MLB Mailbag: Gunnar Henderson, Skubal, Padres
This week's mailbag gets into potential Gunnar Henderson trade timing, the potential of Marlins lefty Braxton Garrett, possible All-Star Game starting pitchers, whether the Tigers might trade injured ace Tarik Skubal, who the Padres might add at the trade deadline, and more.
Drew asks:
Let's play a game, part 1: predict the odds on a Gunnar trade this year, offseason, 2027 pre trade deadline, or not at all. Part 2: What's his actual value in terms of prospect capital given his downturn in performance?
Henderson, 25 in June, is under team control through 2028. This is his first arbitration year, and he's earning $8.5MM. As a Boras client, Henderson isn't seen as a likely extension candidate for the Orioles.
As of Wednesday morning, the 16-20 Orioles have pretty much abandoned their hopes of winning the AL East, but are only one game back for a wild card spot. According to FanGraphs, they have a 31.4% chance of reaching the playoffs this year.
After a 1 for 5 effort against the Marlins on Tuesday, Henderson's wRC+ stands at just 95 through 163 plate appearances. He's shown good power with nine home runs, but is striking out nearly 31% of the time and thus has a .208/.270/.443 line. Henderson's expected batting average is .225, so he's mostly earned his ugly early-season line. In a full season, Henderson has yet to post a wRC+ below last year's 120, and he soared as high as 154 in 2024.
Has Henderson previously posted a .713 OPS over 35 games? Yes - he was notably worse from August 19th through September 27th last year, when he hit .248/.333/.308 (83 wRC+). He also had an early 2023 run of that length with a .684 OPS (.192/.328/.356 for a 94 wRC+). What's happened so far is well within the range of normal variation for Henderson. After that streak ended in '23, he posted a 130 wRC+ the rest of the way.
Henderson has spent ample time at both third base and shortstop in his career, though he's been at short exclusively since his monster '24 season. He's demonstrated roughly average defensive abilities at the position.
The Orioles could reasonably fall out of the playoff race prior to the August 3rd trade deadline. They could trade Henderson for three pennant races, moving on from his final 2 1/3 years of control.
Orioles president of baseball operations and GM Mike Elias is a pragmatic type, but I expect him to re-load (to a degree) for 2027 and try to win again with Henderson. Henderson projects to be worth 5 WAR this year and is making a fraction of his market value. There's just no good reason to cash him in this summer. I'll put the summer 2026 trade odds at 1%.
As we entertain this hypothetical, it's worth asking who would take over for the Orioles at shortstop. Jeremiah Jackson, getting most of the second base share at present, is one candidate. He was seen as having the athleticism for the position back in his prospect days, before he was traded to the Mets and then later released. Jackson Holliday has five more years of team control remaining and could be a long-term option, though he's been slow to return this year from a broken hamate bone. Jordan Westburg is on the 60-day IL with a partial UCL tear, so he's a major question mark right now. Neither Holliday nor Westburg has played shortstop regularly since 2023.
MLB.com suggests prospect Wehiwa Aloy could stick at shortstop, but he's currently at High-A. Former big leaguer Jose Barrero has been handling shortstop for the Triple-A Norfolk Tides and could be a 2026 stopgap.
Is Holliday the best long-term internal bet to take over at shortstop? He was seen as a plus defensive shortstop coming up, but as a second baseman last year he struggled mightily going to his right and did not demonstrate a strong arm. Holliday has five years of control remaining, but he also has one decent MLB season under his belt and has yet to get going in 2026.
I'm trying to talk myself into the Orioles trading Henderson during the 2026-27 offseason, and I find it to be a major stretch. They just don't have a ready replacement, so trading Henderson would be a huge concession for '27. The Orioles are committed to Pete Alonso and Shane Baz through 2030, the resurgent Adley Rutschman is under control through '27, Westburg through '29, and Holliday through '30. While I don't love that MLB core, pivoting to a reset this winter by trading their best player would be a gut-punch to fans. Throw in a lockout that will likely eat up three-plus months of the offseason, significantly shortening the window to make a franchise-altering trade, and it feels even less likely.
Unlock Subscriber-Exclusive Articles Like This One With a Trade Rumors Front Office Subscription
- Access weekly subscriber-only articles by Tim Dierkes, Steve Adams, and Anthony Franco.
- Join exclusive weekly live chats with Anthony.
- Remove ads and support our writers.
- Access GM-caliber tools like our MLB Contract Tracker
MLB Mailbag: Cardinals, Mets, Red Sox, Phillies, Mize
This week's mailbag gets into the Cardinals' strong start, the Mets' terrible offense, what a Mets, Red Sox, or Phillies sell-off might look like, Casey Mize's contract year, and more.
Andrew asks:
I came into the year with low expectations for the Cardinals, but we still have a decent record. How long would the Cardinals need to maintain a winning record before I get any hopes up about making the playoffs?
FanGraphs is much more optimistic than PECOTA on this team, so we'll go with their 13.5% playoff odds. The Cardinals have played .552 ball through 17.9% of their season, but FG calls for .462 from here on out. If the Cards instead play .500 ball for their final 129, they'll win 82-83 games, which might put them firmly in the mix for a wild card spot until the end.
At 4.83 runs scored per game, the Cardinals' offense ranks sixth in the NL. If they actually get into the neighborhood of 800 runs, it'd be impressive for any team, not just one that entered the season with low expectations.
