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Nine Teams Exceeded Luxury Tax Threshold In 2024

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Major League Baseball finalized its luxury tax calculations for 2024. ESPN’s Jesse Rogers was first to report the list of payors, while Ronald Blum of the Associated Press reports the details. A record nine teams surpassed the $237MM competitive balance tax threshold. In a separate post, The Associated Press lists the finalized CBT numbers for all 30 teams.

The payments are as follows:

  • Dodgers: $103MM
  • Mets: $97.1MM
  • Yankees: $62.5MM
  • Phillies: $14.4MM
  • Braves: $14MM
  • Rangers: $10.8MM
  • Astros: $6.5MM
  • Giants: $2.4MM
  • Cubs: $570K

Teams pay escalating penalties for exceeding the threshold in consecutive seasons. The Dodgers, Mets, Yankees, and Phillies have all paid the tax in at least three straight years — subjecting them to the highest escalator fees. Texas and Atlanta are second-time payors. Houston, San Francisco, and the Cubs did not exceed the threshold in 2023 and are marked as first-time payors.

The Dodgers ($353MM), Mets ($348MM), and Yankees ($316MM) all had CBT numbers above $277MM, which marked the third tax bracket. All three teams will see their first-round pick in the 2025 draft dropped by 10 spots. Considering they each advanced at least as far as the LCS and the Dodgers won the World Series, those clubs won’t have any regrets about that penalty. Atlanta narrowly stayed below the $277MM threshold to avoid any impact on their draft.

Teams that paid the CBT are entitled to the lowest level of compensation for losing free agents who declined a qualifying offer. They receive a draft choice after the fourth round for each qualified free agent who walks. They’re charged the heaviest penalty — their second- and fifth-highest picks in 2025 and $1MM from their ’26 international bonus pool — for signing a qualified free agent from another team.

The Mets (Juan Soto), Yankees (Max Fried), Giants (Willy Adames), and Astros (Christian Walker) have already signed or agreed to terms with qualified free agents. The Mets (Luis Severino), Yankees (Soto), and Braves (Fried) have lost qualified free agents. Houston is likely to see Alex Bregman walk. The Mets (Pete Alonso, Sean Manaea) and Dodgers (Teoscar Hernández) still have unsigned qualified free agents of their own.

The top eight luxury payors were all clearly above the base threshold, while the three biggest spenders blew beyond every surcharge marker. The only source of CBT intrigue late in the season concerned the Cubs and Blue Jays, both of whom were hovering right around the tax line.

When it became clear that neither team would make the playoffs, they each attempted to dip below $237MM by shedding money via waivers. The Cubs were unsuccessful and landed around $239.9MM; Toronto dropped just below $234MM. The tax impact for the Cubs is negligible — a $570K bill is less than the cost of one player on a league minimum salary — but it places a higher penalty for signing qualified free agents and could incentivize them to stay under the threshold in 2025 to reset their status. Six of the nine payors made the postseason. Texas, San Francisco, and Chicago were the exceptions.

Last year, a then-record eight teams surpassed the CBT threshold. The Padres are the only team that was above the line in 2023 and got below it this year. San Diego finished with an approximate $228MM mark that ranked 11th in the majors — behind the nine payors and the Blue Jays. The Red Sox, Diamondbacks, Cardinals, and Angels were the other teams above the median in payroll. On the other side of the equation, the five bottom spenders were as follows: Athletics ($84MM), Rays ($107MM), Tigers ($110MM), Marlins ($122MM), and Pirates ($123MM).

The teams that exceeded the threshold have until January 21 to pay MLB. The first $3.5MM will be used to fund player benefits. Half the remaining money goes to players’ retirement accounts, while the other half is used for revenue sharing distribution from MLB to teams. Next year’s base threshold climbs to $241MM.

Phillies Sign Max Kepler

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The Phillies announced Friday that they’ve signed outfielder Max Kepler to a one-year deal. It’s a reported $10MM deal for the VC Sports Group client. Philadelphia already had an opening on the 40-man roster.

Kepler changes uniforms for the first time in his career. The German-born outfielder had spent a decade and a half with the Minnesota organization. He signed with the Twins as a teenager and reached the big leagues late in the 2015 season. Kepler appeared in parts of 10 big league campaigns with Minnesota, stretching beyond the six-year control window after signing a $35MM extension in February 2019.

For most of that run, Kepler was an above-average right fielder. He looked as if he might on the cusp of stardom after a 36-homer showing in 2019, but that proved to be an outlier in a season that was played with the juiced ball. Outside of that year, Kepler has typically been a 15-20 homer threat with decent on-base skills.

Kepler, 32 in February, is coming off his least productive season. He battled injuries in both knees and only appeared in 105 games. Kepler was limited to a career-low eight home runs while posting a middling .253/.302/.380 line across 399 plate appearances. The free passes plummeted alongside the power. Kepler walked at a career-low 5.5% clip, posting his lowest on-base percentage in the process.

The Phillies are hoping that a healthy offseason could allow him to return to his prior form. Kepler had one of his best years as recently as 2023. He hit .260/.332/.484 with 24 longballs (the second most of his career) across 491 plate appearances that season. Kepler set personal highs in average exit velocity (91.9 MPH) and hard contact percentage (47.6%). His hard contact rate dropped by 11 points this year, suggesting that he was playing at less than full strength.

Much of Kepler’s diminished production came late in the season. He carried a league average .256/.309/.394 slash line into the All-Star Break. That dropped to .246/.287/.352 in the second half. The Twins resisted putting him on the IL for a while as they tried to hang onto a Wild Card berth, but his numbers tanked so far in August that he had to land on the shelf. Minnesota’s September collapse meant that he was unable to return for a possible postseason push.

While it ended on a down note, Kepler had a productive run in the Twin Cities. He appeared in more than 1000 games, hitting .237/.318/.429 with 161 homers and just over 500 runs batted in. There wasn’t much doubt that Minnesota would go in another direction this offseason, though. Ownership isn’t giving the front office much financial leeway, so an eight-figure contract to retain Kepler after an injury-plagued season was never in the cards.

