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Angels’ 2023 Payroll Stayed Under Luxury Tax Threshold

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12:52PM: The Angels’ final tax number fell within just $30K of the threshold, the Orange County Register’s Jeff Fletcher reports.

11:28AM: The Angels’ final luxury tax calculations placed the team slightly under the $233MM threshold, according to The Athletic’s Ken Rosenthal.  As a result, the Halos will both avoid paying any tax money and ensure that they will receive a higher compensatory draft pick should Shohei Ohtani depart in free agency.  If Ohtani signs elsewhere, the Angels’ pick will fall after the second round of the 2024 draft, whereas the pick would’ve come after the fourth round as part of the penalties attached to teams who exceed the Competitive Balance Tax threshold.

This represents a difference of roughly 55-60 spots in the draft order for the Angels, which is no small matter even if a compensatory pick is a relatively thin silver lining for losing a generational talent like Ohtani.  Staying under the tax line also means, however, that Los Angeles would face less of a penalty if it signs another free agent who rejected a qualifying offer.  Signing such a player will now cost the Halos $500K in international bonus pool money and their second-highest pick in the 2024 draft, whereas if they had exceeded the CBT threshold, the Angels would’ve had to give up $1MM in international pool money and their second- and fifth-highest selections in the 2024 draft.

Since owner Arte Moreno has made a point of bringing big-name free agents to Anaheim, it wouldn’t be a surprise if the Halos responded to the possible loss of Ohtani by trying to obtain another star.  It also can’t be ruled out that Ohtani might stay with the Angels after all, even if the expectation is that the AL MVP will depart for a team that can offer him a better chance at winning than the perennially disappointing Angels.

In avoiding a tax penalty, the Angels continue their streak of staying under the CBT threshold in every season since 2004, which was Moreno’s first full year as the club’s owner.  As much as Moreno has been willing to splurge on big contracts, it has been clear that he has viewed the tax threshold as an unofficial salary cap, with this past season being the one exception.  As part of a final push to retain Ohtani and finally end the Angels’ string of losing seasons, the club was aggressive throughout the summer in adding pieces to atone for injury losses, until a disastrous run in August ended their playoff hopes.

L.A. then pivoted by placing a big chunk of their roster on the waiver wire just before the September 1 deadline for postseason eligibility, hoping that contenders in need of reinforcements would make some claims and bring the Angels some salary relief.  Given the specifics of the dollar figures and the narrow margin of error the Angels were working with, it wasn’t quite clear until today whether or not Los Angeles had gotten under the tax line or not, but it appears as though the team’s efforts weren’t for naught.

Rangers, Mets, Red Sox Reportedly Shift Focus Away From Pursuit Of Shohei Ohtani

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Rumors about the state of Shohei Ohtani’s market in free agency have been decidedly and deliberately scarce. Ohtani is said to prefer things to be kept quiet and close to the vest, and teams involved in the bidding surely don’t want to jeopardize their chances by being too forthcoming in terms of leaking information to the media. ESPN’s Jeff Passan pulls back the curtain a bit this morning, however, writing that at least three teams — the Rangers, Mets and Red Sox — have turned their attention to other players at this stage of the process. While each of the three were among Ohtani’s original group of suitors, it seems the trio has become pessimistic about their chances of closing a deal.

The Rangers’ ostensible exit from the Ohtani bidding dovetails with recent comments from general manager Chris Young, who just yesterday told reporters that he does not anticipate spending to the same extent he did in the past two offseasons. Texas dropped more than $500MM in the 2021-22 offseason when signing Corey Seager, Marcus Semien and Jon Gray. The Rangers spent more than $200MM last winter when adding Jacob deGrom, Nathan Eovaldi and Andrew Heaney. Whether the expectation for lesser spending is because they feel they’re out of the Ohtani bidding or vice versa, the end result seems to be an expectation and concession that the two-time AL MVP and longtime Rangers division rival will sign elsewhere.

As for the Mets, there was never any question whether they have the funds to pay Ohtani a contract that’s widely expected to eclipse $500MM by a comfortable margin. Owner Steve Cohen is the sport’s wealthiest and most aggressive owner. But there have long been questions about Ohtani’s desire to play in the New York spotlight and deal with the inherent media frenzy associated with that market. It should come as no surprise that the Mets (and likely the Yankees) nevertheless tried, but Passan’s report suggests those efforts have come up short. To that end, SNY’s Andy Martino reports that Ohtani’s countryman, Yoshinobu Yamamoto, is currently the Mets’ primary focus.

The Red Sox, meanwhile, are known to be seeking top-of-the-rotation help for the 2024 season, which doesn’t apply to Ohtani while he mends from elbow surgery. (Though he’d clearly be a factor in their 2025 rotation and beyond.) Prior reports have suggested that Boston’s focus, thus far, has been more on the trade market than on free agency. That doesn’t definitively mean that the Sox aren’t willing to spend lavishly on free agents this winter, but if their pursuit of immediate rotation help eventually leads them to free agency, it’d make for a particularly expensive offseason to pursue both Ohtani and one of the remaining top-end starters (e.g. Yamamoto, Blake Snell, Jordan Montgomery).

