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MLB Mailbag: Mets, Red Sox, Murakami, Expansion, Cubs, Tatis

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This week's mailbag gets into the Mets' offseason thus far, Craig Breslow's tenure atop Boston's front office, the Munetaka Murakami situation, how an expansion draft works, the Cubs' anti-deferral policy, Fernando Tatis Jr.'s trade value, and much more.

Ed asks:

I'm finding it hard to understand the Mets thinking. I'm scratching my head about the Marcus Semien/ Brandon Nimmo trade. I asked my friend who's a big Mets fan (his last name is Metz) what he thought and he responded that it depends on what outfielder they replace Nimmo with. I told him that unless they break the bank on Kyle Tucker its not going to be a clear upgrade. I'd say Cody Bellinger is an slight upgrade but after looking at their numbers its amazing how similar Bellinger and Nimmo are offensively and I don't see Cody putting up as good numbers in Citi Field.

Then I heard they are shopping Senga, instead of signing Framber Valdez or Ranger Suarez to compliment Senga they are looking to move on all together. Again I think both Framber and Ranger are probably a little better than Senga but if you sign one of them and keep Senga he becomes your # 2 which he is much better suited for.

I believe last year was more of a fluke for Devin Williams than the new norm, but would rather have Diaz, especially since William's problem might have been that he just can't handle the New York limelight. The Mets are now going with Williams as closer unless they resign Diaz and yes it probably closes the door on Diaz unless they want to invest over $100 million on two back end of the bullpen guys.

Just curious what you think of these moves. Do you feel the Mets will be stronger in the OF, Starting and Relief pitching in 2026?

Abner asks:

As a NY Mets fan I would love to see a late innings duo of Edwin Díaz & Devin Williams. But knowing how does David Stearns operate, how realistic is the Mets signing Díaz with Williams already in the fold? Will they look for cheaper options getting a guy like Tyler Rogers and/or Emilio Pagán to be the setup man while Williams is the closer? If they decide to invest heavily in Williams and Díaz, does that mean that they will not invest in an ace for the starting rotation this offseason? Thanks in advance.

On the Nimmo/Semien trade, I agree with Ed's friend.  So far, we've seen a portion of the Mets' offseason puzzle.  It's not close to being complete.

At age 33, Nimmo projects as roughly a 2.5 WAR player next year.  It's true that the free agent market is light on outfielders who are capable of that, beyond Tucker and Bellinger.  But it's also true that 34 MLB outfielders were worth 2.5+ WAR this year, including several few saw coming.  And that doesn't account for platoons that combined for 2.5 WAR-type value.

There's also collapse risk with the 33-year-old Nimmo, who is under contract through 2030.  Let's take a quick look at the last five years and see how many 33-year-old outfielders were worth 2.5+ WAR:

Nimmo's track record is very good, and a projection system is not going to project him to fall off a cliff after a 3-WAR season.  But outfield is a young man's game, and you can see how rare good seasons are at 33+.  With Nimmo, this could be a case of the old adage about trading a player a year too early rather than a year too late.  So I don't mind subtracting a player who probably won't age well, saving some money long-term and bringing in a second baseman with strong defense.  That's not to say Semien doesn't have his own collapse risk at 35, but his speed and defense are holding strong.

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Blue Jays Sign Dylan Cease To Seven-Year Deal

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December 3rd: The full breakdown is provided by Jon Heyman of The New York Post. Cease gets a $23MM signing bonus and then a $22MM salary in 2026. His salary then jumps to $30MM in 2027 and falls by $1MM in each subsequent season. $10MM of his 2026 salary is deferred followed by $9MM in each season after that. The deal also contains awards bonuses and a limited no-trade clause.

December 2nd: The Jays made it official today, announcing they have signed Cease to a seven-year deal. Ken Rosenthal of The Athletic reports that the MLBPA values the contract at roughly $184.6MM after adjusting for the deferred money.

November 26th: The Blue Jays are making a major splash at the top of the rotation. Toronto is in agreement with Dylan Cease on a seven-year contract, pending a physical. It’s reportedly a $210MM guarantee for the Boras Corporation client, though it includes deferred money that’ll drop the average annual value for luxury tax purposes to roughly $26MM. That puts the net present value closer to $182MM.

Even after adjusting for deferrals, it’s the largest free agent signing in franchise history. Though the Jays gave Vladimir Guerrero Jr. a $500MM extension earlier this year, they’d never gone beyond George Springer’s six-year, $150MM deal on the open market.

