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Out Of Options 2024

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Every spring at MLBTR, we publish a list of players who are out of minor league options and cannot be sent to the minor leagues without first clearing outright waivers. Option status is particularly relevant as teams set their rosters prior to Opening Day. A lack of minor league options is often a key reason a certain player will make the roster over another who had a superior spring performance, and it’s a frequent factor in March trades.

The following is a list of all 40-man players throughout the league with fewer than five years of service time — players with more than five years of service can refuse an optional assignment — and no minor league options remaining. We’ve included players who have signed extensions or multi-year deals, even though they’re often less likely to be optioned.

Angels

Astros

Athletics

Blue Jays

Braves

Brewers

Cardinals

Cubs

Diamondbacks

Dodgers

Giants

Guardians

Mariners

Marlins

Mets

Nationals

Orioles

Padres

Phillies

Pirates

Rangers

Rays

Red Sox

Reds

Rockies

Royals

Tigers

Twins

White Sox

Yankees

Navigation Improvements Made To MLBTR Mobile Website

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As you might imagine, as the owner of MLB Trade Rumors, I am a heavy user of the website.  When it comes to website traffic, 80% of ours comes via mobile devices, so I often navigate the site on my phone.  In recent years, I’ve experienced difficulty in getting good results from MLBTR’s search tool, as well as in general navigation.  This year, I set out to fix that.

I started by gathering data on what MLBTR users usually search for, and I found that in the offseason it’s almost always a player name, team name, or an attempt to find free agent-related links.  Within the limited real estate of MLBTR’s mobile web navigation bar, we’ve made it easier to find those things.

Previously, the search icon was not on the home screen; it was instead buried within the “three lines” menu.  We’ve moved that to the main navigation bar in the upper left, signified by the classic magnifying glass icon:

Given the indication that people tend to search for player or team names rather than specific post headlines, we’ve limited the autocomplete to players and teams.  Type a few letters of the player’s name and you’ll see the options:

This allows you to get to the player’s chronological archive quickly and easily, where you’ll see the latest posts on him at the top.  It’s also helpful for difficult-to-spell player names.  Here’s what a player page looks like:

When it comes to navigating to the team archives, I grappled with the best way to do it.  Previously, we had a Teams link in the navigation bar on the mobile website.  In practice, I didn’t think using this link on a phone was all that convenient – especially if you were seeking a team name in the middle or end of the alphabet.  You’d hit Teams and then often do a fair bit of scrolling and then pick out your team from the list of 30.

The new way to get to the team page is to type a few letters of that team name into the search box.  You can start with the city name or the team name.  Usually about three or four letters does the trick:

That’ll bring you to our team archive, with all posts tagged with that club in chronological order:

Though the autocomplete function in the search box gets you directly to player and team archive pages, there may be cases where you have a specific post in mind.  You can still type any phrase into the box and then hit the Search button on your phone to get more algorithmic results rather than our human-curated player and team archives.

I also wanted to solve the issue of finding free agent-related links easily, while keeping some flexibility to curate a few relevant links depending on the time of year.  To accomplish this, the “flame” icon was born.  Tapping that brings you to various “hot” and timely reference links:

We’ll change some of these links at different times of year, for example putting some trade-related links up in July.

In my experience, these changes to the MLBTR mobile website navigation bar have made the site faster and easier to navigate.  If you have any questions or comments, please leave them below.

Sonny Gray Diagnosed With Hamstring Strain, Could Open Season On Injured List

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Cardinals right-hander Sonny Gray has been diagnosed with a “mild” strain of his right hamstring, president of baseball operations John Mozeliak announced Tuesday morning (X link via Derrick Goold of the St. Louis Post-Dispatch). While Mozeliak called it “encouraging” news that Gray had dodged a more serious strain, he acknowledged that it could be “challenging” to get Gray ready for the beginning of the season and that Opening Day is now “in question” for the team’s top offseason acquisition.

Gray missed time with a pair of strains in this same hamstring as a member of the Twins back in 2022, though Mozeliak told reporters today that the team is confident this is less severe. It’s a mild enough issue that Mozeliak has already spoken out against the possibility of Gray’s injury spurring further additions on the starting staff (X link via John Denton of MLB.com).

“I definitely feel it’s not something that is required at this point,” Mozeliak said when asked about potentially bringing in some additional help for the rotation. “Obviously if something changes, we’d have to look at it differently, but we’re not thinking we’ll have to do anything now.”

The Cardinals haven’t spoken with the Boras Corporation about either Blake Snell or Jordan Montgomery recently, and a “mild” injury for Gray would’ve been an unlikely catalyst for such a major response anyhow. Mozeliak’s comments make it unlikely that remaining second-tier arms like Michael Lorenzen and Mike Clevinger will be considered, though it’s possible the Cards could look to add some modest depth either via waivers or perhaps with a minor league deal for a veteran who’s amenable to a non-guaranteed pact.

With Gray presumably on the shelf to start the season, the Opening Day nod feels likelier to fall to veteran Miles Mikolas. He’d be followed by lefty Steven Matz and righties Lance Lynn and Kyle Gibson, both of whom signed a one-year contract in free agency this past offseason. (Matz is entering the third season of a four-year, $44MM free agent deal himself.) The top in-house options to step into the fifth starter spot, if needed, are lefties Matthew Liberatore and Zack Thompson. Fellow southpaw Drew Rom made eight starts for the Cards last season but struggled to an ERA north of 8.00 in the process.

