MLBTR’s Steve Adams hosted a live chat today at 3pm Central, exclusively for Trade Rumors Front Office subscribers!
The Rangers watched four key relievers hit the open market to begin the 2024-25 offseason. Closer Kirby Yates, who proved a bargain pickup on a one-year $4.5MM deal, reached free agency alongside David Robertson, Jose Leclerc and Andrew Chafin (who had a club option declined). Those four were the Rangers' top four late-inning options in the season's second half.
Beyond the difficulty of retaining any group of coveted free agents and/or rebuilding an entire relief corps, Texas faced financial difficulties. Re-signing Nathan Eovaldi and improving a lineup that struggled badly against fastballs were both priorities. Eovaldi cost more than most would've anticipated entering the offseason, benefitting from the hyper-aggressive free agent market for starters to the tune of a three-year, $75MM deal. Slugger Joc Pederson similarly commanded a stout $18.5MM-per-season annual value on his two-year deal. As with Eovaldi, that topped expectations.
Texas did trim some payroll and replace a bullpen arm in one fell swoop, trading the final two years of club control over first baseman Nathaniel Lowe to the Nationals in exchange for five seasons of control over lefty Robert Garcia. The 28-year-old's 4.22 ERA last season isn't particularly exciting, but a big 29.9% strikeout rate and sharp 6.4% walk rate portend improvements in the ERA department moving forward.
The rest of the Rangers' bullpen dealings have been cost-efficient in nature. Texas brought old friend Chris Martin back on a one-year, $5.5MM deal earlier this month. They had the advantage of being Martin's hometown club, which held appeal to him in the final season of his career; he's announced he expects to retire after the 2025 season and reportedly turned down more money elsewhere to pitch his final year close to home. Free agents Hoby Milner (another Fort Worth area native), Shawn Armstrong and Jacob Webb signed for $2.5MM, $1.25MM and $1.25MM, respectively.
Meanwhile, the free agents who've bid farewell to the Rangers seem to be in demand. Leclerc commanded a $10MM guarantee on a one-year deal with the A's. Yates has reached a tentative agreement with the Dodgers, though financial terms are not yet clear and he's not yet taken his physical. The aggressive market for late-inning arms figures to allow Robertson to cash in on an eight-figure salary. Chafin has garnered interest from the Yankees and Cubs at varying points this winter and is surely talking to other teams as the market for relievers heats up. In the past week alone, we've seen Tanner Scott, Yates, Paul Sewald and A.J. Minter reach free agent agreements. The markets for Carlos Estevez and Kyle Finnegan are picking up. The Cubs are talking to the Astros about Ryan Pressly.
Yates' agreement with the Dodgers rankled many Rangers fans who'd hoped they could bring the 37-year-old back as a finishing piece to the bullpen revamp. Rangers president of baseball operations Chris Young, however, has indicated that while the door is still cracked for another acquisition, the bulk of the team's heavy lifting has likely been completed.
Evan Grant of the Dallas Morning News reported Wednesday that the Rangers never made a formal offer to Yates, recognizing where his market was headed while they faced payroll constrictions from ownership. Per Grant, if the Rangers add to the 'pen, it'd likely have to come via the trade market. They're about $6MM shy of the luxury-tax threshold, per Roster Resource, and staying under that $241MM cutoff is said to be a priority for the Rangers.
It's always possible they could strike gold on another Yates-sized reclamation project; Kendall Graveman and Scott Barlow are among the buy-low candidates with some track record as a successful late-inning reliever. Generally speaking, however, if the Rangers want to add a solid closing option, they're not going to find one for under $6MM in free agency.
With that in mind, let's run through some possible options for Young, GM Ross Fenstermaker and their staff as they peruse the market in hopes of adding one more high-leverage option.
MLBTR’s Steve Adams hosted a live chat today at 2:30pm Central, exclusively for Trade Rumors Front Office subscribers!