At his peak, Kepler was one of the sport’s best defensive right fielders. If not for sharing the Target Field outfield with Byron Buxton, he probably would’ve gotten more consistent run in center field early in his career. Kepler’s defensive grades are still solid but not as strong as they’d been in his 20s. Defensive Runs Saved graded him as a league average right fielder in a little over 800 innings this past season. Statcast credited him with two runs above average.

Better health could help him rebound on defense as well. Kepler fell below league average in Statcast’s sprint speed measurement for the first time. That’s not a surprise considering he was playing through knee pain. On both sides of the ball, the Phillies are hoping that this year was a health-related blip rather than the sign of a sharp decline in his early 30s.

Kepler figures to play mostly left field at Citizens Bank Park. That’s a position he’s never played in the majors, though most right fielders can kick over to the opposite corner without much issue. Kepler hasn’t started a game in center field since 2021, so he’s probably no more than an emergency option there. Johan Rojas and Brandon Marsh are each likelier to handle center field work.

While there shouldn’t be much issue about the positional transition, Kepler’s handedness makes him something of an odd fit. The Phils had sought to find a rotational outfielder who could cut into the playing time for Rojas and/or Marsh. A right-handed hitter would have been the most straightforward solution, allowing the Phils to shield Marsh from lefty pitching. Philadelphia hoped Austin Hays would address that as a deadline pickup, but he spent most of his tenure on the injured list and was non-tendered last month.

Kepler doesn’t fit that need. Like most left-handed hitters, he’s much better against righties. Kepler has a career .243/.326/.452 line versus right-handers. He’s a .221/.292/.363 hitter in more than 1000 plate appearances against southpaws. If the Phils are going to platoon Marsh, he’d probably pair with the righty-hitting Rojas in center field. That’d put the onus on Kepler to stay healthy enough to play regularly in left field.

Marsh could always move back to left if Kepler lands on the IL, yet that’d leave the Phillies with the same middling outfield upon which they’re trying to upgrade. They’d certainly love to offload the remaining two years and $40MM on the Nick Castellanos deal, which would enable them to put Kepler in right field and add another outfield bat. Shedding a notable chunk of the Castellanos money is much easier said than done after he hit .254/.311/.431 this year.

It seems the Phils preferred the price point on Kepler over the asking price for the top righty-hitting outfielders available. Matt Gelb of the Athletic reports that Philadelphia had shown interest in Teoscar Hernández but apparently balked at the ask. MLB.com’s Mark Feinsand reported earlier this week that Hernández was looking for a three-year deal exceeding $60MM.

Signing Kepler pushes the Phils’ salary commitments to roughly $280MM, according to the RosterResource calculations. They’re up to $299MM in competitive balance tax obligations. The Phils went into the offseason with their CBT number already into the third tier of penalization. They’ve paid the tax in three consecutive seasons, so they’re subject to the highest set of escalator surcharges. Their spending between $281MM and $301MM is taxed at a 95% clip, meaning they’re on the hook for $9.5MM in taxes on Kepler. This represents a near-$20MM overall commitment on ownership’s part.

Once they go beyond the $301MM mark, they’ll be taxed at the maximum 110% rate on further spending. The Phillies were a virtual lock to exceed the third tier regardless of whether they signed Kepler. That’ll drop their top draft choice in 2026 by ten spots (unless they miss the playoffs and draw into the top six in the lottery). Signing Kepler and Jordan Romano to one-year deals addresses two of their biggest questions on relatively affordable terms.

Todd Zolecki and Mark Feinsand of MLB.com first reported Kepler and the Phillies were progressing on a one-year contract. ESPN’s Jeff Passan confirmed the agreement and reported the $10MM salary. Image courtesy of Imagn.

Blue Jays Receiving Trade Interest In Bo Bichette

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The Blue Jays are taking trade calls on Bo Bichette, writes Ken Rosenthal of the Athletic. While Rosenthal cautions that Toronto is not actively shopping their shortstop, he reports that the Jays are willing to deal Bichette if another club meets a lofty asking price.

That’s a change from last month. At the GM Meetings in early November, general manager Ross Atkins told Jon Morosi of the MLB Network that any trade calls regarding Bichette would be “an easy no.” When a GM publicly shoots down trade rumors regarding a player to that extent, they rarely reverse course.

The biggest exception in recent years came when Juan Soto was a National. Washington GM Mike Rizzo said in June 2022 that the team was “not trading” the outfielder. Two months later, Soto was a Padre. Circumstances changed in the interim, as Soto rejected a $440MM extension offer a couple weeks before the deadline. (That decision proved wise considering the amount of money he landed in free agency two and a half years later.)

Toronto’s circumstances have also changed since Atkins said he wouldn’t consider a Bichette deal. The Jays acquired Andrés Giménez from the Guardians last week, taking on nearly $100MM on his five-year contract to do so. Giménez is the game’s best defensive second baseman. He has won the AL Gold Glove award at the keystone three years running. He came up as a shortstop prospect and didn’t fully move off that position until 2023.

Giménez has elite range, sure hands, and above-average arm strength. He could probably handle shortstop and may well remain a plus defender there. That seemed like Toronto’s long-term plan when they acquired him. Giménez would play second base for his first season with the Jays, then kick over to shortstop once Bichette hit free agency next winter.

That still seems the likeliest outcome. However, Rosenthal notes that the Jays could deal Bichette while signing Alex Bregman to pair with Giménez on the left side of the infield. Toronto has come up empty on its pursuit of top-tier free agents thus far. They’re among four to six teams that are reportedly in the mix on Bregman, who is easily the best unsigned position player. To be clear, Rosenthal didn’t characterize a Bichette trade as being conditional on the Jays signing Bregman. He simply floated that as one potential sequence of outcomes.

The Jays have Vladimir Guerrero Jr., Giménez, and Bichette lined up at three infield spots. Third base is less settled. Toronto has a collection of upper level infielders who are either light on MLB experience or project as utility types. Ernie Clement would probably get the bulk of the playing time. Orelvis Martinez, Addison Barger, Will Wagner and Leo Jiménez could also vie for reps.

That’s not a group that’d stop the Jays from adding Bregman. They’d have room on the roster for the star third baseman even if they hold Bichette. Dealing their shortstop would open spending room for the upcoming season while potentially bringing back MLB-ready outfield or pitching talent. Bichette is under contract for $16.5MM in his final year of club control.