The Cardinals signed Gray to a three-year, $75MM contract this offseason and forfeited their second-highest draft pick as well as $500K of space from next year’s international bonus pool in order to do so. He’d already been tabbed the team’s Opening Day starter. Gray finished second to Gerrit Cole in American League Cy Young voting last season after giving the Twins 184 innings of 2.79 ERA ball through 32 starts. He fanned 24.3% of his opponents against a 7.3% walk rate.

The Cardinals, meanwhile, posted the fifth-worst ERA in baseball at 5.08 — a number that includes 21 starts from Montgomery (3.52 ERA) and 20 from Jack Flaherty (4.43 ERA) — both of whom were traded at the deadline. The trio of Gray, Gibson and Lynn was signed in large part to provide some stable veteran innings, though Gray obviously comes with a front-of-the-rotation ceiling as well. For now, his ability to lead the staff will be placed on hold, but if it’s a short enough absence there’ll still be time for Gray to perhaps make 30 starts for the Cards when all is said and done.

Justin Verlander To Begin Season On Injured List

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Astros ace Justin Verlander will begin the season on the injured list, manager Joe Espada announced Tuesday morning (X link via Matt Kawahara of the Houston Chronicle). There’s been no setback for Verlander after he initially reported some soreness in his right shoulder, Espada emphasized, but the 41-year-old will simply need more time to get ramped up for the season. Espada added that Verlander is “doing really well” in his progression, but the team wants to be “smart” rather than try to rush the three-time Cy Young winner back for the Opening Day nod.

Verlander has tossed multiple bullpen sessions since initially revealing he was behind schedule due to his right shoulder — including one as recent as Sunday. Espada didn’t place a firm timeline on Verlander’s return, but there’s been no indication from the team or the player himself that any of his throwing sessions have gone poorly thus far. That’s all reason for some cautious optimism and to hope for a short-term IL stint that sees Verlander miss only a couple of starts.

Fans might be tempted to draw some parallels between the Verlander news and the Kendall Graveman injury that prompted the team’s signing of Josh Hader — but a short-term absence for Verlander doesn’t seem likely to push the ’Stros to one of the high-profile arms remaining on the market. Signing Hader cost the Astros a draft pick but only a 20% tax (about $3.8MM overall), and that move was made largely in response to a season-ending injury. Verlander’s case is quite different both in terms of his recovery timetable and the associated tax ramifications.

The Astros are already well into luxury-tax territory thanks to that Hader deal and are about $1.3MM from crossing the into the second tier of penalization, per RosterResource. Signing either Blake Snell or Jordan Montgomery would require incurring relatively substantial taxes and, quite likely, crossing into the third tier of penalty and having their top pick in the draft pushed back 10 places. Houston will be taxed at that same 20% clip on the next $1.3MM added to the payroll, followed by a 32% tax on the next $20MM and a 62.5% tax on the next $20MM spent. A $25MM AAV deal, for instance, would come with $8.9725MM of taxes. A $30MM AAV deal would trigger about $12.1MM of taxes. Adding anything more than $21-22MM in terms of AAV would also be enough to trigger that hit to their top pick in the draft, and Snell in particular would cost Houston their third-round pick. Like Hader, he rejected a qualifying offer.

Verlander’s timetable to recover will be worth keeping a close eye on not just for the potential roster ramifications and any contingency plans, however. He also has a vesting $35MM player option for the 2025 season that’ll kick in if he pitches 140 innings and if a third-party doctor confirms that Verlander does not have an arm injury (at season’s end) that’d keep him from being ready for the 2025 campaign. Notably, as a condition of the trade sending Verlander from Queens to Houston, the Mets are on the hook for $17.5MM of that option’s value if it vests and if Verlander picks it up.

It’s not yet clear just how long Verlander will be sidelined, but his season-opening IL stint paves the way for lefty Framber Valdez to make his second straight Opening Day start. He’d presumably be followed by a combination of right-handers Cristian Javier, Jose Urquidy, Hunter Brown and, if he’s healthy, J.P. France.

Like Verlander, France has been slowed by some shoulder troubles this spring, although all reports out of Astros camp on his progress have been encouraging. The team has not yet indicated that Opening Day is in jeopardy for France. If he’s also sidelined, he’d join Verlander, Lance McCullers Jr. and Luis Garcia as Houston starters on the injured list. In that scenario, right-handers Ronel Blanco and Brandon Bielak would likely be ticketed for the fifth spot on the staff.

Phillies Sign Zack Wheeler To Extension

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Phillies president of baseball operations Dave Dombrowski has been open with his desire to extend ace Zack Wheeler before he reaches free agency at the end of the 2024 season, and he got it done Monday, announcing that Wheeler has signed a three-year extension covering the 2025-27 seasons. The Wasserman client will reportedly be guaranteed $126MM on the contract, which does not include any options or opt-out opportunities.

As shown in MLBTR’s Contract Tracker, that $42MM annual rate is the largest on any contract extension in the sport’s history and the fourth-largest AAV on any contract ever, placing Wheeler only behind Shohei Ohtani, Max Scherzer and Justin Verlander. Wheeler has now been added to MLBTR’s list of the game’s largest AAVs ever, as well.