Nine Cardinals players have 60+ PA and account for 85% of the team's total:
- Ivan Herrera - 138 wRC+. The Statcast metrics are strong, and even if Herrera can't maintain a 17% walk rate, his .278 xBA and .471 xSLG suggest this is mostly real. If so, the Cardinals have a lineup cornerstone at DH/catcher through 2029.
- JJ Wetherholt - 132 wRC+. The highly-regarded rookie is getting on base and exceeding expectations. He'll slump at some point, but with a 70 hit grade and 55 power, one can make the case for strong production to continue even if it looks different (such as a higher batting average).
- Alec Burleson - 115 wRC+. He has a track record at this level, so this is reasonable.
- Jordan Walker - 153 wRC+. If this holds up, Walker is a top ten hitter in baseball. Maybe that's optimistic, but the breakout is backed by Statcast.
- Nolan Gorman - 81 wRC+. He hasn't really hit since 2023, though he's OK against righties and looks fine at third base this year. If the Astros fall further, could the Cardinals make a trade for Isaac Paredes?
- Masyn Winn - 103 wRC+. He's hitting to expectations.
- Victor Scott II - 39 wRC+. Scott isn't in there for his bat, but seems best-suited for a fourth outfielder role.
- Nathan Church - 106 wRC+. The speedy 25-year-old came into the year as just a 40-grade prospect and may also lack the bat to be a starter, but he hit well in the upper minors. I'm not sure I'd want Scott and Church in the same lineup, but they are a strong defensive pair. Thomas Saggese is in this mix, and prospect Joshua Baez could join it if he cuts down on strikeouts.
- Pedro Pages - 106 wRC+. Pages does have a little bit of pop, but he probably can't keep this up.
Lars Nootbaar underwent surgery in October to address deformities in his heels, and could be a great June addition capable of a 115-120 wRC+. If Nootbaar has a setback, a trade for the aforementioned Duran or Marsh could be interesting. You can't help but wonder how good this offense would look had the Cardinals retained Contreras and Brendan Donovan, though.
Bottom line, though: there's something here with this offense, especially if Nootbaar can provide a boost. And this also seems to be one of the better defenses in the NL. What about the pitching side?
Unlock Subscriber-Exclusive Articles Like This One With a Trade Rumors Front Office Subscription
- Access weekly subscriber-only articles by Tim Dierkes, Steve Adams, and Anthony Franco.
- Join exclusive weekly live chats with Anthony.
- Remove ads and support our writers.
- Access GM-caliber tools like our MLB Contract Tracker
MLB Mailbag: Devin Williams, Braves, Blue Jays, Prospects
This week's mailbag gets into the rough start to Devin Williams' Mets career, the Braves' apparent rotation depth, the Blue Jays' playoff chances, whether Konnor Griffin had a shot at a billion-dollar free agency, and which prospects who have yet to reach MLB may have an impact at the highest level this year.
Charles asks:
As a Yankee fan, I thought Devin Williams was going to have to take a one year show me deal in the 12-15 range, the Mets foolishly gave more than that.
He was having problems locating his fastball, especially up in the zone. This allowed batters to sit on his change up. If the changeup was too far up in the zone or was his flatter B- Change, he became more hittable. As well as giving up walks. Several broadcasters commented on just that..... Surprise surprise......the same thing is happening this year. Yet I kept reading the pundits, based off sabremetrics, say he would be fine and his contract was fine. Are there more advanced stats people were ignoring? What gives?
Before the MLBTR team begins deliberations for our Top 50 Free Agents list, we come up with our own contract projections individually. For Williams, I initially had two years and $24MM with an opt-out, in the range of the contract the Orioles eventually gave Ryan Helsley.
My colleagues rightfully convinced me that Williams was still considered one of the better relievers in the game during the offseason, and I was relatively on board with our four-year, $68MM prediction. Accounting for deferrals, Williams got a deal resembling three years and $45MM. We may have considered three years the least likely outcome, as Williams wouldn't want to be tied down to a less-than-elite contract if he expected to return to elite performance. But it looks like Williams chose to secure the maximum possible guarantee in lieu of returning to the market earlier.
I don't think sabermetrics were required to look at Williams' entire body of work and suggest that 2025 was something of a blip. I believe enough MLB teams mostly agreed with that in their evaluation of him last winter.
Nor is it all that complicated to note that a pitcher typically strands around 72% of his baserunners (Williams entered 2025 around 82%), so Williams stranding only 55.2% of his baserunners with the Yankees was an aberration. With relievers, we're dealing in very small samples, in this case 62 innings. For example, Emmanuel Clase stranded only 60.5% of his baserunners in 2023, and that didn't represent any kind of meaningful trend. Still, there's a lot more to unpack regarding Williams' time in New York.
Unlock Subscriber-Exclusive Articles Like This One With a Trade Rumors Front Office Subscription
- Access weekly subscriber-only articles by Tim Dierkes, Steve Adams, and Anthony Franco.
- Join exclusive weekly live chats with Anthony.
- Remove ads and support our writers.
- Access GM-caliber tools like our MLB Contract Tracker
MLB Mailbag: Cubs, Tatis, Brewers, Yankees
This week's mailbag gets into how the Cubs' recent big contracts will age, Fernando Tatis Jr.'s future at second base, the left side of the Brewers' infield, the Yankees' bullpen, and more.
