated to be in the range of $461MM after accounting for the pact’s heavy deferrals. That said, it’s still somewhat shocking that the bidding for Soto has soared high enough that beating the $700MM guarantee Ohtani received last winter before factoring in deferred money is on the table. It’s possible that Soto’s deal could include some deferred money of its own, of course, but even with that possibility in mind it seems increasingly likely that he’ll shatter not only expectations entering the offseason but all previous precedents for guaranteed and annual money for MLB contracts.

Soto is in position to shatter records for a reason, of course. The youngster is particularly attractive to clubs given the fact that he’s marketing his age-26 season in free agency this winter. That extreme youth is uncommon in free agency, especially for top talent, and it allowed right-hander Yoshinobu Yamamoto to secure a record-breaking deal for starting pitchers last winter despite having never thrown a single pitch in MLB. By contrast, Soto is a four-time All Star and two-time MVP finalist who has never been less than 43% better than league average at the plate by measure of wRC+ during his career to this point. Soto’s combination of youth and track record hasn’t been seen in the majors since Alex Rodriguez’s free agency more than two decades ago, and in that time teams have only grown to value youth even more highly.

Per Heyman’s report, all five known finalists for Soto’s services remain in the mix to land the superstar, who is generally expected to make his decision within the next day or two. Heyman suggests that the Yankees, Mets, Red Sox, Dodgers, and Blue Jays have all offered Soto at least $600MM, with the Dodgers’ offer coming in as the lowest of the five by a substantial amount. Beyond that, though, Heyman notes that the other four clubs have made offers that are “believed” to be relatively close to each other, and it’s unclear which of those four clubs has made the highest bid to this point. What’s more, Heyman suggests that Soto won’t necessarily choose the highest bidder, though it’s unclear what might motivate Soto to take a lesser offer. The Mets and Yankees have generally been viewed as the favorites to land Soto by the industry throughout his free agency, but whether that perception aligns with his actual preferences remains a mystery. The Red Sox, for their part, reportedly pushed for an additional meeting with Soto’s camp earlier this week, though it’s unclear if that request was or will be granted before the star makes his decision.

Soto Bidding Could Approach $700MM

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As the Juan Soto decision nears, the expected contract seemingly continues to climb. Jon Heyman of the New York Post writes that the price could push to $700MM. Heyman suggests that the Mets, Yankees, Red Sox and Blue Jays may all be near that mark. The Dodgers are also a finalist, but various reports have put them as the least likely of the quintet to land him.

On Tuesday, The Athletic reported that multiple teams had made offers at or above $600MM. Agent Scott Boras said at the time that Soto had begun to narrow the field, though he didn’t specify a timetable for his decision. Most reports indicate he’s likely to sign by the end of next week’s Winter Meetings, perhaps as soon as this weekend.

According to Heyman, teams have continued to adjust their offers in recent days. Alex Speier of the Boston Globe reported last night that the Red Sox were hoping for a final meeting with Soto’s camp to get the outfielder to name the specific price at which he’d put pen to paper. It’s not clear if Soto would grant any team that sit-down.

Shohei Ohtani’s deal was initially reported as a 10-year, $700MM contract. The extreme nature of the deferrals in the Ohtani deal, which were reported a few days after he announced he was signing with the Dodgers, dramatically reduced the net present value. MLB valued the contract around $461MM for luxury tax purposes. That’s still an all-time record. Soto was unquestionably going to beat $461MM and widely expected to go well beyond $500MM. (MLBTR predicted a 13-year, $600MM contract at the beginning of the offseason.) Getting to $700MM without deferrals would shatter prior contractual precedents.

Ohtani’s $46.06MM annual salary — again adjusting for deferrals — is the record for average annual value. Bryce Harper’s 13-year contract is the longest free agent deal in history. Soto would likely need to break both records to get to $700MM — potentially on a 14-year deal at $50MM annually. It shouldn’t be much longer before we learn if the market will go to those heights.

Clay Holmes Believed To Be Nearing Decision

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Free agent right-hander Clay Holmes appears close to making a decision on his next team, reports Jayson Stark of The Athletic. Teams that have been in talks with the former Yankees closer have gotten the impression that he’s on the verge of choosing among several offers, per Stark, who adds that Holmes has been negotiating with “a long list of contending clubs.”