That the contract begins in 2025 rather than overriding the final season of the right-hander’s current five-year, $118MM contract is notable for luxury tax purposes. Because the deal goes into place in 2025, Wheeler’s CBT hit will remain $23.6MM for the upcoming season before vaulting substantially in 2025. The Phillies were already into the second tier of luxury penalization, and a significant boost for Wheeler would’ve pushed them into the third tier, dropping their top pick in the draft by 10 spots.

Wheeler already has more than ten years of major league service time, and he’ll hit five years with the Phillies at the end of the 2024 season. That’ll give him 10-and-5 rights, granting Wheeler the power to veto any potential trade over the life of his new contract with the Phils.

It’s rare for any nine-figure deal in free agency to wind up being considered a bargain, but Wheeler has been worth every penny of his original $118MM contract — and then some. Currently 33 years old, Wheeler ranks fourth in Major League Baseball with 629 1/3 innings pitched dating back to 2020, the first season of the contract. His 3.06 ERA, 2.90 FIP and 3.42 SIERA rank 11th, fourth and 15th among 121 qualified big league pitchers in that time.

Since signing with the Phils, Wheeler has punched out 26.7% of his opponents against a sparkling 5.3% walk rate. Despite the homer-friendly nature of Philadelphia’s Citizens Bank Park, Wheeler has yielded an average of just 0.74 homers per nine frames — closely in line with his career mark of 0.83.

Wheeler’s 96 mph average fastball velocity in 2023 was down from its 97.3 mph peak (set in 2021), but he actually posted excellent swinging-strike and opponents’ chase rates, sitting at 13.% and 36.6%, respectively. Those two marks were not only his best as a Phillie but the best single-season marks he’s posted in either category in his entire career to date. When opponents did manage to make contact against Wheeler, it was typically of the feeble variety. Hitters averaged a dismal 86.9 mph exit velocity against Wheeler this past season, placing the right-hander in the 88th percentile of big league pitchers.

Detractors can point to Wheeler’s 3.61 ERA in 2023 as a sign of decline, but as already laid out, Wheeler missed bats at career-best levels in 2023, maintained plus velocity and kept his walk rate among the league’s best. The primary skill change in Wheeler’s approach was a decline in grounders (41.2% — down from 49.6% in his first three years with Philly). That led to a few more home runs but correlated with the uptick in missed bats. Given that the Phillies annually trot out a poor defensive alignment behind their pitchers, the increase in missed bats is a better portent of long-term success than a reliance on keeping balls on the ground anyhow. Wheeler’s 71.3% strand rate — an outlier mark when looking at his year-to-year levels — figures to regress closer to the 74.3% mark he carried into the 2023 season. Assuming that indeed plays out, so long as Wheeler maintains something close to his current K-BB%, there’s a good chance his ERA will improve accordingly.

The dominance for Wheeler stretches far beyond his regular season work, however. He’s been an integral part of the Phillies’ deep playoff over the past two seasons — his first two tastes of postseason action to this point in his career. Wheeler has made 11 appearances (10 starts, one relief) and piled up 63 1/3 innings of 2.42 ERA ball with a 28.6% strikeout rate against a 4.2% walk rate while pitching in the postseason.

With Wheeler now entrenched in Philadelphia through the 2027 season and Aaron Nola also re-signed for another seven seasons, the Philadelphia rotation is set for the foreseeable future. That pair will continue to lead the way, with Ranger Suarez, Cristopher Sanchez and Taijuan Walker all controlled/signed for multiple additional seasons. Suarez is arbitration-eligible through the 2026 season, while Walker is signed through 2027 and Sanchez is controllable all the way through 2028. Strong as that group may be, the Phillies continue to be linked to a possible short-term deal with reigning NL Cy Young winner Blake Snell — though signing Snell would catapult the team into the top tier of luxury penalization, which would push the team’s top draft choice back ten spots and likely mean more than $35MM in taxes on top of any salary.

Barring a one final, surprising splash on the free agent or trade market, the Phillies have other depth options in house. Former Tigers righty Spencer Turnbull and former Braves/Rangers southpaw Kolby Allard both signed big league deals over the winter. The Phils also have a stable of touted pitching prospects including Andrew Painter (currently rehabbing from Tommy John surgery), Mick Abel and Griff McGarry all working their way toward MLB debuts, giving them some quality young options. Painter isn’t likely to pitch at all in 2024 while recovering from last summer’s surgery, but he was in the mix to be the team’s fifth starter last year in spring training despite being just 19 years old during camp. He’ll be firmly in the 2025 rotation mix, though the team will presumably have him on some form of innings limit.

The Wheeler extension will take the Phillies north of $200MM in payroll commitments for the 2025 season before the first pitch of the 2024 campaign is even thrown, and with him now signed through the 2027 season, the Phils have a quartet of nine-figure deals they’ll be paying out at least four years down the road (Wheeler, Nola, Trea Turner, Bryce Harper). From a CBT standpoint, the Wheeler deal all but ensures that the Phillies will again be luxury tax payors next season at the very least. RosterResource projects Philadelphia for a hefty $229MM of luxury obligations next season, and that doesn’t even include next offseason’s dealings or any of the team’s arbitration-eligible players.

Wheeler would have been one of the top arms available in a deep class of free agent pitchers next winter. The 2024-25 offseason will still feature Corbin Burnes, Max Fried, Shane Bieber, Walker Buehler, Scherzer and Verlander — pending further extensions among the group. Gerrit Cole also has an opt-out in his contract next winter, though the Yankees can (and very likely will, barring any sort of major injury) override that opt-out by picking up a club option for a tenth season at $36MM.

