Where Can The Rangers Find A Closer?

The Rangers watched four key relievers hit the open market to begin the 2024-25 offseason. Closer Kirby Yates, who proved a bargain pickup on a one-year $4.5MM deal, reached free agency alongside David Robertson, Jose Leclerc and Andrew Chafin (who had a club option declined). Those four were the Rangers' top four late-inning options in the season's second half.

Beyond the difficulty of retaining any group of coveted free agents and/or rebuilding an entire relief corps, Texas faced financial difficulties. Re-signing Nathan Eovaldi and improving a lineup that struggled badly against fastballs were both priorities. Eovaldi cost more than most would've anticipated entering the offseason, benefitting from the hyper-aggressive free agent market for starters to the tune of a three-year, $75MM deal. Slugger Joc Pederson similarly commanded a stout $18.5MM-per-season annual value on his two-year deal. As with Eovaldi, that topped expectations.

Texas did trim some payroll and replace a bullpen arm in one fell swoop, trading the final two years of club control over first baseman Nathaniel Lowe to the Nationals in exchange for five seasons of control over lefty Robert Garcia. The 28-year-old's 4.22 ERA last season isn't particularly exciting, but a big 29.9% strikeout rate and sharp 6.4% walk rate portend improvements in the ERA department moving forward.

The rest of the Rangers' bullpen dealings have been cost-efficient in nature. Texas brought old friend Chris Martin back on a one-year, $5.5MM deal earlier this month. They had the advantage of being Martin's hometown club, which held appeal to him in the final season of his career; he's announced he expects to retire after the 2025 season and reportedly turned down more money elsewhere to pitch his final year close to home. Free agents Hoby Milner (another Fort Worth area native), Shawn Armstrong and Jacob Webb signed for $2.5MM, $1.25MM and $1.25MM, respectively.

Meanwhile, the free agents who've bid farewell to the Rangers seem to be in demand. Leclerc commanded a $10MM guarantee on a one-year deal with the A's. Yates has reached a tentative agreement with the Dodgers, though financial terms are not yet clear and he's not yet taken his physical. The aggressive market for late-inning arms figures to allow Robertson to cash in on an eight-figure salary. Chafin has garnered interest from the Yankees and Cubs at varying points this winter and is surely talking to other teams as the market for relievers heats up. In the past week alone, we've seen Tanner Scott, Yates, Paul Sewald and A.J. Minter reach free agent agreements. The markets for Carlos Estevez and Kyle Finnegan are picking up. The Cubs are talking to the Astros about Ryan Pressly.

Yates' agreement with the Dodgers rankled many Rangers fans who'd hoped they could bring the 37-year-old back as a finishing piece to the bullpen revamp. Rangers president of baseball operations Chris Young, however, has indicated that while the door is still cracked for another acquisition, the bulk of the team's heavy lifting has likely been completed.

Evan Grant of the Dallas Morning News reported Wednesday that the Rangers never made a formal offer to Yates, recognizing where his market was headed while they faced payroll constrictions from ownership. Per Grant, if the Rangers add to the 'pen, it'd likely have to come via the trade market. They're about $6MM shy of the luxury-tax threshold, per Roster Resource, and staying under that $241MM cutoff is said to be a priority for the Rangers.

It's always possible they could strike gold on another Yates-sized reclamation project; Kendall Graveman and Scott Barlow are among the buy-low candidates with some track record as a successful late-inning reliever. Generally speaking, however, if the Rangers want to add a solid closing option, they're not going to find one for under $6MM in free agency.

With that in mind, let's run through some possible options for Young, GM Ross Fenstermaker and their staff as they peruse the market in hopes of adding one more high-leverage option.

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