Holmes, 32 in April, spent the past three and a half seasons in the Bronx, combining for 217 2/3 innings of 2.69 ERA ball. He fanned 26.6% of his opponents and limited walks at a sharp 7.7% clip along the way. Holmes established himself as one of the game’s premier ground-ball pitchers in that time as well, leaning on a sizzling sinker that averages 96.5 mph to induce grounders at a nearly 68% clip.

While Holmes broke out as a reliever in the Bronx, however, there are reportedly several teams that have interest in bringing him aboard as a starting pitcher. Which role he prefers is surely something Holmes has weighed extensively in free agency — particularly if most of the clubs he’s spoken to are expected contenders. Joel Sherman of the New York Post reported last month that the Mets are among the teams interested in seeing Holmes in the rotation. The Athletic’s Matt Gelb reported just a couple days ago that the Phillies are interested in Holmes in a relief role. While free agency typically boils down to the “money talks” adage, if Holmes had similar offers from a pair of contending clubs who want to use him in different roles, that’d add another layer to the decision process.

In 2024, Holmes tossed 63 innings of 3.14 ERA ball with a 25.1% strikeout rate, 8.1% walk rate and 65% ground-ball rate. He piled up 30 saves, bringing his career total to 74, but also ceded ninth-inning work to teammate Luke Weaver late in the season due to an alarming — and highly out of character — 13 blown saves on the year. He pitched quite well in 13 postseason appearances, logging a 2.25 ERA, 25% strikeout rate, 10.4% walk rate and 53.6% grounder rate in a dozen innings. Holmes was frequently thrust into leverage spots, evidenced by a 3-1 record and five holds over the course of those 13 playoff outings.

Red Sox Hoping For Additional Meeting With Soto

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By this time next week, there’s a good chance Juan Soto will have picked his destination. As the star outfielder weighs multiple offers at or above $600MM, the top of the market waits.

At least one team is hoping for another sit-down with Soto and agent Scott Boras. Alex Speier of the Boston Globe reports that Red Sox’s brass has expressed interest in another meeting at which Soto’s camp would name the price necessary to get a deal done. That’s an effort to avoid being unknowingly outbid at the end.

It seems the Sox are worried about the Mets in particular. Speier writes that Sox’s brass has heard rumors that Mets’ owner Steve Cohen has promised Boras that he’d beat the best offer made by any other team by $50MM. To be clear, Speier is not reporting on the veracity of that rumor itself. Speier is neither confirming nor denying that Cohen made such offer. The Globe’s report only mentions that the Sox are concerned enough that the rumor might be true that they’re hopeful of getting Soto and Boras to name a specific price.

It’s not clear if Boras and Soto have any interest in doing so. There’s value for Soto in playing teams’ uncertainties against each other. Relaying the specifics of every offer to each team in the race would eventually result in a highest bidder, but it’d also limit the possibility that one club goes well beyond whatever is on the table from the others.

There have seemingly been five legitimate suitors for Soto: the Mets, Yankees, Blue Jays, Red Sox and Dodgers. Various reports have cast the Dodgers as a long shot. The general view is that Los Angeles entered the mix mostly to gauge whether Soto’s market might not materialize quite the way he’d envisioned. With multiple teams putting $600MM+ offers out there, that hasn’t been the case. MLB.com’s Mark Feinsand wrote last night that the Dodgers were unlikely to land him.

Speier confirms that the Red Sox recently upped their offer to $600MM. The Athletic reported on Tuesday that every team that still had a chance at Soto had hit or topped that mark. (That’s not necessarily a declaration that all five teams mentioned above had offered $600MM+, as it’s possible he has privately narrowed the field to exclude one or more of them.) Most observers still expect it to come down to one of the New York franchises, though the Sox and Jays have seemingly made full-fledged pushes to get themselves in the conversation.

One big spender that made little effort on Soto: the Phillies. Matt Gelb of the Athletic reports that Philadelphia brass never met with his camp. While the Phils haven’t shied away from big-ticket free agent pursuits, it seems they never believed they had a realistic chance to land Soto. Philadelphia owner John Middleton said a month ago that he felt they’d merely be used to drive up the bidding for Soto to sign with one of the New York teams (link via Scott Lauber of the Philadelphia Inquirer). Whether or not that would’ve been the case, Gelb writes that the Phillies felt it best to prioritize other avenues they found more realistic.