Wheeler would’ve landed behind younger aces like Burnes and Fried in terms of overall earning power, but as this extension shows, his earning power on a strict AAV basis very well could have been the highest of the bunch. Instead, he’ll anchor a deep Phillies rotation that’ll take aim at a third consecutive NLCS appearance in 2024 and look to secure the World Series title they fell just short of back in 2022.

ESPN’s Buster Olney first reported that the two parties had agreed to a multi-year extension. Matt Gelb of The Athletic first reported the terms of the contract.

Josh Donaldson Announces Retirement

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Third baseman Josh Donaldson announced his retirement today on The Mayor’s Office (YouTube link). Back in November, he expressed an openness to playing one more year under the right circumstances, but it now seems the Bringer of Rain has decided it’s time to hang up his spikes.

Donaldson, now 38, took a winding path to the major leagues and was a late bloomer, but he nonetheless reached incredible heights as a big leaguer once everything aligned.

While playing third base at Auburn University, he began to learn how to catch. The Cubs then selected him as a catcher with the 48th overall pick in the 2007 draft. In July of 2008, he was traded to the Athletics, one of four players going to Oakland in exchange for Rich Harden and Chad Gaudin.

As he climbed the minor league ladder with his new club, his bat was considered ahead of his glove, an understandable situation given that he was relatively new to catching. He made his major league debut in 2010 but hit just .156/.206/.281 in his first 34 plate appearances.

He was stuck in the minors in 2011 and then spent 2012 being shuttled between the majors and the minors, gradually spending more time at third base over that stretch. His breakout season finally came in 2013, when Donaldson was 27 years old. Now done with catching for good, he got into 158 games for the A’s that year as their everyday third baseman. He hit 24 home runs and drew a walk in 11.4% of his plate appearances, only striking out at a 16.5% rate. His .301/.384/.499 batting line translated to a wRC+ of 147 and he got strong grades for his defense at the hot corner, leading to a tally of 7.3 wins above replacement from FanGraphs and 7.2 from Baseball Reference. He finished fourth in American League MVP voting.

Donaldson followed that up with a similarly excellent season in 2014 and the A’s made the postseason for a third straight year, but made a quick playoff exit all three times. The club decided to undergo a huge roster overhaul that winter, a frequent occurrence for the club and its persistent financial concerns. Going into 2015, the club traded away guys like Brandon Moss, Jeff Samardzija and also flipped Donaldson to the Blue Jays for a four-player package.

His first season in Toronto would eventually prove to be the best of his career. He launched 41 home runs and slashed .297/.371/.568 for a wRC+ of 154. The Jays won the A.L. East that year and Donaldson launched another three home runs in that year’s playoffs as the Jays advanced as far as the ALCS. He was graded as worth 8.7 fWAR and was voted as that year’s A.L. MVP, just ahead of Mike Trout.

He would go onto to have another excellent season for the Jays in 2016, hitting 37 home runs that year as they advanced to the ALCS yet again. He scored the winning run in the ALDS by dashing home from second on a fielder’s choice to secure an extra-inning victory over the Rangers.

But in 2017, injuries started to crop up, which would go on to be a key issue in the rest of his career. He was still excellent that season, slashing .270/.385/.559 while hitting 33 home runs, but was limited to 113 contests due to a calf strain. He and the Jays agreed to a $23MM salary for 2018, his final year of arbitration control. Since the Jays had fallen to fourth place the year prior, there were some trade rumors around Donaldson that winter but he ultimately stayed put.

He spent much of that year on the injured list due to shoulder and calf issues. With the Jays out of contention at the August waiver deadline, he was flipped to Cleveland for Julian Merryweather. Donaldson only played 16 games for Cleveland after that deal as he continued battling his injuries.

He finally reached free agency that winter, but with a limited amount of momentum. Thanks to his late-bloomer trajectory, he was going into his age-33 season and coming off an injury-marred campaign. Alex Anthopoulos, who acquired Donaldson when he was making decisions for the Blue Jays, had become the general manager in Atlanta prior to the 2018 campaign. He gave Donaldson a one-year “prove-it” deal worth $23MM.

Josh DonaldsonDonaldson bounced back tremendously with Atlanta, getting into 155 games, walking in 15.2% of his plate appearances and hitting .259/.379/.521 for a 131 wRC+. He then rejected a qualifying offer from Atlanta and then signed a four-year, $92MM deal with the Twins. Issues with his right calf cropped up again in 2020, as he only played 28 games during that shortened season, but was able to get into 135 contests the year after and launch 26 home runs in the process.

With two years still left on that deal, the Twins flipped him to the Yankees alongside Isiah Kiner-Falefa and Ben Rortvedt, with Gio Urshela and Gary Sánchez going the other way. Donaldson was healthy enough to get into 132 games in 2022 but his production tailed off. He only hit 15 homers and struck out at a 27.1% clip, leading to a line of .222/.308/.374. He spent much of 2023 on the injured list and was released at the end of August, joining the Brewers for the stretch run before returning to free agency this winter.