While those three clubs are out of the mix, Ohtani’s market does still include the likes of the Dodgers, Cubs, Blue Jays and Angels, per Passan. That’s not intended to be a comprehensive list of the remaining suitors, however. It stands to reason that other clubs could yet be in play. The Giants have long been linked to Ohtani, as have the Mariners — although Daniel Kramer of MLB.com reported a couple weeks ago suggested that the Mariners were unlikely to ultimately land him.

Yankees, Padres Reportedly Far Apart In Juan Soto Trade Talks

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The Yankees are known to have interest in Padres outfielder Juan Soto but it doesn’t seem as though a trade is close to coming to fruition. Per reports from Ken Rosenthal, Dennis Lin and Brendan Kuty of The Athletic, Jon Heyman of The New York Post and Andy Martino of SNY, talks have stalled with a noticeable gap between the two clubs. Heyman says that “at least nine” clubs have checked in, while the report from The Athletic says the Blue Jays are involved.

All the reports indicate that the Padres are asking for a multi-player return, with Martino reporting that the Friars asked for Michael King, Drew Thorpe and four or five other prospects such as Randy Vásquez and Jhony Brito, as well as salary relief for Soto and Trent Grisham, who was also in the discussions. He adds that none of Jasson Dominguez, Anthony Volpe, Gleyber Torres, Austin Wells or Everson Pereira are involved. The report from The Athletic identifies Clarke Schmidt as a target.

It seems there is a disparity in how to value Soto, who is incredibly talented in a vacuum but there are other factors that could diminish his value in a trade. He only just turned 25 years old but has already played in 779 big league games with 160 home runs. He has drawn walks in 19% of his plate appearances while striking out in just 17.1% of them. He has slashed .284/.421/.524 overall for a wRC+ of 154, indicating he’s been 54% better than the league average hitter.

But he is now just one year removed from free agency, with MLBTR contributor Matt Swartz projecting an arbitration salary of $33MM next year. It is generally expected that signing him to an extension will be extremely difficult, given that he’s about to hit the open market just after his 26th birthday, a uniquely young age for a free agent. The Nationals reportedly offered him an extension of $440MM in July of last year, eventually putting him on the trading block when he rejected it. Since then, he banked $23MM in 2023 and is set to add about $33MM more next year, increasing his earning power as he has moved to free agency. That makes him seen by many in the industry as a one-year rental.

Shortly after that extension was turned down, the Nats were able to trade Soto and Josh Bell for a package of six players:  C.J. Abrams, MacKenzie Gore, Robert Hassell III, James Wood, Jarlin Susana and Luke Voit. But that was when Soto still had two and a half years of control remaining. Now he is down to one year and his salary has increased to roughly market rate for a star player.

Given the changing circumstances, his trade value should be far lower now than it was when the Padres acquired him. But the Padres still seem to be asking for a significant package of players, seemingly focused on pitching. King still has two years of control whereas Vásquez and Brito each have six. Thorpe is one of the Yankees’ top pitching prospects and hasn’t reached Triple-A yet. From the perspective of the Friars, they think the Yankees are acting like the only suitors, presumably extending offers the Padres consider non-starters.

It’s possible that this is just a classic case of early negotiations, where both sides stake out extremely unreasonable positions and gradually meet in the middle. But both sides also have the option of pivoting elsewhere. The Padres seem to have many other clubs calling, while the Yanks can walk away from Soto and pursue free agents like Cody Bellinger. They are known to be looking for two outfielders, which is presumably why Grisham’s name has been brought up in talks, but the Yanks could always looks elsewhere.

As for the Jays, it’s unsurprising that they are involved. General manager Ross Atkins has admitted that the club is looking for significant upgrades to their lineup, targeting big names like Bellinger and Shohei Ohtani. Like many things this offseason, the ultimate outcome might have to wait for a decision from Ohtani. Recent reporting indicates the Jays are one of the handful of clubs still involved as Ohtani’s market whittles down. But if they end up just missing there, they could call up the Padres and try to get something done for Soto.

Some reports have suggested that the Friars could look to finish a Soto deal as soon as next week’s Winter Meetings, but it might actually be in their best interests to wait. Since nothing is close with the Yankees and the Jays are waiting on Ohtani, the Padres might get a better deal with a bit of patience. Earlier reporting has suggested the Cubs, Giants and Phillies could be involved and there are other speculative fits as well.

Despite Soto’s immense talent, he’s available in trade talks due to the budgetary concerns in San Diego. The club’s payroll for next year is currently estimates by Roster Resource to be around $189MM. Due to aggressive spending in recent years and their loss of broadcast revenue with the bankruptcy of Diamond Sports Group, they are expected to be working with a reduced payroll of around $200MM this year. That means they are almost at their limit before addressing the significant losses to their rotation. Blake Snell, Seth Lugo, Michael Wacha and Nick Martinez reached free agency at season’s end, leaving them with Joe Musgrove, Yu Darvish and plenty of uncertainty beyond those two.

It appears that president of baseball operations A.J. Preller is trying to kill two birds with one stone, moving Soto and his projected to salary to both clear out some payroll space and bring in the pitching they sorely need. Whether he can pull it off will be one of the most interesting storylines to follow in the weeks to come.

Reds Sign Nick Martinez

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Dec. 1: The Reds have formally announced their deal with Martinez. Interestingly, GM Nick Krall tells Reds beat writers that Martinez will come to camp and compete for a job in the rotation — obviously implying that Martinez has not been assured of starting job just yet (link via Mark Sheldon of MLB.com). Martinez will make $14MM next season and will have a $12MM salary in 2025 if he doesn’t opt out, MLBTR has learned.