At the same time, teams could be reluctant to package significant talent after the worst season of Bichette’s career. He’s coming off a dismal .225/.277/.322 showing over 336 plate appearances. He landed on the injured list three times and only appeared in half the team’s games. A pair of right calf strains were the biggest issue. He also broke his right middle finger late in the year and required minor surgery.

That terrible season came out of nowhere. Bichette has otherwise been one of the league’s best middle infielders since he debuted in 2019. He’d hit above .290 and reached 20 homers in each of his first three full seasons. Bichette went into the ’24 campaign with a career .299/.340/.487 slash line in more than 2300 plate appearances. He garnered down ballot MVP votes each year between 2021-23.

Teams don’t know which version of Bichette they’ll get in 2025. That’s also true of the Jays, who are wary of selling low on a star talent. Toronto has never seemed optimistic about their chance of signing him beyond next season, but they’re going into ’25 with the hope of competing. Trading a potential All-Star shortstop for prospects wouldn’t align with that goal. If they fall out of the race, they could market him at the deadline. The best scenario (short of an extension) would be a rebound year from Bichette that helps to keep Toronto in contention and allows them to make a qualifying offer next winter.

The Jays’ willingness to hear teams out on Bichette — even if an offseason trade remains unlikely — boosts a very thin shortstop market. Willy Adames was the top free agent. He went to the Giants, the team with the clearest combination of positional need and payroll flexibility. Ha-Seong Kim, who is recovering from labrum surgery that’ll force him to begin the season on the injured list, is the only other potential regular on the open market. There aren’t many obvious trade candidates. The Braves stand out as the contender with the biggest question at shortstop. The Tigers, Angels, Mariners, Padres and Pirates could also stand to upgrade at least one middle infield position (though the final three clubs might each balk at the $16.5MM price point).

Nationals Sign Michael Soroka

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The Nationals announced that they have signed right-hander Michael Soroka to a one-year deal, which reportedly comes with a $9MM salary. The club had 40-man vacancies and didn’t need to make a corresponding move. The ISE Baseball client will reportedly be used as a starter.

Soroka, 27, came into the offseason as one of the more interesting free agents available. He found success as a starting pitcher in his early 20s, back in 2019, but missed most of the 2020 to 2023 seasons due to injuries. In 2024, he struggled badly as a starter but then got moved to a bullpen role and finished the season in very strong fashion. It could have been argued that he earned himself another shot at a rotation job or that he found a role that worked for him and should continue as a reliever, though it seems he will take another shot at being a starter next year.

Prior to his 2019 breakout, Soroka was already a name to watch. He was a first-round pick of Atlanta in 2015 and found himself on top 100 prospect lists as he climbed through the minors. He debuted with five starts in 2018 and then fully cemented himself as a big leaguer in 2019, making 29 starts and logging 174 2/3 innings while allowing 2.68 earned runs per nine. His 20.3% strikeout rate was just below average but his 5.8% walk rate and 51.2% ground ball rate were both notably better than par.

That was Soroka’s age-21 season, so it seemed Atlanta had a rotation building block for years to come. Unfortunately, the baseball gods had a miserable fate in store for Soroka’s next chapter. In his third start of the shortened 2020 season, he had to be helped off the field with a leg injury, later revealed to be a torn right achilles tendon which required surgery. In 2021, he missed some time due to shoulder inflammation and later required another surgery on his achilles. He got back on the mound in 2022 and pitched in the minors, though that season was ended due to elbow soreness. In 2023, he was frequently shuttled between Triple-A and the majors and finished the season on the IL due to forearm inflammation.

After those four years in the injury wilderness, Atlanta seemingly didn’t have much faith in Soroka bouncing back. He was flipped to the White Sox in November, part of a five-for-one trade that saw Atlanta flip multiple spare parts for Aaron Bummer in a roster clearout move.

Unlike Atlanta, Chicago was aggressively rebuilding and had more bandwidth for being patient with Soroka, hoping for a bounceback. It didn’t materialize at first. Soroka started the season with nine starts but had a 6.39 ERA in those. His 46.9% grounder rate was strong but his matching strikeout and walk rates of 12.4% were both bad.

The last of those starts was on May 12. Soroka was moved to the bullpen at that point, which is when things became very interesting. He tossed 36 innings out of the bullpen in the remainder of the season with a 2.75 ERA. His 13% walk rate was oddly high and his grounder rate was just 26.5% but he managed to punch out 39% of batter’s faced.

That came with a significant change in his pitch mix. In those nine starts, he threw 22.5% four-seamers, 30.8% sinkers, 31.9% sliders and 14.7% changeups. After moving to the bullpen, he pushed towards a fastball/slider mix, with 43.2% of his pitches being the former and 41.6% the latter. His sinker and changeup rates dropped to 10.9% and 4.3%, respectively. Despite limiting his arsenal, he was effective against hitters on both sides of the plate. Righties hit just .197/.306/.296 against Soroka the reliever while lefties mustered only a .179/.299/.286 line.

Given the amount of success he had in that relief role, it might be tempting to suggest that he should stay there, but there are also counterarguments. For one thing, despite the many twists and turns in his career, Soroka is still young. He is currently 27 and won’t turn 28 until August. He might not want to give up on the possibility of being a starter just yet.

Furthermore, teams these days don’t tend to view relief success as any kind of reason to not try a guy in a starting role. In recent years, bullpen-to-rotation conversions have become all the rage, with guys like Seth Lugo, Michael King, Garrett Crochet, Reynaldo López, Jeffrey Springs and others making the move successfully. It doesn’t always work out, with A.J. Puk being one example, but even then the downside is pretty harmless as the pitcher just lands as a viable reliever as a fallback.

The Nats should be able to give Soroka a chance to earn a rotation job, at least for a while. They have some intriguing arms but most of them are fairly lacking in experience. The quartet of MacKenzie Gore, Jake Irvin, Mitchell Parker and DJ Herz all had decent results in 2024, with each posting an ERA of 4.41 or lower. However, Gore’s 372 2/3 career innings are the most of the bunch. Irvin is at 308 while Parker and Herz just debuted in 2024 and are below 200. Josiah Gray had UCL surgery in July and won’t be a factor until late in the 2025 season, if at all. Cade Cavalli missed all of 2023 and 2024 recovering from Tommy John surgery and it’s unknown what kind of workload he can take on next year.