Cease, 30 next month, entered free agency as a test case of how much modern front offices care about earned run average. In two of the past three seasons, his ERA has jumped to the mid-4.00s, including a 4.55 mark in 2025. However, in just about every other respect, he has been great. He has been incredibly durable. His control isn’t amazing but he has racked up strikeouts. He has kept his fastball velocity in the upper 90s, while also featuring a slider, knuckle curve and changeup.

Though Cease debuted back in 2019, he has actually never been on the major league injured list, apart from a very brief stint on the COVID list in 2021. He made 12 starts in the shortened 2020 season and has taken the ball at least 32 times in each full season since. In total, he’s made 174 starts since the start of 2020, which leads all major league pitchers. He generally doesn’t pitch deep into games, however, so he’s ninth in that span in terms of innings.

On top of the quantity, the quality has been strong. For that same 2020-25 span, he posted a 3.88 ERA. His 9.9% walk rate was a bit on the high side but he punched out 28.9% of batters faced with a 14.4% swinging strike rate.

As mentioned, his ERA has wobbled in recent years, but it has done so while other elements of his game have stayed more consistent. He actually saw his ERA drop to 2.20 in 2022. With the White Sox at that time, he finished second in American League Cy Young voting to Justin Verlander. His ERA then shot up to 4.58 in 2023, dropped to 3.47 in 2024 and then climbed back up to 4.55 this year.

But during those ups and downs, his strikeout and walk rates have been less volatile. His strikeout rate did drop from 30.4% in 2022 to 27.3%, but then it climbed to 29.4% and 29.8% in the two most recent campaigns. His 10.4% walk rate in 2022 decreased to 10.1% and 8.5% in the next two years, followed by a slight uptick to 9.8% in 2025.

His batting average on balls in play, which tends to be a bit more luck based, has synched up more with his ERA shifts. A standard BABIP is usually around .290 but Cease was down at .260 in that 2022 season. It then swung the other way to .330 in 2023 as Cease’s ERA climbed, then went to .263 and .320 in the two most recent seasons as his ERA dipped and climbed again.

As such, ERA estimators have considered Cease to be far more steady than his actual ERA. His FIP has been between 3.10 and 3.72 for the past four years. His SIERA was at 3.48 in 2022, jumped a bit to 4.10 in 2023, and then has been at 3.46 and 3.58 in 2024 and 2025.

As we were deliberating our Top 50 Free Agents post at MLBTR, we had many debates about whether the inconsistent ERA would hurt his earning power, perhaps leading him to accept a short-term deal with opt-outs, or if teams would overlook the ERA and sign him based on his consistency in other areas. In the end, we opted for latter, predicting a seven-year, $189MM deal. Cease has surpassed that in terms of sticker price, though the deferrals will seemingly put the net present value closer just below that projection.

The Blue Jays are coming off their best season in years, as they charged all the way to Game Seven of the World Series, ultimately falling to the Dodgers in extra innings. However, the season ended with plenty of rotation uncertainty. Chris Bassitt and Max Scherzer became free agents. Shane Bieber had a $16MM player option he seemed likely to decline. In the long term, Kevin Gausman is a free agent after 2026. José Berríos has an opt-out in his deal after the upcoming campaign.

In the past few weeks and months, the long-term outlook has improved considerably. Trey Yesavage came up late in the year and was immediately able to get hitters out, quickly establishing himself as a rotation building block. Bieber surprisingly decided to trigger his player option and stick with the Jays for one more year. Now Cease is in the fold for the long run.

That gives the Jays a rotation of Gausman, Cease, Yesavage, Bieber and Berríos going into 2026, with guys like Eric Lauer, Ricky Tiedemann and Bowden Francis also in the mix. Though Bieber and Gausman are slated to depart after the upcoming campaign, with Berríos potentially joining them, Cease can serve as a bridge to another era. By then, it’s possible Jake Bloss has recovered from his Tommy John surgery and is back in the mix. Prospects like Gage Stanifer and Johnny King might have climbed into the picture by then as well.

Toronto is paying a significant cost to lock Cease in as a long-term anchor. RosterResource projected their 2026 payroll around $232MM, while their luxury tax number was right around the $244MM base threshold. It won’t be clear how much either number goes up until the payment and deferral structure is reported. The CBT number is based on the contract’s average annual value, so the salary breakdown doesn’t matter for tax purposes, but the deferrals reduce the contract’s actual value by around $4MM annually.

In any case, the Jays are clearly going to pay the tax in 2026, and this will push them beyond the $264MM first surcharge tier. They’re into CBT territory for a second consecutive season, meaning they’re taxed at a 30% rate for their first $20MM in overages. They’ll pay a 42% tax on spending between $264MM and $284MM, 75% for spending between $284MM and $304MM, and a 90% rate on any further spending. The Cease deal itself comes with roughly $8.5MM in taxes, but the penalties will get higher with any more significant additions.

