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Soto Bidding Could Approach $700MM

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As the Juan Soto decision nears, the expected contract seemingly continues to climb. Jon Heyman of the New York Post writes that the price could push to $700MM. Heyman suggests that the Mets, Yankees, Red Sox and Blue Jays may all be near that mark. The Dodgers are also a finalist, but various reports have put them as the least likely of the quintet to land him.

On Tuesday, The Athletic reported that multiple teams had made offers at or above $600MM. Agent Scott Boras said at the time that Soto had begun to narrow the field, though he didn’t specify a timetable for his decision. Most reports indicate he’s likely to sign by the end of next week’s Winter Meetings, perhaps as soon as this weekend.

According to Heyman, teams have continued to adjust their offers in recent days. Alex Speier of the Boston Globe reported last night that the Red Sox were hoping for a final meeting with Soto’s camp to get the outfielder to name the specific price at which he’d put pen to paper. It’s not clear if Soto would grant any team that sit-down.

Shohei Ohtani’s deal was initially reported as a 10-year, $700MM contract. The extreme nature of the deferrals in the Ohtani deal, which were reported a few days after he announced he was signing with the Dodgers, dramatically reduced the net present value. MLB valued the contract around $461MM for luxury tax purposes. That’s still an all-time record. Soto was unquestionably going to beat $461MM and widely expected to go well beyond $500MM. (MLBTR predicted a 13-year, $600MM contract at the beginning of the offseason.) Getting to $700MM without deferrals would shatter prior contractual precedents.

Ohtani’s $46.06MM annual salary — again adjusting for deferrals — is the record for average annual value. Bryce Harper’s 13-year contract is the longest free agent deal in history. Soto would likely need to break both records to get to $700MM — potentially on a 14-year deal at $50MM annually. It shouldn’t be much longer before we learn if the market will go to those heights.

John Mozeliak Discusses Cardinals’ Offseason Plans

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Getting a clear picture of the Cardinals’ plans for 2025 has been a bit of a moving target. Multiple reports over the past months indicated the club was looking at a sort of reset year, lowering the payroll as they pivot towards a focus on player development. As such, it seemed fair to expect that a number of veteran players on the roster would be available in trade. In recent weeks, that expectation has been softened, something that president of baseball operations John Mozeliak discussed with Katie Woo of The Athletic this week.

“We have every intention of fielding a good baseball team,” Mozeliak said. “It’s going to have a different profile, but we still have a lot of belief that some of our younger players will take that next step forward. We’re excited about what we have. Now, it is Dec. 5, and things can happen and things can change. But we’re still going into (next season) with optimism that it’ll be a fun baseball team to watch.”

It seems the plan is to walk a bit of a fine line. The Cards are definitely planning to take their foot of the gas pedal a bit, though maybe not to the degree that was initially expected. All signs point to the club spending a bit less on the 2025 roster, but they might just do that by being less aggressive. RosterResource already projects the club about $35MM below last year’s payroll, so the Cards could just avoid signings as opposed to actively looking to move players with notable contracts.

As of a few weeks ago, it seemed fair to expect players like Nolan Arenado, Willson Contreras, Sonny Gray, Ryan Helsley and others would be available. Helsley is an excellent reliever but is one year away from free agency, making it logical for them to explore trades. The other three are in their mid-30s and making eight-figure salaries. They all have no-trade protection but it was assumed by some that they would prefer to be traded to a competitor, rather than sticking out a rebuilding process.

But it was reported last month that Contreras actually wanted to stay in St. Louis and didn’t want to waive his no-trade clause. Since one of the goals of the 2025 season is for the club to evaluate players including catchers Iván Herrera and Pedro Pagés, Contreras will be moved to first base to replace free agent Paul Goldschmidt. Though the reporting was a bit less explicit with Gray, it seems he also had a desire to stay with the Cards next year.