It wasn’t a storybook ending but Donaldson nonetheless managed to weave together quite a career. Despite not truly breaking out until the age of 27, he still managed to get into 1,384 games and rack up 1,310 hits. That latter figure includes 287 doubles, 12 triples and 279 home runs. He had matching tallies of 816 runs scored and runs batted in, stealing 40 bases in the process. He received an MVP award, three All-Star selections and two Silver Sluggers. His fiery personality which drove him to succeed also rankled some people around the game, as he often quarrelled with umpires, coaches and fellow players, but that combination of his talent and prickly character will likely lead him to being one of the more memorable players of his era. We at MLBTR salute him on his many accomplishments and wish him the best in whatever comes next.

Sign Up For The Free MLBTR Newsletter

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With the launch of our 2024-25 Top 50 Free Agents list, it’s the perfect time to sign up for the free MLBTR newsletter.  The newsletter is written by Cliff Corcoran, who has an extensive resume contributing to Sports Illustrated, The Athletic, Baseball Prospectus, and other outlets.  Cliff will take you through the hot stove highlights of the previous day, boiling down MLBTR’s posts into the essential stories and providing his analysis.  It’s a great morning read that will help you stay on top of the biggest MLB stories.

Additionally, we’ve introduced a new feature in the newsletter called MLBTRivia!  As the name suggests, this is a trivia question with a hot stove connection.  This feature runs Monday through Thursday.

On Fridays, we’ve added an Ask Darragh section to the newsletter.  MLBTR writer and podcast host Darragh McDonald will answer a question from a reader every week.

Sign up for the MLBTR newsletter in the box below:

 

This free newsletter arrives via email Monday through Friday in the morning.  Be sure to check your inbox and click the link in the confirmation email.  If you’re not seeing the box to input your email, you can simply click this link to sign up.

Giants Sign Matt Chapman

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MARCH 3: The Giants officially announced Chapman’s signing and the terms, with the additional detail that the contract includes a mutual option covering the 2027 season.

Chapman will receive a $2MM signing bonus and a $16MM salary in 2024, plus a $2MM buyout on the $17MM player option for 2025.  If the third baseman remains in his contract through the 2025 season, he’ll have an $18MM player option for 2026 with a $3MM buyout attached.  Should he remain in his contract through those three seasons, Chapman and the Giants will share a $20MM mutual option for the 2027 season, with a $1MM buyout if either party declines their side of the option.

MARCH 1: Matt Chapman is headed back to the Bay Area. The four-time Gold Glove winner has reportedly agreed to terms with the Giants on a three-year, $54MM guarantee. The Boras Corporation client can opt out after each of the next two seasons.

He’ll make $20MM this season, followed by successive $18MM and $16MM player options. The contract has an $18MM average annual value for competitive balance tax purposes. San Francisco will need to make a 40-man roster move once the deal is finalized.

Chapman, 31 next month, reunites with Giants president of baseball operations Farhan Zaidi and manager Bob Melvin. He’s familiar with both from his early days with the A’s. Chapman was a first-round pick by Oakland in 2014 and debuted three years later. He stepped in as one of the sport’s best all-around players.

The Cal State Fullerton product put up a .255/.336/.503 batting line through his first three and a half seasons. He paired that with the best third base defense in the American League. Chapman finished among the top 10 in AL MVP balloting in 2018 and ’19, securing Gold Glove honors in both years.

Chapman’s 2020 season was cut short by a labrum tear in his right hip. He underwent surgery that September, shutting him down for the year. While it wasn’t clear at the time, that injury has proven to be something of a turning point in his career. His offensive production hasn’t been the same since he made his return.

The right-handed hitter stumbled to a career-worst .210/.314/.403 line in 2021. The A’s dealt him to the Blue Jays the following offseason. Chapman’s offensive production ticked up slightly in Toronto, but he hasn’t found his 2018-19 form outside of a scorching April last year.

After a .229/.324/.433 showing in 2022, Chapman entered his platform season looking to reestablish himself as a middle-of-the-order force. He began the year as the hottest hitter on the planet. Chapman mashed at a .384/.465/.687 clip through the end of April. While he’d cut his strikeout rate to a 22.8% mark in the season’s first month, his whiffs spiked as the summer approached. A dismal May kicked off what proved to be a disappointing finish to his Jays tenure.

Over his final 467 plate appearances, Chapman hit .205/.298/.361 with a strikeout rate near 30%. By the second half, he was often hitting in the bottom third of the lineup. The Jays briefly sent him to the injured list in late August for a sprain of the middle finger on his right hand. It’s possible that had an adverse effect on his offense, but the biggest concern is that he didn’t sustain the strides in contact rate he had seemed to make early on.

That presented a tough evaluation for teams as he hit the open market for the first time. Even if he’s no longer an MVP-caliber player, Chapman is still an above-average regular. He has drawn walks in more than 10% of his plate appearances in each of the last three seasons. He connected on 27 homers in both 2021 and ’22. That dipped to 17 longballs a year ago, yet that’s not a reflection of a drop in his contact quality.

Chapman actually hit the ball harder than ever last season, averaging 93.5 MPH in exit velocity. He made hard contact (defined as 95+ MPH) on 56.4% of batted balls. That was the highest rate for any qualified hitter in the majors, narrowly ahead of impact bats like former teammate Matt Olson, Juan Soto, Ronald Acuña Jr., Rafael Devers and Shohei Ohtani.

He remains an asset on the other side of the ball. Chapman’s defensive grades aren’t quite as eye-popping as they were early in his career, but he’s still a plus at third base. Both Statcast and Defensive Runs Saved have rated him as an above-average defender in every season of his career. That includes an estimated three runs better than par by Statcast and an excellent +12 mark from DRS over more than 1200 innings last season.

