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Red Sox Sign Walker Buehler

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TODAY: The breakdown of Buehler’s deal is provided by MassLive.com’s Chris Cotillo (multiple links), who reports that the contract also contains a $25MM mutual option for the 2026 season.  Buehler receives a $3.05MM signing bonus, $15MM in base salary, and then a $3MM buyout of the mutual option, totaling the aforementioned $21.05MM guarantee.

As much as $2.5MM in bonus money is also available.  Buehler will unlock the first $500K of that cash when he makes his 20th start of the season, and he’ll earn another $500K upon making his 22nd, 24th, 26th, and 28th starts of the season.

DEC. 28: The Red Sox officially announced the Buehler signing.

DEC. 23: The Red Sox are in agreement with right-hander Walker Buehler on a one-year deal worth $21.05MM, according to a report from Russell Dorsey of Yahoo Sports. The deal is pending a physical and includes incentives that could raise the value beyond that aforementioned figure. Buehler is an Excel Sports Management client.

It’s an interesting deal for Buehler, as the $21.05MM guarantee perfectly mirrors that of the Qualifying Offer. Both Buehler himself and Red Sox right-hander Nick Pivetta were considered borderline candidates to be extended the QO at the outset of the winter. Ultimately, the Dodgers declined to extend that offer to Buehler while the Red Sox did so for Pivetta but were rebuffed. From a financial and roster perspective, today’s deal allows Buehler to secure the same guarantee he would’ve gotten had the Dodgers extended him the QO while allowing Boston to add a veteran right-hander to its young rotation on a one-year deal that mirrors what they offered Pivetta last month.

The 30-year-old right-hander was among the league’s most talented young starters during his rookie season back in 2018, and pitched to an excellent 2.82 ERA (146 ERA+) with a 3.16 FIP in a four-season stretch from 2018-21. That stretch concluded with Buehler finishing fourth in NL Cy Young award voting behind Corbin Burnes, Zack Wheeler, and Max Scherzer in a race that seemingly cemented his status as one of the league’s top aces. That career trajectory was thrown off the rails early in the 2022 season, however. Buehler pitched to a relatively pedestrian 4.02 ERA (101 ERA+) in 12 starts for the Dodgers that year before going on the injured list in June and ultimately requiring Tommy John surgery.

Buehler wouldn’t return to a major league mound until May of 2024, nearly two full years later, and struggled badly upon returning. Additional injuries limited Buehler to just 16 starts for the Dodgers this year, and even when he took the mound the right-hander struggled badly. In all, Buehler pitched to a 5.38 ERA (72 ERA+) with a 5.54 FIP in his final regular season in a Dodgers uniform. With that being said, the righty did manage to end his season on a positive note with a solid 3.60 ERA during the club’s run to the World Series championship this year. After a brutal start against the Padres in the NLDS, Buehler fired off ten scoreless frames between the NLCS and the World Series while striking out a third of his opponents.

That combination of a strong postseason, a terrible regular season, a fraught injury history, and a dominant track record made Buehler one of the most intriguing free agents on the market this winter and perhaps the ultimate high-risk, high-reward signing. To that end, it’s perhaps no surprise that he garnered interest from a huge number of teams. In addition to the Red Sox, Buehler also garnered interest from the Tigers, Cubs, Mets, Yankees, Athletics, and Braves this winter. That wide-ranging interest made it apparent early in the winter that Buehler was likely to surpass the one-year, $15MM deal MLBTR predicted he would land as part of our annual Top 50 MLB Free Agents list, where Buehler was ranked as the #37 free agent this winter. It even seemed to open the door to the possibility the right-hander would be able to land a mutli-year deal with opt-outs; while he ultimately settled for a straight one-year pact, his $21.05MM salary in 2025 is likely much healthier than what he would’ve received on an annual basis on a multi-year deal.

For the Red Sox, the addition of Buehler adds another arm with plenty of upside to a rotation already full of it. If Buehler manages to rebound to the form he showed earlier in his career, he’ll form a daunting front two in the Boston rotation alongside lefty Garrett Crochet with right-handers Lucas Giolito and Tanner Houck joining them to create a formidable quartet. The additions of Crochet and Buehler have also significantly deepened the group, as right-handers Brayan Bello, Kutter Crawford, Richard Fitts, and Cooper Criswell all figure to be in the conversation for starts as well after being key pieces of the club’s rotation last year. Further down the depth chart, the Red Sox also boast interesting upside plays Quinn Priester and Michael Fulmer.

The addition of Buehler brings the club’s payroll for 2025 up to just over $175MM, according to RosterResource. The figure is substantially higher for luxury tax purposes, however, sitting just under $212MM. That leaves the club with about $29MM to work with before they surpass the first luxury tax threshold. The Red Sox last surpassed that first threshold in 2022, but there’s been no indication from club brass that the first threshold represents a hard limit on their spending amid what has been a fairly busy offseason for the club. With the rotation seemingly solidified, it seems likely the club’s priorities will now shift towards adding a right-handed bat to their lineup, whether that comes in the form of an outfielder such as Teoscar Hernández or an infielder like Alex Bregman or Nolan Arenado.

Tigers Sign Gleyber Torres

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The Tigers announced Friday that they’ve signed free agent infielder Gleyber Torres to a one-year, $15MM contract. Torres, an Octagon client, is expected to be Detroit’s regular second baseman in the upcoming season. The Tigers, one of the rare teams to publicly disclose contract terms themselves, added that Torres’ contract has a one-time, $500K assignment bonus (in the event that he’s traded to another club).

Torres, who turned 28 earlier this month, has spent his entire big league career to date in Yankee pinstripes. The once-vaunted top prospect looked like a breakout star in 2019 when he socked 38 home runs in just 144 games, but Torres wound up settling in as a solid regular at second base rather than the superstar shortstop he appeared to be on the cusp of becoming in ’19. Since that stellar 2019 campaign — which came in MLB’s juiced-ball season — Torres has slashed .261/.332/.411. That’s about 9% better than average, by measure of wRC+ (which weights for home park and league run-scoring environment in a given season).

