Offseason In Review: San Francisco Giants
While not the blockbuster offseason some fans expected from the Giants' new front office, a couple of big names landed in San Francisco.
Major League Signings
2025 spending: $36MM
Total spending: $197MM
Option Decisions
- Blake Snell, SP: Opted out of final year of contract ($30MM in 2025)
- Robbie Ray, SP: Declined to opt out of final two years of contract ($50MM over 2025-26 seasons)
- Wilmer Flores, IF: Exercises $3.5MM player option for the 2025 season
Trades & Claims
- Acquired minor league RP Braxton Roxby from Reds for RP Taylor Rogers and $6MM
- Acquired IF/OF Osleivis Basabe from Rays for cash considerations
- Acquired international bonus pool space from Red Sox for C/OF Blake Sabol
- Acquired international bonus pool space from Marlins for minor league RHP William Kempner
- Claimed C Sam Huff off waivers from Rangers
Notable Minor League Signings
- Max Stassi, Joey Lucchesi, Jake Lamb, Raymond Burgos, Kai-Wei Teng, Ethan Small, Justin Garza, Miguel Diaz, Lou Trivino, Sergio Alcantara, Enny Romero, Logan Porter
Extensions
- None
Notable Losses
- Blake Snell, Rogers, Sabol, Michael Conforto, Mark Canha, Thairo Estrada, Curt Casali, Austin Warren
Willy Adames' $182MM contract represents the largest deal in Giants history, and perhaps marks an end to the narrative that the franchise is unable to attract top-tier talent to the Bay Area. Bryce Harper, Aaron Judge, Carlos Correa (though that situation was rather unique), and Shohei Ohtani are a few of the major free agents who the Giants pursued but were unable to sign when Farhan Zaidi was the club's president of baseball operations, leaving fans perpetually frustrated at Zaidi's roster-building endeavors.
Things changed even before Zaidi was officially replaced by Buster Posey last September, as Posey (then acting in his capacity as a member of the Giants board of directors) took a very direct role in negotiating Matt Chapman's six-year, $151MM contract extension. It is rare to see such extensions signed when a player is as close to Chapman was to the open market, and finalizing that deal indicated that Posey might be moving with more aggressiveness once he took the reins as the new PBO.
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Offseason In Review: Los Angeles Dodgers
The Dodgers followed up their World Series win with another aggressive offseason, making many headline-grabbing additions as well as some less splashy moves. Despite years of playoff disappointments, they now go into 2025 viewed as a juggernaut that is despised by all other fan bases around the league.
Major League Signings
- LHP Blake Snell: Five years, $182MM (includes conditional club option, $52MM signing bonus and $65MM in deferrals)
- LHP Tanner Scott: Four years, $72MM (includes conditional 2029 club option, $20MM signing bonus and $21MM in deferrals)
- OF Teoscar Hernandez: Three years, $66MM (includes 2028 club option, $23MM signing bonus and $23.5MM in deferrals)
- RHP Blake Treinen: Two years, $22MM (includes $5MM signing bonus)
- OF Michael Conforto: One year, $17MM (includes $8.5MM signing bonus)
- RHP Kirby Yates: One year, $13MM
- IF Hyeseong Kim: Three years, $12.5MM (includes 2028-29 club option)
- LHP Clayton Kershaw: One year, $7.5MM
- IF/OF Enrique Hernández: One year, $6.5MM
2025 spending: $185.5MM
Total spending: $398.5MM
Option Decisions
- LHP Clayton Kershaw declined $10MM player option (though re-signed on aforementioned $7.5MM deal with incentives)
- Team exercised $5MM club option on IF Miguel Rojas
- Team exercised $3.5MM club option on C Austin Barnes
Trades and Claims
- Traded IF Gavin Lux to Reds for OF Mike Sirota and Competitive Balance Round A draft pick
- Traded C Diego Cartaya to Twins for RHP Jose Vasquez
- Traded OF Dylan Campbell to Phillies for international bonus pool space
- Traded OF Arnaldo Lantigua to Reds for international bonus pool space
