Today's mailbag gets into Nolan Arenado's future with the Cardinals, offensive struggles for the Rangers and Red Sox, hot starts for the Angels and Giants, and much more.

Sam asks:

Arenado is off to a pretty good start with his surface level stats but his batted ball profile is still pretty bad. Barring an injury to a third baseman on a contender, is he going to be playing for the Cardinals for the next 3 years?

Arenado, 34 today, has an excellent 136 wRC+ through 74 plate appearances.  His Statcast numbers have always been middling since he was traded to St. Louis four years ago.  As you know, the Cardinals tried to move Arenado during the offseason, both to save money and open up playing time for younger players.  Arenado wasn't willing to say yes when asked to approve a trade to the Astros in December, and no deal materialized with the four other teams on the third baseman's list.

In February, Katie Woo of The Athletic reported that the Cardinals "had conversations with at least nine organizations" about Arenado during the offseason.  Woo said the other four teams on Arenado's list besides the Astros were the Dodgers, Red Sox, Padres, and Yankees.  The rigidity of Arenado's list is confusing.  He said, "I don’t see myself changing that list ever. I have a family now. … To be willing to pick up my family and move them, it has to be something that’s worth it."  Arenado is clearly not bound entirely by geography, having chosen teams on both the East and West coast.  But let's look at some playoff odds from when the season opened:

• Astros: 53.5%
• Dodgers: 97.6%
• Red Sox: 56.2%
• Padres: 35.1%
• Yankees: 62.3%
• Cardinals: 23.2%
• Tigers: 46.6%
• Royals: 41.8%
• Angels: 10.5%

Is it fair to say that for Arenado to leave the comfort of St. Louis he needs what he considers a strong chance at winning the World Series, but he might accept a lesser chance for a team near where he grew up, such as the Padres?  What makes this tricky is that Arenado seems to have developed his own playoff odds.  Playoff odds are not reliable in the best case, and Arenado is probably worse at this than FanGraphs.

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This week's mailbag gets into PTBNL trades, the Brewers' recent trade history, the Mariners' inactivity, and questions about players such as Jordan Romano, Andy Pages, and Brett Baty.

Scott asks:

When a trade happens that includes a Player to be named later or cash considerations, like between the Red Sox and Brewers, how is it determined which goes - a player or cash? Seems like that would have to be predetermined to ease the negotiations, but the implication in the title implies it's a decision to be made later?

I posed Scott's question to an team executive friend, and he kindly gave a great in-depth reply.  Here it is:

"There are two PTBNL / Cash constructs that are most common. The first is where one of the clubs involved in the trade gets to choose one or more players from an agreed upon list. The agreed upon list is determined at the time of the initial trade. The club receiving the PTBNL has the right to instead receive “alternative cash considerations” that cannot exceed $100k. The option to receive cash comes into play only if the club with the right to receive the PTBNL decides they don’t want any of the players within the previously agreed upon grouping. This outcome could occur if one or more of those players suffers an injury or other plight whereby they are no longer of interest to the club holding the right to acquire them. By way of example, if Team A has the right to pick either Player X or Player Y as the PTBNL, but both players have suffered significant injuries since the time the trade was agreed upon, then Team A might rather take the cash rather than an injured player.

The second primary construct where you see a PTBNL or Cash involved in a trade occurs if the trade is really just for cash, but the team set to receive the cash wants to “dress it up” a little bit. This situation could occur if the team is trading away a notable player and needs to make it look like there’s a more significant return than simply money coming back their way. In these situations, the two clubs involved in the trade can agree to phrase the trade as a PTBNL or Cash despite both clubs agreeing that the return will be cash only.

A PTBNL is not always a low-level player. The only restriction is that a PTBNL cannot be someone who has appeared on an active Major League roster between the time the trade was agreed to and the time he is sent to his new club."

Zack asks:

How long of a leash should the Phillies have with Jordan Romano? He has lost velocity on his fastball and slider and he looks shaky when on the mound. Maybe it's a mechanics issue he can work through? He looks like he's searching for his form on the mound, I hope he can figure it out as we need him!

The tough thing is that Romano arguably hasn't been an effective reliever since June of 2023.  Rob Thomson hasn't used Romano in the club's highest-leverage situations thus far, but he still was Dave Dombrowski's main offseason bullpen addition.

Romano's elbow inflammation surfaced in March 2024.  He debuted in mid-April last year but was done after 15 appearances once the injury resurfaced.  He wound up having arthroscopic elbow surgery in early July.  The Blue Jays, who knew Romano best, didn't want him back at what would've likely been his same $7.75MM salary.  Around the Winter Meetings, Dombrowski gave Romano about $750K more than that.