The 2024 season was shaping up to be a career-worst showing for Torres at the halfway point. Through his first 80 games, he turned in an anemic .215/.294/.333 slash (81 wRC+) with a 23.9% strikeout rate that was well north of the 19.3% mark he’d posted over the prior five seasons. Torres righted the ship in late June, however, and rebounding to the tune of a .298/.365/.421 slash with a much-improved 17.3% strikeout rate down the stretch.

It’s perhaps possible that Torres could’ve landed a multi-year deal at a lower rate, but given his age and track record, it’s not a shock to see him take a pure one-year pillow deal. MLBTR predicted back in November that he’d ink a two-year deal with an opt-out, as the priority for him always seemed likely to be getting back to the market next winter. The demand seemingly wasn’t there to push to that range, however, and Torres will head to Comerica Park as an eminently reasonable one-year roll of the proverbial dice. With a strong enough showing, he’ll have the added benefit of being a potential qualifying offer candidate for the Tigers next offseason.

Torres steps into a Detroit infield that’s lacking in any real certainty. Colt Keith, who hit .285/.330/.429 in 445 plate appearances after a terrible start to his rookie season, appears to be the only other infield lock. He played second base in 2024 but has experience at the hot corner as well. Evan Petzold of the Detroit Free Press writes, however, that the organization prefers not to play Keith at third due to some injury concern regarding his right shoulder. Keith has taken reps at first base, and while he’s yet to play there in a professional game, he could get further work there this spring in the event of a potential position shift.

Meanwhile, Javier Baez is signed for three more seasons at $24MM per year, but he’s played himself out of a starting role and will eventually be a release candidate if he can’t rebound to at least some extent (though the Tigers have suggested this winter that they still see a role for Baez in ’25). Former top pick Spencer Torkelson belted 32 homers in 2023 but flailed through an ugly 2024 campaign and has yet to establish himself as a viable big league regular. Trey Sweeney showed a big league-ready glove at shortstop but didn’t hit in 36 big league games during last year’s second-half debut. Top prospect Jace Jung drew heaps of walks (16%) in 94 plate appearances late last season but is probably ticketed for Triple-A work or (speculatively speaking) some exposure to left field. Matt Vierling could factor in at the hot corner as well, though he can play in the outfield, too.

The glut of infield options, even with many of them unproven, gives the Tigers some flexibility with regard to how they handle the rest of the offseason. Young players like Sweeney and particularly Jung would command considerable trade interest. Torkelson stands as a viable change-of-scenery candidate, especially if the Tigers indeed plan to give Keith a prominent role at first base. Torkelson could still factor into the first base/DH mix, but he’s hardly a lock to do so after hitting .221/.300/.392 through his first 361 big league games.

The Tigers have been connected to free agent third baseman Alex Bregman, though that’d be a considerably larger signing than they’ve made at any point under current president of baseball operations Scott Harris. Some of the link there is surely due to the presence of former Astros skipper A.J. Hinch in the Detroit dugout. Petzold reported earlier in the week that Bregman has become more of a priority for the Tigers as the offseason has worn on, but the addition of Torres clouds the infield mix a bit more. A fit could still come together, particularly if the Tigers are keen on moving someone like Jung in a deal for rotation help.

In terms of payroll, there’s no reason to think the Tigers can’t make another prominent addition after adding Torres. They entered the offseason with only Baez, Keith and Kenta Maeda on guaranteed deals for the upcoming season. Torres and fellow free agent pickup Alex Cobb have pushed the team to a projected a $109MM payroll, per RosterResource’s projections. That’s nowhere near the team’s franchise-record $200MM payroll from 2017. And while that level of spending came under the ownership of the late Mike Ilitch, even Ilitch’s son, Chris, has authorized payrolls as high as $135MM in recent seasons (2022).

Jon Heyman of the New York Post first reported that Torres had agreed to a deal with the Tigers. ESPN’s Jesse Rogers first reported the terms and that Torres was expected to be the Tigers’ starting second baseman.

Mets Sign Sean Manaea

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On Friday evening, the Mets officially announced the signing of left-hander Sean Manaea to a three-year deal. The Boras Corporation client receives a $75MM guarantee. The deal reportedly contains $23.25MM in deferred money, which will be paid between 2035-44. New York had multiple open roster spots, so no further move was necessary.

Manaea, 33 in February, is now poised to sign with the Mets for the second consecutive offseason. In the first week of January earlier this year, the southpaw landed with New York on a two-year deal that guaranteed him $28MM and included an opt-out following the 2024 campaign. It was the second winter in a row that saw Manaea sign a two-year deal with an opt out after he signed with the Giants on a $25MM guarantee during the 2022-23 offseason.

That first contract in San Francisco was inked on the heels of a brutal 2022 season in San Diego that saw Manaea struggle to a 4.96 ERA (76 ERA+) with a 4.53 FIP in 158 innings of work. His time with the Giants went better than that; while his 4.44 ERA (94 ERA+) was still below average but he nonetheless entered the offseason boasting much stronger peripherals (3.91 FIP, 3.83 SIERA) and a solid run of starts down the stretch that September where he posted a 2.25 ERA and 3.21 FIP.

The Mets clearly believed that portended better days in Manaea’s future, and it certainly did. The lefty emerged as a quality mid-rotation option for New York in 2024 as he posted a 3.47 ERA (114 ERA+) with a 3.83 FIP in a career-high 181 2/3 innings of work across 32 starts. With a career year in the books ahead of his third consecutive trip to free agency, it seemed as though Manaea was looking for longer-term security. The Mets opted to tag the lefty with the Qualifying Offer at the outset of the winter, but it was hardly a surprise when Manaea rejected that one-year, $21.05MM offer and entered the open market anyway. After all, the lefty came into the winter ranked by MLBTR as the #10 free agent available on our annual Top 50 MLB Free Agents list and the #5 starter behind only Corbin Burnes, Blake Snell, Max Fried, and Jack Flaherty.