Yankees, Astros, Mariners Have Spoken To Cubs About Cody Bellinger

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Cody Bellinger has stood as one of the most recognizable but difficult-to-move names on the offseason trade market. Among the teams to reach out recently are the Yankees, Astros and Mariners, reports Bruce Levine of 670 The Score. However, Levine adds that the Cubs aren’t looking to merely shed Bellinger’s salary, nor do they want to cover much (if any) money in a deal. That’s likely to be an issue. ESPN’s Buster Olney wrote this morning that other teams feel the Cubs will need to pay down a notable portion of Bellinger’s salary (or, presumably, take back another contract) if they intend to get much in the way of a return.

The Cubs have been looking to upgrade various spots on the roster but have a tough road to do so, in part due to no-trade clauses for Dansby Swanson, Ian Happ and Seiya Suzuki. Other positions, like first base (Michael Busch) and center field (Pete Crow-Armstrong) are already manned by promising young players. Third baseman Isaac Paredes was only just acquired at the deadline. Second baseman Nico Hoerner makes some sense as an option to free up some cash and a spot in the lineup for a more impactful bat, but he’s coming off flexor surgery.

That’s led the Cubs to at least gauge interest in Bellinger, who passed on the opportunity to opt out of the remaining two years and $52.5MM on his contract at the beginning of the offseason. Bellinger had a fine year overall, hitting .266/.325/.426 with 18 homers and a tiny 15.6% strikeout rate (his second straight season with that exact strikeout rate). But while those numbers were solid, they pale in comparison to his 2023 showing. He also posted lesser defensive grades both in the outfield and at first bae in 2024.

[Related: Looking for a Match in a Cody Bellinger Trade]

The Yankees have been laying some groundwork in the event that Juan Soto ultimately signs elsewhere, showing recent interest in top-tier free agents like Corbin Burnes, Max Fried and Willy Adames. That said, there’d pretty clearly be room for both Bellinger and Soto on the same roster. Bellinger could slot in at first base in the Bronx, offering another left-handed bat with good contact skills — a contrast to some of the strikeout-prone righties elsewhere in the lineup. He’d also be good insurance in the outfield, given the injury histories of both Aaron Judge and top prospect Jasson Dominguez. Bellinger could also serve as a safety net in the event that Dominguez looks overmatched early on.

In Houston, the Astros have a clear need at first base after their three-year, $58.5MM deal with Jose Abreu went sideways almost immediately. After a poor first year in 2023, Abreu started the 2024 season so poorly that he consented to being optioned to the minors. That Triple-A stint didn’t help, and Abreu was released less than halfway through that three-year deal. The ’Stros subsequently gave most of the playing time at first base to Jon Singleton, who provided light offense and subpar defense the rest of the way.

For the Mariners, first base has emerged as a clear need. They have at least one intriguing in-house option in prospect Tyler Locklear, but the M’s have been linked heavily to veterans Carlos Santana and Justin Turner as they search for a veteran bat at first base (and likely another at the hot corner). Bellinger’s contact skills would help Seattle cut down on the team’s longstanding strikeout issues as well.

The bigger issue with regard to Bellinger isn’t so much his overall ability, but rather the magnitude of his contract. He’s owed $52.5MM over the next two season — a guarantee that’s paid out in heavily frontloaded fashion. He’s taking home a $27.5MM salary in 2025 and is owed a $5MM buyout on a $25MM player option for the 2026 season if he opts out of the contract’s final season next winter. For an acquiring team, Bellinger would add $26.25MM to the luxury tax ledger and would cost at least $32.5MM in terms of actual, present-day salary.

For the 2023 version of Bellinger — .307/.356/.525 (136 wRC+), 26 home runs — teams would happily pay that price. Of course, if Bellinger had produced at that same level in 2024, he’d surely have taken the first opt-out opportunity in his contract at the beginning of this offseason. That he chose to forgo his opt-out clause is indicative of the fact that he and agent Scott Boras don’t believe there’s a sizable nine-figure contract waiting for him.

