MLB Trade Rumors

The reigning champions weren’t the busiest team this winter but the moves they made were impactful and addressed their relative weak spots. They go into 2026 looking for the elusive three-peat, something not seen in MLB since the 1998-2000 Yankees.

Major League Signings

• OF Kyle Tucker: Four years, $240MM (includes $64MM signing bonus, $30MM in deferrals)
• RHP Edwin Díaz: Three years, $69MM (contains $13.5MM in deferrals and conditional club option for 2029)
• RHP Evan Phillips: One year, $6.5MM
• IF Miguel Rojas: One year, $5.5MM
• IF/OF Enrique Hernández: One year, $4.5MM
• IF Andy Ibáñez: One year, $1.2MM (later lost on waivers to Athletics)

2026 spending (not including Ibáñez): $90MM
Total spending (not including Ibáñez): $325.5MM

Trades and Claims

• Acquired RHP Tyler Gough from the Mariners for LHP Robinson Ortiz
• Claimed OF Michael Siani off waivers from Braves (later lost on waivers to Yankees)
• Traded OF Esteury Ruiz to Marlins for RHP Adriano Marrero
• Claimed IF Ryan Fitzgerald off waivers from the Twins (later outrighted)
• Claimed OF Michael Siani off waivers from Yankees
• Claimed C Ben Rortvedt off waivers from Reds (later lost on waivers to Mets)
• Traded LHP Anthony Banda to Twins for $500K of international bonus pool space
• Claimed OF Jack Suwinski off waivers from Pirates (later outrighted)

Option Decisions

• Team exercised $10MM club option on 3B Max Muncy (later extended, as seen below)
• Team exercised $3.65MM club option on LHP Alex Vesia

Notable Minor League Signings

• Nick Frasso, Chuckie Robinson, Nick Robertson, Ryder Ryan, Cole Irvin, Seby Zavala, Jordan Weems, Keston Hiura, Santiago Espinal, Yency Almonte, Keynan Middleton

Extensions

• 3B Max Muncy: One year, $10MM (including $3MM buyout of $10MM club option for 2028)

Notable Losses

• Tony Gonsolin (still unsigned), Michael Kopech (still unsigned), Kirby Yates, Michael Conforto, Justin Dean (lost on waivers), Ben Rortvedt (lost on waivers), Esteury Ruiz, Anthony Banda

The Dodgers went into the offseason in a great spot. The roster was strong enough to win the World Series for a second straight year. Their free agent class mostly consisted of relievers and role players, so no major holes were opening up.

President of baseball operations Andrew Friedman addressed that situation in December, speaking to Bill Plunkett of the Orange County Register. He acknowledged that the club had less “heavy lifting” to do than in previous offseasons.

He pointed to the outfield and bullpen as places they could add but also said they were cognizant of the fact that the roster is getting older, with many of their stars being well into their 30s. They were actually the oldest club in the league in 2025. Going forward, it would make sense to sign fewer long-term deals and incorporate more young prospects. But at the same time, winning with their legendary core is a short-term priority.

Though the Dodgers did emerge victorious in 2025, they were not perfect and were almost eliminated a few times. Manager Dave Roberts seemed to have almost no trust in the relief corps, so he relied more and more on his starting pitchers as the postseason went along.

The outfield was also a bit wobbly. Teoscar Hernández has often out-hit his defensive shortcomings but was around league average offensively in 2025. Andy Pages had a good year but went ice cold in the playoffs. Michael Conforto was enough of a bust to be left off the postseason roster. Tommy Edman was fighting an ankle injury that would eventually require surgery.

On the bullpen pursuit, there were a number of high-profile relievers available in free agency. The Dodgers were connected to guys like Devin Williams, Pete Fairbanks, Raisel Iglesias and Robert Suarez. In the end, they somewhat surprisingly landed the top guy on the market, getting Edwin Díaz via a three-year deal worth $69MM.

Diaz is about to turn 32 and isn’t quite as dominant as he was a few years ago, but he’s still one of the best relievers in the game. He posted a 1.63 earned run average for the Mets in 2025, striking out 38% of batters faced.

Many expected Díaz to stay in Queens, since the Mets also needed to address their bullpen and are one of the few clubs with roughly the same spending power as the Dodgers. It would later come out that the Mets had offered him a three-year, $66MM deal. Considering the modest deferrals in the deal Díaz accepted from the Dodgers, the two offers were pretty close to identical. Some reports said the Mets were willing to go higher but were caught off-guard when he quickly agreed with the Dodgers before they could.

Diaz also reportedly received a five-year offer from Atlanta, though the dollar value of that wasn’t revealed. Presumably, it would have been a lower average annual value than the three-year offers he was getting from the Dodgers and Mets.

Maybe he wanted to break his own AAV record for a reliever, which was $20.4MM on his previous deal. The Dodgers deal, even factoring in the deferrals, is worth about $21.1MM annually. Maybe he just wanted to join baseball’s premier organization. At Edwin’s introductory press conference, he mentioned that his brother Alexis spoke fondly of the Dodgers after spending some brief time with them in 2025, per Sonja Chen of MLB.com.

Whatever the reasoning, the Dodgers added an elite closer to their already-strong club, just before the holiday break. Later in the winter, they would also bring back Evan Phillips on a much more modest deal worth $6.5MM. He is recovering from Tommy John surgery and won’t be available until the second half, but he could give the Dodgers another bullpen boost for the stretch run and playoffs.