Early in the offseason, the fact that Manaea was encumbered by the QO led a number of clubs that likely would’ve had interest in a mid-rotation veteran like him to turn towards alternative options. The Angels, Dodgers, and Cubs turned in the early days of the offseason to unencumbered free agents like Yusei Kikuchi, Snell, and Matthew Boyd rather than delve into the markets of qualified free agents like Manaea, Nick Pivetta, or Luis Severino.

That’s not a consideration for the Mets, however, as reuniting with Manaea only costs the hypothetical draft pick they would’ve received had he signed elsewhere. That’s allowed Manaea to land a healthy guarantee despite a fairly small list of teams connected to him this winter: his three-year, $75MM deal exceeds the three-year, $60MM guarantee MLBTR predicted for him at the outset of the offseason but that’s hardly a surprise given that virtually every starting pitcher’s contract has exceeded expectations. Additionally, it’s of course possible that the deferred money in Manaea’s deal drops the net present value closer to MLBTR’s prediction.

For New York, a reunion with Manaea serves as a likely capstone on the club’s efforts to reconstruct its starting rotation after he, Severino, and Jose Quintana all hit the open market last month. The club added Frankie Montas and Clay Holmes to their rotation mix earlier this winter, but that duo offers little stability given Montas’s struggles in 2025 and the fact that Holmes last started a game in the majors back in 2018. Manaea provides that much-needed stability while slotting towards the front of a rotation that also includes talented right-hander Kodai Senga and young southpaw David Peterson.

With depth options like Paul Blackburn, Tylor Megill, and Griffin Canning all in the wings to help cover for potential injuries, it would hardly be a surprise if Manaea’s return wrapped up the team’s rotation additions for the winter. That doesn’t mean the club is done entirely, however. Even with a hefty 2025 payroll that RosterResource estimates will land just shy of $280MM as things stand, that still leaves $56MM of room to work with before the Mets match their 2024 figure. That should leave plenty of room for the Mets to sign a corner infield bat to pair with Mark Vientos, whether that ends up being a reunion with Pete Alonso or an alternative option such as Alex Bregman and perhaps bolster other areas of the roster such as the bullpen or the bench.

ESPN’s Jeff Passan first reported the Mets and Manaea had agreed to a three-year, $75MM deal. Will Sammon of the Athletic reported that the deal included $23.25MM in deferred money to be paid between 2035-44. Image courtesy of Imagn.

Corbin Burnes Reportedly Seeking $245MM+

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Corbin Burnes is the remaining headliner of the free agent class. The top starting pitcher is still unsigned despite the generally robust and quick-moving rotation market.

Most of the recent chatter regarding Burnes has centered on some combination of the Blue Jays, Giants, Red Sox and Orioles (albeit to a lesser extent in Baltimore’s case). Mark Feinsand of MLB.com writes that San Francisco has had a standing offer on the table, though he notes that the Giants could elect to move on to other targets if there continues to be no resolution on Burnes’ part.

Terms of San Francisco’s proposal are not clear. However, Feinsand reports that the former Cy Young winner is looking for a deal that would at least match the $245MM guarantee which Stephen Strasburg received from the Nationals over the 2019-20 offseason. (The net present value of Strasburg’s contract actually checked in around $229MM after accounting for deferrals.) The pre-deferral guarantee is the third-largest pitching investment in MLB history, trailing Yoshinobu Yamamoto’s $325MM contract with the Dodgers and the $324MM Gerrit Cole deal with the Yankees.

It’s unsurprising that Burnes and agent Scott Boras are shooting for Strasburg money in this market. MLBTR predicted Burnes to land seven years and $200MM in early November. Essentially every starter who has signed so far has equalled or beaten those (and most other) predictions. Max Fried was the biggest beneficiary. He landed an eight-year, $218MM contract at the Winter Meetings. That beat MLBTR’s prediction by two years and $62MM. Fried landed an extra season and $43MM than Aaron Nola received last winter.

Virtually every prognostication had Burnes above Fried. That makes something in the $220MM range feel like the former’s floor. Creating a notable separation would push Burnes close to or beyond Strasburg money. Burnes is nine months younger than Fried. He hasn’t had any injuries of note. That differentiates him from Fried, who missed three months in 2023 because of a muscular flexor strain in his forearm. Burnes has also reached bigger heights, winning the National League ERA title and Cy Young in 2022.

The one question has been a recent dip in swing-and-miss. Burnes fanned upwards of 35% of batters faced between 2020-21. That dropped to roughly 30% in 2022. It has continued to trend down over the past two seasons, falling to a slightly above-average 23.1% rate this year. Even the “diminished” strikeout rate essentially matched Fried’s 23.2% rate, though, so Burnes isn’t at a disadvantage in that regard.

That’ll be weighed against the question of which teams still have the willingness to offer a deal well north of $200MM. The Yankees would’ve been an obvious Burnes suitor if they hadn’t landed Fried. They’re probably out of the mix now. The Mets seem unlikely to make a massive commitment to a starting pitcher. The Sox have already acquired Garrett Crochet and agreed to terms with Walker Buehler on a one-year deal, adding significant upside to their rotation. They might have the payroll room to remain involved on Burnes, but they’re no longer facing the same sense of urgency to add an impact arm.

San Francisco might offer the best blend of spending capacity and need for an ace. Logan Webb is a legitimate #1, but the Giants haven’t replaced the production they lost when Blake Snell walked. Beyond Webb, San Francisco’s rotation consists of upside plays with questions about their durability and/or performance track records (i.e. Robbie Ray, Jordan Hicks, Kyle Harrison, Hayden Birdsong).