The Jays almost certainly aren’t done. They’ve been loosely linked to Kyle Tucker and have interest in re-signing Bo Bichette. It seems fair to assume they won’t sign all three of this offseason’s top free agents, but a Bichette reunion could still be in play. They’ve also been linked to late-inning bullpen help, ideally a proven closer who’d push Jeff Hoffman into a leverage role in the seventh and eighth innings.

Cease rejected a qualifying offer from the Padres. The Jays are hit with the highest penalty to sign a qualified free agent because they paid the competitive balance tax this year. They’ll surrender their second- and fifth-highest selections in the 2026 draft plus $1MM from their international bonus pool in 2027. San Diego also paid the luxury tax this year, so they’re entitled to the lowest form of compensation: a selection after the fourth round next summer. They’ll get another of those if/when Michael King signs elsewhere.

Jon Heyman of The New York Post first reported the Blue Jays and Cease were in agreement on a seven-year, $210MM deal. Ken Rosenthal of The Athletic was first on the presence of deferrals, while Mitch Bannon of The Athletic reported the approximate $26MM AAV.

Image courtesy of Christopher Hanewinckel, Imagn Images.

Giants Sign Sam Hentges

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December 3rd: The Giants officially announced the Hentges signing today.

November 27th: The Giants and left-hander Sam Hentges have agreed to a one-year deal worth $1.4MM, reports Robert Murray of FanSided. The Giants have an open 40-man spot and won’t need to make a corresponding move when the deal becomes official. The southpaw is represented by Warner Sports Management.

It’s a buy-low wild card move for the Giants. Hentges was a solid bullpen piece for the Guardians a few years ago but he hasn’t been healthy for a while. Over the 2022 and 2023 campaigns, Hentges tossed 114 1/3 innings for Cleveland, allowing 2.91 earned runs per nine. His 7.9% walk rate was just barely better than average while his 27.4% strikeout rate and 60.1% ground ball rate were both very strong. He gradually moved up to high leverage work, earning 23 holds over that span.

In 2024, he kept things going for a while, posting a 3.04 ERA over another 23 2/3 innings. However, he hit the injured list in July due to some inflammation in his throwing shoulder. He required surgery in September, a procedure which came with a recovery timeline of 12 to 14 months.

Though he was likely to going miss most or all of 2025, the Guards still kept him around. He was still under club control through 2027, so there was still a potential long-term payoff. He had qualified for arbitration ahead of 2024 as a Super Two player and made $1.1625MM in his first of four arb seasons. The Guards gave him a slight bump to $1.337MM in 2025. Even if he couldn’t manage a late-season return to health, he would still have two further seasons of control.

In 2025, not only did he not make it back to the majors, but he didn’t even begin a rehab assignment. In September, he underwent arthroscopic surgery on his right knee. That procedure comes with a recovery timeline of three to four months. That means he should be healthy by the spring but the Guards decided to move on. They non-tendered Hentges last week, sending him to free agency.

The Giants have swooped in and will sign Hentges, giving him a slight raise over last year, even though he missed the whole season. San Francisco non-tendered Joey Lucchesi last week but currently has Erik Miller, Matt Gage and Reiver Sanmartin as lefties in their bullpen. Hentges is obviously a big unknown, having missed a season and a half at this point. But if he can get back to health, he could be the best southpaw in the bunch.

If he does get back on track, he would be a bargain at a salary barely above the league minimum, which will be $780K next year. He is out of options but could be retained via arbitration for the 2027 season if things go especially well next year.

Photo courtesy of Jim Rassol, Imagn Images

White Sox, Anthony Kay Agree To Two-Year Deal

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The White Sox and left-hander Anthony Kay are reportedly in agreement on a two-year, $12MM contract. The former first-round pick and top prospect, who’s represented by CAA, will be paid $5MM in each of the next two seasons and has a $2MM buyout on a $10MM mutual option for the 2028 season. He can earn another $1.5MM via incentives. Kay has spent the past two seasons pitching well for the Yokohama DeNA BayStars of Japan’s Nippon Professional Baseball.

It’s a familiar page in general manager Chris Getz’s playbook: sign a former first-rounder to a two-year deal on the heels of a strong run pitching in one of the top leagues in Asia.