Washington can give Soroka a rotation gig to start the year and see how things go. If he struggles out of the gate, they can push him to the bullpen and give those starts to one of the younger pitchers. But if things go well, he can be very valuable for the Nats. If they are able to emerge from their ongoing rebuild, he can be a part of that, but he could be a midseason trade candidate even if the club isn’t ready for that step yet. Even if he’s pushed to a relief role, he could still be an interesting deadline trade candidate.

It’s also theoretically possible that he pitches his way into consideration for a qualifying offer at season’s end, as even mid-rotation or back-end guys like Nick Pivetta, Luis Severino and Nick Martinez got QOs this year. In that scenario, Soroka could stay with the Nats all year and help them make a contending push while also providing some future value at the end of the year, though that will be a concern for another day.

At the start of the offseason, MLBTR predicted Soroka for a two-year deal worth $14MM. He has settled for a lesser guarantee but on a stronger annual value, with the chance to return to the open market a year from now. For him personally, that could be a lucrative bet, as it’s possible he will have much more earning power at the end of the 2025 season.

Ken Rosenthal of The Athletic first reported that the Nats and Soroka were in agreement. Robert Murray of FanSided reported that it was a one-year deal worth $9MM.

Notifications Fixed For Trade Rumors Android App

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As you may know, we have a free Trade Rumors app for both iOS and Android.  The app allows you to set up custom feeds and notifications for any combination of sports, teams, and players across MLB Trade Rumors, Hoops Rumors, Pro Football Rumors, and Pro Hockey Rumors.

Just to be clear, the app is something you download from Apple or Google’s app store and it puts an icon on your phone, similar to how you might have the Uber or Instagram apps on your phone.  But we also have a good mobile website, for the many people who simply type mlbtraderumors.com into their phone’s browser (such as Safari).  The mobile website is easier for our developers to update, which is why it has steadily progressed over the last ten years.

Anyway, back to the apps.  A few months ago, notifications somehow broke on the Android app.  Today, we put out an update that fixes that.  If you’re an Android app user, please download that update from the Google Play store.  I want to give a shoutout to Dan B. and the many other Android power users who have written in about this issue and responded to my emails to verify notifications are now working!

Aside from the notifications, the app allows for easy scrolling and swiping between articles.  You can create a multi-sport experience tailored to your specific interests, or you can limit your app entirely to one sport by removing the others.

Seeing as how we initially released this app a decade ago, it’s time for a revamp.  A lot of that has to do with the coding and is beyond my understanding.  We’ll also spruce up the graphics and make other improvements.

Our developers are in the process of putting together a quote for this project, and all I can say for a projected timeline is that we expect it to be finished in 2025.

It’s been ten years since we came up with the basics of this app.  If you’ve used it and have ideas that you’d like to see implemented, they’re welcome in the comments!

Latest On Nolan Arenado

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The potential for a Nolan Arenado trade has been one of the most persistent storylines of the 2024-25 offseason, and Arenado surged into the spotlight yesterday when it was reported that he invoked his no-trade clause to quash a deal that would’ve sent him to the Astros.

Further details on the matter, unsurprisingly, have continued to leak out today and presumably will in the days and weeks ahead. Derrick Goold of the St. Louis Post-Dispatch reports that while Arenado vetoed the potential deal to Houston, the Cardinals and Astros will continue to negotiate and an eventual deal remains possible. Of further note, while there’s been plenty of talk regarding the number of teams to which Arenado would approve a trade, Goold suggests that the third baseman has not at any point submitted a formal list of such teams to the Cardinals. Around five teams have spoken with the Cardinals about a trade, per the report.

The lack of a firm list could potentially be due to the fact that Arenado’s willingness to approve a trade to another club is context-dependent. Agent Joel Wolfe made clear at last week’s Winter Meetings that Arenado’s goal is to land with a clear win-now team that will continue to pursue a World Series title for the balance of the three years remaining on his contract. A team’s offseason dealings can impact the perception of whether they’re a true long-term contender.

Katie Woo and Chandler Rome of The Athletic report that, somewhat ironically, the very same move that in some regards paved the way for Houston’s pursuit of Arenado might’ve reduced his willingness to go there: the trade of Kyle Tucker to the Cubs. For a player seeking a perennial win-now atmosphere, a team simultaneously trading its best player and balking at re-signing a franchise cornerstone (Alex Bregman) logically raises some red flags. Woo and Rome write that Arenado wants to further see how the third-base market plays out before making any kind of decision, with Bregman’s eventual landing spot being one potential factor.

If that sounds counterintuitive, consider that Arenado could be viewed as something of a “Plan B” for teams with interest in Bregman. Bregman has been linked to both the Yankees and Red Sox, for instance. Either could hold appeal to Arenado, speculatively speaking, but they may choose not to ramp up their pursuit until Bregman is off the table. Revisiting the talks with Houston could also occur if Bregman signs elsewhere.

MLB.com’s John Denton appeared on 101 ESPN’s BK and Ferrario Show in St. Louis this morning and touched on the Arenado saga as well. He echoed many of the same points made in those reports and in his own reporting in helping break the no-trade development yesterday, but he added the wrinkle that Arenado is still holding out hope for a potential match with the Dodgers.

While Dodgers brass has publicly indicated that Max Muncy will be the team’s third baseman next season, Denton suggested some gamesmanship in those comments and reports that the Dodgers still have some interest in Arenado. It’s hard to see how that’d work with Muncy in the fold, Freddie Freeman at first base and Shohei Ohtani locked in at designated hitter.

Muncy would make a pricey and overqualified bench player. He’s a highly affordable starter at third, owed $12MM this year with a $10MM club option for 2026. Muncy doesn’t have a no-trade clause, but the 2023-24 version of Arenado isn’t a clear upgrade overall — certainly not when Muncy has been the superior hitter. Muncy’s .232/.358/.494 slash in 2024 (135 wRC+) outpaces Arenado’s .272/.325/.394 output (102 wRC+) — higher batting average for Arenado notwithstanding. Those roadblocks aside, Denton feels the Dodgers aren’t entirely out of the question and that Arenado isn’t likely to approve a deal anywhere “until the Dodgers tell him no to his face.”