Nov. 30: The Reds are in agreement with Nick Martinez on a two-year, $26MM guarantee, reports Jeff Passan of ESPN (X link). The deal allows the right-hander to opt out after the first season. Yusseff Diaz of Pelota Cubana first reported that Martinez, a client of the Boras Corporation, was signing with Cincinnati.

Martinez, 33, has spent the past two seasons in San Diego. After a three-year run at Japan’s highest level, he signed with the Padres during the 2021-22 offseason. Technically a four-year guarantee, the deal afforded Martinez an opt-out chance after each year. He turned in a 3.47 ERA over 106 1/3 innings in a swing role during the first season and elected to retest free agency.

He parlayed that free agent trip into a new three-year pact with the Friars. Martinez locked in a $10MM salary for this past season, while each side had a two-year option covering the 2024-25 campaigns. He posted a remarkably similar year to his debut campaign as a Padre.

As was the case in 2022, Martinez went into this past season battling for a rotation spot. He took four turns through the rotation while Joe Musgrove was on the injured list in early April. Once Musgrove returned, Martinez moved back into the relief role he had occupied for the majority of the previous season.

He would ultimately appear in 63 contests, starting nine of them. Martinez worked 110 1/3 innings, allowing 3.43 earned runs per nine. He struck out 23% of batters faced behind a solid 12.6% swinging strike percentage. Martinez demonstrated average control and kept the ball on the ground on nearly 54% of batted balls allowed. He excelled at staying off barrels, with opponents making hard contact (a batted ball hit 95 MPH or harder) less than 30% of the time. That contact suppression ranked within the top five percent of qualified pitchers, according to Statcast.

Over his two seasons in San Diego, he combined for a 3.45 ERA with a 22.1% strikeout rate across 216 1/3 frames. At year’s end, both he and the Friars turned down their respective option provisions. San Diego declined to retain him at $16MM annually for the next two seasons, while the player passed on successive $8MM salaries. He ultimately lands between those two price points, securing a $13MM average annual value. The guarantee is in line with MLBTR’s prediction of two years and $25MM. The opt-out affords him the flexibility to again get back to free agency a year from now if he turns in a strong season in Cincinnati.

Whether he decides to retest free agency likely depends on how well he holds up over a full season as a starter. The Friars never quite entrusted him with an extended rotation run. Martinez has started only 19 of his 110 appearances since his return to MLB. There hasn’t been a material difference in his run prevention in either role. Martinez owns a 3.48 ERA in 91 relief outings over the past two seasons; he has allowed 3.41 earned runs per nine as a starter.

As one might expect, he has had better underlying marks when working in shorter stints. Martinez’s strikeout rate is a couple points higher out of the bullpen (23% against 20.9%). He has been much better at avoiding free passes as a reliever, walking 7.1% of batters faced in that role compared to an 11.2% rate from the rotation.

Regardless of the slightly worse peripherals, it’s not outlandish to project Martinez as a viable starting pitcher. He has a far deeper repertoire than the typical reliever, turning to five pitches (sinker, changeup, curveball, cutter, four-seam fastball) with regularity. Martinez was effective this year in the few opportunities he received to turn an opposing lineup over a second or third time. He has held his own in unfavorable platoon situations, keeping left-handed batters to a reasonable .242/.322/.408 line since the start of 2022.

Martinez should get a look in Cincinnati’s Opening Day starting five. The Reds had one of the sport’s least effective rotations, finishing 28th in MLB (ahead of only the A’s and Rockies) with a 5.43 ERA. The rotation’s ineffectiveness was the single biggest reason for the team coming up a little shy of the postseason. Addressing the group was a clear priority for GM Nick Krall and his staff heading into the offseason.

Hunter Greene and Andrew Abbott headline the in-house options. Nick Lodolo’s 2023 campaign was wrecked by left leg injuries, but he’ll surely have a rotation spot so long as he’s healthy. Graham Ashcraft projects as the #5 starter after overcoming a disastrous first half to turn in a 2.81 ERA from the All-Star Break onward. Brandon Williamson, who pitched to a 4.46 ERA over 117 innings as a rookie, would be the top depth option. Prospects Connor Phillips and Lyon Richardson each made brief big league appearances late in the year.

It’s not a group without talent, but no team can count on its top five or six starters staying healthy for an entire season. Greene and Lodolo have each missed extended chunks of action over the past two years. Abbott and Williamson have yet to play a full season at the MLB level. Martinez doesn’t have an extended track record of starting. The front office could still look for another arm to solidify the group. They’ve been linked to each of Tyler Glasnow and Shane Bieber on the trade front. Signing Martinez doesn’t necessarily take them out of that market.

Paired with Wednesday afternoon’s signing of reliever Emilio Pagán to a two-year, $16MM deal, this is the most active that Cincinnati has been in free agency for the past few seasons. As reflected on MLBTR’s contract tracker, the Reds hadn’t signed a free agent to a multi-year contract since adding Nick Castellanos on a four-year pact in January 2020. Where ownership sets the spending limit remains to be seen, but there should still be some financial flexibility.

Roster Resource projected the Reds’ 2024 payroll commitments in the $58MM range before the Martinez deal. If the money is evenly distributed — the contract’s specific financial breakdown remains unreported — it’d bring them around $71MM. The club opened the 2023 season with a player payroll approaching $83MM and was well above $100MM in the two preceding seasons.