That strategy worked out reasonably well when Chicago signed Erick Fedde for two years and $15MM in the 2023-24 offseason following a terrific season in the Korea Baseball Organization; Fedde was traded to the Cardinals in a three-team swap in July 2024, netting the White Sox Miguel Vargas and minor league infielders Alexander Albertus and Jeral Perez. Vargas was a league-average bat for the South Siders in 2025 and is controlled another four seasons. Albertus and Perez rank within the top 25 prospects in the Sox’ system.

The Sox will hope for similar results in their similarly priced investment into Kay. The 30-year-old southpaw (31 in March) has pitched 291 2/3 innings since heading to Japan. In that time, he’s logged a 2.53 ERA with a 20.9% strikeout rate, 7.9% walk rate and 54.5% ground-ball rate in 48 starts out of the BayStars’ rotation.

Kay has changed his pitch repertoire since moving to NPB. He sat 94.1 mph with a four-seamer, 87.9 mph with a cutter and 86.2 mph with a slider during his limited big league work from 2019-23. He’s added about three miles per hour to that cutter and also begun throwing a sinker that he didn’t have during his last run in North America, which he credits with generating more soft contact. He’s still throwing a sweeper and occasional changeup, and the lefty has also dabbled with a curveball. (He spoke about those changes and more in an October chat with Fansided’s Robert Murray.)

From 2019-23, Kay pitched 85 1/3 innings between the Blue Jays, Cubs and Mets. It was the Mets who originally selected him 31st overall back in 2016, though they were actually the third team for whom he pitched in the majors. New York traded Kay and Simeon Woods Richardson to the Blue Jays in exchange for Marcus Stroman back in 2019, and Kay made his MLB debut not long after the swap.

Things never clicked for Kay in the majors. He’s been tagged for a 5.59 ERA with a solid 22.4% strikeout rate but an ugly 12% walk rate. Opponents averaged 1.27 homers per nine innings against him. He didn’t fare much better in terms of run prevention in parts of four Triple-A seasons, logging a 5.40 earned run average in 148 1/3 innings pitched.

As we saw with Fedde and with yesterday’s three-year, $30MM deal between the Blue Jays and Cody Ponce, what Kay did in his prior MLB work holds virtually no bearing on his newfound payday. He’s a different pitcher now than he was at any point in 2019-23, and the White Sox are paying him based on the their belief that the changes he’s implemented while pitching in Yokohama will beget better results back in Major League Baseball.

There’s inherent risk, but at this price point, it’s also hard to fault a White Sox club that’s still in the midst of a rebuilding effort. Kay will either pitch well, at which point he’d emerge as a nice trade chip, or he’ll continue to struggle and the Sox will be out a relatively modest $5MM per season. The overall scope of this commitment is less than the $15MM paydays we saw for aging veterans in their late 30s/early 40s last year (e.g. Charlie Morton, Max Scherzer, Justin Verlander, Alex Cobb). It’s a life-changing deal for Kay but a small-scale gamble for the team.

Kay steps into a rotation mix that has plenty of options but is lacking when it comes to established contributors. Right-handers Shane Smith, Sean Burke and Davis Martin all pitched between 134 and 146 innings with ERAs between 3.81 (Smith) and 4.22 (Burke). None of the three has more than one full season of big league success. Smith was a Rule 5 pick at last year’s Winter Meetings and a rookie in 2025.

Those four are now favored to open the year in manager Will Venable’s rotation. Jonathan Cannon is tentatively penciled into the fifth spot for the time being, but he struggled greatly in 2025 and has minor league options remaining. Prospects Ky Bush and Drew Thorpe could be midseason options as they work their way back from Tommy John surgery performed last spring. Lefties Noah Schultz and Hagen Smith rank among the game’s top pitching prospects and could be ready at some point next summer as well.

There’s still room for the Sox to add some veteran innings. Getz has previously voiced a reluctance to commit to free agents beyond the 2026 season — though he did so with Kay, albeit in moderate fashion. There ought to be plenty of veteran arms looking at one-year deals, whether that’s a back-of-the-rotation innings eater (e.g. Michael Lorenzen, Patrick Corbin) or an upside play coming off an injury or poor performance (e.g. Nestor Cortes, Walker Buehler, Dustin May). The White Sox’ payroll currently projects at just $68MM, per RosterResource, so there’s room for Getz & Co. to bring in several additions to fill out the rotation, bullpen, outfield and infield.

Murray first reported that the two parties had agreed to a two-year, $12MM deal. The Athletic’s Will Sammon added details about the specific breakdown and incentives.

MLBTR Podcast: An Agent’s Perspective with B.B. Abbott – Also, Cease, Williams, Helsley, And Gray

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The latest episode of the MLB Trade Rumors Podcast is now live on Spotify, Apple Podcasts, and wherever you get your podcasts! Make sure you subscribe as well! You can also use the player at this link to listen, if you don’t use Spotify or Apple for podcasts.