There were clearly many factors that went into Arenado’s decision to utilize his no-trade provision, but regardless of the specifics, the scratched Houston deal leaves the Cards in limbo. They’d like to open third base playing time for younger players (e.g. Nolan Gorman, perhaps Jordan Walker) and are simultaneously hopeful of scaling back payroll ahead of next year’s player development-focused “reset” year.

Trading Arenado would’ve done just that, particularly with the Astros apparently willing to foot the majority of the bill. Woo and Rome indicate that Houston was willing to cover around $45MM of Arenado’s deal. ESPN’s Jeff Passan hears differently, reporting that the Astros were willing to cover a heftier $59MM of the $74MM remaining on the contract. That’s on top of the $10MM the Rockies are covering under the terms of their prior deal. In essence, it seems the Cardinals would’ve only been on the hook for anywhere from $5-19MM in total — as compared to the $64MM they currently owe Arenado ($12MM of which is deferred). Woo and Rome write that president of baseball operations John Mozeliak is “facing pressure from ownership” to further reduce payroll.

Taking a step further back, Arenado’s various reported reasons for saying no to the Astros — at least for the time being — suggest we may not get resolution on his trade candidacy anytime soon. If Arenado is waiting to see both whether the Dodgers make a serious push and to see where Bregman lands (perhaps opening the door for a match with an AL East contender), then the Cardinals’ hands are tied to an extent. Passan writes that the Houston veto could push the Cards to show willingness to eat more of the contract, thus bringing in additional suitors. Even in that scenario, the ball would be squarely in Arenado’s court, and if he’s willing to wait out several related market factors, this saga could drag on for some time.

In that scenario, the Cardinals might well be forced to look into other ways they could shed some payroll. Steven Matz ($12MM), Erick Fedde ($7.5MM) and Ryan Helsley (projected $6.9MM) are among the other short-term veterans on the roster who don’t hold the same no-trade provisions that Arenado, Sonny Gray, Willson Contreras and Miles Mikolas hold. Both Contreras and Gray have reportedly told the Cardinals that they prefer to stay in St. Louis and do not plan to waive their no-trade rights.

Nolan Arenado Uses No-Trade Clause To Block Trade To Astros

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The Cardinals are known to be looking to trade Nolan Arenado this offseason, but the talks are complicated by the fact that he has a full no-trade clause in his contract. Per a report today from Mark Feinsand, John Denton and Brian McTaggart of MLB.com, the Cards and Astros were in discussion on a trade to send him to Houston before Arenado informed St. Louis that he would not be waiving his no-trade clause to join the Astros. Katie Woo and Chandler Rome of The Athletic provided some additional details.

The Cardinals are planning for 2025 to be sort of a reset year, which has put Arenado’s name into trade rumors for the past few months. At the winter meetings last week, Cardinals president of baseball operations John Mozeliak said that he intended to try to line up a deal. The idea would seem to be mutually beneficial. Arenado turns 34 in March and could get a chance to go to a club with more immediate aims of playing competitive baseball. The Cards would save some money and open up playing time to get looks at less established players like Nolan Gorman or Jordan Walker.

But as mentioned, Arenado gets a say in the matter via that no-trade clause. It was reported last week that he would approve a trade to six teams: the Angels, Dodgers, Padres, Phillies, Mets, or Red Sox. It wasn’t clear if that was an exhaustive list but the Astros weren’t on it. Per today’s report from Woo and Rome, that list originally included the Astros but they were removed, perhaps due to the recent Kyle Tucker trade and uncertainty around the Alex Bregman situation.

Speaking of Bregman, he has long been the third baseman in Houston, though there are some signs they are planning on moving on. In the years leading up to his free agency, they repeatedly said that they wanted to re-sign him but no deal ever came together. He is still unsigned but there was reportedly a gap in the negotiations, with the club offering him $156MM over six years while he was looking for something more in the $200MM range.

On top of that, the Astros made a big trade last week which arguably got them a Bregman replacement for the hot corner. In sending Tucker to the Cubs, the Astros got three players back, one of whom was Isaac Paredes. While Paredes has played all four infield positions, he’s played third base far more than the other three spots combined.

But in the aftermath of that trade, it was reported that the Astros were emerging as “a serious suitor” for Arenado. Since Arenado is renowned for his third base defense, the plan would presumably be to move Paredes over to first base, since that’s also a target area for Houston. Though it appears Arenado isn’t on board, which puts that whole plan on ice for now.

It’s not clear what the full deal was or why Arenado decided to put the kibosh on it. All reporting has suggested that winning is Arenado’s primary motivation with his theoretical next team and the Astros would seemingly fit the bill. Despite just trading Tucker, they are still planning to compete again in 2025 and have been one of the winningest clubs of the past decade. Perhaps his decision has something to do with geography, the Astros sign-stealing scandal or the Astros-Cardinals data breach scandal, though those would be just guesses. Woo and Rome’s report suggests that he wants more time to make his decision and this isn’t final.

Aside from Arenado blocking the deal, the most notable item in today’s reporting is that the Cardinals were apparently willing to eat money. Arenado is going to make $74MM over the next three years but $10MM is covered by the Rockies as part of the trade that sent him from Colorado to St. Louis. There are also some deferrals, which apparently drop the present day value of what’s owed from $64MM to about $60MM, per the MLB.com column. But the Cards were willing to include $15-20MM so that the Astros would only be on the hook for $40-45MM of that. The Athletic says the Cards were willing to eat $5MM per season for the rest of the deal, or exactly $15MM.

That’s a sensible position for the Cards to take. While lowering the payroll is a goal for their planned reset year, it’s already projected to be well below their recent spending levels. RosterResource projects the 2025 payroll to be almost $40MM below 2024 levels. Trading Arenado, even if they eat some of the money, would only widen that gap while allowing the club to get a more notable return in terms of young talent.

It also may have helped the Astros stay under the competitive balance tax, with RosterResource currently putting their number at $225MM. If they were to take on roughly three years and $45MM of Arenado’s deal, that would add $15MM to their number and put them right around the $241MM base threshold.