Alex asks:
How overdramatic of a take is this? Within 2 years, all three of Alex Bregman, Nico Hoerner, and Pete Crow-Armstrong will be upside down on the value of their deals. I've thought the Bregman deal would age like milk from the jump. Hoerner is solid but it's a lot of money to pay a Luis Arraez that can play a good 2b. And PCA's bat has always been suspect. There will a lot of good defense and PCA will steal some bases, but not a ton else.
I agree with your broader point: the Cubs recently committed to a $431MM to a fairly risky trio.
Back in January, I felt Davy Andrews of FanGraphs did a nice job articulating the downside risk of signing Bregman through the age of 36. The key passage: "He’s not starting out with much margin for error, so things could get ugly when his bat speed or his contact skills start to go. And Bregman is already slow and a below-average baserunner. He already has a weak arm. When the first-step quickness goes, the defense could crater pretty quickly too."
Baseball player aging does not happen in a nice, linear, predictable fashion. At some point during this contract, Bregman is going to be pretty bad. The Cubs are betting it'll be the last year or two. It would not be crazy to bet major decline and/or increased missed time due to injury sets in earlier than that.
Bregman had 42.9 Baseball-Reference WAR through the age of 31. That ranks 17th in baseball history for those who played at least 90% of their games at third. Let's make a list of those near Bregman on that list, excluding Harlond Clift and Bill Bradley for playing too long ago. Here's their WAR from age 32-36:
- David Wright: 0.5 WAR age 32-36
- Sal Bando: 15.1 WAR
- Robin Ventura: 9.9 WAR
- Ken Boyer: 17.4 WAR
- Graig Nettles: 18.0 WAR
- Matt Williams: 8.8 WAR
- Troy Glaus: 0.0 WAR
Williams and Glaus were linked to PED use, so we might set them aside. If we do that and assume Bregman will not enter a Wright-level injury spiral, these comps suggests there's actually a decent chance Bregman puts together a 15-WAR Cubs career. That might put him in "Hall of Very Good" Evan Longoria territory. More germane to this question, the Cubs would feel they got their money's worth.
Longoria is actually another cautionary tale, as a third baseman who had a better career than Bregman by age 32 but managed only 6.8 WAR from 32-36. It's also worth considering that Bregman had a 125 wRC+ at age 31; Longo was a league average hitter by that point. It was his early Rays career that had Longoria on a Hall of Fame track through age 30.
If Bregman can manage something around 5.5 WAR for 2026-27, then I probably wouldn't call his contract upside-down at that point. You can read up on some good dollars-per-WAR stuff from Ben Clemens at FanGraphs here, but I'll ballpark the market at $12MM per WAR (per year) for a regular-caliber player based on that. And that's putting aside the insane amount of money big market teams occasionally pay per star player WAR, like the Dodgers with Kyle Tucker.
Unlock Subscriber-Exclusive Articles Like This One With a Trade Rumors Front Office Subscription
- Access weekly subscriber-only articles by Tim Dierkes, Steve Adams, and Anthony Franco.
- Join exclusive weekly live chats with Anthony.
- Remove ads and support our writers.
- Access GM-caliber tools like our MLB Contract Tracker
MLB Mailbag: Jordan Walker, Cubs, Guardians, Tigers, Riley
This week's mailbag gets into Jordan Walker's hot start, the Cubs' approach to Cade Horton's season-ending injury, the future of the Guardians, and slow starts for the Tigers as well as Braves third baseman Austin Riley.
Sam asks:
I know it way too early to ask this question I cannot help it. Jordan Walker has a 183 wRC+ and is on pace for 39 HRs is he has 456 ABs (ZIPS AB projection). He will cool off a bit—at least. But say he has finally arrived (met his potential, however you want to call it) and settles into being a 130-135 wRC+ and 30-35 HR hitter, how do you think that impacts the Cardinals' short and long term outlook with their rebuild?
Walker, 24 in May, sits at a 181 wRC+ through 44 plate appearances after hitting a solo home run in five trips to the plate Tuesday at Nationals Park.
I pulled up the wRC+ leaderboard last year through April 6th, with a minimum of 40 plate appearances. Here's a list of the top 20, first showing their wRC+ through April 6th and then showing what it was for that player for the rest of the season.
- Aaron Judge - 246 / 202
- Kyle Tucker - 224 / 126
- Kristian Campbell - 207 / 63
- Tyler Soderstrom - 206 / 119
- Jackson Merrill - 201 / 108
- Spencer Torkelson - 193 / 112
- Anthony Volpe - 192 / 75
- Corbin Carroll - 181 / 136
- Nolan Arenado - 178 / 75
- Kyle Schwarber - 178 / 151
- Lars Nootbaar - 171 / 90
- Alex Bregman - 166 / 121
- Fernando Tatis Jr. - 164 / 129
- Sal Frelick - 162 / 110
- Heliot Ramos - 159 / 103
- Brendan Donovan - 157 / 115
- Jose Altuve - 155 / 111
- Teoscar Hernandez - 153 / 97
- Eugenio Suarez - 152 / 123
- Jazz Chisholm Jr. - 150 / 124
- Jordan Westburg - 149 / 110
- Shohei Ohtani - 148 / 174
- Andres Gimenez - 147 / 60
- Julio Rodriguez - 144 / 125
- Nico Hoerner - 138 / 108
- Jackson Chourio - 136 / 109
- Seiya Suzuki - 135 / 121
- Lawrence Butler - 134 / 93
- Rafael Devers - 134 / 135
- Brice Turang - 134 / 123
Walker came into the 2026 season with 1,039 Major League plate appearances and an 89 wRC+. Every player is different, but the best comp here might be Torkelson, even though the latter had a little more experience and success in his career to that point. But I'd say the range of rest-of-season outcomes on Walker remains very wide: this could be nothing, or a full breakout. Sorry, the truth is often boring.