- Traded RHP Ryan Brasier and cash to Cubs for PTBNL or cash
Notable Minor League Signings
- Roki Sasaki, Eddie Rosario, David Bote, Michael Chavis, Luis García, Giovanny Gallegos, Chris Okey, Joe Jacques
Extensions
- IF/OF Tommy Edman: Four years, $64.5MM (includes 2030 club option, $17MM signing bonus and $25MM of deferrals)
Notable Losses
- Jack Flaherty, Walker Buehler, Joe Kelly (still unsigned), Kevin Kiermaier (retired), Daniel Hudson (retired), Ryan Brasier, Gavin Lux, Diego Cartaya, Connor Brogdon (outrighted), Brent Honeywell Jr. (non-tendered), Zach Logue (non-tendered)
Things change fast in baseball. The Dodgers finished 2023 on a down note, having been swept out of the NLDS by the Diamondbacks. Though that was their 11th consecutive postseason appearance, many of them had ended in heartbreaking fashion. Fans of the club were in MLBTR's mentions, calling for manager Dave Roberts and president of baseball operations Andrew Friedman to be fired. Fans of other clubs were taunting them for their failed attempts to "buy" a World Series. But they then signed Shohei Ohtani to a heavily-deferred deal, as well as grabbing Yoshinobu Yamamoto and many others, eventually winning it all in 2024.
The club therefore went into the 2024-25 offseason with the wind in their sails and they didn't slow down. Within a few months of their parade, they had signed one of the top free agent starters, a few of the top relievers, some solid outfielders and the most notable international amateur since Ohtani.
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Front Office Subscriber Chat Transcript
MLBTR’s Anthony Franco held a live chat today for Front Office subscribers.
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MLB Mailbag: Skenes, Bregman, Nationals, Alcantara
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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Offseason In Review: Washington Nationals
The Nationals made a few acquisitions, most notably with a trade for their new first baseman. They eschewed any investments longer than two years. They're probably still a season away from pulling out of the rebuild. If they take a step forward from last season's 71 wins, they should be positioned for a much more aggressive winter going into 2026.
Major League Signings
- RHP Trevor Williams: Two years, $14MM
- RHP Michael Soroka: One year, $9MM
- DH Josh Bell: One year, $6MM
- RHP Kyle Finnegan: One year, $6MM ($4MM deferred)
- LHP Shinnosuke Ogasawara: Two years, $3.5MM (plus $700K posting fee)
- RHP Jorge López: One year, $3MM
- RHP Lucas Sims: One year, $3MM
- 3B Amed Rosario: One year, $2MM
- 3B Paul DeJong: One year, $1MM
2025 spending: $38.5MM ($4MM deferred)
Total spending: $47.5MM
Option Decisions
- Declined $8MM mutual option on 1B Joey Gallo in favor of $2.5MM buyout
Trades and Claims
- Selected RHP Evan Reifert from Rays in Rule 5 draft
- Acquired 1B Nathaniel Lowe from Rangers for LHP Robert Garcia
Notable Minor League Signings
Extensions
- None
Notable Losses
- Patrick Corbin, Robert Garcia, Joey Gallo, Tanner Rainey (non-tendered), Joey Meneses (outrighted), Ildemaro Vargas (outrighted), Amos Willingham (via waivers), Michael Rucker (outrighted), Thaddeus Ward (via waivers), Joe La Sorsa (released)
The Nationals finished 71-91 last season, their second straight year landing 20 games under .500. Still, they feel closer to contention than they did 12 months ago. Top outfield prospects James Wood and Dylan Crews made it to the big leagues. The middle infield tandem of CJ Abrams and Luis García Jr. each took steps forward, even if Abrams' season ended with an unceremonious disciplinary demotion. Center fielder Jacob Young had a nice season headlined by Gold Glove-caliber defense. A controllable rotation group of MacKenzie Gore, Jake Irvin, Mitchell Parker and DJ Herz pitched reasonably well.
