Offseason In Review: Milwaukee Brewers

The Brewers followed a heartbreaking postseason exit with an offseason punctuated by the departure of a franchise shortstop, the trade of a star closer, and severe payroll restrictions from ownership.

Major League Signings

2025 spending: $6.15MM
Total spending: $6.15MM

Option Decisions

Trades and Waiver Claims

Extensions

  • None

Minor League Signings

Notable Losses

The Brewers didn't come right out and say it, but their early offseason activity was a portent for what became a glaring, obvious lack of financial resources for the baseball operations department. The decisions to decline pricey options on injured lefty Wade Miley (who had Tommy John surgery in late April) and backup catcher Gary Sanchez didn't come as a surprise.

However, many Milwaukee fans were surprised to see the team place righty Colin Rea on outright waivers when he was a net $4.5MM call for them. The decision was perhaps justified originally when Rea cleared waivers and had his option declined, but the $5MM deal he eventually signed with the Cubs was larger than the net amount he'd have cost the Brewers to retain. The Brewers followed that with another somewhat surprising move to non-tender southpaw reliever Hoby Milner, who was projected for a $2.7MM salary. The 34-year-old's 4.73 ERA was rocky, of course, but he posted terrific K-BB% numbers and had given the Brew Crew 129 innings of 2.79 ERA ball across the 2022-23 seasons.

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Offseason In Review: Toronto Blue Jays

The Blue Jays came up short on most (but not all) of their many pursuits of star free agents this winter, and the ship may have already sailed on the team's efforts to sign Vladimir Guerrero Jr. to a contract extension.  Amidst all the pessimism surrounding the Jays' future, the team did make some notable moves to try and reload the roster after a disappointing 2024 campaign.

Major League Signings

2025 spending: $59MM (not counting Tate/Walker)
Total spending: $156MM

Option Decisions

  • None

Trades & Claims

Notable Minor League Signings

Extensions

  • None

Notable Losses

Toronto hitters combined for only 156 home runs and a .389 slugging percentage in 2024, so a 44-homer bat like Anthony Santander should bring some much-needed thunder to the lineup.  The Blue Jays made a hefty $92.5MM investment that Santander can build on the career year that saw him hit .235/.308/.506 over 665 plate appearances for the Orioles, while handily topping his previous high of 33 homers (in 2022).

Santander's overall hitting profile is a concern, as evidenced by the low batting average and OBP.  However, Santander still posted an above-average walk rate despite the low on-base number, and his strikeout rate remained above average in 2024 even though chasing pitches has been an issue for his entire career.  The switch-hitter is certainly a power-first (if not quite a power-only) type of batter, yet the profile fits for a Jays team lacking in pop and in left-handed hitting balance.

Santander will step right into the lineup as the everyday left fielder, and he'll probably get a decent share of DH time given that his glovework is considered only passable.  As defense-focused as the Blue Jays have been over the last couple of years, they continued to move in that direction with a surprising trade for arguably the sport's best defensive second baseman.

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Offseason In Review: Kansas City Royals

The Royals began the offseason with a three-year signing to keep their excellent rotation intact. They traded from that starting staff a month later to acquire a new leadoff hitter. Kansas City hoped to follow up with an impact offensive acquisition that never materialized. They instead turned to the relief market late in the winter to add a veteran closer.

Major League Signings

2025 spending: $35MM
Total spending: $80MM

Option Decisions

Trades and Claims

Extensions

  • Signed LHP Cole Ragans to three-year, $13.25MM deal to cover final pre-arb year and first two arbitration seasons

Notable Minor League Signings

Notable Losses

The Royals were perhaps the most surprising playoff team of 2024. Kansas City had a 30-win improvement relative to the preceding season. They held the Orioles to one run in two games to sweep their Wild Card series. The Yankees knocked K.C. off in the Division Series, but the Royals' window has reopened after a nine-year postseason drought.

They remain one of the more top-heavy contenders. Kansas City's success was built around an elite rotation and an MVP-caliber season from Bobby Witt Jr. They preserved a crucial piece of that rotation just before free agency opened. Kansas City signed Michael Wacha to a three-year, $51MM extension to keep him from opting out and testing free agency. The veteran righty rejoins Seth Lugo as the 2-3 arms behind breakout left-hander Cole Ragans.

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Offseason In Review: Arizona Diamondbacks

The D-backs followed up their 2023 World Series appearance with a narrow playoff miss and responded by making the biggest free agent signing in franchise history. Now brandishing one of the best one-two starting pitching punches in the sport, they'll look to ride a powerhouse rotation back into October baseball.

Major League Signings

2025 spending: $46.35MM
Total spending: $216.35MM

Option Decisions

Trades and Waiver Claims

Notable Minor League Signings

Extensions

Notable Losses

Arizona's playoff hopes in the 2024 season stayed alive until the very end, but they ultimately watched from home after missing the postseason by the literal narrowest margin possible. It was a bitter pill for the club and its fans to swallow -- particularly since the offseason promised considerable turnover. Star first baseman Christian Walker hit free agency, as did slugger Joc Pederson on the heels of what was arguably a career-best season. Closer Paul Sewald and key role players like Randal Grichuk and Kevin Newman also returned to the open market.