I also think it's worth asking whether Walker has hit like this in the Majors before. For that, we use the Stathead Span Finder. I'm not a huge OPS guy, but that's probably the best "overall offense" stat in this tool. Walker's OPS is currently 1.014, spanning 11 games and 44 PA. He has had a couple of streaks at least this good, basically in June and August of his 2023 rookie season:
- 6-6-23 to 6-18-23: Walker hit .395/.477/.789 (1.267 OPS) with 4 HR in 44 PA
- 8-22-23 to 9-5-23: Walker hit .432/.488/.838 (1.326 OPS) in 4 HR in 43 PA
Even in his lousy 2025 season, Walker had a 43-PA July run where he hit .342/.419/.500 (.919 OPS) over 43 PA, though he did not homer during that streak.
What kind of evidence is on the breakout side of the ledger?
Unlock Subscriber-Exclusive Articles Like This One With a Trade Rumors Front Office Subscription
- Access weekly subscriber-only articles by Tim Dierkes, Steve Adams, and Anthony Franco.
- Join exclusive weekly live chats with Anthony.
- Remove ads and support our writers.
- Access GM-caliber tools like our MLB Contract Tracker
Read The Transcript Of Today’s Front Office Chat With Tim Dierkes
MLBTR owner Tim Dierkes held a live chat with Trade Rumors Front Office subscribers on Monday. Click the link below to read the transcript.
Unlock Subscriber-Exclusive Articles Like This One With a Trade Rumors Front Office Subscription
- Access weekly subscriber-only articles by Tim Dierkes, Steve Adams, and Anthony Franco.
- Join exclusive weekly live chats with Anthony.
- Remove ads and support our writers.
- Access GM-caliber tools like our MLB Contract Tracker
Rawlings to Release Book Chronicling the Evolution of Ball Gloves (Sponsored)
Since its founding in 1887, Rawlings has remained the industry standard for baseball gloves and equipment. From becoming the official baseball glove of Major League Baseball to the creation of the distinguished Rawlings Gold Glove Award, the Rawlings brand has become synonymous with quality in the baseball world. This storied relationship between equipment and the game that defines it is set to be chronicled in ‘The Finest in the Field®: a History of Baseball Through 50 Iconic Gloves.’
Authored by award-winning writer and filmmaker Ed Wheatley, with a foreword by Hall of Fame catcher Johnny Bench, ‘The Finest in the Field®: a History of Baseball Through 50 Iconic Gloves’ details not only Rawlings’ heritage in the baseball world, but also decades of the history of baseball itself. “This book reflects Rawlings’ deep connection to the history of the game and celebrates the gloves that have epitomized defensive excellence through the years,” said Mike Thompson, Chief Marketing Officer for Rawlings.
The story is told through rich illustrations and photographs of 50 gloves, paired with immersive essays that place the artifacts within their historical context.“ Within each glove is a unique story – some more dramatic and some where the glove’s role is more subtle, always remaining by each player’s side,” said Johnny Bench, Hall of Fame catcher.
The book highlights iconic moments, famous plays, and the defensive greats that have defined America’s pastime. It’s a journey through baseball history guided by the game’s most important tool, accompanied by imagery, period advertisements, and further baseball memorabilia certain to fascinate baseball fans of all ages.
‘The Finest in the Field®: a History of Baseball Through 50 Iconic Gloves’ is currently available for preorder, and is set for release at your favorite/preferred book retailer and Rawlings.com on March 24, 2026.
About Rawlings:
Established in 1887, Rawlings is an innovative leading global brand and manufacturer of premium baseball and softball equipment, including gloves, balls, and protective headwear. Rawlings unparalleled quality, innovative engineering and expert craftsmanship are the fundamental reasons why professional athletes, national governing bodies and sports leagues choose Rawlings. Rawlings the official baseball, glove, helmet, face guard and base of Major League Baseball®, the official baseball of Minor League Baseball® and the official baseball and softball of the NCAA® and the NAIA®. Rawlings acquired Easton Diamond Sports®, the official equipment supplier of Little League® Baseball and Softball, Team USA Softball®, and USSSA® Softball, in 2020. The company is headquartered in St. Louis.
For more information, please visit www.Rawlings.com.
This is a sponsored post from Rawlings.
Rawlings The Chosen One Now Available! (Sponsored)
Rawlings has returned with their latest in a line of products that have remained the standard for athletes of all ages for nearly 150 years. Just a year after being named “Youth Bat Of The Year” by Bat Bros, the Rawlings Icon is back with a new iteration: The Chosen One.
Like its predecessor, The Chosen One sports the “In/Tense” carbon composite construction and “Tuned Balance” performance technology, pairing a consistently powerful hitting surface with optimal weight distribution and balance. Instead of bringing this technology together into the two-piece Rawlings Icon, The Chosen One blends the optimally flexible handle into the powerful carbon composite barrel of the Icon, creating one of the most powerful experiences in BBCOR.