One can start to see the light at the end of the five-year rebuild. Yet the Nationals entered the offseason with a handful of huge holes. GM Mike Rizzo said in September that the front office was looking to add one or two middle-of-the-order bats. The Nats got very little from their corner infield or designated hitter positions, making those obvious target areas. They're still lacking a true top-of-the-rotation starter, nor did they have much in the way of middle relief depth.
They didn't fix all of it. There was never much hope of ownership allowing the front office to jump back in on Juan Soto. They seemingly didn't look at the top of the rotation market, uninterested in making a $200MM+ investment for Corbin Burnes or Max Fried. While they technically did add two middle-of-the-order hitters, they weren't on significant free agent splashes. The Nationals showed some interest in Christian Walker and made sense as an on-paper fit for Pete Alonso, but they ended up taking a volume approach to free agency.
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Offseason In Review: Cleveland Guardians
The Guardians kept their longtime ace but traded their everyday first baseman ahead of his final season of club control. Their offseason featured a blend of creative trades to trim payroll and acquire controllable talent, plus some short-term spending on veterans to replace some of the big leaguers they traded away. It was a vintage Cleveland offseason that should keep them in the mix in what'll be a tightly contested AL Central.
Major League Signings
- Shane Bieber, RHP: Two years, $26MM (opt-out after 2025 season)
- Carlos Santana, 1B: One year, $12MM
- Paul Sewald, RHP: One year, $7MM (includes buyout on 2026 mutual option)
- Jakob Junis, RHP: One year, $4.5MM
- Austin Hedges, C: One year, $4MM
- John Means, LHP: One year, $1MM (club has $6MM option for 2026, no buyout)
2025 spending: $37.5MM
Total spending: $54.5MM
Option Decisions
- None
Trades and Waiver Claims
- Acquired RHP Slade Cecconi and Competitive Balance Draft Pick (Round B) from D-backs in exchange for 1B Josh Naylor
- Acquired 1B Spencer Horwitz and OF Nick Mitchell from Blue Jays in exchange for 2B Andres Gimenez and RHP Nick Sandlin
- Acquired RHP Luis Ortiz, LHP Josh Hartle and LHP Michael Kennedy from Pirates in exchange for 1B Spencer Horwitz
- Traded RHP Eli Morgan to Cubs in exchange for OF Alfonsin Rosario
- Traded RHP Peter Strzelecki to Pirates in exchange for cash
- Traded OF Myles Straw to Blue Jays in exchange for PTBNL
Notable Minor League Signings
- Vince Velasquez, Kolby Allard, Parker Mushinski, George Valera (re-signed), Luis Frias, Riley Pint, Dom Nunez
Extensions
- None
Notable Losses
- Josh Naylor, Andres Gimenez, Matthew Boyd, Alex Cobb, Nick Sandlin, Eli Morgan, Myles Straw, Peter Strzelecki, James Karinchak (non-tendered), Pedro Avila (outrighted, elected free agency)
The Guardians entered the 2024-25 offseason looking to bolster a roster that made an unexpected run to the American League Championship Series. Cleveland faced decisions on some players with dwindling club control and, as is always the case, some notable payroll limitations. In a departure from most offseasons, however, the Guards found themselves in an unfamiliar position: needing to acquire starting pitching.
Cleveland has emerged as one of the industry leaders in maximizing its rotation output. At times, it feels as though they have an almost magical ability to produce quality starting pitchers out of thin air. In fact, when the Guardians signed righty Ben Lively to a one-year, $800K deal in the 2023-24 offseason, it was the first time they'd signed any free agent starter to a major league contract since inking Gavin Floyd back in 2014. Midway through the 2024 season, they did so again, signing Matthew Boyd to a major league contract.
Both moves worked out splendidly. Boyd started eight games down the stretch and produced a sub-3.00 ERA. Lively finished second on the club with 151 innings and notched a 3.81 ERA and stuck with the club as an arbitration-eligible player. He'll be back in the 2025 rotation. Boyd, however, hit free agency and did so alongside former Cy Young winner Shane Bieber and trade deadline acquisition Alex Cobb.