Infield defense was an issue for the Giants, particularly on the left side. San Francisco led longtime shortstop Brandon Crawford walk in free agency. They’re set to turn that position to 22-year-old Marco Luciano. Incumbent third baseman J.D. Davis drew mixed reviews from defensive metrics last season. There’s no question that Chapman will be an upgrade on that side of the ball. While there had been some speculation the Giants could consider kicking Chapman up the defensive spectrum to shortstop, Susan Slusser of the San Francisco Chronicle reports that he’ll stick at the hot corner at Oracle Park.

San Francisco has targeted Chapman throughout the offseason, having been tied to him as early as the middle of November. They were content to wait out the market as he was one of a handful of top free agents who lingered well into Spring Training.

A $54MM guarantee certainly isn’t what his camp had in mind at the beginning of the offseason. Chapman had reportedly declined a 10-year, $150MM extension offer from the A’s back in 2019. He also reportedly passed on an offer from Toronto that would’ve topped $100MM at some point before he got to free agency. Whatever asking price he had set at the beginning of the winter wasn’t met. As with fellow Boras Corporation client Cody Bellinger, Chapman turned to a short-term deal that gives him the chance to get back to the market next offseason instead.

He was one of seven players to receive and decline a qualifying offer in November. The QO would have been valued at $20.325MM, a hair above what he now stands to make next season. This contract structure is certainly preferable to taking the qualifying offer — there’s added security built in via the player options in case he struggles or suffers an injury — but the end result could be similar. The likeliest outcome is that he collects a $20MM salary in 2024 and retests the market next winter.

It remains to be seen if it would treat him more kindly the next time around. He’d be entering his age-32 season with a profile that is heavily dependent on defense. Chapman won’t be eligible for another qualifying offer — players can’t receive that more than once in their careers, per the CBA — but he’s unlikely to be the clear top free agent at the position, as he was this winter. Alex Bregman headlines next year’s third base class, which will also include Davis.

The Giants surrender their second-highest pick in the upcoming draft (#51 overall) and $500K in international signing bonus space to add a player who had declined the QO. The Jays were one of eight teams that paid the luxury tax last season, so their compensation is minimal. They’ll get an extra draft choice after the fourth round, roughly 136th overall.

It’s a bigger penalty for the Giants than it is compensation for Toronto. It’s one the Giants are nevertheless happy to pay to get Chapman at a price well below what they could have expected coming into the offseason. (MLBTR predicted he’d receive six-year, $150MM pact at the start of the winter.) The contract pushes their 2024 player payroll to roughly $183MM, as calculated by RosterResource. They’re around $231MM in luxury tax obligations, keeping them $6MM shy of next year’s threshold.

If they want to avoid the CBT, that wouldn’t leave a ton of room for in-season acquisitions. It’s possible they’re comfortable exceeding the threshold for the first time since 2017. San Francisco has been tied to Blake Snell (and to a much lesser extent) Jordan Montgomery. They’re still in clear need of rotation help, particularly after expected #5 starter Tristan Beck underwent surgery on Friday to address an aneurysm.

Forfeiting a draft choice to sign Chapman to a contract that allows him to opt out after one season is the clearest win-now move of San Francisco’s offseason. They’ve also brought in Jung Hoo Lee to take center field, Jorge Soler at designated hitter, and signed Jordan Hicks to a four-year pact to transition to the rotation. Revamping the lineup to that extent without adding more certainty behind Logan Webb, Hicks, and rookie Kyle Harrison seems unlikely.

Davis is set for a $6.9MM salary in his final season of arbitration and just lost his spot in the starting lineup. Soler and Wilmer Flores are ahead of him as right-handed hitters who’ll factor in at DH at first base, respectively. Flipping Davis to a team that needs third base help before Opening Day could clear spending room for the Giants and seems the best outcome for him personally. There’s very likely more to come at Oracle Park in the next three weeks.

Jon Heyman of the New York Post first reported the agreement, opt-outs, and salary breakdown. Image courtesy of USA Today Sports.

Giants Remain Involved On Snell, Chapman

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The Giants continue to explore the markets for Blake Snell and Matt Chapman as March draws near, reports Susan Slusser of the San Francisco Chronicle. One source tells Slusser there’s roughly a 50-50 chance that San Francisco comes away with one of those players.

Snell would address the bigger need, at least in the short term. San Francisco has a patchwork rotation behind Cy Young runner-up Logan Webb. The Giants signed longtime reliever Jordan Hicks to a four-year deal with the promise of a rotation job. Hicks’ personal high in innings at the MLB level is 77 2/3 from his 2018 rookie season. He hasn’t reached the 70-inning mark since then.

The options beyond Hicks are even less established. Kyle Harrison is one of the sport’s most talented pitching prospects, but he has seven MLB games under his belt. The southpaw averaged fewer than four innings per appearance over 20 Triple-A starts a year ago. That was partially to keep his workload in check but also reflected his inefficiency. Harrison struck out an excellent 35.6% of Triple-A opponents but walked upwards of 16% of batters faced.

