With Blake Snell and Max Fried off the board, Corbin Burnes stands alone at the top of the pitching market. There was some thought that the former Cy Young winner might sign within a day or two of Fried agreeing to an eight-year term at the Winter Meetings. That hasn’t happened, though it wouldn’t be a surprise if Burnes signs before league activity goes quiet with the holidays next week.

Thus far, the starting pitching class has outperformed expectations. That’s most true of Fried, whom few would’ve foreseen getting eight years or handily beating $200MM at the start of the offseason. With Fried securing $218MM, how much should one project upwards on Burnes? Every free agent projection would’ve had Burnes above Fried when the offseason got underway. Fried money feels like a floor for Burnes, whom MLBTR predicted for seven years and $200MM just six weeks ago.

That said, the Yankees and Mets were two of the most obvious on-paper fits at the start of the offseason. The Yankees can safely be ruled out after the Fried deal. The Mets are still in the market for starting pitching and have the payroll room to lurk as a threat on Burnes even after landing Juan Soto. Yet it seems the Mets’ focus for starting pitching has been on the middle tiers. They added Frankie Montas and converted Clay Holmes to the rotation, preferring more affordable upside plays than a quick strike for any of free agency’s top three arms. They’re reportedly still interested in re-signing Sean Manaea, which would very likely close the door on a Burnes acquisition.

Recent rumors have most prominently connected Burnes to a few teams: the Red Sox, Blue Jays, Giants and (to a lesser extent) the Orioles. Boston is still engaged in the rotation market after landing Garrett Crochet last week. Trading for Crochet leaves them with ample payroll space — the former White Sox staff ace is projected for a meager $2.9MM arbitration salary — but could indicate that the Sox weren’t keen on the climbing cost for free agent starting pitching.

The Giants would benefit greatly from an ace they could plug alongside Logan Webb in the rotation to replace Snell’s production. Yet San Francisco has already made a pair of big investments ($151MM on the Matt Chapman extension, $182MM for Willy Adames) within the past few months. Does ownership have interest in a deal that should easily exceed those already significant contracts?

Depending on how one feels about the Andrés Giménez trade, it’s debatable whether the Blue Jays have made a splash acquisition this offseason. They were heavily involved on Soto and Fried but watched both players head elsewhere. Their front office could be most motivated to land a marquee free agent, but they’re also faced with some payroll questions. Sportsnet’s Ben Nicholson-Smith wrote last week that the Jays landing Burnes “doesn’t seem especially likely,” suggesting the organization could prefer to focus on a bat as its biggest addition while looking for a cheaper rebound target on the rotation front.

Maybe that opens the opportunity for the incumbent Orioles to make a push. GM Mike Elias has said that the ownership change has allowed the O’s front office to explore the top of the rotation market. (They reportedly were involved on Snell, in particular.) Still, it’s fair to take a “believe it when I see it” approach for Baltimore. The O’s have brought up spending since David Rubenstein purchased the franchise in April. They took on Zach Eflin’s $18MM salary in a deadline trade with the Rays and signed Tyler O’Neill for three years and $49.5MM last week. Yet neither investment is close to what it’d take to retain Burnes.

How will the Burnes situation play out? Will there be a late push by a mystery team to land him, and how much will it take? Is he soon to be the latest beneficiary of a bullish rotation market, or is the number of teams willing to make a $200MM+ investment drying up?