This week, host Darragh McDonald is joined by B.B. Abbott of Wasserman Baseball to discuss…

  • Abbott’s approach to free agency (3:30)
  • The impact of the media on free agency (10:00)
  • The different levels of player involvement in free agency (17:00)
  • The decision to sign an extension instead of going to free agency (20:15)
  • Chris Sale and his extensions with the White Sox, Red Sox and Braves (23:00)
  • Byron Buxton and his extension with the Twins (28:50)
  • Representing young players going into the draft (32:10)
  • The general state of baseball (35:50)

Plus, Anthony Franco of MLB Trade Rumors joins the show to discuss…

Check out our past episodes!

  • Some “Classic Baseball Trades,” Nimmo For Semien, And Ward For Rodriguez – listen here
  • Offseason Preview Megapod: Top 50 Free Agents – listen here
  • Surprising Option Decisions, Qualifying Offers, And Paul DePodesta – listen here

The podcast intro and outro song “So Long” is provided courtesy of the band Showoff.  Check out their Facebook page here!

Photo courtesy of Jerome Miron, Imagn Images

Rockies To Hire Josh Byrnes As General Manager

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The Rockies are set to hire Dodgers senior vice president of baseball operations Josh Byrnes away as their new general manager, per Ken Rosenthal and Dennis Lin of The Athletic. Though he’ll have the GM title, Byrnes will be second in command in the new-look Rox front office that’s headed up by recently hired president of baseball operations Paul DePodesta.

Byrnes, 55, is a seasoned front office veteran who has previously run baseball operations for both the Padres and D-backs, holding the title of general manager with each club. Byrnes is also a former assistant GM within the Rockies organization itself, having held that role in Denver from 1999 through 2002, so he’s something of a known commodity for owner Dick Monfort.

Byrnes was one of Andrew Friedman’s first hires after being named president of baseball operations in Los Angeles. He’s spent 11 years as one of Friedman’s top lieutenants, supervising both the scouting and player development departments for the Dodgers. Byrnes’ résumé is an impressive one. He’s spent more than a decade as a key figure in the front office for a Dodgers club that has won three World Series titles in that span. Prior to that, he headed up a pair of other front offices in the NL West and also served as an assistant GM with the 2003-04 Red Sox during their curse-breaking World Series victory.

That’s 26 straight seasons as either an assistant GM, a general manager or a senior vice president of baseball operations. Prior to that run, Byrnes cut his teeth as an advance scout and scouting director in Cleveland under legendary general manager John Hart. Byrnes also overlapped with another advance scout and rising star in player development during that time … his new boss, DePodesta.

All of those prominent roles give Byrnes ample insight into how to best reshape and build out a Rockies infrastructure that has lagged far behind the times. Colorado has the smallest analytics department and smallest front office, in general, of any team in baseball. Under the Monfort family’s ownership, they’ve been either loyal to a fault or downright insular, depending on how one prefers to frame it. Byrnes and DePodesta figure to make numerous hires to beef up the Rockies’ data practice, player development department and broader baseball operations setup.

The Opener: Astros, Fairbanks, Blue Jays

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Here are three things we’ll be keeping an eye on around the baseball world today:

1. Astros 40-man roster move incoming:

The Astros are reportedly signing right-hander Ryan Weiss to a major league deal, bringing him over from the Korea Baseball Organization. The Astros have a full 40-man roster, so they’ll need to make a move in order to accommodate their new signing. The most common way to accomplish that is simply by designating a player for assignment, but it’s also possible Houston could look to work out a trade that clears 40-man roster space instead. That could be a minor trade of a low-level player on the 40-man, but a bigger deal is also possible given that Houston is reportedly receiving interest in outfielders Jake Meyers and Jesus Sanchez on the trade market.

2. Fairbanks next to move?

Former Rays right-hander Pete Fairbanks was a somewhat unexpected addition to this year’s free agent market after the Rays declined their $11MM club option on his services for the 2026 season. He’s garnered plenty of interest in the weeks since then, with the Tigers, Marlins, and Blue Jays among a number of teams known to be involved in his market on at least some level. The relief market has gotten moving faster than the rest of this winter’s free agent class, with names such as Raisel Iglesias, Devin Williams, Ryan Helsley and Phil Maton having already come off the board on notable contracts. Could Fairbanks be the next domino to fall?