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This week's mailbag gets into how long Paul Skenes will stay a Pirate, Alex Bregman opt-out scenarios, the NL East favorite, extensions for young Nationals players, potential Sandy Alcantara trade returns, the automated ball-strike system, and much more.

John asks:

I figure the Bucs' cheap owner will trade Skenes before his first arbitration year because he will never pay that kind of salary. If I'm right, when is his final year in Pittsburgh?

After the 2026 season, Paul Skenes will have three years of Major League service time and will be eligible for arbitration.  Barring an extension, Skenes and the Pirates will go through the arbitration process early in 2027, and his salary will take a huge leap that season.

How much of a leap is hard to predict not knowing what numbers Skenes will put up in 2025 and '26.  Remarkably, the first-time arbitration record for a starting pitcher remains Dallas Keuchel's $7.25MM from 2015, though prior to that Tim Lincecum at least topped $10MM as the midpoint between his $13MM filing figure and the Giants' $8MM.  Clayton Kershaw had a midpoint of $8.25MM once as well.  But the first-time starting pitcher arbitration market is not one that moves easily.

Arbitration eligible players are tendered contracts because they offer surplus value to their teams, star players included.  Corbin Burnes, for example, won the NL Cy Young award in 2021 and was paid $6.55MM in 2022, $10.01MM in '23 (after losing a hearing to the Brewers), and $15,637,500 in '24.

A healthy Skenes should be able to top Burnes' $32.2MM in total arbitration earnings, but even $45MM for that three-year period might represent a single season of what he could earn in free agency.

Say Skenes is a 6-WAR type player.  Bob Nutting has owned the Pirates since January 2007; what has happened with this team and similar players since he took over?

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Today's mailbag gets into the Nationals' offseason approach, the accuracy of preseason win projections, what Andrew Painter will do this year, the Royals' outfield, how small market teams can compete, the Yankees' third base situation, the Mets' rotation, and more.

Steve asks:

The Nationals have now spent over $50 million in this offseason on new acquisitions. Do you like their strategy of building depth with upside players with lower $ risk per player to keep the books clean for the coming years?

OTOH, they could have gone all in and met Bregman's rumored price of $210 million over 7 years, and had enough money for Nathaniel Lowe and Ogasawara and adding Finnegan, Lopez and Poche for their bullpen and skipped signing Sims for the bullpen and Bell for DH.

Which route do you like better?

Just to review, the Nationals added Trevor Williams, Mike Soroka, Kyle Finnegan, Josh Bell, Shinnosuke Ogasawara, Jorge Lopez, Lucas Sims, Amed Rosario, and Paul DeJong in free agency at a 2025 AAV cost of $38.75MM.  They also traded for Nathaniel Lowe, who is earning $10.3MM this year.

Despite adding $49MM in total '25 AAV, the team's CBT payroll is only $138MM.  The question is whether 2025 is/was the time for this team to pounce.  Owner Mark Lerner doesn't think so, based on comments made to Barry Svrluga of the Washington Post.  Referencing GM Mike Rizzo, here's what Lerner said to Svrluga:

“When Mike calls me in and says, ‘We really need to think about it,’ for next winter, we’ll talk about it,” Lerner said. “Right now, he doesn’t think — and I agree with him: There’s no point in getting a superstar and paying him hundreds of millions of dollars to win two or three more games. You’ve got to wait until — like Jayson. Jayson was right on the cusp of [the team] being really good, and it took us to the next level. That’s the ideal situation. It’s always on our mind.”  He paused. “You could get nauseous thinking about it,” he said, laughing.

Despite the additions, FanGraphs projects the Nationals for only 73 wins this year.  And even though - as I'll show later in the mailbag - teams sometimes outplay their projection by a dozen wins, that still might not be enough for a wild card.

The Nationals have three suspect lineup spots: Bell at DH, Keibert Ruiz at catcher, and Jose Tena/DeJong/Rosario at third base.  Bregman alone doesn't make this team a likely contender, and he turns 31 in March.  I don't think he fit as the team's Jayson Werth move.  I doubt Nolan Arenado would've accepted a trade to D.C., and he doesn't sense for this team anyway.

The Nats still owe $40MM to Ruiz and have a few catching prospects in the pipeline, so I can see why they didn't do anything there.  Likewise, adding a bigger bat than Bell might mean 74 or 75 wins instead of 73.

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