That all left plenty of work to be done, and not a ton of payroll space to make it happen -- or so it seemed initially, anyhow. General manager Mike Hazen publicly stated in November that he anticipated a payroll in the same range as 2024's $173MM figure. With Jordan Montgomery exercising a $22.5MM player option on the heels of a down year, the D-backs lost plenty of flexibility. There was still a decent amount of room, but they ostensibly needed to replace their first baseman, designated hitter, closer and multiple bench pieces.

As he set those payroll expectations, Hazen also made clear that bolstering the back end of his bullpen was a key priority. For the first third or even half of the offseason, the general expectation was that Arizona would seek high-end bullpen help and perhaps a more affordable replacement for Walker, who seemed destined for multiple years with an average annual value in the $20MM range.

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Offseason In Review: Chicago Cubs

The Cubs added star power in the Kyle Tucker trade, but otherwise made modest additions despite several other big swings.

Major League Signings

2025 spending: $33.25MM
Total spending: $56.25MM

Option Decisions

Trades and Claims

Notable Minor League Signings

Extensions

  • None

Notable Losses

Much like the previous winter with Marcus Stroman, this Cubs offseason kicked off with a pivotal player option decision that would affect their financial flexibility.  This time, Cody Bellinger elected to take the $27.5MM owed to him in 2025 in lieu of a $2.5MM buyout, which also preserves a $25MM option on 2026 with a $5MM buyout.  Bellinger's decision was not surprising, as he's now positioned himself to decline the '26 option having collected a total of $32.5MM for '25.

The Athletic's Patrick Mooney suggested a couple of times early in the offseason that the Cubs were seeking a starting pitcher who "could be trusted in a playoff game."  Nonetheless, it wasn't long before Mooney's colleague Sahadev Sharma wrote that "the top tier of the starting pitching market has been ruled out" for the club.  Blake Snell, Max Fried, and Corbin Burnes would go on to sign contracts ranging from $182-218MM (though some included deferred money), and the Cubs were seemingly never a factor on them due to what I assume are philosophical objections to five-plus year commitments to thirty-something-aged free agent starters.

Instead, Cubs president of baseball operations Jed Hoyer made a pre-Winter Meetings strike for 34-year-old southpaw Matthew Boyd.  Boyd was available on a two-year contract because of his age and injury history.  After totaling 355 2/3 innings for the 2018-19 Tigers, Boyd has not reached 80 innings in a season since.

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Offseason In Review: Miami Marlins

The rebuild continued in South Beach, as the Marlins continued to move experienced talent for prospects.

Major League Signings

2025 spending: $3.5MM
Total spending: $3.5MM

Option Decisions

  • None

Trades & Claims

Notable Minor League Signings

Notable Losses

Miami's offseason began with a big internal housecleaning, as the Marlins parted ways with their entire coaching staff, and several behind-the-scenes employees ranging from the team's dietician to the traveling secretary.  The headline name among all the Marlins' new hires was Clayton McCullough, chosen for his first big league managerial position after a long career as a coach and coordinator in the Dodgers' organization, and as a manager at multiple levels of the Blue Jays' farm system.

McCullough's history of working in player development and with players at both the Major and minor league levels bodes well for his stewardship of a Marlins team that continues to look towards the future.  Of all the players on the Marlins' 40-man roster, only Sandy Alcantara and new signing Cal Quantrill have more than four years of MLB service time, as president of baseball operations Peter Bendix has already significantly overhauled the roster after a little over 16 months on the job.

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Offseason In Review: San Francisco Giants

While not the blockbuster offseason some fans expected from the Giants' new front office, a couple of big names landed in San Francisco.

Major League Signings

2025 spending: $36MM
Total spending: $197MM

Option Decisions

  • Blake Snell, SP: Opted out of final year of contract ($30MM in 2025)
  • Robbie Ray, SP: Declined to opt out of final two years of contract ($50MM over 2025-26 seasons)
  • Wilmer Flores, IF: Exercises $3.5MM player option for the 2025 season

Trades & Claims

Notable Minor League Signings

Extensions

  • None

Notable Losses

Willy Adames' $182MM contract represents the largest deal in Giants history, and perhaps marks an end to the narrative that the franchise is unable to attract top-tier talent to the Bay Area.  Bryce Harper, Aaron Judge, Carlos Correa (though that situation was rather unique), and Shohei Ohtani are a few of the major free agents who the Giants pursued but were unable to sign when Farhan Zaidi was the club's president of baseball operations, leaving fans perpetually frustrated at Zaidi's roster-building endeavors.

Things changed even before Zaidi was officially replaced by Buster Posey last September, as Posey (then acting in his capacity as a member of the Giants board of directors) took a very direct role in negotiating Matt Chapman's six-year, $151MM contract extension.  It is rare to see such extensions signed when a player is as close to Chapman was to the open market, and finalizing that deal indicated that Posey might be moving with more aggressiveness once he took the reins as the new PBO.

