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Previewing Qualifying Offer Decisions: Pitchers

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The World Series looms and the offseason will begin around two weeks from now. One of the first key decisions for teams is whether to issue a qualifying offer to any of their impending free agents. Clubs have until the fifth day after the conclusion of the World Series to make QO decisions.

The QO is a one-year offer calculated by averaging the 125 highest salaries in MLB. This year’s price is $22.025MM. Players who receive the QO have around two weeks to get an early feel for the market before deciding whether to accept. If they do, they cannot be traded without their consent until at least June 15 of the following season — as is the case for any MLB free agent who signs a major league deal.

If the player rejects and signs elsewhere, his former team would receive draft compensation. The signing club would forfeit a pick (or picks) and potentially international signing bonus space. The compensation and penalties vary depending on teams’ revenue sharing and luxury tax statuses. MLBTR’s Mark Polishuk recently examined what each team would receive if they lose a qualified free agent, and the penalties they’d pay to sign one.

Yesterday, MLBTR looked at a relatively light class of expected recipients on the position player side. There’s more intrigue with the pitching, which could feature a handful of borderline cases depending on option decisions and health questions.

No-Doubters

This group is straightforward. Valdez and Suárez should easily land nine-figure contracts. Cease will probably begin the offseason with a nine-figure ask of his own based on his durability, plus stuff, and excellent strikeout potential. His 4.55 ERA and general inefficiency in the second half might prevent him from cashing in to that level, but he’d at least be able to command a two- or three-year deal with opt-outs even if his market doesn’t materialize as hoped. There’s no reason for him to accept a one-year deal.

Díaz is expected to opt out of the remaining two years and $38MM on his contract. He wouldn’t do that only to accept a one-year offer at $22MM. He’ll decline the qualifying offer and could look for a four-year deal that pays around $20MM annually.

Likely Recipients

All of these pitchers seem like comfortable recipients as well, though it’s not 100% certain they’d each decline as the top tier would. Gallen had an up-and-down season that concluded with a 4.83 earned run average over 192 innings. His 21.5% strikeout rate was the lowest of his career, and he struggled with the home run ball for the first time in four seasons. It’s not an encouraging walk year, but he’s only 30 years old and is a few months removed from having a case for a $150MM contract. While he’s not going to get there now, he should be able to land a two-year deal with an opt-out if no team is willing to pay nine figures.

King and Woodruff would’ve been locks to reject the QO had they finished the season at full stride. King missed a couple months with a pesky nerve injury in his throwing shoulder, then lost a few weeks to a knee issue. He returned in the middle of September but didn’t make it beyond five innings in any of his final four starts. The Padres carried him on the playoff roster but had pushed him far enough down the depth chart that they turned to a diminished Yu Darvish to start an elimination game while keeping King in the bullpen. It’s still likely that he’ll decline the qualifying offer and command a multi-year deal, but it’s an uphill battle to the nine-figure money that once seemed to be in the cards.

Woodruff finished the season on the injured list with a lat strain. He’d missed all of 2024 and the first half of this past season rehabbing from a shoulder surgery. In between, he was one of the best pitchers on the planet. He turned in a 3.20 ERA with a 32% strikeout rate across 12 starts. Teams are always on the hunt for playoff-caliber starters, and Woodruff certainly has that kind of ceiling. The durability questions and his age (33 in February) are likely to keep him at two or three years, but he should command a multi-year contract that pays at or above the qualifying offer price.

Borderline Calls

Flaherty has a $20MM player option. He’ll only become a free agent if he believes he’s going to beat that on the open market. Would he decline the option just to accept a qualifying offer for an extra $2MM if the Tigers offered it? That seems unlikely but isn’t impossible. He’d have the approximate two-week window after receiving the QO to gauge the market, and if he’s not finding the kind of early interest he’d hope, it could make sense to accept the offer.

The Tigers would need to decide whether it’s worthwhile to take that chance. Flaherty is coming off a middling 4.64 ERA but took the ball 31 times and struck out 27.6% of opponents. There are some similarities to where Nick Pivetta was at this time last year: a reliable source of innings with a plus strikeout/walk profile but concerns about his home run tendency. It was a little surprising that the Red Sox made Pivetta a qualifying offer and even more so that he turned it down. That gamble ended up netting the Sox the #75 pick in the draft. The Tigers, as revenue sharing recipients, would get a pick after the first round if Flaherty declines a QO and still pulls a $50MM+ guarantee from another team (as Pivetta did).