Image courtesy of USA Today Sports.

Reds Sign Emilio Pagan

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Dec. 1: The Reds have now formally announced the signing of Pagan.

Nov. 29: The Reds are reportedly in agreement with free agent reliever Emilio Pagan on a two-year, $16MM guarantee. The deal consists of matching $8MM salaries and allows Pagan, a client of the Ballengee Group, to opt out after next season. It’s a strong deal for the righty, as the contract contains incentives to boost the total further and could allow him to seek a larger contract next winter if he enjoys a good first year in Cincinnati. The agreement is still pending a physical.

Cincinnati relievers combined for a 4.11 ERA that ranked 15th in the Majors and a 4.48 FIP that ranked 23rd in 2023. In general, it’s a thin and unproven group. Closer Alexis Diaz gives the Reds one high-end arm, and lefty Sam Moll proved to be a quietly strong deadline pickup.

Beyond that, the Reds lacked established, healthy arms. Righty Tejay Antone has been one of the game’s top-performing bullpen arms when healthy, but he missed the entire 2022 season following Tommy John surgery and lasted just 5 2/3 innings in 2023 before departing a September game due to elbow discomfort that proved to be season-ending. Lucas Sims posted a stout 3.10 ERA with a strong strikeout rate in 2023 but also walked more than 15% of his opponents. Waiver pickup Ian Gibaut had a nice season (3.33 ERA), but that was the 30-year-old’s first extended run of MLB success.

Adding some stability makes sense, though the 32-year-old Pagan (33 in May) has something of a rollercoaster track record. In seven big league seasons, Pagan has pitched for five teams. At times, he’s looked the part of a bona fide late-inning force, such as his 2019 season when he saved 20 games for the Rays while logging a 2.31 ERA, 36% strikeout rate and 4.9% walk rate. At other times, Pagan has been far too hittable and displayed below-average command. From 2020-22 with the Padres and Twins, he logged a combined 4.61 ERA with a walk rate nearly double that of his excellent ’19 campaign.

Most recently, Pagan gave the 2023 Twins 69 1/3 innings of 2.99 ERA ball, fanning a solid 23.8% of his opponents against a better-than-average 7.7% walk rate. He averaged nearly 96 mph on his heater and continued career-long trends of inducing both swinging strikes and chases on pitches off the plate at above-average clips. However, Pagan’s rocky 2022 showing in Minnesota pushed him down the bullpen hierarchy; after struggling as a closer and setup man in ’22, he was used in the middle innings and lower-leverage spots this past season.

It’s at least a moderate surprise to see the Reds, in particular, wind up signing Pagan, given that the primary knock against him throughout his career has been a susceptibility to home runs. That doesn’t seem to pair well with Cincinnati’s homer-happy Great American Ball Park, although to Pagan’s credit, he averaged a career-low 0.65 homers per nine frames this past season.

Still, entering the 2023 campaign, Pagan had yielded an average of 1.74 homers per nine innings. Among the 1080 relief pitchers to throw at least 250 career innings since way back in the 1800s, that was the highest rate of any pitcher (hat tip to The Atheltic’s Aaron Gleeman for pointing that out back in 2022). Generally, relievers who give up home runs at such a lofty rate just haven’t stuck around long enough to compile a meaningful number of innings at the MLB level.

The Reds are surely confident in their ability to help Pagan continue his newfound ability to mitigate round-trippers, but if his prior home run tendencies return, his new home confines in Cincinnati would likely only shine a spotlight on that problematic history. If he can keep curtailing the long ball, however, he gives the Reds a hard-throwing righty with late-inning experience who could help serve as a bridge to Diaz at the end of the game. Pagan has fanned 28.1% of his career opponents against a sharp 7% walk rate, and he boasts a very strong 14.1% swinging-strike rate in exactly 400 MLB innings.

In terms of payroll, the Reds will have no problem fitting Pagan (or just about any free agent, for that matter) onto the books. Now that Joey Votto is a free agent, the Reds’ only guaranteed contracts had belonged to Hunter Greene and backup catcher Luke Maile, who’ll earn a combined $6MM in 2024. Add in MLBTR’s projected salaries for their six eligible players — one of whom, Jonathan India, is a trade candidate — and a host of pre-arb names to round out the club, and Roster Resource projects a payroll just south of $59MM after accounting for the Pagan deal. And with Maile on a one-year deal, Pagan and Greene are (at least for now) the only players on guaranteed deals for the 2025 campaign.

Jon Heyman of the New York Post reported the Reds had expressed interest in Pagan. Mark Feinsand of MLB.com first reported the Reds and Pagan had agreed to a two-year deal. Ken Rosenthal of the Athletic first reported the $16MM guarantee and the opt-out possibility. Joel Sherman of the New York Post reported the even salary breakdown.

Padres Continuing Juan Soto Trade Talks

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Chatter about a potential Juan Soto trade has gained steam within the past few days. Ken Rosenthal of the Athletic wrote on Tuesday the Padres were “almost certain” to deal the star outfielder this offseason. Jeff Passan of ESPN reported this morning that the Friars are engaging other clubs in discussions about the winter’s top trade candidate.