3. What’s next for the Jays?

The Blue Jays reportedly reached an agreement with right-hander Cody Ponce yesterday, and in doing so added a second starter to a rotation that already brought in Dylan Cease earlier this winter. With Kevin Gausman, Shane Bieber, and Jose Berrios already in place from last year plus top prospect Trey Yesavage and depth options like Eric Lauer, Yariel Rodriguez, and Bowden Francis, the addition of Ponce creates a glut of rotation options. Perhaps a pivot to the trade market could make some sense to leverage that depth, though it’s also worth noting that star shortstop Bo Bichette remains unsigned and the Jays, as previously mentioned, remain involved in the market for Fairbanks and other high-end relief arms.

Blue Jays, Cody Ponce Agree To Three-Year Deal

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The Blue Jays are reportedly in agreement with free agent starter Cody Ponce on a three-year, $30MM contract. The deal is pending a physical and has yet to be announced by the team. The Jays have two openings on the 40-man roster and do not need to make a corresponding move. Ponce, a client of Excel Sports Management, returns to the majors after an MVP-winning season in the Korea Baseball Organization.

Toronto continues to load up in the rotation on the same day they finalized their seven-year contract with Dylan Cease. They already had a strong top four with Cease, Trey Yesavage, Kevin Gausman and Shane Bieber. Ponce and José Berríos project as the fifth and sixth starters in what looks like one of the strongest rotations in baseball. Eric Lauer, who pitched to a 3.18 ERA over 104 2/3 innings in a swing role this year, is down to seventh on the depth chart.

The three-year deal and $10MM average annual value suggests the Jays view Ponce as a starter. He doesn’t have much rotation experience in the big leagues, starting five of 20 appearances with the Pirates between 2020-21. Ponce struggled in that first look but has reinvented himself since moving to Asia. He pitched parts of three seasons in Japan before a breakout 2025 season with the KBO’s Hanwha Eagles.

Ponce took the ball 29 times and turned in a 1.89 earned run average across 180 2/3 innings. He recorded a league-best 36.2% strikeout percentage against a tidy 6% walk rate. Ponce led the league with 252 strikeouts overall and was the only KBO pitcher with a sub-2.00 ERA in more than 100 innings.

The numbers alone would have been enough for Ponce to get back on the MLB radar. The more important factor for his contract was that his stuff has taken a matching jump. Ponce averaged 93.2 MPH on his fastball during his big league look, but a scout with a non-Toronto team told MLBTR in October that his velocity had climbed into the mid-90s. Eno Sarris of The Athletic wrote earlier this week that his average heater was in the 95 MPH range, and he has been clocked up to 98. Ponce has reportedly picked up a splitter — the carrying pitch for Yesavage and Gausman as well — and mixes in a cutter and curveball.

Ponce throws harder and has better secondary stuff than Erick Fedde did when he returned to North America after his own MVP season in Korea. As a result, the 31-year-old gets an extra year and doubled the $15MM guarantee that Fedde received from the White Sox over the 2023-24 offseason. Fedde, for what it’s worth, pitched well in his first year back before his numbers cratered this past season.

It’s a strong deal for Ponce, who tops MLBTR’s prediction of two years and $22MM. It’s by far the biggest payday of his career. Ponce received a signing bonus a little north of $1MM as a second-round pick by the Brewers in the 2015 draft. He did not come close to the service time to qualify for arbitration in his first stint in MLB and played on a $1MM contract with the Eagles.

The salary breakdown hasn’t been reported, but an even distribution of $10MM annually would push Toronto’s projected payroll to roughly $272MM (courtesy of RosterResource). The $10MM average annual value pushes their luxury tax projection above $280MM. The Jays are in the second tier and are taxed at a 42% rate on spending between $264MM and $284MM. That means they’ll pay $4.2MM in taxes for the first season of the Ponce contract. That’s a relative drop in the bucket given the amount the Jays are spending, but the payroll only seems likely to climb. They’d like to re-sign Bo Bichette and will almost certainly add a high-leverage reliever to join Jeff Hoffman and Louis Varland at the back end.

Spending beyond the $284MM mark would raise their tax penalties and result in their top pick in the 2027 draft being moved back 10 spots. That doesn’t appear to be much of a deterrent for a team that forfeited its second and fifth-highest picks in next summer’s draft and $1MM from its international bonus pool to sign Cease. The Jays are all in after coming tantalizingly close to their first World Series in three decades.

If payroll does become an obstacle to re-signing Bichette or adding to the bullpen, the Jays could look to shop Berríos. He’s making $18MM next season and will need to decide whether to opt out of the remaining two years and $48MM on the deal after 2026. It’s not an egregious contract but looks above market for what’ll be ages 32-34 on a pitcher who has struck out fewer than 20% of batters faced in consecutive seasons. Berríos is a solid source of back-of-the-rotation innings, but the Jays would probably need to pay down some of the money and/or take back a slightly underwater deal in a trade.