The Chosen One is the industry’s only one-piece composite BBCOR bat on the market. Its lack of a connective joint greatly reduces negative, hand-rattling feedback at contact while still allowing the perfect amount of flex with reduced durability concerns. The Chosen One is built to last.
The Chosen One stands out with a distinctive white barrel and handle, featuring premium “RevGrip” material engineered for unmatched cushion and tack. Striking gold font is used in the trusted Rawlings symbol, the now well-known “Icon” label, and the accompanying “The Chosen One” it uses to identify itself. It’s clear that style was just as much a goal as performance when it came to The Chosen One’s design.
The Bat Bros offered shining praise for The Chosen One, noting that it is “as good as every BBCOR bat in the game, if not better.” Its lightness and balance lead to high-quality, consistent contact. It’s what we’ve come to expect from one of the most respected brands across all levels of baseball across the world. “Be Iconic” in 2026 with the Rawlings Icon The Chosen One, and get the best out of your swing!
About Rawlings:
Established in 1887, Rawlings is an innovative leading global brand and manufacturer of premium baseball and softball equipment, including gloves, balls, and protective headwear. Rawlings unparalleled quality, innovative engineering and expert craftsmanship are the fundamental reasons why professional athletes, national governing bodies and sports leagues choose Rawlings. Rawlings the official baseball, glove, helmet, face guard and base of Major League Baseball®, the official baseball of Minor League Baseball® and the official baseball and softball of the NCAA® and the NAIA®. Rawlings acquired Easton Diamond Sports®, the official equipment supplier of Little League® Baseball and
Softball, Team USA Softball®, and USSSA® Softball, in 2020. The company is headquartered in St. Louis.
For more information, please visit www.Rawlings.com.
This is a sponsored post from Rawlings.
MLB Mailbag: Braves Extensions, Injury Concerns, Rangers, Pirates
Happy Opening Night! Logan Webb and the Giants will host Max Fried and the Yankees at 7:05pm central tonight on Netflix. Until then, we've got a subscriber mailbag that gets into the Braves' series of core player extensions, which teams have the most concerning injury issues, outlooks for the Rangers and Pirates, and much more.
Matthew asks:
As a Mets fan, several years ago all I heard was how the Braves had built the foundation of their next dynasty by convincing multiple players to sign seemingly below-market deals. Acuña, Albies, Murphy, Riley, Olson, Harris, and probably several others I'm forgetting.
Obviously the team was besieged by injuries when they missed the playoffs last year, but looking back now, how are those contracts holding up? Albies and Riley have regressed, Harris was a tale of two halves last year, Acuña is coming off two serious knee injuries, and Murphy's banner year looks like an outlier.
Giving Acuña a pass because injuries are unpredictable (and he's still an MVP candidate when healthy), are there any of these contracts that you think AA would like a do-over on? Or, since they were seen as being below-market rates, are they still showing positive value?
Alex Anthopoulos has sat atop the Braves' front office for more than eight years now. He's done a whopping 21 extensions in that time.
The biggest extension went to Austin Riley, who signed for $212MM over ten years. Had the Braves not done this deal, Riley would've been a free agent this past offseason, theoretically coming off a couple of injury-related down years. But he'd still be a 29-year-old with a three-year, 16.1 WAR run on his resume, so he probably would've signed a high-AAV opt-out deal. As it stands, the Braves probably paid a bit above market value for Riley's arbitration years. That's not a big issue, but from this point forward it's as if they signed him to a seven-year, $154MM free agent deal with an eighth-year club option. That's not really the type of deal Riley would've signed this past offseason, but the $22MM AAV is low enough where there's room for profit if he bounces back in the next couple years.
Unlock Subscriber-Exclusive Articles Like This One With a Trade Rumors Front Office Subscription
- Access weekly subscriber-only articles by Tim Dierkes, Steve Adams, and Anthony Franco.
- Join exclusive weekly live chats with Anthony.
- Remove ads and support our writers.
- Access GM-caliber tools like our MLB Contract Tracker
Offseason In Review: Chicago Cubs
The Cubs deepened their rotation, rebuilt their bullpen, and made one of the biggest free agent splashes in franchise history.
Major League Signings
- Alex Bregman, 3B: five years, $175MM. $70MM in deferred salary resulting in an approximate net present value of $154,469,510
- Shota Imanaga, SP: one year, $22.025MM. Accepted qualifying offer
- Phil Maton, RP: two years, $14.5MM. Includes $8.5MM club option with a $3MM buyout
- Hunter Harvey, RP: one year, $6MM. Includes $8MM mutual option with a $1MM buyout
- Caleb Thielbar, RP: one year, $4.5MM. Includes $6MM mutual option with a $500K buyout
- Hoby Milner, RP: one year, $3.75MM
- Shelby Miller, RP: two years, $2.5MM
- Jacob Webb, RP: one year, $1.5MM. Includes $2.5MM club option with no buyout
- Tyler Austin, 1B: one year, $1.25MM
2026 spending: $80.525MM ($15MM deferred)
Total future spending: $231.025MM ($70MM deferred)
Option Decisions
- Cubs declined three-year, $57.75MM club option on Imanaga. Player then declined a $15.25MM player option (plus provisions for 2027-28 options). Cubs then made qualifying offer, which was eventually accepted.