While there’s no indication one team has moved ahead as any sort of favorite, it seems increasingly likely the Padres will pull the trigger on a deal — perhaps as soon as next week’s Winter Meetings. San Diego’s biggest motivation would be to subtract Soto’s arbitration salary, projected at $33MM by MLBTR contributor Matt Swartz, from their books. Making a trade relatively early in the offseason would afford the front office more clarity as they subsequently look to deepen the roster in other areas.

The Yankees have made no secret of their desire to add a left-handed hitting outfielder. None would be as impactful as Soto, who could slot into left field to form an otherworldly corner outfield tandem with Aaron Judge. On Wednesday, SNY’s Andy Martino wrote that while San Diego and the Yankees continued ongoing dialogue, talks were still in their early stages and no deal was close.

[Related: The Best Fits For A Juan Soto Trade]

If the Padres accelerate discussions on Soto with the Yankees or another team, it seems controllable starting pitching would be a focal point of the return. Brendan Kuty of the Athletic wrote on Wednesday that San Diego was looking for upper-level rotation help in Soto talks. Both Passan and Dennis Lin of the Athletic expressed a similar sentiment.

That’s no surprise. Rotation depth is the biggest question facing president of baseball operations A.J. Preller and his front office. Each of Blake Snell, Michael Wacha, Seth Lugo and Nick Martinez hit free agency. (Martinez has already come off the board by agreeing to a two-year deal with the Reds.) Beyond Yu Darvish and Joe Musgrove, the Padres have some combination of Pedro Avila, Jay Groome, Matt Waldron, Glenn Otto and Jairo Iriarte as rotation options. That’s nowhere near sufficient for a team that hopes to compete, meaning the Padres need to bring in at least two (ideally three) starters.

That’d be difficult to accomplish via free agency. Lin wrote yesterday that the team was currently operating with around $10-20MM in payroll space. That probably wouldn’t be enough to add more than one notable starter. As shown on MLBTR’s contract tracker, the cost of back-end starting pitching has landed in the low eight-figure range early in the offseason. Lance Lynn and Kyle Gibson signed with St. Louis for $11MM and $13MM, respectively. Martinez secured a $13MM average annual value on his contract with Cincinnati. Rebound candidate Luis Severino received a $13MM guarantee from the Mets.

Adding someone of that nature could require all of the financial resources presently at the front office’s disposal. The Padres need multiple starters and are likely to look for some kind of relief help after seeing Josh Hader hit free agency and flipping Scott Barlow to the Guardians for Enyel De Los Santos. They need a backup catcher behind Luis Campusano and could stand to bring in position player depth off the bench.

Accomplishing all that won’t be possible without clearing payroll. They have smaller alternatives outside of a Soto trade. Center fielder Trent Grisham, with a projected $4.9MM arbitration salary, could move. There’d be plenty of interest in second baseman Ha-Seong Kim, who is due $10MM (including a $2MM buyout on a 2025 mutual option) in his final season before free agency. They’d have a harder time offloading the likes of Jake Cronenworth or Robert Suarez and almost certainly won’t be able to trade Xander Bogaerts, whose $280MM free agent deal seemed well above market value.

Soto projects as the highest-paid player on next year’s roster. Trading him would clear the most short-term spending room of any move the Padres could make. They’d bring back some amount of MLB-ready help in that deal, although they’d clearly recoup far less than they surrendered to acquire Soto at the 2022 trade deadline. With only one season of club control and a hefty projected salary that’ll rule out a lot of organizations, the trade value is less than one might expect for an MVP-caliber player.

The closest analogue is the 2020 Mookie Betts trade. The Red Sox received Alex Verdugo, Jeter Downs and Connor Wong while offloading around $48MM on the underwater David Price contract. Verdugo, the headliner, was a 24-year-old outfielder with five seasons of club control who had hit .294/.342/.475 the year before. (By measure of wRC+, that was 12 percentage points better than league average in the “juiced ball” 2019 season.) Downs ranked 86th on Baseball America’s Top 100 prospects at the time. Wong was a mid-tier talent in the Dodgers farm system.

San Diego should top that return if they’re not attaching another contract. Yet it’s possible they don’t return anyone as valuable as the top three talents (MacKenzie Gore, CJ Abrams and James Wood) whom they sent to the Nationals to acquire Soto.

Each of Kuty and Jon Heyman of the New York Post unsurprisingly indicate the Yankees are unlikely to include Jasson Dominguez or Anthony Volpe in a Soto package. Kuty adds that New York is also reluctant to relinquish pitching prospect Drew Thorpe, while Heyman indicates they prefer to retain Michael King. Both Kuty and Heyman float right-hander Clarke Schmidt as a possible piece of the return. Schmidt, who is projected for a $2.6MM salary and eligible for arbitration for four seasons, would likely be more of a secondary piece after turning in a 4.64 ERA with decent strikeout and walk numbers over 159 innings.

Of course, the Padres will consider offers from teams outside the Bronx. The Cubs have shown interest; Passan floats the Giants and Phillies as possibilities, although a deal with San Francisco would be made challenging by the intra-divisional aspect. They’ll likely be limited to high-payroll clubs with a legitimate chance to compete in 2024. As a one-year rental, Soto isn’t a fit for teams that aren’t firmly in “win-now” mode.

Martino reported yesterday that the Mets were likely to remain on the sidelines as they align their contention window more firmly towards ’25. Passan indicates the Red Sox have a similar reluctance to surrender much future value for a rental. He adds that the Mariners — a strong fit from a roster perspective — may be deterred by Soto’s projected salary.