The Angels were aggressive within the opening weeks of the offseason. They acquired Jorge Soler as soon as the trade market reopened. They made the first MLB free agent acquisition of the winter when they added Kyle Hendricks. They signed Travis d'Arnaud and Yusei Kikuchi to multi-year contracts before any other team signed anyone from outside the organization for multiple years.
They've been virtually silent since then. They haven't signed a major league contract since finalizing the Kikuchi deal on November 27. Their only trade pickups since they landed Soler are utilityman Scott Kingery and depth catcher Chuckie Robinson. After identifying a few priority targets, they've taken their foot off the gas.
That isn't because the roster is complete. Soler, d'Arnaud, and Kikuchi are upgrades, but the Halos had a lot more to fix if they're serious about battling for a Wild Card spot. With a handful of high-profile free agents potentially stretching into February unsigned, the Halos should be positioned to bookend their winter with another strike or two.
MLBTR’s Anthony Franco held a live chat today, exclusively for Trade Rumors Front Office subscribers! Anthony fielded questions about an international draft, where Pete Alonso will end up, the Diamondbacks rotation, trade candidates for the Guardians to address the outfield, the Tigers' competitive outlook, Kyle Stowers' role in Miami, Anthony Rizzo's market, the Giants' next steps, historical comps for the Dodgers and much more!
MLBTR’s Anthony Franco held a live chat today, exclusively for Front Office subscribers! Anthony took questions on Roki Sasaki, the Orioles' pitching staff, roles for players like Vaughn Grissom and Jacob Wilson, Kirby Yates' market, trading international bonus pool space, whether Ha-Seong Kim should sign for one year, Marlins' trade options, the remainder of the Padres' offseason, and much more.
The Marlins have added precisely four players to a 40-man roster that lost 100 games last season. Those four new acquisitions -- infielder Eric Wagaman, catcher Liam Hicks, infielder Max Acosta and first baseman Matt Mervis -- have boosted their currently NL-low payroll by ... well, zero, basically. Wagaman signed a split big league deal as a free agent. Hicks was a Rule 5 pick. Acosta came over in the Jake Burger trade. Mervis was swapped for Vidal Brujan after the latter was designated for assignment in Miami.
The only team currently projected for a lower payroll than the Marlins is the Athletics, and the A's have been active enough this winter that it still seems likely they'll make an addition or two and leapfrog over the Fish. (A's GM David Forst has already gone on record to say he's hopeful of another addition or two.)
Right now, the Marlins project for a $67MM payroll, per RosterResource. Their projected CBT number is $84MM. Both numbers are due largely to the $12MM owed to the since-released Avisail Garcia, whose four-year contract concludes in 2025.
Even by the Marlins' standards, the 2025 payroll is currently dipping to a new low when compared to recent seasons. Miami has trotted out payrolls of $84MM, $110MM and $106MM, respectively over the past three seasons. That's not much, of course, but those numbers are lightyears higher than the current projection. Ken Rosenthal of The Athletic has suggested that the Marlins, like the A's, may need to spend some additional funds to retain their revenue-sharing status. They haven't been as stingy as the A's in recent seasons, but the Fish certainly aren't a paragon of aggressive roster maneuvering. Miami's recent offseason activity (or lack thereof) doesn't bode well for subsequent additions. Their lone free agent signing last offseason was Tim Anderson on a one-year, $5MM deal.
Miami did spend a combined $25MM on Jean Segura and Johnny Cueto the prior season, though that was under a different front office regime. Second-year president of baseball operations Peter Bendix has made it abundantly clear -- through actions rather than words -- that he had zero faith in the roster he inherited returning to contention after a surprise postseason berth in 2023.