- Declined $10MM mutual option on 1B Justin Turner, resulting in $2MM buyout
Trades and Claims
- Acquired cash considerations from Orioles for RP Andrew Kittredge
- Acquired $250K in international bonus pool money from Astros for minor league RP Nico Zeglin
- Acquired SP Edward Cabrera from Marlins for RF Owen Caissie, minor league SS Cristian Hernandez, and minor league 1B/3B Edgardo De Leon
- Claimed RP Ryan Rolison off waivers from White Sox
- Claimed OF Justin Dean off waivers from Giants
- Claimed IF Ben Cowles off waivers from White Sox. Later claimed by Blue Jays
Notable Minor League Signings
- Michael Conforto, Chas McCormick, Dylan Carlson, Collin Snider, Corbin Martin, Trent Thornton, Scott Kingery, Christian Bethancourt, Vince Velasquez, Kyle Wright
Extensions
- Colin Rea, SP/RP: Facing a $6MM club option for 2026 with a $750K buyout, the parties instead agreed to a new deal paying $5.5MM for ’26. The new deal includes a $7.5MM club option for 2027 with a $1MM buyout, for a $6.5MM guarantee and $5.75MM in new money.
Notable Losses
- Kyle Tucker, Brad Keller, Owen Caissie, Andrew Kittredge, Drew Pomeranz, Reese McGuire, Justin Turner, Willi Castro, Taylor Rogers, Ryan Brasier, Eli Morgan, Aaron Civale, Michael Soroka
The Cubs’ offseason kicked off with a series of option decisions regarding starter Shota Imanaga. Given the team’s lack of faith in Imanaga at the end of last season, those went as expected: the club declined their three-year option, and Imanaga declined his two-year option.
The Cubs’ decision to then issue Imanaga a one-year qualifying offer worth $22.025MM came as a surprise. With big offseason plans, why risk tying up that much money on him in mid-November? Perhaps the Cubs thought the 32-year-old would find a better deal elsewhere, netting them a mid-70s pick in the 2026 draft.
But the team certainly understood it was possible Imanaga would explore the market and elect to return to Chicago on the QO, and that’s what he did. Imanaga is a solid mid-rotation starter, one-year deals are rarely a problem, and restored velocity this spring may lead to a season more like his excellent 2024.
The only detriment to the Imanaga gambit would be if the Cubs found themselves pinching pennies elsewhere to make up for it. On the same day Imanaga became a free agent – before qualifying offers were due – the Cubs did make a financially-motivated move. Despite several of Craig Counsell’s other trusted relievers entering free agency, the Cubs shipped Andrew Kittredge back to Baltimore rather than pick up his $9MM club option.
Kittredge, 36, was excellent in 21 2/3 innings for the Cubs after coming over at the trade deadline, and was Counsell’s highest-leverage reliever in the playoffs. He’s been slowed by shoulder inflammation this spring, but back in November, I thought the Cubs would welcome him back to their bullpen. The Kittredge decision was curious, but 36-year-old pitchers are fickle, and $9MM tends to be the top range of what Cubs president of baseball operations Jed Hoyer is willing to spend for one season of a reliever. The Cubs did bring swingman Colin Rea back, throwing him a little extra money to get a club option for 2027.
After an unproductive and injury-marred second half, the Cubs seemed to have little interest in signing Kyle Tucker, whether to the $400MM+ deal he likely hoped for, or the record-setting AAV short-term opt-out deal he eventually signed with the Dodgers. The Cubs probably wouldn’t have signed Tucker even if his second half had been strong. But they did make him a qualifying offer to lock in the #75 pick in this year’s draft.
Knowing they’d get that pick likely boosted the Cubs’ willingness to forfeit their second-rounder, had they signed another team’s qualified free agent. That possibility was on the table throughout the offseason, with the Cubs showing some level of reported interest in Dylan Cease, Michael King, Ranger Suarez, and Zac Gallen.
The Cubs made a legitimate run at Cease, who they drafted out of high school back in 2014. Cease ultimately reached an agreement on a seven-year, $210MM deal with the Blue Jays on November 26th. As Sahadev Sharma of The Athletic put it on December 3rd, the Cubs “bowed out as the bidding reached the $200 million mark.”
The thing is, the bidding kind of didn’t reach the $200MM mark on Cease, who deferred $64MM and signed with a net present value of approximately $189.2MM. Either the Cubs actually drew their line below that range, or Hoyer had not yet convinced the Ricketts family to bend on their recent opposition to deferred money.
With Cease off the board, the Cubs reportedly at least entertained a number of top free agents throughout December beyond the starters mentioned, including Alex Bregman, Pete Alonso, Tatsuya Imai, and Eugenio Suarez.
Simultaneously, the Cubs set about rebuilding their bullpen through free agency. They snagged Phil Maton, a soft-tossing righty with a big strikeout rate last year, in November. Maton’s two-year, $14.5MM deal marked the first multiyear free agent relief signing of Hoyer’s five-year tenure atop the Cubs’ front office, and the club’s first since their disastrous Craig Kimbrel signing in June 2019. Hoyer saw another target, Ryan Helsley, land with Baltimore, but came away with Maton, Hunter Harvey, Caleb Thielbar, Hoby Milner, and Jacob Webb before the end of the year.
Save for a few minor league deals for depth, Hoyer’s bullpen work was done. Perhaps emboldened by his success in acquiring Brad Keller, Drew Pomeranz, and Kittredge last year, Hoyer brought in four new bullpen options while retaining Thielbar.