As for San Diego, trading Soto would open the ability to make a run at some players in the middle tiers of free agency. Passan reports that the Friars could pursue KBO center fielder Jung Hoo Lee and/or NPB reliever Yuki Matsui if they made a move on Soto. Lee, whom MLBTR predicts for a five-year, $50MM pact, could step into the outfield spot vacated by Soto’s departure. MLBTR predicted a two-year, $16MM contract on Matsui — a left-hander who worked to a 1.57 ERA with a 32.4% strikeout rate in 57 1/3 innings during his final season in Japan.

Marlins To Hire Gabe Kapler As Assistant General Manager

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The Marlins have reached an agreement to hire former Phillies and Giants manager Gabe Kapler as an assistant general manager under new president of baseball operations Peter Bendix, reports Craig Mish of SportsGrid and the Miami Herald. San Francisco dismissed Kapler following the 2023 season, hiring future Hall of Famer Bob Melvin in his place. Mish adds that Kapler has been looking for a new challenge in baseball operations since being let go by the Giants and was also in the running to become the Red Sox’ head of baseball operations before they ultimately hired another former big leaguer, Craig Breslow.

This won’t be the first foray into baseball operations for Kapler, who served as the Dodgers’ farm director prior to being named manager of the Phillies. He’s spent the past six seasons as a manager, compiling a 456-411 record between San Francisco (2020-23) and Philadelphia (2018-19) and won NL Manager of the Year honors in 2021. He’ll now return to the other side of the game, with a primary focus on player development within the Marlins’ system, per Ken Rosenthal of The Athletic. The Marlins don’t have a general manager, with the aforementioned Bendix holding the title of president and heading up baseball ops. But Kapler will join Oz Ocampo, Brian Chattin and Daniel Greenlee as the team’s fourth executive to hold the title of assistant GM.

It’s not the only recent baseball ops hire made by Bendix, who replaced GM Kim Ng after she declined her end of a 2024 mutual option (reportedly because ownership wanted to hire a president of baseball ops to overtake her on the front office hierarchy). Evan Grant of the Dallas Morning News reported earlier this week that Miami hired now-former Rangers assistant director of baseball operations Vinesh Kanthan as their new director of baseball operations.

Changes in the Miami front office figure to continue over the next year, as it’s common for newly hired baseball operations executives to bring in their own team — at times at the expense of holdovers within the department. Bendix and his staff will look to build on the success of the 2023 club, which reached the playoffs for the first time (in 162-game season) since the organization’s 2003 World Series-winning season.

Guardians Open To Offers On Emmanuel Clase

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The Guardians are open to offers on All-Star closer Emmanuel Clase and willing to trade him for the right offer, ESPN’s Jeff Passan reports. Even if the club is merely performing its due diligence, it’s a fairly surprising development, given the overwhelmingly club-friendly contract to which the 25-year-old (26 in March) righty is signed.

Early in the 2022 season, Cleveland inked Clase to a five-year, $20MM contract extension that included affordable $10MM club options for the 2027-28 seasons (each with a $2MM buyout). He’s entering the third season of that deal, slated to earn $2.5MM this coming season, $4.5MM the following year and $6MM in 2026.

It’s worth pointing out that Clase is well on his way to boosting the value of both those club options. The contract allows him to increase the value of each by another $3MM based on appearances, innings pitched and awards in the first five years of the deal. Clase has already secured a $500K bump for both options by winning the Mariano Rivera Reliever of the Year Award in 2022. He’ll earn $500K bumps on both options for reaching 200 innings or games pitched (he’s at 145 innings and 152 games presently) and see another $500K tacked onto each option upon reaching 250 innings or games pitched. If he reaches 300 innings or games pitched over the life of the deal, he’ll boost the value of each option by another $1MM. In all, the options can top out at a still-very-reasonable $13MM apiece, and Clase would take home another $1MM assignment bonus if traded.

Even if Clase maxes out all of those remaining escalators, he can be controlled for up to five more seasons at a maximum of $40MM. That’s a bargain rate for a flamethrowing righty who has been one of the top relievers in the American League throughout much of his tenure in Cleveland.

That said, there are some red flags that merit mention. Clase hasn’t lost much life on his signature cutter, which still averaged better than 99 mph in 2023, but he posted a career-low 21.2% swinging-strike rate and saw his walk rate (5.3%), ground-ball rate (55%), swinging-strike rate (13.3%), opponents’ chase rate (35.1%), average exit velocity (88.4 mph) and hard-hit rate (37.6%) all trend in the wrong direction over his 2022 levels. Granted, most of those numbers are still excellent, but Clase’s 3.22 ERA doesn’t look nearly as dominant as the combined 1.33 he posted in 2021-22 — and he blew more saves (12) in 2023 than he did in his entire career prior to this season (9).

While it’s never good to see any pitcher begin to trend in the wrong direction, the 2023 version of Clase was still excellent — and the price tag on his contract is still well shy of what he’d earn if he were on the open market at present. Bullpen help is always in demand, but trading a reliever of this caliber with five years of affordable contractual control remaining is virtually unprecedented.