Now the major questions will be about what comes next for each club. Both reports suggest that the Astros and Cardinals will continue having discussions, but it’s possible that they may have to pivot to other options while they are still available, depending on how much time Arenado wants to make up his mind about Houston. The Astros could look to restart negotiations with Bregman or pivot to a first baseman like Christian Walker. The Cardinals could try to negotiate a new deal with one of the other clubs that Arenado is perhaps less hesitant about joining.

Arenado was an MVP finalist as recently as a couple of years ago but his offense has dipped in recent years. In 2022, he hit 30 home runs and slashed .293/.358/.533 for a 149 wRC+. When combined with his excellent glovework, FanGraphs credited him with 7.2 wins above replacement that year. But over the past two years, he has hit .269/.320/.426 for a 104 wRC+, barely above league average. He’s still been worth close to 3 fWAR annually in that time thanks to the defense, but it’s obviously a concerning drop. Most of his home runs come to the pull side, so playing in front of Houston’s Crawford Boxes could be a good fit for him, but he would have to want that.

Mets Sign Griffin Canning

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The Mets finalized the signing of right-hander Griffin Canning to a one-year free agent deal. The Wasserman client is reportedly guaranteed $4.25MM and could make an additional $1MM via incentives. Canning would unlock $250K bonuses for reaching 22, 25, 28 and 31 starts. The Mets had four open roster spots, so no corresponding move was necessary.

This will technically be Canning’s third team of the offseason. The Angels dealt him to the Braves in a one-for-one swap for Jorge Soler within hours of the trade market reopening. As MLBTR’s Steve Adams pointed out at the time, Canning wasn’t a lock to stick in Atlanta for more than a few weeks. MLBTR contributor Matt Swartz projected him for a $5.1MM salary in his final season of arbitration eligibility. The Braves balked at that price and non-tendered him, affirming that the trade was about shedding the final two years of Soler’s contract.

That made Canning a free agent for the first time in his career. The 28-year-old heads to Queens and should compete for a rotation job. Canning has over five years of service time and cannot be sent to the minors without his consent. He’ll be on the MLB roster in some capacity, though it’s possible he’ll be pushed into long relief to open the year.

A second-round pick out of UCLA in 2017, Canning immediately became one of the Angels’ better pitching prospects. He profiled as a quick-moving college arm who had a chance to land in the middle of the rotation. Canning reached the big leagues within two years, but he’s had an up-and-down career. He posted a 4.58 earned run average over 90 1/3 innings as a rookie. His best season came during the shortened 2020 schedule, as he turned in a 3.99 ERA through 11 starts.

That remains Canning’s only sub-4.00 showing. Opponents tagged him for a 5.60 ERA across 14 MLB appearances in 2021, leading the Halos to option him to Triple-A. He landed on the injured list almost immediately with a stress reaction in his lower back. That carried into the following year and cost him the entire 2022 season.

At the time, it looked as if injuries could derail his career. The back was the most severe, but he’d also battled recurring elbow soreness early in his career. Canning has fortunately managed to stay mostly healthy over the last two seasons. He landed on the injured list twice in 2023, though both were minimal stints related to minor leg issues. Canning avoided the IL entirely this year. His effectiveness has waned, however.

Canning pitched to a 4.32 ERA across 127 innings two seasons ago. This year was a struggle, as he allowed 5.19 earned runs per nine over a career-high 171 2/3 frames. His strikeout rate plummeted to a personal-low 17.6%, more than eight points south of the previous year’s 25.9% clip. The walks ticked up a couple points while his swinging strike percentage dipped from 12.8% to a league average 11% rate.

The stuff also took a slight step backwards. Canning averaged 93.4 MPH on his four-seam fastball this season, a tick below the prior season’s 94.7 MPH mark. Opponents teed off on that pitch, connecting on 16 homers with a .529 slugging percentage. Canning features a fairly typical four-pitch mix (fastball, changeup, slider, curveball) and has intermittently looked like a fourth starter. The Mets will try to help him find that form more consistently.

Canning becomes the third potential starter whom the Mets have added via free agency. They went to the middle of the market for upside plays on Frankie Montas and Clay Holmes, the latter of whom will stretch into rotation work after six seasons as a full-time reliever. Canning doesn’t have the same ceiling — hence the far lower price tag — but aligns with New York’s seeming preference for stockpiling depth.

Montas, Kodai Senga, David Peterson, and Holmes should all be in the Opening Day rotation. Canning, Tylor Megill and Paul Blackburn would vie for the fifth starter job as things stand. The Mets could prefer to run a six-man rotation. Senga was limited to one regular season start this year by injury. They’ll need to closely monitor Holmes’ workload so he doesn’t fatigue. Blackburn finished 2024 on the IL and underwent a postseason spinal surgery that could delay him in Spring Training.

The Mets could use at least another mid-rotation arm to solidify that group. They’ve stayed in contact with Sean Manaea since he declined their qualifying offer. Various reports have cast them as a long shot to land Corbin Burnes, but The Athletic tied them to Jack Flaherty and Nick Pivetta (each of whom remains unsigned) during the Winter Meetings. Adding another starter would allow the Mets to push at least one of Canning, Megill or Blackburn into a multi-inning relief role.

RosterResource calculates New York’s salary commitments and competitive balance tax number around $255MM. Owner Steve Cohen has been comfortable pushing their CBT number well beyond $300MM in previous years. There’s little reason for him to pull back now that they’ve landed Juan Soto. For now, they remain in the lowest tier of luxury tax penalization. They’re taxed at a 50% rate on spending between $241MM and $261MM, so the tax hit on Canning is $2.125MM. That brings the investment to $6.375MM before incentives.

Ken Rosenthal of the Athletic first reported the Mets were signing Canning to a $4.25MM deal with $1MM in bonuses. The Associated Press reported the incentive specifics.

Image courtesy of Imagn.

Yankees Acquire Cody Bellinger

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The long-awaited Cody Bellinger trade has arrived. The Yankees and Cubs announced a trade sending Bellinger and cash considerations to the Bronx in exchange for right-hander Cody Poteet. Chicago is reportedly paying down $5MM of the $52.5MM remaining on Bellinger’s contract. They’ll pay $2.5MM of next season’s $27.5MM salary and send another $2.5MM in 2026 — either covering a portion of his $25MM salary for that season or paying half of the $5MM buyout if he opts out of his contract next winter. New York reportedly plans to use Bellinger as a center fielder.