In the 2024-25 offseason, five relievers signed for $20MM or more: Tanner Scott, Jeff Hoffman, Blake Treinen, A.J. Minter, and Carlos Estevez. The first three posted ERAs of 4.37 and up last year, and Minter pitched only 11 innings. Estevez had success for the Royals, but is showing red flags this spring with a drastic velocity drop. Given that bust rate – the Cubs were actually the high bidder on Scott – it’s hard to fault Hoyer for letting Keller go to the Phillies for $22MM. Still, the Cubs’ bullpen, led by holdover and Team Venezuela stopper Daniel Palencia, comes with tons of variance for 2026.
The Cubs went off the beaten path to snag Tyler Austin on a cheap split contract. The 34-year-old first baseman had a touch of success in the Majors with the 2018 Yankees and Twins, but eventually decamped to Japan for a six-year run with the Yokohama BayStars (where he was teammates with Imanaga). It seemed that perhaps Austin would take over Justin Turner’s role as Michael Busch‘s caddy against tough lefties. But after an excellent 2025 season, the Cubs are saying Busch has earned a shot against southpaws. Part of that may be owed to the patellar tendon debridement procedure Austin underwent in February, expected to keep him out months. But the commitment to Austin was minimal, he could eventually supplement Moises Ballesteros at DH, and the Cubs still have right-handed options on the active roster in Miguel Amaya and Matt Shaw.
The Cubs’ interest in Cease suggested a desire to add a pitcher to the front of their rotation. According to Mark Feinsand of MLB.com, “the Cubs seem to have been the most aggressive suitor” of Japanese righty Tatsuya Imai, but they instead allowed the 27-year-old to sign an opt-out-laden three-year, $54MM deal with the Astros.
Perhaps the Cubs weren’t fans of the opt-out structure of Imai’s contract, after a similar one with Cody Bellinger became a headache. They instead pivoted to a longtime target, Marlins righty Edward Cabrera. The Cubs landed Cabrera in a January 7th trade with Miami, surrendering Baseball America’s #43 prospect in Owen Caissie (plus two others) to get him. The Cubs control the hard-throwing Cabrera for three years, and he comes cheap in 2026 at just $4.45MM.
Cabrera, 28 in April, set a career-high with last year’s 144 2/3 innings (which includes a couple minor league rehab starts). Dating back even before his 2021 debut, injuries have been a consistent theme in Cabrera’s career. He dealt with biceps inflammation in ’21, but still reached the Majors in August of that year. The biceps slowed him again the following year, which also included elbow tendinitis. A shoulder impingement cost him a month in ’23, which recurred the following spring and again in May of ’24. That one knocked him out for two months.
Cabrera began 2025 with an IL stint for a blister, another common injury for him. An elbow injury cropped up in July, but did not necessitate a trip to the IL. An elbow sprain did put Cabrera on the IL in September, though he returned in less than a month to make two final starts. His velocity was back at full strength in those appearances.
Of all the starting pitching options the Cubs entertained last winter, Cabrera was a high-risk, high-reward choice. But, particularly after Imanaga accepted the QO, they needed front of the rotation upside more than depth. The price on Cabrera was high; Caissie might have wound up as the Cubs’ starting right fielder for years otherwise. Though he throws hard, Cabrera’s fastball is actually ineffective, as Sharma explained. But he brings an excellent curveball and unique changeup, and he cut his walk rate last year. Cabrera is the type of starter the Cubs were missing in last year’s playoffs, though whether he’ll be healthy in October is anyone’s guess.
Though there was a bit of stray Zac Gallen talk, the Cabrera acquisition completed the Cubs’ rotation. They’ll trot out Matthew Boyd, Cade Horton, Imanaga, Cabrera, and Jameson Taillon to start the season, with Justin Steele hoping to return from surgery around June. Javier Assad will start the season in Triple-A, with Ben Brown working multi-inning stints out of the MLB bullpen and Rea always ready to take starts as needed. Jaxon Wiggins, the game’s 78th best prospect according to BA, will be at Triple-A Iowa as well. Even with Taillon’s shaky spring, the Cubs’ rotation depth looks strong for now. 160+ innings from Horton would still go a long way, after last year’s second-place Rookie of the Year finish.
After last spring’s four-year, $115MM offer to Alex Bregman fell well short, I didn’t expect the Cubs to make a bigger push a year later. I was wrong. It turned out the Cubs’ previous failure to push further was more on ownership than Hoyer. According to Patrick Mooney of The Athletic, Hoyer and GM Carter Hawkins used the intervening period to meet with higher-ups to “update the club’s philosophy on using deferred money to help finance deals for free agents.” The fact that the Cubs’ big starting pitching acquisition, Cabrera, added less than $5MM to the payroll likely emboldened Hoyer on Bregman.
As the Chicago Bears were mounting a wild comeback to beat the Packers at Soldier Field to win the NFC Wild Card game – with Cubs center fielder Pete Crow-Armstrong in attendance – Hoyer was wrapping up a stunning deal with Bregman. Whereas their 2025 four-year offer covered his age 31-34 seasons, this year’s five-year deal covers age 32-36. That’s the first time the Cubs have signed a free agent through age 36 since Yu Darvish nearly eight years prior — a contract Hoyer dumped halfway through to get Caissie.