Recent reporting has also suggested that they will hold onto Helsley. They could eventually trade him at the deadline but there is some risk there. Helsley could get hurt or put up less impressive numbers in the first half of 2025. Holding onto him now also prevents the acquiring team from making a qualifying offer after 2025, potentially reducing his trade value.

All in all, it seems the plan is to do something in between rebuilding and full-throated contending. The Cards are going to give playing time to some less proven players and hope for some internal developments. Woo lists Nolan Gorman, Jordan Walker, Lars Nootbaar, Alec Burleson, Pagés and Herrera as players who should get long auditions in 2025. That’s notable for Gorman as he seemed to fall out of favor this past year, getting optioned to the minors with Mozeliak seemingly delivering a harsh assessment of his situation at that time.

“Obviously, it’s a game of production up here and at some point, you’ve got to consistently produce, or we have to find someone who can,” Mozeliak said in August. “I mean, that’s what it ultimately comes down to, and these are hard messages to hear. It can be frustrating, but this is what ends up defining you. With our offensive struggles this year, I think you can strictly look at the inability for consistent performance, day in and day out.”

It seems much has changed since that comment, as Mozeliak now tells Woo that they’re hoping for Gorman to get 600 at-bats next year. He seemed to break out in 2023 with 27 home runs and a strong 11.4% walk rate, working around a high strikeout rate of 31.9%. But his walk rate fell to 8.5% in 2024 as his strikeout rate climbed even higher to 37.6%, leading to his aforementioned optioning to the minors.

The Cards have a few of these talented but unproven players and it seems the plan is to give them a chance to step forward. Walker also had a strong 2023 but fell off in 2024. Burleson had a nice breakout in 2024 that he’ll try to maintain. Nootbaar has been limited by injuries and still hasn’t played 120 games in a season. Pagés and Herrera have been stuck in backup duty behind Contreras.

The overarching plan then is to proverbially throw these players into the deep end and see how well they swim. The Cards believe that, with some success from that group and others, they could potentially compete in 2025. That mentality is leading them to hold onto players like Helsley for now and see how things go. Depending on how the players and the team perform in the first half of 2025 could then determine next steps.

The big remaining unknown seems to be Arenado, who seems to be more open to waiving his no-trade clause than Contreras or Gray, but he hasn’t demanded a trade and the Cardinals don’t seem hellbent on moving him. Whether he returns to St. Louis in 2025 could perhaps depend on what kind of offers are put on the table for him. On top of that, players like Erick Fedde, Steven Matz and Miles Mikolas are impending free agents. The club may be open to trading them depending on the offers, but like Helsley, they could also be retained as the club tries to see if contending in 2025 is possible.

Cubs Reportedly “Determined” To Trade Seiya Suzuki Or Cody Bellinger

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The Cubs are “determined” to trade one of first baseman/outfielder Cody Bellinger or outfielder Seiya Suzuki, reports Joel Sherman of The New York Post, with the idea of then redirecting their cost savings to upgrade other parts of the roster. Per Bruce Levine of 670 The Score, the Cubs have some interest in catchers Carson Kelly and Danny Jansen as well as relievers Andrew Chafin and Kirby Yates.

The Cubs have been seen as a logical candidate to move an outfielder due to having a fairly crowded mix on the grass. Pete Crow-Armstrong seemingly established himself as a viable glove-first center fielder this year, with the potential for huge value if his offense takes a step forward. For the corner spots, the Cubs have Bellinger, Suzuki and Ian Happ. Bellinger can also play some first base but Michael Busch took that position and ran with it this year.

There are also some other options lurking just below those established big leaguers. Alexander Canario has just 45 major league plate appearances but he has always hit well in Triple-A and is now out of options. Kevin Alcántara and Owen Caissie are both on the 40-man roster and consensus top 100 prospects in the league. Alcántara made a brief MLB debut in 2024 while Caissie spent the whole season in Triple-A and played well, so both are arguably ready for some proper big league playing time. Even with the designated hitter spot open, that’s more guys than the Cubs have spots.