The Giants have made two nine-figure investments in recent months. They extended Matt Chapman for $151MM in September before adding Willy Adames on a seven-year, $182MM free agent deal. RosterResource calculates their luxury tax number at approximately $208MM, which puts them around $33MM shy of the base threshold. Their actual salary commitments sit around $167MM. That puts them almost $40MM below last year’s spending level. It’s not clear if ownership is willing to again push beyond $200MM in Opening Day payroll, but they could theoretically add Adames and Burnes without a significant spike in relative spending.

The Giants relinquished their second- and fifth-highest draft picks and $1MM from their ’26 international amateur bonus pool to sign Adames. They’d surrender their third- and sixth-highest selections and another $500K from the international pool if they were to land Burnes, who declined a qualifying offer from Baltimore.

Yankees Sign Jonathan Loáisiga

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The Yankees reunited with Jonathan Loáisiga on a one-year deal with a 2026 club option. Loáisiga, an ISE Baseball client, is reportedly guaranteed $5MM. He’ll receive a $500K signing bonus and a $4.5MM salary with a $5MM club option for 2026. The deal contains bonuses that could push the value of the option to $5.5MM. Loáisiga is reportedly hoping to be back on the mound by late April after undergoing an internal brace surgery this past spring.

Loáisiga, 30, began his professional career with the Giants, signing as an international free agent in 2012. Unfortunately, he struggled with injuries, and the Giants released him partway through the 2015 season. The Yankees scooped him up in 2016, but it wasn’t long before his injury troubles came back. He suffered a torn UCL, and Tommy John surgery kept him off the field until June 2017. Yet, he was sensational upon his return, pitching to a 1.38 ERA and 2.17 FIP in 32.2 innings between Rookie Ball and Low-A. It was enough for MLB Pipeline, FanGraphs, and Baseball America to rank him among the top 25 prospects in New York’s farm system entering 2018. After another strong showing that year, he shot up to the no. 2 spot on all three lists.

Success eluded Loáisiga at the big league level over his first three seasons from 2018-20. It didn’t help that various injuries plagued him during that time, most notably a shoulder strain in 2019. However, things changed when the righty moved into a full-time relief role in 2021. He continued to deal with shoulder problems (he spent most of September on the IL), but when he was on the field, he was one of the best relievers in the sport. Loáisiga pitched to a 2.17 ERA and 3.01 SIERA over 70 2/3 innings. His sinker, which was suddenly touching triple-digits, became his new primary pitch, and he paired it with a new-look curveball that was practically unhittable. Meanwhile, his changeup was his strongest weapon against opposite-handed hitters, and it helped him post almost equally impressive numbers against righties and lefties alike.

Sadly, Loáisiga has yet to pitch a full season since his 2021 breakout. His shoulder gave him trouble once again in 2022, while his elbow problems returned the following season. He had surgery to address bone spurs in his elbow in April 2023 and internal brace surgery to repair a torn UCL in April 2024. He has only pitched 69 2/3 innings over the past three years, putting up a 3.62 ERA and 3.91 SIERA. Yet, he still has plenty of promise in his powerful right arm. He averaged 98 mph on his sinker over three appearances this past April, and the handful of curveballs he threw still looked filthy. That explains why several teams expressed interest in signing him this winter, including the Padres, Rangers, Mets, and Blue Jays.

It’s also a promising sign that the team that knows him (and his injury history) best is the team that ultimately re-signed him. Unlike some of Loáisiga’s other suitors (namely the Padres and Rangers), the Yankees don’t need to hunt for bargains or bet on buy-low free agent targets. They just signed Max Fried to a massive eight-year deal, and they’re not done looking for upgrades as they try to replace Juan Soto in the aggregate. They wouldn’t have signed Loáisiga if they didn’t think he could be a valuable contributor to their bullpen.

The Yankees lost several relievers to free agency this offseason, including Clay Holmes, Tommy Kahnle, and Tim Hill. Thus, Loáisiga will slot into a ’pen that lacks high-leverage arms after Luke Weaver and Ian Hamilton. General manager Brian Cashman will presumably remain active in the market for relievers; the Yankees were linked to All-Star closer Carlos Estévez earlier this offseason, while reunions with Kahnle and Hill could also be in the cards.

Levi Luna first reported the Yankees and Loaisiga were nearing agreement. ESPN’s Jorge Castillo confirmed an agreement on a one-year deal with a club option. The New York Post’s Jon Heyman reported the finances.

Astros Sign Christian Walker

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December 23: The Astros have officially announced Walker’s signing. According to Chandler Rome of The Athletic, the deal includes a limited no-trade clause and will pay Walker an even $20MM annually per season.

December 20: A new-look Astros club will have a new first baseman in 2025, as the team has reportedly agreed to terms on a three-year, $60MM contract with free agent Christian Walker. The CAA client’s deal is still pending a physical.

Walker’s deal with Houston seems to shut the door on the possibility of a reunion with Alex Bregman. Houston recently acquired Isaac Paredes from the Cubs as part of the trade sending Kyle Tucker to Chicago, and while Paredes could’ve played first base with Bregman in the fold, he’ll be slotted in at third base with Walker now on board. Similarly, this effectively eliminates any chances of Nolan Arenado landing in Houston — an outcome that was all but at the finish line before Arenado invoked his no-trade clause to nix the deal.

Walker, 34 in March, has been a target of the Astros for some time now, dating back to the trade deadline when was reportedly at the top of their wishlist. A deal didn’t get done then, obviously, but Houston still has a need at first base after their three-year deal with Jose Abreu almost immediately imploded on them. Houston first basemen — led by Abreu and Jon Singleton — turned in an awful .226/.291/.360 batting line on the season in 2024. Walker, meanwhile, hit .251/.335/.468 — almost an exact match for the .253/.333/.464 line he carries through 3171 plate appearances dating back to the 2019 season.

On top of his quality results at the plate, Walker has emerged as arguably the premier defensive first baseman in MLB. He’s won three straight Gold Glove Awards in the National League and leads all first basemen in Defensive Runs Saved (33) and Outs Above Average (39) over the past three seasons. Matt Olson (27) and Carlos Santana (20) are second in those respective metrics. Walker’s defensive excellence at his position has essentially been unmatched.