With regard to the Yankees, that luxury number could be problematic. Whether they sign Soto or pursue multiple free agents from the Fried/Burnes/Adames bucket after missing out on him, they’ll surely be a luxury tax payor in at least the third tier of penalty — if not the fourth. Since they’re looking at paying the tax in three straight seasons, that means they’ll either be staring down a 95% tax or 110% tax rate. Bellinger would cost them somewhere between $52-56MM in combined salary and taxes — plus that potential $5MM buyout on the 2026 option. Even for a deep-pocketed club like the Yankees, that’s a staggering price to pay, particularly coming off a good-not-great season for Bellinger.

The Astros, too, have some luxury concerns. RosterResource estimates that they’re just about $7MM shy of the first-tier threshold. They’ve looked into trading Ryan Pressly, but even if Houston were able to unload his full $14MM salary, Bellinger would still thrust them back into luxury territory. The 2024 season was the first in which owner Jim Crane authorized paying the tax. Adding Bellinger would very likely require doing so a second time. Speculatively speaking, a swap of Pressly and Bellinger could make sense for both parties involved, though Pressly can veto any potential deal as a player with 10-and-5 rights.

Luxury considerations don’t apply to the Mariners, but the actual bottom-line cash owed to Bellinger will be an obstacle. Seattle is looking to add two infielders — one at each corner — and ownership doesn’t seem to have an appetite for raising payroll too far beyond last year’s roughly $145MM level. The Mariners already project for a number in a similar range. If they could find a taker for one Mitch Haniger or Mitch Garver, perhaps Bellinger would become more realistic. For now, it seems likely that ever-active president of baseball operations Jerry Dipoto is simply doing due diligence, perhaps hoping the Cubs will pay down some of the contract (if not take someone like Garver back as part of the return).

Yankees, Phillies Among Teams With Interest In Tommy Kahnle

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Dec. 5: The Phillies have also checked in on both Kahnle and Holmes this winter, reports Matt Gelb of The Athletic. They’re known to be in the market for at least one high-leverage reliever this offseason, adding to a late-inning group that currently includes righty Orion Kerkering and lefties Matt Strahm and Jose Alvarado. Their interest in Holmes is strictly as a reliever. If he ends up signing as a starting pitcher, it won’t be in Philadelphia.

Dec. 4: The Yankees have interest in another reunion with right-hander Tommy Kahnle, reports Jon Heyman of the New York Post, though the veteran reliever has drawn at least some level of interest from as many as seven other clubs. Kahnle said after the Yankees’ season ended that he hoped to return to the Bronx as a free agent, so the interest seems mutual. He’s one of three free agent relievers coming out of the Yankees’ bullpen this offseason, joining Clay Holmes and Tim Hill. The Post’s Dan Martin writes that Holmes is expected to sign elsewhere in free agency.

The 35-year-old Kahnle and the Yankees continue to find their way back to one another. New York drafted the righty in the fifth round back in 2010, lost him to the Rockies in the 2013 Rule 5 Draft, acquired him from the White Sox at the 2017 trade deadline and then signed him as a free agent in the 2022-23 offseason. He’s spent parts of six seasons in pinstripes, logging a combined 3.31 ERA out of the Yankees’ bullpen.

Kahnle’s most recent stint with the Yankees saw him log a combined 2.38 ERA in 83 1/3 regular-season innings from 2023-24. He fanned a strong 27.3% of his opponents in that time but also issued walks at an unpalatable 11% clip. He missed time in each of those seasons with shoulder troubles, however.

Kahnle kept the ball in the yard nicely over the past couple seasons (1.08 HR/9) despite Yankee Stadium’s short porch in right field. That’s in part because the overwhelming use of his changeup helped him neutralize left-handed hitters. Nearly three quarters of Kahnle’s pitches in 2023-24 were changeups. Lefties posted an awful .172/.267/.338 slash against him in that time. Spamming his changeup to that extent has also helped Kahnle keep the ball on the ground at a hearty 54.1% clip in that time — including a gaudy 58.9% mark in 2024. The Yankees typically show an affinity for grounder-heavy pitchers in the bullpen.