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Offseason In Review: Los Angeles Dodgers

The Dodgers followed up their World Series win with another aggressive offseason, making many headline-grabbing additions as well as some less splashy moves. Despite years of playoff disappointments, they now go into 2025 viewed as a juggernaut that is despised by all other fan bases around the league.

Major League Signings

2025 spending: $185.5MM
Total spending: $398.5MM

Option Decisions

Trades and Claims

Notable Minor League Signings

Extensions

Notable Losses

Things change fast in baseball. The Dodgers finished 2023 on a down note, having been swept out of the NLDS by the Diamondbacks. Though that was their 11th consecutive postseason appearance, many of them had ended in heartbreaking fashion. Fans of the club were in MLBTR's mentions, calling for manager Dave Roberts and president of baseball operations Andrew Friedman to be fired. Fans of other clubs were taunting them for their failed attempts to "buy" a World Series. But they then signed Shohei Ohtani to a heavily-deferred deal, as well as grabbing Yoshinobu Yamamoto and many others, eventually winning it all in 2024.

The club therefore went into the 2024-25 offseason with the wind in their sails and they didn't slow down. Within a few months of their parade, they had signed one of the top free agent starters, a few of the top relievers, some solid outfielders and the most notable international amateur since Ohtani.

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Offseason In Review: Washington Nationals

The Nationals made a few acquisitions, most notably with a trade for their new first baseman. They eschewed any investments longer than two years. They're probably still a season away from pulling out of the rebuild. If they take a step forward from last season's 71 wins, they should be positioned for a much more aggressive winter going into 2026.

Major League Signings

2025 spending: $38.5MM ($4MM deferred)
Total spending: $47.5MM

Option Decisions

Trades and Claims

Notable Minor League Signings

Extensions

  • None

Notable Losses

The Nationals finished 71-91 last season, their second straight year landing 20 games under .500. Still, they feel closer to contention than they did 12 months ago. Top outfield prospects James Wood and Dylan Crews made it to the big leagues. The middle infield tandem of CJ Abrams and Luis García Jr. each took steps forward, even if Abrams' season ended with an unceremonious disciplinary demotion. Center fielder Jacob Young had a nice season headlined by Gold Glove-caliber defense. A controllable rotation group of MacKenzie GoreJake Irvin, Mitchell Parker and DJ Herz pitched reasonably well.

One can start to see the light at the end of the five-year rebuild. Yet the Nationals entered the offseason with a handful of huge holes. GM Mike Rizzo said in September that the front office was looking to add one or two middle-of-the-order bats. The Nats got very little from their corner infield or designated hitter positions, making those obvious target areas. They're still lacking a true top-of-the-rotation starter, nor did they have much in the way of middle relief depth.

They didn't fix all of it. There was never much hope of ownership allowing the front office to jump back in on Juan Soto. They seemingly didn't look at the top of the rotation market, uninterested in making a $200MM+ investment for Corbin Burnes or Max Fried. While they technically did add two middle-of-the-order hitters, they weren't on significant free agent splashes. The Nationals showed some interest in Christian Walker and made sense as an on-paper fit for Pete Alonso, but they ended up taking a volume approach to free agency.

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Offseason In Review: Cleveland Guardians

The Guardians kept their longtime ace but traded their everyday first baseman ahead of his final season of club control. Their offseason featured a blend of creative trades to trim payroll and acquire controllable talent, plus some short-term spending on veterans to replace some of the big leaguers they traded away. It was a vintage Cleveland offseason that should keep them in the mix in what'll be a tightly contested AL Central.

Major League Signings

2025 spending: $37.5MM
Total spending: $54.5MM

Option Decisions

  • None

Trades and Waiver Claims

Notable Minor League Signings

Extensions

  • None

Notable Losses

The Guardians entered the 2024-25 offseason looking to bolster a roster that made an unexpected run to the American League Championship Series. Cleveland faced decisions on some players with dwindling club control and, as is always the case, some notable payroll limitations. In a departure from most offseasons, however, the Guards found themselves in an unfamiliar position: needing to acquire starting pitching.

Cleveland has emerged as one of the industry leaders in maximizing its rotation output. At times, it feels as though they have an almost magical ability to produce quality starting pitchers out of thin air. In fact, when the Guardians signed righty Ben Lively to a one-year, $800K deal in the 2023-24 offseason, it was the first time they'd signed any free agent starter to a major league contract since inking Gavin Floyd back in 2014. Midway through the 2024 season, they did so again, signing Matthew Boyd to a major league contract.

Both moves worked out splendidly. Boyd started eight games down the stretch and produced a sub-3.00 ERA. Lively finished second on the club with 151 innings and notched a 3.81 ERA and stuck with the club as an arbitration-eligible player. He'll be back in the 2025 rotation. Boyd, however, hit free agency and did so alongside former Cy Young winner Shane Bieber and trade deadline acquisition Alex Cobb.

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