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Offseason In Review: Houston Astros
The Astros lost one star in free agency while trading away another. They're moving their longtime second baseman to left field. It'll be a different team, one they hope will remain a top AL contender in the short term while avoiding a true rebuild in the second half of this decade.
Major League Signings
- 1B Christian Walker: Three years, $60MM
- LF Ben Gamel: One year, $1.2MM (only $200K guaranteed)
2025 spending: $21.2MM
Total spending: $62.2MM
Option Decisions
- None
Trades and Claims
- Acquired LF Taylor Trammell from Yankees for cash
- Traded RF Kyle Tucker to Cubs for 3B Isaac Paredes, RHP Hayden Wesneski and minor league 3B Cam Smith
- Traded SS Grae Kessinger to Diamondbacks for minor league RHP Matthew Linskey
- Traded RHP Ryan Pressly and cash ($5.5MM) to Cubs for minor league RHP Juan Bello
Notable Minor League Signings
Extensions
- None
Notable Losses
- Kyle Tucker, Alex Bregman, Justin Verlander, Yusei Kikuchi, Ryan Pressly, José Urquidy (non-tendered), Caleb Ferguson, Héctor Neris, Jason Heyward, Kendall Graveman, Seth Martinez (via waivers), Penn Murfee (via waivers), Grae Kessinger, Trey Cabbage (via waivers)
The Astros are seeking their ninth consecutive playoff berth. Houston's incredible run of seven straight trips to the ALCS came to an end, but they still cruised to an AL West title after a ghastly start to the '24 campaign. The contention window certainly hasn't closed, but the front office had its work cut out for them this winter.
Alex Bregman's free agency was the most immediate challenge. Houston has spent up to and occasionally beyond the luxury tax line under owner Jim Crane. They're willing to spend, but that has come with the general caveat that they're not keen on offering long-term contracts. Houston had already allowed George Springer and Carlos Correa to walk in free agency. How much urgency would they show with Bregman?
The Astros made some effort to retain their longtime third baseman. They reportedly offered a six-year, $156MM proposal early in the winter. Bregman remained in pursuit of a contract closer to $200MM. While Houston left the offer on the table, the front office began turning its attention elsewhere when there was no progress towards a deal within the offseason's first six weeks.
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Front Office Subscriber Chat Transcript
MLBTR's Steve Adams hosted a live chat today at 2:30pm CT, exclusively for Trade Rumors Front Office subscribers.
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10 Out Of Options Players To Watch This Spring
One of the most interesting elements of spring training every year, at least for those of us who feast on roster construction minutiae, is the collection of players who are out of minor league options. MLBTR just released a full list of such players earlier today.
In many instances, a player being out of minor league options is inconsequential. Justin Steele, Isaac Paredes and Evan Phillips are among the players who fit that description but are in no risk of losing their MLB roster spot. They're all key players on big league rosters who'd never be in danger of being sent down to the minors anyhow.
However, there are typically a handful of players every spring who are on the roster bubble with their current club but who could be a better fit on a team with less competition in their current position. Most of these players have already had big league opportunities with their current club but whether due to injury or poor performance (or both) have yet to firmly seize hold of a roster spot. As players exhaust their minor league options, they'll tend to face increased competition from younger players progressing through the minor league ranks and/or external additions made via trade or free agency. An out-of-options player who doesn't fit his current roster can still go on to find a more solid role and some success elsewhere. Joey Bart was in just this spot last year and after being squeezed out in San Francisco has emerged as Pittsburgh's starting catcher. The Yankees didn't have a spot for Ben Rortvedt, but he's the Rays' clear No. 2 catcher now.
Let's run through 10 names to keep an eye on this spring. Not all of these players will lose their roster spots, and even some who do might not wind up making an impact elsewhere. But each of the names listed here has some reason to hold a bit more intrigue than many of their out-of-options brethren (players listed alphabetically)...
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Front Office Subscriber Chat Transcript
MLBTR’s Anthony Franco held a live chat, exclusively for Trade Rumors Front Office subscribers!
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