The Phillies traded five years of Ken Giles to the Astros back in 2015, though Giles was a pre-arbitration player with 115 career innings under his belt to that point; Clase is more established. The Mariners traded four years of Edwin Diaz to the Mets but did so largely as a means of shedding the remainder of Robinson Cano’s contract. Both trade packages netted former top-six overall draft picks (Mark Appel, Jarred Kelenic) in addition, plus at least one other top prospect/young big leaguer of note (Vince Velasquez, Justin Dunn) and other near-MLB pitchers. None of those names from those trade returns have gone onto MLB stardom, but at the time of those swaps they were highly touted young talents. Clase could arguably command an even larger haul, potentially netting the Guardians multiple top-100 prospects and/or young MLB-ready players.

It should of course be emphasized that Clase is far from a sure thing to move. Because of the massive amount of remaining control on his contract and his eminently affordable salary — even for a low-payroll club like the Guardians — the Cleveland front office might simply opt to hold onto him. The Guards project for a $94MM payroll in 2024, per Roster Resource, which is only a $5MM jump from last year’s Opening Day mark and about $40MM shy of their franchise-record mark of $134MM.

There’s no financial urgency to deal Clase, especially since that $94MM mark figures to drop if Cleveland ultimately moves Shane Bieber — a far likelier trade candidate given his projected $12.2MM salary (via MLBTR contributor Matt Swartz) and his status as a free agent at the end of the 2024 campaign. Cleveland has previously traded Corey Kluber, Carlos Carrasco, Trevor Bauer and Mike Clevinger all before those players reached the open market, and if they continue that pattern, Bieber will be on the move between now and Opening Day. The Cubs and Reds are among the teams with interest, although the 2020 AL Cy Young winner has surely commanded a broader array of inquiries than just those two teams.

Chris Young Discusses Rangers’ Spending Outlook

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The Rangers have made plenty of headlines in each of the past two offseasons. After signing Corey Seager, Marcus Semien and Jon Gray during the 2021-22 winter, they added Jacob deGrom, Nathan Eovaldi and Andrew Heaney a year ago.

It doesn’t appear Texas is planning to be so aggressive this time around. A few weeks removed from the franchise’s first World Series, general manager Chris Young hinted at a quieter offseason than the previous two.

“We expect to be active in free agency, but probably not spending at the level that we have spent in previous offseasons,” Young told reporters on Thursday afternoon (relayed by Evan Grant of the Dallas Morning News). The GM noted there’s “a great returning core group” and said the front office is “really looking for additions to kind of shore up the team.”

That’s a generally fair assessment of the roster. Texas is returning the vast majority of an elite batting order. Seager, Semien, Adolis García, Jonah Heim, Josh Jung, Nathaniel Lowe, Leody Taveras and Evan Carter will be back. Designated hitter/backup catcher Mitch Garver hit free agency after the Rangers opted against issuing a qualifying offer. He’s the biggest potential departure on the offensive side. Robbie Grossman and Travis Jankowski also hit the market after solid performances as depth outfielders.

Texas faces a few more impactful losses on the pitching side. Deadline acquisition Jordan Montgomery is one of the top free agent starters. Aroldis Chapman, Will Smith and Chris Stratton could depart the relief corps, while Martín Pérez played a swing role.

Garver and Montgomery are the most notable losses. Texas doesn’t has a perfect in-house replacement at designated hitter, although the likes of Ezequiel Durán and prospect Justin Foscue could take on larger roles. Wyatt Langford, selected out of Florida with the fourth overall pick last summer, briefly reached Triple-A at the end of his draft year. It’d be a surprise if he’s in the majors on Opening Day. He could hit his way to the big leagues at some point during the summer.

Of course, the headline-grabbing play at designated hitter would be a massive strike for Shohei Ohtani. Texas is reportedly in the mix for the defending AL MVP. Signing Ohtani would quite likely require the largest contract in MLB history. Young’s comments downplay that as a possibility, although perhaps ownership and the front office would pivot if there’s a realistic chance to land the sport’s best player.

Texas has also expressed interest in retaining Montgomery. That’d be a bit of a luxury strike. Effective as the southpaw was down the stretch, the Rangers could open next season with Max Scherzer, Eovaldi, Gray, Heaney and Dane Dunning as a strong rotation. deGrom could join the group in the second half as he rehabs from June’s Tommy John procedure.

Young made clear the Rangers aren’t planning to sit out free agency entirely. Yet adding a depth starter rather than meeting a nine-figure price for Montgomery could be more likely. Texas figures to bring in multiple relievers and will probably add to what presently projects as an inexperienced bench.

While the strength of the existing roster is one factor in projecting a relatively quiet offseason, it also seems the front office is working with more limited spending room than they’ve had in previous winters. Roster Resource projects the Rangers’ 2024 payroll around $203MM. That includes projected salaries for arbitration-eligible players but does not account for any additions they’ll make. That’s already above the approximate $196MM payroll which the team carried into this past season, which was itself a franchise high.

To be clear, Young didn’t forecast any kind of payroll cut. It seems all but assured they’ll go into 2024 at a franchise-record spending level. The championship run brought in extra revenue in the form of playoff gate receipts. Ownership and the front office are surely motivated to push for a repeat. The midseason acquisition of Scherzer (whom Texas will pay $12.5MM next season as part of the trade from the Mets) paired with arbitration raises for the likes of Lowe, García and Dunning organically raise the payroll in comparison to this year’s Opening Day mark.