The simpler path would be to keep everyone and open the season with a six-man rotation if no one suffers an injury during Spring Training. No team gets through an entire season using only five starters. The pitching staff logged a lot of innings this fall. Gausman and Bieber will be free agents after next season, and while Berríos doesn’t look like he’s trending towards an opt-out, that could change with a strong platform year. Lauer will also return to the open market next winter.

Aside from Yesavage, the Jays don’t have much in the way of upper level pitching prospects. Former top prospect Ricky Tiedemann is on the 40-man roster and will probably make his MLB debut in 2026, but he missed the entire ’25 season and has pitched 140 innings since being drafted in 2021. The durability concerns might push him to the bullpen, and even if the Jays want to give him another chance as a starter, they’re certainly not going to let him throw 150 innings. Jake Bloss is unlikely to be a factor until the second half after undergoing elbow surgery in May. The Ponce signing probably rules the Jays out on bringing back Chris Bassitt or Max Scherzer but doesn’t make a Berríos trade a foregone conclusion.

Ken Rosenthal of The Athletic first reported that Ponce and the Jays were finalizing a three-year deal. ESPN’s Jeff Passan had the $30MM guarantee.

Image courtesy of USA Today Sports.

Angels Sign Alek Manoah To Major League Deal

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The Angels announced they have signed right-hander Alek Manoah to a major league deal. Jeff Passan of ESPN previously reported the agreement and that Manoah will make $1.95MM next year. The Halos had multiple 40-man vacancies and didn’t need to make a corresponding move for the Covenant Sports Group client.

It’s a clear buy-low move for the Angels. Manoah was once a first round pick and top prospect, then became a Cy Young candidate as of a few years ago. But more recently, injuries and underperformance bumped his stock to the point that he was non-tendered by Atlanta last month.

The Blue Jays selected Manoah 11th overall in 2019. By 2021, he was making big league starts. He took the ball 20 times that year and threw 111 2/3 innings, allowing 3.22 earned runs per nine. His 8.7% walk rate was around average while his 27.7% strikeout rate was quite strong. 2022 was his first full season. He made 31 starts and logged 196 2/3 innings with a 2.24 ERA. His strikeout rate dropped to 22.9% but he also improved his walk rate to a 6.5% clip. He finished third in American League Cy Young voting behind Justin Verlander and Dylan Cease.

It’s basically been downhill since then. He struggled badly enough in 2023 to get optioned to the minors multiple times. He finished the year with a 5.87 ERA over 19 starts. His strikeouts dipped to a subpar 19% rate while his walk rate climbed to an ugly 14.2% pace.

Going into 2024, the Jays reportedly had some openness to trading Manoah, with the Angels checking in on him at that time. However, the Jays didn’t pull the trigger on a deal and he opened the 2024 season with Toronto. He was slowed by some shoulder soreness during the spring and began the season on the injured list. He was reinstated in May and then made five decent starts, with a 3.70 ERA, 25.2% strikeout rate and 7.8% walk rate. However, he then went back on the IL, this time due to an elbow sprain. He required Tommy John surgery in June of that year.

Manoah then spent the rest of that season on the IL. The Jays held him on the roster through the winter and tendered him a contract. They avoided arbitration by agreeing to a $2.2MM salary for 2025.  They then put him back on the 60-day IL in March. He began a rehab assignment in July. Rehab assignments normally are capped at 30 days for pitchers but guys recovering from Tommy John can push that to 60.

By the middle of September, Manoah’s clock was up but the Jays had a rotation featuring Kevin Gausman, Shane Bieber, Chris Bassitt, José Berríos and Max Scherzer, with Trey Yesavage lurking in Triple-A. Manoah also hadn’t done much to force the issue, as he had a 19.6% strikeout rate and 12.8% walk rate during his rehab outings. He was reinstated from the IL but optioned to Triple-A Buffalo.

Later that month, the Jays needed a 40-man spot to reinstate Anthony Santander from the 60-day IL. Manoah was designated for assignment as the corresponding move. With the trade deadline having passed, the Jays had to put him on waivers, with Atlanta claiming him. They held him on their roster for a while but then non-tendered him. It might seem a bit odd to claim a player off waivers and then cut him shortly thereafter. Speculatively speaking, it’s possible Atlanta tried to sign him for 2026 but then non-tendered him when they couldn’t agree on the price point.