Both Walker and the recently acquired Paredes are strong fits for the Astros, given the short left field porch at the newly renamed Daikin Park. That’s more true of Paredes, who’s one of the game’s most dead-pull and prominent fly-ball hitters. Walker has more of an all-fields approach, but when isolating his splits on pulled batted balls, he ranks 15th among qualified hitters in fly-ball rate (32.2%). Put more simply, Walker may spray the ball around a bit more than Paredes, but when he does pull the ball, he lifts it far more often than the vast majority of big league hitters. For a right-handed hitter with plenty of pop in his bat, that should play quite nicely with a 314-foot left field porch.

It’s been a bull market for free agents this offseason, and Walker had accordingly been hoping to land a four-year deal. He’ll “settle” for a year less than that on a deal that aligns with early expectations. His three-year, $60MM deal is an exact match for our predicted contract back on MLBTR’s annual ranking of the offseason’s top 50 free agents.

The $20MM annual salary on the contract puts the Astros north of the luxury tax threshold for what would be a second straight season. RosterResource now projects them at $244MM of luxury obligations — $3MM north of the $241MM tier-one threshold for the coming season. Their bottom-line payroll will depend on how that $60MM is divided over the three years of the deal, but if it’s evenly distributed, Houston would be just over $225MM in terms of actual player salary. (The luxury tax is calculated separately and based on the average annual value of all the team’s contracts.)

It’s still possible the Astros could duck back under the tax threshold. They’re reportedly telling teams they don’t intend to trade top starter Framber Valdez, but they’ve been exploring the trade market for reliever Ryan Pressly, who’s set to earn $14MM in 2025. More speculatively, they could also gauge interest in backup catcher Victor Caratini and his $6MM salary, then turn that role over to Cesar Salazar, who hit well in Triple-A and the majors this past season.

Dropping back under the tax line, however, doesn’t appear to be any kind of mandate. Owner Jim Crane said earlier in the winter that he “had the wherewithal” to cross that line and match his 2024 levels of spending if the right scenario presented itself. At the time, few envisioned that would entail trading Tucker and letting Bregman walk, but the Astros have been averse to the types of long-term megadeals both players — Tucker in particular — are expected to command. Houston hasn’t given out a contract longer than Yordan Alvarez’s six-year, $115MM contract or Jose Altuve’s six-year, $157.5MM extension under Crane’s ownership, the latter also being the largest guarantee in franchise history.

As a result, the Astros will give out their second three-year deal to a mid-30s first baseman in the past three years. Houston signed the aforementioned Abreu to a $58.5MM deal in the 2022-23 offseason and will still be paying Abreu $19.5MM this coming season after releasing him at the contract’s halfway point. That deal was negotiated by Crane himself and senior advisor Jeff Bagwell, as it came in the lull between the team’s dismissal of former GM James Click and the hiring of current GM Dana Brown. Astros fans may feel some trepidation about another multi-year deal for a first baseman well past his 30th birthday, though it bears mentioning that Abreu was 36 in year one of his contract; Walker will be 36 in the final season of this deal.

Walker declined a $21.05MM qualifying offer from the D-backs at the end of the season. As such, he’ll cost the Astros their second- and fifth-highest picks in the 2025 draft, as well as $1MM of space from their league-allotted bonus pool for international amateur free agency. That’s the steepest penalty possible for signing a qualified free agent, but the Astros find themselves in that tier as a result of exceeding the luxury tax threshold in 2024. The fact that they exceeded the tax threshold also means they’d only receive a compensatory pick after the fourth round in the now-likely event that Bregman signs elsewhere.

As for the D-backs, they’ll receive a comp pick after the first round, because Walker’s agreement is for more than $50MM guaranteed. It’ll be a nice parting gift, but Walker’s production will be tough to replicate with in-house options. Former top-10 draft pick Pavin Smith hit well in 158 plate appearances last season, but that was his first big league success in parts of five seasons and came in a small sample. The Snakes can hope for a similar late-bloomer trajectory to the one taken by Walker, but odds are against that. They could look to affordable alternatives in free agency (e.g. Carlos Santana, Justin Turner, a Josh Bell reunion) or sift through a deep trade market of first base options that includes Yandy Diaz, Josh Naylor, Nathaniel Lowe and perhaps Triston Casas (though the asking price on Casas would be extreme and surely cost the D-backs some coveted young pitching).

Robert Murray of FanSided first reported that the two sides were in advanced talks and closing in on a deal. Jim Bowden of The Athletic and MLB Network Radio reported that an agreement was in place, pending physical. USA Today’s Bob Nightengale reported the terms.

Pirates Re-Sign Andrew McCutchen

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1:12pm: The Pirates have officially announced the deal.

9:05am: The Pirates are in agreement with veteran outfielder Andrew McCutchen, per the team’s social media account. The deal came together this morning. MLB.com’s Alex Stumpf and the Pittsburgh Post-Gazette’s Andrew Destin were the first to report the terms of the contract: it’s a one-year deal that guarantees McCutchen $5MM.

McCutchen, 38, returns to Pittsburgh for his 12th season with the club and 17th season in the majors. Selected by the Pirates eleventh overall in the 2005 draft, McCutchen debuted with the club in 2009 and quickly established himself as a franchise player. He was the face of the Pirates throughout the 2010s until he was traded to the Giants prior to the 2018 season, and enjoyed an otherworldly five-year run in Pittsburgh where he slashed .302/.396/.509 (151 wRC+) en route to an MVP award, four Silver Sluggers, a Gold Glove, and five All-Star appearances.

In his five seasons away from the Pirates, McCutchen was no longer the impactful bat he was at his peak but nonetheless remained a solid, steadying presence in the lineup for the Giants, Yankees, Phillies, and Brewers. In 549 games for those clubs from 2018 to 2022, McCutchen hit a respectable .242/.343/.423 with a 110 wRC+. While he lacked the consistent power and high batting averages of his days in Pittsburgh, the veteran still provided value by getting on base at a strong clip thanks to a fantastic 12.7% walk rate during that span.