The Fish waited barely more than a month into the 2024 season before trading Luis Arraez to the Padres, and when the deadline rolled around they traded away a staggering nine more players who'd opened the season on the roster. In a span of just three months, Bendix traded nearly 40% of his Opening Day roster (including JT Chargois and Huascar Brazoban, who were only off the Opening Day roster due to injury and visa issues, respectively.) Had Jesus Luzardo not been injured, Miami would likely have traded 11 of 26 players from the Opening Day club.
Given those trends, there's little reason to think the Marlins will spend any meaningful money on the upcoming player payroll. And while the notion of "buying" prospects is suggested far, far more than it is actually put into practice -- so much so that I'm often reluctant to dedicate much time thinking about the concept at all. However, given not only the specific position in which the Marlins find themselves but the broader context of this individual offseason, it feels like the Marlins are missing an opportunity if they're not more seriously trying to drive this type of transaction.
This week's mailbag gets into the Cubs' remaining payroll space, how MLBTR's arbitration projections came to be, what the Padres, Reds, and Rangers might do, possible fits for Marcus Stroman, the Jeff Hoffman situation, what the Cardinals could get for Erick Fedde or Ryan Helsley, and much more.
Walter asks:
With roughly $45 million left until the bottom threshold, how do you see Jed Hoyer spending it? Do you think he is being handcuffed because he is in the last year of his contract?
No, I can't see the Ricketts family putting boundaries on Hoyer because of his lame-duck status. According to RosterResource, the Cubs' CBT payroll sits at $198MM, which indeed puts them $43MM shy of the first threshold. I'm not convinced Hoyer will spend all of that, but he figures to spend a good portion.
The Cubs waited out Cody Bellinger until late February last year to get the short-term deal they craved. It's not hard to see the Cubs being opportunistic on Alex Bregman, Jack Flaherty, or Nick Pivetta should they move into short-term deal territory. The Cubs giving $5MM to Colin Rea probably reduces the odds of pursuing another starting pitcher, however.
The Cardinals have made zero trades this offseason. Two months ago, that would've been a huge surprise. President of baseball operations John Mozeliak declared at the end of the season that the team would cut MLB payroll and give consistent reps to younger players. Seven of MLBTR's Top 35 trade candidates entering the winter were Cardinals.
All of them remain Cardinals with less than a month until pitchers and catchers report. They're not all analogous situations. In at least three cases, the Cards themselves were probably taken aback. Willson Contreras told the team he had no interest in waiving his no-trade clause. Sonny Gray has also expressed an interest in staying rather than waiving his own no-trade rights. Nolan Arenado is reportedly more open to moving, though he used his no-trade clause to kill a potential trade to Houston.
Mozeliak has openly stated the organization is trying to deal Arenado. The baseball operations leader has called that the simplest way to get the team's payroll where they want it to be. That could still come together, but it has proven tougher to orchestrate than the front office seemingly envisioned. The Astros have already moved on. Other teams are reportedly balking at taking a big portion of the $64MM remaining on the third baseman's contract. Katie Woo of The Athletic wrote last week that talks on Arenado had stalled.
Those instances are beyond Mozeliak's control beyond the fact that he was willing to include no-trade clauses in Contreras' and Gray's free agent deals. (Arenado received his NTC from the Rockies when he signed his extension in 2019.) The front office probably expected those veterans would be eager to move rather than waiting out one or more transitional seasons. In that sense, the Cards are in an unenviable spot.
The most perplexing part of their offseason is that they haven't made any moves in response to those roadblocks. Their offseason has consisted of buying out Kyle Gibson, Lance Lynn and Keynan Middleton while claiming depth reliever Bailey Horn off waivers. That needs to change between now and Opening Day.
In order to keep with our growing base of subscribers, we'll be offering a second weekly Front Office subscriber chat taking place on Monday afternoons. I'll be hosting these Monday chats, which will come in addition to my weekly free chat on Tuesday afternoons, Mark Polishuk's free weekend chats and Anthony Franco's subscriber-only chat on Friday afternoon. None of those other live Q&A formats are going anywhere.
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