Of course, what was a generally successful third stint with the Yankees ended on a sour note. Kahnle rattled off seven scoreless innings between the ALDS and ALCS during the 2024 postseason and got out to a fine start in the World Series as well, yielding only an unearned run in his first two appearances (1 2/3 innings). However, it was Kahnle who loaded the bases on a pair of singles and a walk while trying to protect a 6-5 lead in the decisive Game 5 of the World Series. He was lifted without recording an out and saddled with the loss after two of his baserunners eventually came around to score. That showing apparently didn’t sour the Yankees on the changeup specialist, but for now they’re just one of several teams in the mix for his services.

Everson Pereira Among Players Eligible For Fourth Option Year

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Yankees outfielder Everson Pereira and infielder Jorbit Vivas and Mets right-hander Max Kranick are eligible for a fourth option year, reports Joel Sherman of the New York Post. They join Red Sox right-hander Cooper Criswell in that regard; there’ll likely be additional such reports throughout the offseason.

After a player is added to the 40-man roster, they can typically be assigned to the minors in three additional seasons. If a player who is on the 40-man spends at least 20 days in the minors during a season, that subtracts one of those years. In certain circumstances, teams are allowed to option a player for a fourth season.

A player is eligible for a fourth option if they exhaust their three option years before they’ve played five professional seasons. MLB defines a professional season as one in which a player spent at least 90 days on an MLB or minor league active roster. Many players will spend a few years with a minor league affiliate before they’re added to a 40-man roster. As those count as professional seasons but are not option years, most players reach five seasons prior to running out of options.

Pereira and Vivas were each initially added to their clubs’ 40-man rosters during the 2021-22 offseason. They’ve both been optioned in each of the last three years. Neither Pereira nor Vivas appeared in a full “professional season” before 2021, however. Both players were at complexes or short-season affiliates between 2017-19, so neither got to 90 days on a minor league roster in any of those years. The minor league schedule was canceled in 2020 and did not count as a professional season. Vivas has logged four professional seasons (2021-24), while Pereira didn’t log a full minor league campaign until ’22.

Kranick first made it onto a 40-man roster after 2020. He’d already accrued two professional seasons at that point. He picked up a third in ’21 but spent almost all of the 2022-23 campaigns on the injured list. Kranick battled forearm issues and eventually underwent Tommy John surgery. He returned to health this year, his fourth professional season.

The extra option means these players can be sent back to the minors without landing on waivers. Vivas and Kranick could be on the 40-man roster bubble anyways. The extra option is most relevant with regards to Pereira, a former top prospect who underwent elbow surgery last June. If the Yankees had to decide between carrying him on the MLB roster or putting him on waivers, there’s a good chance they’d have opted for the latter route coming out of Spring Training. They’ll instead be able to send him back to Triple-A Scranton/Wilkes-Barre to evaluate him for one more year.

Yankees Recently Met With Max Fried, Corbin Burnes

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The Yankees’ efforts to re-sign Juan Soto have dominated headlines in the Bronx this offseason, but they’re also laying the groundwork for other free agent possibilities. The Yankees held a 90-minute meeting with longtime Braves lefty Max Fried this week, as first reported by the YES Network’s Michael Kay, who adds that the talk went well and the two sides are expected to meet again. Mike Puma and Joel Sherman of the New York Post also report that the two sides met, with the Yankees’ contingent consisting of GM Brian Cashman, manager Aaron Boone, pitching coach Matt Blake and as many as six other team officials. Puma and Sherman further add that the Yankees met with Corbin Burnes late last month.

Soto, of course, remains the Yankees’ top focus. It seems unlikely that they’d sign him to what increasingly appears to be a $600MM+ contract and then put down more than $150MM on one of Fried or Burnes — though the Yanks certainly have the resources to do so. Still, it’s only natural for any Soto suitor to be doing homework on potential contingency plans in the event that he signs elsewhere. Loading up on high-end starting pitching and addressing the lineup in other ways would be one such possibility. (Notably, the Yankees have also recently been linked to infielder Willy Adames, who’s willing to play third base or second base with a new club.)

