Phelps is back in the majors following a lengthy rehab process after Tommy John surgery. He made four scoreless minor-league appearances, compiling four strikeouts without a walk, and was finally deemed ready to get back to the MLB mound for the first time since 2017.
If all goes well, the Toronto org could have another trade chip on its hands. Phelps inked a one-year, $2.5MM deal that includes a floating-value option. His earning power will depend quite a bit on how frequently he throws, as he can tap incentives and boost the option value based upon the number of appearances he makes this year.
At his best, Phelps was a quality relief arm, who ran up 142 1/3 innings of 2.72 ERA pitching from 2016 to 2017. That track record earned him this contract in spite of the TJ procedure, but his showing from this point forward will determine his trade value and future in the majors.