Webb, Hicks and Harrison are the three locks for the Opening Day staff. Alex Cobb will begin the year on the injured list as he works back from hip surgery. Robbie Ray won’t be ready until around the All-Star Break at the earliest during his rehab from last year’s Tommy John procedure. Keaton Winn and Tristan Beck entered camp with the presumed edge on the fourth and fifth rotation spots. They’ve each been set back by injury during exhibition play. Winn was delayed by elbow soreness, although he maintained over the weekend he expects to be ready for Opening Day. Beck just left the team to undergo testing after experiencing discomfort in his right hand.

A starting five of Webb, Hicks, Harrison, Winn and Beck is already not ideal for a team that hopes to compete for a playoff spot. Losing either Winn or Beck would require dipping further into depth options like Sean Hjelle, Ethan Small, prospect Kai-Wei Teng or a non-roster invitee like Daulton Jefferies or Tommy Romero.

While Snell hasn’t been a consistent source of volume throughout his career, he’s coming off his second 180-inning season. He’d upgrade any rotation and would afford the Giants the luxury of plugging in the top two finishers in last year’s NL Cy Young voting. There’d still be some questions about the staff’s durability, but a top three of Webb, Snell and Harrison would have one of the highest ceilings in the league.

Of course, the question is whether they’ll line up on an agreeable price point. No team has yet met Snell’s ask. Jon Heyman of the New York Post wrote this afternoon that the southpaw may be open to considering a short-term offer that allows him to opt out and retest free agency. Fellow Boras Corporation client Cody Bellinger took that route on a three-year, $80MM pact with the Cubs over the weekend. It’s hard to envision Snell turning in a better platform season than the one he had in 2023, though. He allowed only 2.25 earned runs per nine over the course of the year and turned in a 1.23 mark from June onward.

The Yankees have reportedly had an offer out to Snell for weeks. Heyman reported this morning that his camp spoke with New York brass again yesterday but didn’t have any kind of breakthrough. The Angels have also been loosely linked to Snell.

Chapman, on the other hand, doesn’t play a position of strict need. The Giants have a solid third baseman in J.D. Davis. Were they to land Chapman, they’d likely flip Davis to a team with a more pressing desire for help at the hot corner. President of baseball operations Farhan Zaidi and new manager Bob Melvin both have ties to Chapman from their days with the A’s. He’d markedly upgrade the infield defense, although it’s debatable whether he’s enough of an offensive improvement on Davis to make that move worthwhile.

Zaidi recently suggested the team was unlikely to make any more free agent splashes this offseason. Perhaps that was simply public posturing or the recent health uncertainty surrounding Winn and Beck could change the calculus. In any case, San Francisco should have payroll flexibility. Roster Resource projects their 2024 spending around $164MM. They’re at roughly $213MM in luxury tax obligations. That puts them about $24MM shy of both the base CBT threshold and last year’s Opening Day payroll.

Signing Snell, in particular, would likely push them into luxury tax territory — especially if they added him on a higher-AAV deal to avoid a lengthy commitment. It’d be easier to fit Chapman onto the ledger without going into CBT range, since they’d then have reason to shed Davis’ $6.9MM salary in trade.

The fees for surpassing the luxury tax would be relatively modest if they edged past $237MM. They’d only owe a 20% tax on spending between $237MM and $257MM. The Giants last paid the CBT in 2017. Snell and Chapman each declined the qualifying offer; signing either player would cost the Giants their second-highest pick in the upcoming draft and $500K in international bonus pool space.

Cubs Re-Sign Cody Bellinger

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Cody Bellinger is back with the Cubs. Chicago officially announced his re-signing on a three-year deal that allows him to opt out after each of the first two seasons. The team has scheduled a press conference for Wednesday to welcome him back to the fold. Chicago cleared the necessary 40-man roster spot with this afternoon’s trade sending Bailey Horn back to the White Sox.

Bellinger, a client of the Boras Corporation, is reportedly guaranteed $80MM. The deal pays him $30MM for the upcoming season. He’ll have a $30MM salary for 2025 and be paid $20MM if he remains on the contract in 2026. The deal contains an approximate $26.67MM average annual value for luxury tax purposes.

Bellinger returns to the Cubs after signing a one-year deal with the club last winter and delivering an excellent platform campaign. In 556 trips to the plate, the 28-year-old slashed .307/.356/.525 with 26 home runs and 20 stolen bases while splitting time between center field and first base for Chicago. That performance earned Bellinger a Silver Slugger award and a top-10 finish in NL MVP voting and seemingly left him poised to cash in this winter with a major contract. MLBTR ranked Bellinger as the #2 free agent in this year’s class behind only two-way superstar Shohei Ohtani, predicting a 12-year, $264MM deal for the outfielder in our annual Top 50 MLB free agents list.

As Bellinger’s offseason dragged on, it became apparent a $200MM+ commitment would not be in the cards. In his recent Wednesday mailbag, MLBTR’s Tim Dierkes predicted a three-year, $90MM deal with a pair of opt-outs. While Bellinger entered the winter with plenty of big market clubs seemingly in the running for his services including the Giants, Yankees, and Blue Jays, each pivoted in other directions throughout the month of December: San Francisco landed KBO star Jung Hoo Lee to patrol center, Juan Soto was shipped to the Bronx to fill the left-handed void in their outfield mix, and the Blue Jays changed course after missing out on Shohei Ohtani to instead focus on smaller deals for players such as Kevin Kiermaier and Isiah Kiner-Falefa. That left Bellinger with few clear suitors outside of the incumbent Cubs, though his free agency continued into Spring Training as his camp held out for a long term deal while the Cubs and president of baseball operations Jed Hoyer remained steadfast in waiting out the market. Ultimately, Chicago was rewarded for its patience, as the club will retain Bellinger’s services for at least the 2024 campaign on a relatively low-cost deal similar to the three-year, $105MM deal fellow Boras Corporation client Carlos Correa signed with the Twins two offseasons ago.