The Bregman deal included $70MM in deferred money, resulting in a net present value a bit shy of $155MM. Bregman did a bit better than expected, as MLBTR had called for $160MM over six years. Certainly Bregman brings a clubhouse effect that Kyle Tucker does not. But though the Cubs didn’t have to include a sixth year (age 37 for Bregman), I was still surprised to see them sign a player for big money that deep into his career. As Davy Andrews of FanGraphs put it, “He’s not starting out with much margin for error, so things could get ugly when his bat speed or his contact skills start to go. And Bregman is already slow and a below-average baserunner. He already has a weak arm. When the first-step quickness goes, the defense could crater pretty quickly too.” Long-term pessimism aside, Bregman still projects for 3+ WAR this year.
Cubs second baseman Nico Hoerner, quietly worth 17.5 WAR over the last four years, had been in trade rumors throughout the winter. Hoerner’s contract is up after 2026, but the Cubs did not see fit to move him this winter to clear a spot for Matt Shaw. Shaw, 24, was displaced from his starting third base job by the Bregman signing. Shaw popped up in rumors as well, but instead the Cubs plan to use him in a super-utility role this year. For example, he’ll see time in right field early in the season as Seiya Suzuki recovers from a PCL strain suffered in the World Baseball Classic.
The Cubs’ Opening Day right field start against Nationals righty Cade Cavalli may go to Michael Conforto, as the veteran will make the team folllowing Suzuki’s injury. Minor league signee Dylan Carlson also claimed a bench spot. At the time of this writing, Scott Kingery and Chas McCormick are vying for the last position player job, with Kingery’s infield versatility probably giving him the leg up.
Late Tuesday, the Cubs put a cherry on top of an exciting offseason by locking up center fielder Pete Crow-Armstrong to a long-term extension running through 2032. PCA, just 24 on Wednesday, cemented himself as a fan favorite with a first half last year that put him in the MVP conversation. Crow-Armstrong’s second-half flop didn’t deter the Cubs from extending him, though they already controlled him through 2030. As perhaps the game’s best defensive center fielder, PCA offers a high floor even if he can’t get his batting average up or learn to hit left-handed pitching.
Crow-Armstrong’s six-year extension begins in 2027, so it covers his four arbitration years plus his first two free agent seasons. If we assume around $40MM in potential arbitration earnings, each free agent year gets valued at around $37-38MM. That’s a hefty price, but as my colleague Steve Adams put it, the Cubs have a knack for getting players to give up an atypical number of free agent years (as in the cases of Hoerner and Ian Happ).
The PCA deal doesn’t really have a clear comp. Consider:
- Crow Armstrong: signed at age 24 with 1.170 Major League service, buys out four arbitration years and two free agent years covering age 25-30 for $115MM
- Jackson Merrill: signed at age 22 with 1.006 service, buys out one pre-arb year, three arb years, and as many as six free agent years covering age 23-32 for $156MM (if 2035 club option is exercised)
- Roman Anthony: signed at age 21.25 with 0.058 service, buys out three pre-arb years, three arb years, and as many as three free agent years covering age 22-30 for $160MM (if 2034 club option is exercised)
- Corbin Carroll: signed at age 22.57 with 0.038 service, buys out three pre-arb years, three arb years, and as many as three free agent years covering age 22-30 for $134MM (if 2031 club option is exercised)
- Tyler Soderstrom: signed at age 24.1 with 2.053 service, buys out one pre-arb year, three arb years, and as many as four free agent years covering age 24-31 for $111MM (if 2033 club option is exercised)
As you can see, none of these really match up with Crow-Armstrong, who signed a bit later in his career than most, gave up the fewest free agent years, gave up no club options, and like Anthony and Carroll preserved a shot at free agency heading into his age-31 season.
PCA was already part of the Cubs’ long-term outlook, but here’s how that looks at present (relievers excluded):
- Free agents after 2026: Hoerner, Suzuki, Happ, Imanaga, Taillon, Boyd, Carson Kelly
- Under control through 2027: Steele
- Under control through 2028: Cabrera
- Under control through 2029: Dansby Swanson, Busch, Miguel Amaya
- Under control through 2030: Bregman, Horton
- Under control through 2031: Moises Ballesteros, Shaw
- Under control through 2032: Crow-Armstrong
Barring further extensions, the Cubs might see something on the order of 17 WAR walk out the door after the 2026 season, plus four relievers. Throw a lockout into the mix, and the 2027 Cubs could look quite different when the dust eventually settles. They’ve certainly got the payroll flexibility to sign Hoerner and/or Suzuki. However, Hoerner could be somewhat difficult to value, and I’m not sure the Cubs will want to go further with a 32-year-old Suzuki. The Cubs may be left seeking a pair of corner outfielders, multiple starting pitchers, and several relievers next offseason.
Those are problems for another day. Though the PCA signing kicks in next year, the Cubs have pushed their 2026 payroll to new heights, passing the $244MM competitive balance tax threshold. They’ve built a strong team despite losing Tucker, though they probably face tougher competition from the rest of the NL Central than many realize. That includes needing to find a way to jump the Brewers, who have kept them second in the division for three straight seasons.
How would you grade the Cubs' offseason?
-
B 52% (1,098)
-
A 25% (540)
-
C 16% (348)
-
F 4% (86)
-
D 2% (51)
Total votes: 2,123