After the first below-average offensive season of his career with Milwaukee in 2022, he returned to Pittsburgh on a one-year, $5MM contract prior to 2023. He’s since signed identical contracts in the 2023-24 and now the 2024-25 offseasons, and the year-to-year arrangement seems to be working out quite well for both sides as the Pirates inch closer to a return to contention for the first time since McCutchen’s first stint with the team came to an end. Meanwhile, McCutchen has continued to age gracefully with solid production as the club’s regular DH over the past two seasons. His overall numbers in that time are remarkably similar to the five years he spent playing for other clubs, as he’s hit .243/.352/.403 with a wRC+ of 110. Since returning home to Pittsburgh, McCutchen has also reached a number of impressive career milestones including 2,000 hits, 1,000 walks, and 300 home runs.

Looking ahead to 2025, McCutchen figures to provide the Pirates with his typical steady production at DH. It’s the club’s second major move of the offseason after swapping Luis Ortiz to the Guardians in order to land Spencer Horwitz. McCutchen and Horwitz by themselves aren’t likely to dramatically alter an offense that finished third from the bottom in wRC+ with a figure of 86 that bested only the Rockies and White Sox, but there’s reason to believe the club plans to make additional moves as the offseason continues. Previous reports have connected the club to the corner outfield and bullpen markets this winter, and plenty of interesting players remain available in free agency and on the trade market at those positions. While the Pirates are hardly ever particularly big spenders, the club’s $79MM payroll projection for 2025 from RosterResource is $8MM below the club’s 2024 payroll, suggesting that there’s at least some room for additional moves even after bringing back McCutchen.

Red Sox Sign Patrick Sandoval

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The Red Sox announced the signing of lefty Patrick Sandoval to a two-year free agent deal. The Wasserman client is reportedly guaranteed $18.25MM. He’ll make $5.5MM in 2025 and $12.75MMM in 2026. Boston’s 40-man roster is now full. Sandoval is currently recovering from Tommy John surgery, performed in June. He’ll miss at least the first half of the 2025 season, if not a bit more, but could be a late-season option in Boston and should be a member of their 2026 rotation.

Sandoval’s two-year guarantee makes the Angels’ decision to non-tender him and his $5.9MM projected salary (via MLBTR contributor Matt Swartz) look all the more dubious. Even if Sandoval had missed all of the 2025 season, he’d have been in line to merely repeat that $5.9MM salary — a total of $11.8MM. There’s no way he would’ve secured a nearly $6.5MM raise on that projected 2025 salary heading into the 2026 season.

The Angels presumably shopped Sandoval around prior to cutting him loose, and market circumstances have changed since that time. Still, recent two-year deals for Tommy John rehabbers on similar timelines (e.g. Tyler Mahle, German Marquez) show that there could eventually have been trade interest in the lefty, but the Halos instead opted for immediate salary flexibility. Perhaps that made it easier for them to sign Yusei Kikuchi on a three-year pact, but Sandoval’s deal with the Red Sox shows that he’d very likely have had at least modest trade value had the Halos tendered him a contract and continued to explore the market for his services.

Though his exact timetable for a return to a big league mound can’t be known this far along in the rehab process, Sandoval is a quality arm who’ll slot into the middle of the Boston rotation whenever he’s cleared. Just days prior to his injury, I took a look at the statistical similarities between Sandoval and another lefty — popular trade target Jesus Luzardo. Dating back to 2021, Sandoval carries a 3.80 ERA with roughly average strikeout numbers (22.6%) and somewhat heavy 10.2% walk rate.

Sandoval’s command isn’t great and never has been, but that number is skewed a bit by an 11.3% mark from 2023 that looks like a clear outlier. Sandoval posted a 9.3% walk rate in 2021, 2022 and 2024. It’s still not good, but it’s only about one percentage point north of league average. He sits 93-94 mph with his four-seamer and sinker alike, complementing those fastballs with a slider that misses bats and a changeup that helps him keep righties at bay. He does still carry a notable platoon split, but right-handed hitters haven’t exactly crushed him (.263/.344/.391) and lefties practically shouldn’t bother swinging (.195/.274/.324).

Sandoval isn’t a star but has proven himself to be a capable third or fourth starter, even in a contending rotation. He’ll obviously open the season on the injured list but will eventually give Boston another arm to join a starting mix that includes Garrett Crochet, Tanner Houck, Kutter Crawford, Brayan Bello and, at some point, Lucas Giolito. Like Sandoval, Giolito is on the mend from UCL surgery, but his was performed last March so he should be back a few months sooner. Garrett Whitlock gives the Sox another potential rotation arm who’s on the mend from a Tommy John procedure, though he could factor into either the ’pen or the rotation.

The Red Sox could very well add another starting pitcher. They’ve been tied to Corbin Burnes on the free agent market and have also reportedly looked into the availability of Mariners righty Luis Castillo and Padres righty Dylan Cease. With several arms on the mend from surgery and a number of starters with only one full season of rotation experience under their belts (Crochet, Houck, Crawford, Bello), another arm feels prudent — even if it’s not a front-of-the-rotation type.

With Sandoval now in tow, RosterResource projects the Red Sox for a $155MM payroll and about $191MM worth of luxury tax obligations. They’re nowhere close to the $241MM tax threshold, thanks in no small part to going the trade route for their first impactful rotation addition of the winter (Crochet). That leaves ample opportunity for the Sox to bring in another arm and continue to poke around the markets for Alex Bregman, Teoscar Hernandez and other high-profile targets.

ESPN’s Jeff Passan first reported the Red Sox and Sandoval had agreed to a two-year, $18.25MM contract. The Boston Globe’s Alex Speier had the salary breakdown.