As the calendar flipped to 2026, the outfield market hadn’t moved much. The top two free agents, Kyle Tucker and Cody Bellinger, were both still out there in January. As the holidays ended and teams got back to business in January, the Tucker market quickly picked up steam.

Tucker seemed to have some clear, distinct choices. The Blue Jays were offering a more traditional long-term deal that would essentially cover the remainder of Tucker’s career. They reportedly went as high as $350MM over ten years. That was a pretty close match for MLBTR’s 11-year, $400MM prediction and would have been one of the ten highest guarantees in MLB history.

The Mets and Dodgers were again bidding against each other and offering Tucker a different path. Both clubs were eager to avoid that kind of length and were willing to jack up the short-term spending. Taking this path would mean Tucker secures less overall but could earn a large amount of money in the next few years, with a chance to return to free agency to make more in the long run.

Players like Matt Chapman, Blake Snell, Cody Bellinger, Alex Bregman, Pete Alonso and others had taken this approach in free agency before but Tucker was being offered a super-charged version of it. The Mets reportedly went to $220MM over four years, with opt-outs after the second and third years. The Dodgers went slightly higher to $240MM over the same four-year term, also with opt-outs after year two and year three. That got it done.

There are some deferrals in the Tucker deal, but also a huge signing bonus. The sticker price comes with a $60MM average annual value. The deferrals knock the AAV down but only a little, as it is reportedly considered to be about $57.1MM in terms of the competitive balance tax.

For all intents and purposes that was easily a new record. Shohei Ohtani‘s ten-year, $700MM deal has a $70MM AAV on the surface, but the infamous deferrals in that deal knock it down to the $46MM range. With that in mind, Juan Soto was effectively the AAV record holder at $51MM before this Tucker deal.

It was a stunning number and could potentially represent many different things to different people. To some, the offers from the Dodgers and Mets represent the unworkable economic imbalances in the modern game. Both clubs repeatedly go into the top bracket of the CBT, meaning they face a 110% tax rate on new deals. The Dodgers will effectively send out $120MM to have Tucker on their team this year. That’s more than the entire player payroll of many clubs.

This had led to increased desire for drastic changes to baseball’s rules, with many fans and team owners clamoring for a salary cap or extreme alterations to the revenue-sharing rules. The Dodgers had already become public enemy number one in the eyes of many baseball fans by dominating on the field and in the offseason. Every new signing increases the outrage and the Tucker deal certainly cranked it up.

From the MLBPA perspective, this is evidence of why there should not be a cap. If multiple teams value Tucker highly enough that they are willing to pay out $120MM annually, it’s a sign that the league is in a strong financial position on the whole. Even under the current rules, Tucker is only going to get about half of the value he is producing on the field. The other half, the tax money, will go the league. Some of it will end up in a central fund, some will be distributed to smaller clubs like the Guardians and Marlins will no real mechanism to make them spend it. In the eyes of many, that lack of urgency from some teams is a bigger problem than the Dodgers’ willingness to invest in a winning team.

It also might just be a perfect alignment of circumstances. By all accounts, the Dodgers are bringing in all kinds of crazy revenue, as one would expect for a successful club. But the star presence of their Japanese players also means they basically have a money faucet running across the Pacific Ocean. As mentioned, they are trying to avoid a pitfall where they overcommit to their current core and suddenly find themselves with an old and creaky roster. They have used their financial might to add Tucker in the way that they wanted.

From his perspective, Tucker is technically leaving money on the table but he will have a good chance to get it back, and then some. In the ideal situation for him financially, he spends his age-29 and age-30 seasons playing for the best team in baseball. He will bank $120MM and could return to free agency looking for another deal ahead of his age-31 campaign. If he can find $230MM from that point on, he will make up the difference of what the Jays offered. If the next collective bargaining agreement looks to have made positive changes for players, he can benefit from that.

There were a few other things of note in the Dodgers’ offseason. There were some trade rumors surrounding Teoscar Hernández and Tyler Glasnow but it never seemed especially likely that either would move. Max Muncy got another year added to his contract. That slightly contradicts the plan to avoid an aging roster, as Muncy will turn 36 this year, but he’s still plenty productive and it’s just one more guaranteed season. Old friends Miguel Rojas and Enrique Hernández were re-signed for bench roles, though Hernández will start the season on the injured list.

The main storyline of the Dodger offseason is straightforward. They were already great in November, with some slight question marks around the bullpen and outfield. They signed the top free agent available for both of those areas. They did so while limiting their long-term commitments, as they wished. They ramped up spending in the short term, with RosterResource projecting them for a $395MM payroll and $405MM CBT number, but they are clearly fine with that.

They go into 2026 as the clear favorites. The Projected Standings at FanGraphs expect 96 wins, putting them eight wins clear of every other club in the majors. The PECOTA Standings at Baseball Prospectus are even more bullish, putting the Dodgers at 104, ten clear of any other team. Anything can happen in baseball’s chaotic postseason but the organization is the jewel of the league right now.

It’s also possible that this offseason will have ripple effects that spread out in ways that can’t be foreseen. Many claim that baseball is “broken” and point to the Dodgers as the perpetrator. The Tucker deal alone didn’t do the deed but some feel it may have been the proverbial straw that broke the camel’s back. Huge swaths of fans are fed up and want change. The collective bargaining agreement is set to expire after this season. A lockout feels assured and many expect it to get nasty. Some even fear lost games, if not the entire 2027 season.

Time will tell on all of that. For the 2026 Dodgers, they could hardly have drawn it up any better.

Photo courtesy of Jayne Kamin-Oncea, Imagn Images