The Rangers are also one of the teams facing short-term uncertainty about their local television rights. The organization’s deal with Diamond Sports Group for in-market broadcasting on the Bally Sports network is in jeopardy. The Athletic recently reported that Diamond was considering dropping its deals with the Rangers and Guardians before next season amidst its ongoing bankruptcy. Young pointed to the uncertainty about the rights fees, noting that the front office has “a responsibility to be financially prudent.”

That all hints at a less flashy offseason than Texas has had in the last two years. Grant suggests the team could try to stay below the luxury tax threshold during the offseason. While there’s not a clear mandate to avoid paying the tax, it seems ownership prefers to leave some flexibility for midseason acquisitions. A team’s CBT number isn’t finalized until the end of the year, so in-season pickups count against that figure.

Roster Resource pegs the Rangers’ 2024 tax projection (which is calculated using contracts’ average annual salaries and includes player benefits) around $219MM. That checks in $18MM below next year’s $237MM base threshold. If the organization truly prefers to stay under that during the winter, they’d be limited to complementary additions. Back-end starting pitchers Lance Lynn and Kyle Gibson have signed for $11MM and $13MM, respectively, for reference.

The Rangers exceeded the tax threshold in 2023. If they surpass it next season, they’d be taxed at a heightened 30% rate as repeat payors on any spending between $237MM and $257MM (with heightened penalties if they surpass the $257MM mark).

Orioles Have Shown Interest In Josh Hader, Jordan Hicks

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At the GM Meetings earlier this month, Baltimore general manager Mike Elias told reporters the team was seeking a late-game reliever. They’re considering plugging that vacancy in free agency.

Jon Heyman of the New York Post reports that the O’s have been in contact with each of Josh Hader, Jordan Hicks, Craig Kimbrel and Aroldis Chapman. All four hurlers fit the general profile of a late-inning arm, although they’re clearly in different tiers of free agency.

Hader is the best reliever in the class (and arguably the top bullpen arm in the majors). He worked to a 1.28 ERA over 56 1/3 innings during his platform season. The lanky southpaw punched out 36.8% of batters faced. That’s actually Hader’s lowest strikeout percentage since his rookie year, yet it still ranked fifth in MLB among relievers with 50+ innings. Only Chris Martin and Brusdar Graterol had a lower earned run average.

After frequently working multiple innings earlier in his career, Hader has expressed a preference for a traditional one-inning role over the past couple years. The Padres deployed him as a closer. He picked up 33 saves in 38 attempts.

The year marked an emphatic bounce back from a 2022 season in which he’d posted an uncharacteristic 5.22 ERA. Hader has posted an ERA under 1.30 in two of the last three years and has five sub-3.00 showings over his seven MLB seasons. While he’s a year older than Edwin Díaz was last offseason, Hader figures to take aim at topping Diaz’s $102MM guarantee with the Mets — the largest relief contract in MLB history.

Committing a nine-figure deal would be far bolder than any free agent decision that the Elias front office has made. The O’s have remarkably yet to sign a single multi-year free agent deal in his five years as GM. Much of that came during a rebuild, of course, but the O’s remained cautious even as they’d begun to turn a corner last winter. Baltimore signed a trio of veterans (Kyle Gibson, Adam Frazier and Mychal Givens) for a combined $23MM on one-year guarantees.

After a breakout season that saw the O’s win 101 games to take the top seed in the American League, the front office should be more aggressive than ever. Bringing in Hader would represent a very significant shift in operating procedure. In addition to the huge financial commitment, Baltimore would have to relinquish their third-highest pick in next summer’s draft. Hader declined a qualifying offer from the Padres, so he’s attached to signing compensation.

If the O’s are willing to meet those costs, Hader is a sensible target. He’s one of the few relievers who can approach the kind of production the O’s lost when Félix Bautista underwent Tommy John surgery that’ll cost him the entire 2024 season. Hader is also a Maryland native who began his professional career as a 19th-round pick by the Orioles in 2012. While that selection was made by a previous front office, Elias was a high-ranking scouting official with the Astros when Houston acquired Hader as a prospect at the 2013 deadline.

Hader is in his own tier as a free agent relief target. Hicks finds himself in the next group, arguably the #2 option on the open market. One of the hardest throwers in the sport, he averages around 100 MPH on his sinker. Hicks has wobbly control but consistently runs huge ground-ball numbers. He’s coming off arguably the best season of his career, turning in 65 2/3 innings of 3.29 ERA ball between the Cardinals and Blue Jays. The righty struck out a solid 28.4% of batters faced, the highest rate of his career.

Injuries (most notably a June ’19 Tommy John procedure) dogged Hicks between 2019-21. He has mostly stayed healthy over the past two seasons, topping 60 frames in each. He’s also the youngest free agent reliever of note, having turned 27 in September. Hicks should secure at least three years and has a solid case for a four-year pact at an average annual value in the $8-10MM range.

Chapman and Kimbrel would be shorter-term plays. Two of the best closers of their generation, they’re each entering their age-36 campaign. Both pitchers have battled some inconsistency in recent seasons, but they’re coming off solid 2023 performances. Chapman worked to a 3.09 ERA with an eye-popping 41.4% strikeout percentage over 58 1/3 frames between the Royals and Rangers. Kimbrel posted a 3.26 ERA while fanning a little over a third of his opponents in 69 regular season innings with Philadelphia, although he struggled over six innings in the playoffs.

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