Vladimir Guerrero Jr. Sets Spring Training Deadline For Extension Talks With Blue Jays

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Vladimir Guerrero Jr. is eligible for free agency after the 2025 season, and his future is undoubtedly the biggest looming question hanging over the Blue Jays as they prepare for what might be their final year of control over the All-Star first baseman.  GM Ross Atkins said at season’s end that the Jays would be looking to start extension talks this winter, and Guerrero himself confirmed these negotiations were taking place in a recent interview with Abriendo Sports (hat tip to Z101’s Hector Gomez and Sportsnet’s Ben Nicholson-Smith).

Guerrero reiterated that he has interest in staying in Toronto, and is “ready to go” in signing an extension if the Jays meet his asking price.  However, “what they offered me is not even close to what I’m looking for,” Guerrero said, noting that Toronto’s most recent offer was worth around $340MM.  Notably, this offer came after Juan Soto signed his 15-year, $765MM deal with the Mets, and completely reset the market for superstar players.

Only limited time may be available to close the gap that exists between the two sides, as Guerrero said that he has let the front office know that he will cease negotiations after the first full day of the Jays’ Spring Training camp.   It is a bit of an unusual self-imposed deadline date, as most players set Opening Day as their unofficial endpoint for reaching an extension.  Obviously an extension can happen at any point before a player enters free agency, yet players generally prefer to keep focused only on baseball once the season begins, and thus contract talks are usually limited to the offseason.

It isn’t uncommon for some deals, of course, to be announced a few days or weeks into April, if talks are on the proverbial five-yard line by Opening Day and just a few final details needed to be confirmed.  Likewise, Guerrero probably isn’t going to end all talks in late February if he and the Jays have worked out most aspects of a very lucrative (and therefore rather complex) extension.  That said, reducing the remaining negotiation window to roughly two months is a pretty public way of increasing the pressure on Toronto’s front office.

This is purely speculation on my part, but the earlier “deadline” could also be Guerrero’s way of leaving the door open for a trade.  If an extension can’t be worked out before Spring Training properly begins and the Blue Jays feel Guerrero won’t re-sign next winter, the Jays could pivot and try to trade Guerrero for some longer-term assets prior to Opening Day.  To be clear, if Toronto spends the rest of its offseason adding talent to take another run at contention in 2025, it would seem far more likely that the Jays just keep Guerrero to keep their roster as strong as possible in what might be something of a final run for the Guerrero/Bo Bichette core.

The length of the $340MM offer wasn’t specified, but a ten-year, $340MM pact produces “only” an average annual value of $34MM per season, which ranks tied for the 15th-highest AAV in baseball history.  Nine years and $340MM is a $37.77MM AAV that ranks as the seventh-highest all-time, topped only by the most recent deals signed by Soto, Shohei Ohtani, Max Scherzer, Justin Verlander, Zack Wheeler, and Aaron Judge.  An eight-year, $340MM pact equals $42.5MM in AAV, putting Guerrero behind only Soto, Ohtani, Scherzer, and Verlander.

Guerrero doesn’t turn 26 until March, however, so an eight-year deal only runs through his age-33 season.  Even a ten-year deal brings Guerrero through just his age-35 campaign, and a longer-term deal in the $340MM range only lowers the AAV to an even greater extent.  It isn’t necessarily clear what Guerrero is looking for in terms of contract length, but in terms of pure dollars, it is easy to see why he would balk at an offer worth slightly more than half of what Soto (who is also entering his age-26 season) received from New York.

From the Blue Jays’ perspective, the gap in production between Soto and Guerrero would justify a gap in earnings, though it isn’t quite as large a divide as one might imagine.  Soto’s huge 2024 campaign with the Yankees boosted his asking price through the ceiling, but looking just at his first six MLB seasons, Soto hit .284/.421/.524 with 160 home runs in 3375 plate appearances, with a 154 wRC+ and 28.2 fWAR.

Through his first six MLB seasons, Guerrero has hit .288/.363/.500 in 3540 PA, with the exact same total of 160 homers, and a 137 wRC+ and 17 fWAR.  For both players, their value is largely derived from their bat, as public defensive and baserunning metrics paint Guerrero and Soto as well below average in both departments.

The Athletic’s Ken Rosenthal recently discussed what it might take to extend Guerrero, and floated the idea of a contract of somewhere between $500MM-$600MM.  Assuming no deferred money would be involved, this would make Guerrero the second-highest paid player in baseball history, behind only Soto.  “Excessive as it might sound to the average fan…keep in mind, the Jays would need to pay a premium for preventing Guerrero from testing the market.  And if they lose him, their already disgruntled fan base might revolt,” Rosenthal writes.

The latter point is another over-arching element of the Guerrero talks, as perhaps no executives in baseball are on as much of a hot seat as Atkins and team president Mark Shapiro.  While the Blue Jays came out of a rebuild to reach the playoffs in 2020, 2022, 2023, the club didn’t win even a single game during those trips to the postseason, and Toronto’s nosedive to a 74-88 record in 2024 could be a sign that the Jays’ competitive window could already be closed.

Toronto’s ardent pursuits of both Ohtani last offseason and Soto this winter indicated that ownership was prepared to go the distance in bidding on top-flight talent, though it remains to be seen if the Jays view Guerrero quite in the same tier those other two superstars.  It was just a year ago that Guerrero was coming off an underwhelming 118 wRC+ in 2023, and there were questions about whether Guerrero was even worth any kind of long-term investment.  For comparison’s sake, Soto’s “worst” full season as calculated by wRC+ was his 2019 campaign, when he posted a 143 wRC+ in 659 PA while also catching fire in the postseason to help the Nationals win the World Series.

Viewing Guerrero in relation to Soto specifically is a comp that Guerrero’s reps at the Prime Agency would likely welcome, as it keeps Guerrero even subconsciously linked to Soto’s elite salary tier.  Rafael Devers’ ten-year, $313.5MM extension with the Red Sox is also frequently mentioned as a Guerrero comp, as Devers was also entering his age-26 season.  Guerrero has some statistical edge (Devers had a 123 wRC+ in his first six seasons prior to his extension) and thus an argument to earn more than Devers got from Boston, but perhaps the Blue Jays’ $340MM-ish number reflects the idea of Guerrero as only slightly better than Devers.