Bellinger heading to the Bronx is a logical fit and it has been in plenty of rumors recently. At the start of the offseason, the Yankees lost Juan Soto, Alex Verdugo and Anthony Rizzo to free agency, opening up two holes in their outfield and one at first base. Since Bellinger has played both the outfield and at first, the 29-year-old was seen as a possible fit for their 2025 plans in various ways. The Yanks pursued Soto for a long time but he eventually landed with the Mets, pushing the Yankees to several backup plans. They have since signed left-hander Max Fried and acquired right-hander Devin Williams to upgrade their rotation and bullpen.

For the Cubs, Bellinger has seemed expendable for a few reasons. On the one hand, Pete Crow-Armstrong emerged as a viable glove-first center fielder in 2024, which was Bellinger’s primary spot the year before. Michael Busch also took over the first base spot. With Ian Happ and Seiya Suzuki in the outfield corners, Bellinger was a bit squeezed. The Cubs only compounded the problem when they acquired Kyle Tucker from the Astros.

However, beyond the roster crunch, the Cubs were also likely motivated to move Bellinger due to his decline in performance. After some rough years with the Dodgers while recovering from shoulder surgery, the Cubs took a bounceback flier on Bellinger in 2023. After being non-tendered by the Dodgers, the Cubs gave Bellinger a $17.5MM guarantee on a one-year pact, hoping he could get over his injury woes and return to being the player that won Most Valuable Player in 2019.

He didn’t get all the way back to that level but was still great value for that investment. He stole 20 bases and hit 26 home runs. He only struck out 15.6% of the time. The reviews of his center field defense were mixed but were mostly close to league average. He also moved to first base on occasion. He slashed .307/.356/.525 for a 136 wRC+ and produced 4.4 wins above replacement, in the eyes of FanGraphs.

Perhaps the Cubs would have been happy to walk away at that point. They gave Bellinger a qualifying offer and didn’t seem to have a very high motivation to re-sign him, but nor did any other clubs, as Bellinger remained unsigned through late February. Eventually, he and the Cubs agreed to a three-year, $80MM deal with opt-outs after each season.

On that kind of deal, the best case scenario for the club is that the player performs well and then opts out. If the player doesn’t opt out, it means he doesn’t like his prospects in free agency, which likely means he got hurt or underperformed.

Bellinger’s production did indeed slip relative to 2023, though it wasn’t disastrous. He stole nine bases and hit 19 home runs. His strikeout rate held steady at 15.6%. He slashed .266/.325/.426 for a wRC+ of 109. His center field defense was still graded as around league average but he spent less time there due to the aforementioned emergence of Crow-Armstrong. He produced 2.2 fWAR, half of the year before.

Going into the offseason, it was a borderline call as to whether Bellinger would opt out or not. He could have taken the $2.5MM buyout and taken his chances, leaving a $52.5MM guarantee on the table. While he may have been able to beat the $50MM difference this winter, he decided to stay, perhaps due to the way the current contract is allocated. He will make $27.5MM in 2025 with a $5MM buyout on his $25MM for 2026. There’s a best-case scenario for him personally where he plays better in 2025 and then takes the second opt-out, returning to the open market with greater earning power, pocketing $32.5MM in the process. He decided that was more attractive than opting out this year.

It seems fair to conclude that the Cubs would have rather he opted out. Trade rumors surrounding Bellinger have been flying all offseason and now the Cubs have moved on from him, mostly for salary relief. By taking on the majority of that salary, the Yankees haven’t had to give up much, though there is financial risk and the deal has more downside than upside.

If Bellinger plays especially well in 2025, he will trigger that opt-out. That will leave the Yankees having paid him $27.5MM for one year, which is the best-case scenario for them at this point. Though if he doesn’t play well or finishes the upcoming season with a notable injury, he will stay on their books for 2026, with the Yanks on the hook for $22.5MM of his $25MM salary.

The Yankees are also repeat luxury tax payors, which will add to what they are paying Bellinger. If they end up above the highest threshold as they did in 2024, then they are slated for a 110% tax on spending over the top line, so any new additions to the roster effectively cost double. That compounds the risk they are taking with Bellinger but the same would be true if they had instead opted to sign a free agent or acquire another player making a notable salary.

Bellinger has been a very streaky player in his career, so it’s anyone’s guess which of those outcomes is more likely in the upcoming year. As mentioned, he’s shown MVP upside but followed that up with a stretch so bad that he was non-tendered. He roared back in 2023 but dipped a bit in 2024.

All that being said, it’s understandable why the Yankees would be interested in taking this risk. The free agent market features outfielders like Teoscar Hernández and Anthony Santander, but they will likely end up with larger guarantees than Bellinger. Santander is reportedly looking for a five-year deal and Hernández three, each likely hoping for an average annual value of $20MM or more.

They are also both bat-first guys with poor defense, whereas Bellinger is capable of being a strong defender in an outfield corner or perhaps passable in center. The Yanks played Aaron Judge in center a lot in 2024 while using Verdugo and Soto in the corners, though it seems that Judge is now slated to return to right field. That’s a sensible pivot since Judge’s marks were poor this year and he’s about to turn 33, meaning the long-term toll on his body would have to be considered. The Yankees may have continued to have Judge up the middle if they had re-signed Soto but after he signed with the Mets, it was reported the the club was planning to move Judge back to right and have Jasson Domínguez get a crack at the center field job.

Now that they have landed Bellinger, it seems he is Plan A for center. As mentioned, the advanced metrics have been a bit split on his viability there. In over 4,000 innings, he has been credited with 10 Defensive Runs Saved. However, most of that positive value came earlier in his career with the Dodgers. He’s been average or below for four straight years now. Outs Above Average, however, is far more bullish. That metric has given Bellinger a grade of +19 in his career, having him at par or better in every season of his career.