For the Halos, it’s a low-cost bet on a bounceback. The salary isn’t much beyond the league minimum, which will be $780K next year. Manoah also still has options, so it’s possible he could be pitching in Triple-A as depth.

Pitching has been a weakness for the club for quite a while and 2025 was no exception. The staff as a whole had a 4.89 ERA this year, putting them ahead of just the Rockies and Nationals. That includes a 4.91 ERA from the rotation, again ahead of just Washington and Colorado. Tyler Anderson became a free agent at season’s end, thinning out the group even more.

Going into 2026, there is very little certainty in the rotation group. Yusei Kikuchi and José Soriano have two spots spoken for. Reid Detmers seems like he’ll get a chance to return to the rotation but he’s a big question mark after struggling in 2024 and then pitching out of the bullpen in 2025. There are a few other guys in the mix, such as Jack Kochanowicz, Caden Dana and Sam Aldegheri, though those guys have fairly mixed track records.

Since the offseason has begun, this is the second time the Angels have bought low on a former big name. A couple of weeks ago, they traded Taylor Ward to the Orioles in order to nab Grayson Rodriguez. It’s a somewhat similar situation to Manoah, as Rodriguez was the 11th overall pick in 2018 but has seen his career thrown off course by injuries. Perhaps the Angels will make more of a surefire rotation addition later in the winter but they have stuck with the less certain guys so far.

It’s hard to know what to expect from Manoah now. It’s been a few years since he was both healthy and effective. He was averaging just 91 miles per hour on his fastball in Triple-A this year. That’s almost three ticks below his 2022 season, when he averaged 93.9 mph. Perhaps being further removed from his surgery will allow him to find a new gear. If not, the Angels won’t have lost much. If it works out, Manoah will finish the 2026 season with less than six years of service, so he could be retained via arbitration for the 2027 season.

Photos courtesy of Kamil Krzaczynski, John E. Sokolowski, Imagn Images

Astros Have Received Interest In Jesus Sanchez

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The Astros are losing Framber Valdez to free agency, leaving them in need of multiple starting pitchers behind ace Hunter Brown. Houston has taken cheap one-year fliers on former top prospect Nate Pearson and KBO returnee Ryan Weiss to compete for spots at the back of the staff. Those are fine dice rolls, but they’ll need to acquire someone whom they can comfortably slot alongside Cristian Javier in the middle of the rotation.

If owner Jim Crane remains loathe to cross the luxury tax line, the front office won’t have much flexibility to add free agent starting pitching. Chandler Rome of The Athletic writes that the club is indeed more likely to address the rotation via trade. One of the league’s weakest farm systems won’t do them any favors, so they might be looking at dealing from the MLB roster to accomplish that.

Houston is reportedly open to dealing standout defensive center fielder Jake Meyers for pitching. Meyers is coming off a career-best season at the plate and is controllable via arbitration for two seasons. He’s the best trade chip in the Houston outfield, but he’s not the only candidate to move this offseason. Rome reports that the Astros have gotten interest from other clubs in right fielder Jesús Sánchez as well.

That could explain why Sánchez remains on the roster at all. MLBTR contributor Matt Swartz projects him for a $6.5MM salary in his third of four trips through the arbitration process. It came as a surprise that Houston tendered him a contract. Sánchez had a very poor finish to the 2025 season, batting .199/.269/.342 over 160 plate appearances after being acquired from Miami at the trade deadline. Combined with the escalating salaries and the payroll restrictions, it made him a non-tender candidate.

General manager Dana Brown acknowledged at last month’s GM Meetings that he was open to trade inquiries on Sánchez. Even if they’re not especially interested in paying him $6-7MM, it seems they found enough interest that they didn’t want to let him go for no return.

Sánchez isn’t going to net a mid-rotation arm, but it’s possible they swap him for a back-end starter. Teams like the Royals, Pirates, Guardians and Phillies could look to the trade market for a corner outfielder. While Sánchez has never lived up to his billing as a top prospect, he was an alright everyday player throughout his time with the Marlins. He was a league average hitter between 2021 and the ’25 deadline, hitting .246/.312/.432 in nearly 1900 plate appearances. He has plus bat speed and has typically posted strong exit velocities, though his batted ball metrics also collapsed in Houston.

Even if the Astros are unlikely to swap Sánchez for their biggest rotation pickup of the offseason, a change-of-scenery deal would create a bit of spending room. Trading both Sánchez and Meyers would leave them very thin in the outfield, and dealing the former would subtract one of their few left-handed bats. While Dana Brown has already said they’re not interested in moving Isaac Paredes, that might be something the front office needs to consider later in the offseason if they can’t find a mid-rotation arm in a different way.

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