The Yankees already have one of the most expensive staffs in the sport. Gerrit Cole, Carlos Rodon and Marcus Stroman are owed a combined $81MM next year. Nestor Cortes is projected by MLBTR contributor Matt Swartz to earn $7.7MM. Righty Clarke Schmidt is projected at $3.5MM. Newly minted Rookie of the Year Luis Gil is still in his pre-arbitration years. There’s been speculation about the Yankees moving either Stroman or Cortes this winter, both of which seem plausible. Adding someone the caliber of Fried of Burnes would make a trade elsewhere in the rotation a virtual inevitability.

Either Burnes or Fried would join Cole right atop what could be a powerhouse Yankees rotation. Both pitchers rejected qualifying offers from their former clubs, meaning both would cost the Yankees their second- and fifth-highest draft selections, in addition to $1MM of space from their 2025 bonus pool in international free agency. For a pitcher of either caliber, that’s a small price to pay.

Fried, 31 in January, has rattled off 659 innings of 2.81 ERA ball dating back to the 2020 season. He’s third among all qualified starting pitchers in ERA in that time, trailing only Brandon Woodruff (2.76) and Clayton Kershaw (2.79). Fried has thrown nearly 200 more innings than both those pitchers. His 2024 season wasn’t his best, but only relative to his lofty standards. He made 29 starts, totaling 174 1/3 innings, and notched a tidy 3.25 ERA.

Fried doesn’t miss bats like the prototypical ace but has a slightly better-than-average 23.6% strikeout rate over the past five seasons. He sports a strong 6.3% walk rate in that time and is among the game’s very best when it comes to minimizing hard contact and avoiding opponents’ barrels. He also racks up grounders at a plus rate (54.2% since 2020) — highlighted by a career-best 58.8% mark in 2024. Fried has generally been durable, although he was limited to 14 starts in 2023 due to a forearm strain that did not end up requiring surgery. He missed three starts in 2024 due to a nerve issue in that same forearm, but that’s ostensibly a different issue than the one that sidelined him in ’23.

Burnes is nearly a full year younger, having turned 30 about five weeks ago. He’s solidified himself as a true workhorse, ranking third in the majors in innings pitched over the past five seasons and sitting narrowly behind Fried with a fourth-ranked 2.88 ERA in that same span. Burnes was traded from the Brewers to the Orioles last offseason and proved himself against many of the very same AL East lineups he’d be facing as a Yankee. He made 32 starts and pitched 194 1/3 innings of 2.92 ERA ball for the O’s, adding eight innings of one-run excellence in Baltimore’s brief postseason foray.

Dominant as Burnes has been at times in his career, his recent work bears some resemblance to that of Fried. That’s not a bad thing, of course, but his once sky-high strikeout rate now sits at a roughly league-average rate (23.1% in 2024). Like Fried, he’s countered the diminished strikeout tendencies with sharp command and a knack for dodging hard contact. Burnes doesn’t generate grounders at the same level, but his 46.9% career mark and 2024’s 48.8% rate are both still comfortably above average.

The general thinking has been that Burnes will sign the largest contract of any pitcher this offseason. He’s two years younger than Blake Snell — who signed for five years and $182MM with the Dodgers (albeit with some deferrals) — and a year younger than Fried. His blend of durability and effectiveness is unmatched among this year’s crop of free agents. Fried, however, should command a deal well north of $100MM himself — quite possibly approaching or even exceeding the $162MM the Yankees promised to Rodon two winters ago.

The Yankees currently project for a payroll around $230MM, per RosterResource. They’re currently below the luxury tax threshold, but only nominally so. Even minor additions in free agency or on the trade market will push them into luxury territory. They’ve been a tax payor in each of the past three seasons, however, and their pursuits of various high-end free agents makes it clear they’re comfortable not only paying the tax for a fourth straight season but perhaps pushing into the highest tier of penalty again — at least for the 2025 season.

Managing partner Hal Steinbrenner has said that trotting out a payroll of that magnitude every season isn’t sustainable in the long run. However, that’s probably the reality for the immediate future, so long as the Yanks are paying Aaron Judge, Cole and Rodon a combined $103MM annually through 2028 (to say nothing of weighty commitments to Giancarlo Stanton, DJ LeMahieu, Stroman and any forthcoming free agent/trade additions).

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