Perhaps there’s a scenario where Domínguez seems like the better option and pushes Bellinger to a corner, but there’s no guarantee he will be a capable big leaguer in 2025 at all. He tore through the minors and then debuted with a splash in 2023, but he then required Tommy John surgery late that year, which put him on the shelf for a decent chunk of 2024. He then missed more time this year due to an oblique strain and has only appeared in 26 big league games at this point. He will likely still get a shot at taking the left field job next to Bellinger and Judge but isn’t guaranteed anything, with guys like Everson Pereira and Spencer Jones around to give him some competition.

The Yanks didn’t have many other options if they wanted to find a solution for center field. The free agent market is arguably led by glove-first Harrison Bader, who they weren’t likely to sign anyway after a bad experience trading for him in 2022. The trade market has other options such as Luis Robert Jr., though all reports have indicated the White Sox are setting a high asking price even though Robert is coming off yet another injury-marred season.

It’s also possible that they change their plans, depending on how the rest of the offseason plays out. They reportedly have interest in various first base options, such as trade candidates Josh Naylor or Nathaniel Lowe, as well as free agents Pete Alonso, Christian Walker, Carlos Santana and Paul Goldschmidt. But if they can’t complete a deal they like there, they could always pivot back to Hernández and/or Santander or some other outfielder, sending Bellinger to first base in that scenario.

For the Cubs, they are likely happy to get the majority of Bellinger’s salary off their books but also take a flier on Poteet. The 30-year-old has 83 innings of major league experience at this point between the Marlins and Yankees, missing the 2023 season while recovering from Tommy John surgery. He returned to the mound in 2024 but also missed about three months due to a right triceps strain.

He tossed 24 1/3 innings in the majors this year over four starts and one relief appearance. He allowed 2.22 earned runs per nine with a 16.7% strikeout rate, 8.3% walk rate and 42.3% ground ball rate. He also made ten Triple-A starts with a 3.92 ERA, 27.2% strikeout rate, 8.3% walk rate and 40.7% ground ball rate.

The Cubs already have a solid rotation mix consisting of Justin Steele, Shota Imanaga, Jameson Taillon, Matthew Boyd and Javier Assad. They’ve been connected to Jesús Luzardo in recent rumors and also have Jordan Wicks, Ben Brown and Cade Horton in the mix. Poteet still has options and can slot in as Triple-A depth for the Cubs.

Financially, RosterResource now has the Cubs with a competitive balance tax calculation of $192MM, almost $50MM shy of the $241MM base threshold. They went a bit over the line in 2024 but it’s unclear if they are willing to do so again in 2025. It’s also unclear if they have any other big moves planned now that they have added Tucker and Boyd. The bullpen could certainly use some upgrades but the club has generally shied away from big splashes there.

RR puts the Yankees at a $270MM payroll and a luxury tax calculation of $292MM. They had a payroll around $300MM last year and therefore still have a bit of wiggle room for other moves if they are willing to get to a similar level next year. The top tier of the tax starts at $301MM next year, so they are not far from getting up to that 110% tax rate, but are already at a 95% rate at their current level.

They are still on the lookout for help at the infield corners, with Jazz Chisholm Jr. likely slated to be moved from third to second base, though adding a second baseman and keeping Chisholm at third is also a possibility. Perhaps a trade of Marcus Stroman could help in multiple ways, as he is making a notable salary and arguably surplus to requirements in the rotation.

Jeff Passan of ESPN first reported that Bellinger and cash were going to the Yankees for Poteet. Jack Curry of YES Network first had the $5MM total. Jesse Rogers of ESPN reported that it was split into $2.5MM per year while Passan added that the second half would be coming regardless of the opt-out decision. Bob Nightengale of USA Today reported that Bellinger has been told he’ll be playing center field for the Yanks.

Latest On Teoscar Hernandez

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The thinking that Teoscar Hernandez would sign early in the offseason or in the immediate aftermath of Juan Soto’s decision has not played out as such. The 32-year-old slugger remains unsigned, reportedly juggling interest from at least the Dodgers, Blue Jays, Red Sox and Yankees to this point in the winter. Hernandez and the incumbent Dodgers have been unable to bridge a gap in Hernandez’s asking price and the team’s offer. Mark Feinsand of MLB.com adds further context, reporting that Hernandez is seeking a three-year deal that’ll guarantee him $22-24MM annually.

A three-year deal in $66-72MM range would generally dovetail with expectations. Hernandez’s agent, Rafa Nieves, already stated earlier in the offseason that Hernandez had been seeking three years last offseason when they pivoted and took a one-year deal in Los Angeles. A three-year deal on the heels of the slugger’s rebound campaign in L.A. seemed (and still seems) reasonable, even though he’s now headed into his age-32 season after rejecting a qualifying offer (and thus attaching himself to draft pick compensation). That $22-24MM range would align with last year’s $23MM salary (though some of that was deferred, dinging the net present value a bit).

With Soto off the board, Hernandez and fellow slugger Anthony Santander are the top corner outfield bats on the free agent market. Santander is two years younger but is also reportedly seeking a five-year deal after swatting 44 homers for the Orioles in 2024. Both players rejected QOs. Hernandez is the more affordable of the two but is also older and more strikeout-prone. The presence of Cody Bellinger on the trade market and the recent emergence of the now-traded Kyle Tucker might’ve combined to slow things down for Hernandez’s market, speculatively speaking.

Hernandez turned in a .272/.339/.501 slash with a career-high 33 home runs last season before going on to hit .250/.352/.417 in postseason play. His 28.8% strikeout rate was an improvement over his 31.1% mark from 2023 but still sat about six percentage points higher than league average. His 8.1% walk rate was the second-best of his career but fell right in line with the 8.2% league average. At this point, teams can expect plus power, a below-average walk rate and more strikeouts than they’d prefer from Hernandez. He drew well below-average marks for his defense, but Hernandez has plus speed and above-average arm strength, per Statcast, so a team might think there’s enough raw talent to coax some better performance out of him.

The defensive concerns do make a multi-year reunion with the Dodgers a potentially problematic pairing, however. Hernandez has said he hopes to return — and the Dodgers are clearly open to a reunion. Beating the rest of the market when Hernandez is already 32 and there’s no DH opportunity thanks to the presence of Shohei Ohtani could make a long-term arrangement worrisome for Los Angeles in a way that’s not the case with other Hernandez suitors.

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