Giolito lost the 2024 season to internal brace surgery. He began this year on the injured list after suffering a Spring Training hamstring strain. He posted an ERA near 5.00 in May before settling in as a productive mid-rotation arm over the next few months. Giolito turned in a 3.03 earned run average across 20 starts and 113 innings from June onward.

A sub-20% strikeout rate raised some doubts about the sustainability of that kind of run prevention. Still, he looked like a reliable third starter who would do well on the open market once he crossed the 140-inning threshold to convert a $14MM team option into a $19MM mutual provision. Luis Severino had a similar profile and commanded three years and $67MM with an opt-out after declining a qualifying offer last winter. While that contract was an overpay to get a free agent starter to pitch at Sutter Health Park, a three-year deal in the mid-$50MM range is still preferable to accepting a QO.

Then came another injury. Giolito suffered flexor irritation and a bone issue in his throwing elbow at the end of the regular season. He did not make the Wild Card roster and would not have been available even if the Red Sox had made a deep postseason run. Giolito told Chris Cotillo of MassLive that there’s no ligament damage and the issue should heal with rest. Whether to make the QO will come down to Boston’s risk tolerance on the elbow.

The Sox’s luxury tax status should also be a consideration. Unofficial public estimates have them narrowly above the $241MM base threshold. If that’s the case, they’d only get a compensatory pick after the fourth round if Giolito rejects a QO and signs elsewhere. It’d fall in the #75 overall range — like the Pivetta pick — if they had stayed below the tax threshold. That won’t be known publicly until MLB releases its final payroll tallies in December, but the team surely has an idea of where they stand.

Imanaga has a complex option setup that might keep him from getting to free agency. The Cubs first need to decide whether to exercise a three-year, $57MM option covering the 2026-28 seasons. If they decline, Imanaga has the right to opt out of the remaining two years and $30MM on his deal. If both sides decline their end of the option structure, he’ll be a free agent. The Cubs would then need to decide whether to make the qualifying offer or be content to let Imanaga walk.

The longstanding assumption has been that the team would exercise the three-year option. Imanaga was fantastic in 2024 and carried a 3.08 ERA over 20 starts through the end of August this season. Then he got torched in September (6.51 ERA) and gave up six runs over 6 2/3 innings during two postseason starts. He gave up at least one home run in each of his last nine regular season starts, as well as in both playoff outings. Imanaga surrendered an MLB-worst 20 longballs in the second half.

That’s likely to continue to be a problem. Imanaga’s fastball sits around 90 MPH and he’s an extreme fly-ball pitcher. After striking out more than a quarter of batters faced during his rookie season, that dropped to a slightly below-average 20.6% mark this year. There are a lot of red flags, but he also owns a 3.28 ERA over 318 MLB innings in the last two seasons. How much has the final six weeks soured the Cubs on his future projection?

Unlikely/Long Shots

This group gets a cursory mention largely because there’s often one or two long shot recipients each year. Pivetta and especially Nick Martinez fell into this bucket last winter. Still, it’d register as a major surprise if anyone from this group receives the QO.

Suarez probably has the best chance. He’s one of the game’s best closers and should command a strong two-year deal for his age 35-36 seasons. The Padres have been navigating short-term payroll questions for the past few years, though, and they have Mason Miller as an obvious alternative to handle the ninth inning. Even if they want to give Miller a chance to start, Jeremiah Estrada or Adrian Morejon could close. With bigger needs in the rotation and at first base, they should let Suarez walk.

Mahle had a sterling 2.18 ERA across 16 starts but didn’t miss many bats. He then suffered a rotator cuff strain that cost him three months between mid-June and September. He has battled various shoulder injuries over the past two seasons and underwent Tommy John surgery in 2023. The Rangers are cutting payroll and need to overhaul their lineup. Committing $22MM to Mahle wouldn’t make much sense.

Williams, Keller and Weaver are three of the top relievers in the class. Teams generally reserve the QO for established high-end closers (e.g. Josh Hader, Raisel Iglesias). Williams would’ve been in that group if he’d had a typical platform year, but he finishes his first and probably only season in the Bronx with an ERA near-5.00.

Ineligible

Players who have previously received a qualifying offer in their careers cannot be tagged with a second one. That rules out Bassitt, Iglesias, Martinez and Verlander. Teams can only make the offer to players who spent the entire preceding season on their roster. Bieber, Kelly and Littell (who would’ve been unlikely anyway) were all traded at the deadline.

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