A number of factors beyond his relatively small number of suitors likely contributed to Bellinger signing a short-term deal. Excellent as he was in 2023, the slugger struggled badly while contending with shoulder issues and a fractured fibula during the 2021 and ’22 seasons. Though he managed to take the field for 900 plate appearances across the two seasons, he hit a paltry .193/.256/.355 during that time, a far cry from the career .273/.364/.567 slash line he entered the 2021 season with that earned him Rookie of the Year and MVP honors in 2017 and 2019.

While Bellinger’s strong and healthy 2023 campaign certainly helped to assuage the concerns brought on by his dismal campaigns in the prior two seasons, a look at his advanced metrics reveals some cause for concern that the 28-year-old’s 2023 campaign may not be entirely sustainable. While Bellinger’s career-best batting average last season was supported by a career-low 15.6% strikeout rate, it was also propped up by a .319 BABIP that eclipsed his career .277 mark entering the 2023 season by more than 40 points.

That leap in good batted ball fortune came in spite of unusually low contact quality peripherals. Per Statcast, Bellinger’s average exit velocity, barrel rate, and Hard-Hit percentage were all well below average, landing in the 22nd, 27th, and 10th percentile respectively among qualified major leaguers. Taken together, those peripheral numbers left Bellinger with a roughly league average xwOBA of just .330 last year, 40 points below his excellent .370 wOBA. Between his pronounced struggles in recent seasons and the concerning peripherals underlying his 2023 return to form, it’s not a complete shock that Bellinger would land a short-term, opt-out heavy deal that preserves flexibility rather than a lengthy deal that maximizes guarantee.

Such a contract could set Bellinger up for a much more significant payday in the future. As noted by MLBTR’s Steve Adams in his recent look at the possibility of a short-term deal for Bellinger, the slugger is unusually young for a free agent and, as such, may be uniquely suited for a short-term arrangement. If Bellinger can maintain a similar level of production to his 2023 rebound, he’ll be a near lock to opt out of the remaining two years and $50MM on his deal and return to free agency, where he would be marketing his age-29 campaign and be unimpeded by the Qualifying Offer, which the Cubs extended to Bellinger this winter. Next year’s free agent class is also likely to benefit from additional certainty regarding the ongoing Diamond Sports bankruptcy, which has impacted the TV deals of some contenders such as the Rangers and Twins. Those clubs were joined in mostly standing pat by big spending clubs such as the Padres and Mets that faced exorbitant luxury tax bills last year and took this offseason as an opportunity to reset.

In the meantime, Bellinger will return to Chicago, where he immediately improves the club’s lineup and odds of contention in a crowded NL Central dramatically. Bellinger’s 134 wRC+ and .525 slugging led all Cubs hitters with at least 100 trips to the plate last year, while he ranked fourth in terms of on-base percentage. The slugger also provides a much-needed lefty bat to a lineup who complements righty hitters in the lineup such as Dansby Swanson, Seiya Suzuki, Christopher Morel, and Nico Hoerner. In addition to providing the club’s lineup with potentially impactful offense, Bellinger’s versatility offers the Cubs flexibility as they look to incorporate their bevy young hitters into the big league lineup on a regular basis.

Infielder Michael Busch is likely to enter the season as the club’s regular first baseman after the club acquired him from the Dodgers in a deal last month, leaving Bellinger to begin the season as the club’s everyday option in center field. With that being said, top prospect Pete Crow-Armstrong lurks after making his big league debut last September and sports 80-grade defense in center field. The club’s reunion with Bellinger takes pressure off Crow-Armstrong, who went hitless in 19 plate appearances during his cup of coffee last fall, to immediately produce at the big league level and allows the Cubs to continue his development at Triple-A to open the year.

Should Crow-Armstrong prove himself ready to take on the everyday job in center sometime this season, Bellinger could shift to an outfield corner, first base, or even DH depending on the health and production of the rest of the lineup. One possibility for the Cubs would be either Busch or Morel establishing themselves as a capable defender at third base, allowing the other to handle DH duties. In that case, Bellinger would be able to move to first base and make room for Crow-Armstrong to get regular playing time in center, though that’s just one possible option for a Cubs team that could even see 2023 first-round Matt Shaw or top corner outfield prospect Owen Caissie debut sometime this year after strong performances in Double-A last season.

The reunion with Bellinger likely serves as a capstone for an offseason that saw Chicago also land left-hander Shota Imanaga and veteran relief arm Hector Neris in free agency. Club chairman Tom Ricketts recently indicated that the club was unlikely to exceed the Competitive Balance Tax threshold this winter, and RosterResource projects the club for a $234MM payroll in 2024 for CBT purposes, less than $3MM below the first $237MM threshold. That means a reversal of the stance would be nearly mandatory for the club to make further additions this winter, barring a trade that clears salary elsewhere on the roster.

ESPN’s Jeff Passan first reported the Cubs and Bellinger had agreed to a three-year, $80MM contract with opt-outs after the first two seasons.

Image courtesy of USA Today Sports.

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