It could also be, of course, that the Jays are willing to pay well above $340MM, but offered that figure as an early gauge on Guerrero’s asking price in the wake of Soto’s contract.  Plenty of time still exists for the two sides to eventually match up on an acceptable extension, and it could be that Guerrero backs off his early-spring deadline if some progress has been made, even if a new deal isn’t exactly imminent.

Nationals Acquire Nathaniel Lowe

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The Nationals and Rangers have swung a one-for-one trade that will see first baseman Nathaniel Lowe head to Washington in exchange for left-hander Robert Garcia.  ESPN’s Jeff Passan (multiple links) was the first to report the deal, which has now been officially announced by both teams.

Lowe will change teams via trade for the second time in his career, as it was just over four years ago that Lowe was dealt from the Rays to the Rangers as part of a six-player swap.  The Rays’ first base depth had left Lowe struggling for playing time in his first two MLB seasons, but he immediately found a regular job once Texas installed him as its everyday first baseman.  Lowe has played in 615 of a possible 648 regular-season games in his four seasons with the Rangers, while hitting .274/.359/.432 with 78 homers in 2576 plate appearances.

Between his 123 wRC+ over those four seasons and increasingly strong defensive metrics, Lowe has been worth 10.6 fWAR during his Rangers tenure.  It isn’t superstar production and the left-handed hitting Lowe has naturally been more consistent against right-handed pitching, but he has at worst been a steady regular, with hints of a higher ceiling of production.  Lowe hit .302/.358/.492 with 27 homers over 645 PA in 2022, though a .363 BABIP may have helped contribute to that career year.

Despite Lowe’s very solid play, there had been some whispers that the Rangers could be looking to clear some room at first base.  The recently-acquired Jake Burger figures to get a good chunk of the first base at-bats now that Lowe is off the roster, with Josh Smith, Justin Foscue, or Ezequiel Duran also in the running for playing time depending on how the Rangers opt to arrange their infield.  Josh Jung is slated to be the regular third baseman but Burger, Smith, or Duran could also be used at the hot corner based on matchups.

Lowe’s increasing arbitration price tag was also surely a factor in the Rangers’ decision.  Now entering his second arb-eligible year, Lowe was projected to earn $10.7MM for the 2025 season.  It is hardly an ungainly sum for a Gold Glove-winning first baseman with Lowe’s offensive production, but since Lowe turns 30 in July, Texas might’ve been considering the longer-term question of whether or not Lowe was a candidate for a contract extension.

Today’s trade answers that question, and gaining more flexibility at a premium position allows the Rangers to both see what they have in internal options, or to potentially keep first base open for a bigger free agent or trade target down the road.  Or, such a bat could still come this offseason, as Texas now has an even greater need for left-handed hitting depth after dealing Lowe.

It was no secret that the Nationals were looking to upgrade at first base this winter, as such free agents as Christian Walker and Paul Goldschmidt were on Washington’s radar.  Walker signed with the Astros and Goldschmidt joined the Yankees just within the last week, which quite possibly prompted the Nats to complete this trade as the first-base market continues to quickly thin out.

The Lowe deal is the clearest sign yet that the Nationals are ready to end their rebuild after five straight losing seasons.  The Nats’ youth movement has led to CJ Abrams, James Wood, Dylan Crews, and Luis Garcia Jr. becoming parts of the everyday lineup, but plenty more offensive help was still required for a team that finished near the back of the pack in several major offensive categories.

In adding Lowe, the Nationals now have a player still in his prime who can bring a veteran voice and championship experience to the clubhouse, in addition to what Lowe can provide on the field.  There is even a slightly hometown-hero aspect to the trade, as Lowe was born a few hours’ down the road from D.C. in Norfolk, Virginia.

The Nats have plenty of payroll space available, so Lowe’s salaries aren’t any kind of concern for the team.  Addressing first base by trading for Lowe instead of, say, spending much more in salary and draft capital to sign a Walker or a Pete Alonso allows president of baseball operations Mike Rizzo to still keep his financial powder dry for other big moves this winter or (perhaps more likely) next offseason or potentially at the trade deadline.  Rizzo and team ownership might prefer to give it one more season to see what they really have in their young core before really putting the pedal down in a full-fledged run towards contention.  In this scenario, Lowe is already under control if 2026 is really the Nationals “go for it” kind of year.

Garcia’s role in the deal shouldn’t be overlooked, as the Nationals now have an even greater need for relief pitching after dealing away a southpaw who showed plenty of promise in his first two Major League seasons.  Washington claimed Garcia off waivers from the Marlins in August 2023, and the lefty has a 4.03 ERA, 28.6% strikeout rate, 46.6% grounder rate, and 7.4% walk rate over 91 2/3 career relief innings.

Fifty-nine and two-thirds of those frames came last season, as Garcia posted a misleading 4.22 ERA that was inflated by some bad luck.  Garcia had a .329 BABIP and a very low 57.2% strand rate, and his 2.71 SIERA is perhaps a better reflection of just how solid Garcia’s performance was in 2024.  The left-hander doesn’t bring much in the way of velocity, but his fastball is used primarily to set up his excellent changeup, which was quietly one of the more effective changeups thrown by any pitcher in baseball.

With a swath of above-average Statcast metrics, Garcia will provide a huge boost to the Texas bullpen if he can replicate those numbers on his new club.  Garcia joins Jacob Webb and Hoby Milner as recent new additions to a relief corps that was destined to undergo an overhaul with Kirby Yates, Jose Leclerc, and David Robertson all entering free agency.  Since this trio is still unsigned, the Rangers could seek out reunions with any of their own free agents, but naturally it makes sense to fortify the pen with other longer-term arms like Garcia.  The left-hander turns 29 in June but is arb-controlled through the 2029 season.

Photo courtesy of USA Today Sports Images

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