But untangling the knot comes with complications. The prospects and Crow-Armstrong are cheap and controllable, so the the Cubs probably view them as part of the long-term solution, especially since the Happ/Bellinger/Suzuki trio are all slated for free agency after 2026, with Bellinger able to opt out of his deal after 2025. But Happ and Suzuki have no-trade clauses, making it difficult to move them.

Bellinger is also difficult to trade on account of that opt-out. For the Cubs or an acquiring club, the best case scenario is that he plays well in 2025 and leaves, but even that wouldn’t be cheap. He’s going to make $27.5MM in 2025 and then gets to choose between a $5MM buyout and $25MM salary in 2026. That means that even a one-and-done from Bellinger in 2025 will cost $32.5MM. Teams may have some willingness to take a chance on Bellinger bouncing back from a middling 2024 campaign, but the downside is that he doesn’t quite get back into form and sticks around for 2026. In that scenario, the acquiring team would be on the hook for $52.5MM over two years for a struggling player.

At this point, it’s anyone’s guess which version of Bellinger is going to show up next year, given his up-and-down career. He won an MVP award earlier in his career but then suffered through a few miserable seasons, perhaps struggling to get healthy after a notable shoulder surgery. He bounced back with the Cubs in 2023, hitting 26 home runs, slashing .307/.356/.525 and stealing 20 bases. FanGraphs credited him with 4.4 wins above replacement in 130 games. He played the same number of games in 2024 but with his fWAR cut in half to 2.2. His home run tally dropped to 18, he stole nine bases and he played less time in center field as Crow-Armstrong took over that spot.

Lining up with another club on a trade could be difficult, but it’s still a possibility. At the start of the offseason, we put Bellinger on our list of likely trade candidates, though with a spot near the bottom as a reflection of the complications. It was reported this week that the Yankees, Mariners and Astros have checked in about him.

With Suzuki, this is the first suggestion that he is available, and he will surely draw interest. In his 381 major league games thus far, he has hit 55 home runs and drawn walks at a 10.2% clip. His .278/.354/.470 batting line translates to a 129 wRC+ and he has seemingly been getting better over time. His home run total has gone from 14 to 20 and then 21 in his three seasons, with his walk rate climbing year-over-year from 9.4% to 10.1% and then 10.8%. As such, his wRC+ has gone from 118 in his rookie season to 128 and then 138.

Suzuki isn’t considered a strong defender, with the advanced metrics mixed on exactly where to rank him. He has -5 Outs Above Average to this point but Defensive Runs Saved has him at league average overall, and with apparent improvements. He had -4 DRS in his rookie season and then +2 in each of the subsequent campaigns to get back to par overall.

Regardless, the bat should make him appealing and his contract isn’t onerous. He is going to make $18MM in each of the next two years, his age-30 and -31 campaigns, for a total guarantee of $36MM. Comparable free agents are likely to earn far more than that on the open market. MLBTR predicted that Anthony Santander could secure a contract of $80MM over four years, with guys like Teoscar Hernández, Jurickson Profar and Tyler O’Neill projected for the $40-60MM range.

As mentioned, Suzuki has a full no-trade clause. That naturally complicates the possibility of a trade, as the Cubs would be limited in their discussions to whatever clubs Suzuki would be willing to join and it’s unknown what his preferences are or might be. The Cubs will presumably have discussions with Suzuki and various suitors to see what possibilities exist for them. If a deal can come together, it would open up some playing time for their prospects while freeing up some cash for other pursuits.

It doesn’t appear the budget is especially tight right now. RosterResource has the Cubs projected for a $185MM payroll, well below last year’s Opening Day mark of $214MM, per Cot’s Baseball Contracts. Perhaps the Cubs are planning to keep spending a bit tight this offseason, as many predicted them to pursue a notable rotation upgrade such as Corbin Burnes or Max Fried. But they recently agreed to a two-year, $29MM deal with Matthew Boyd, a notable expense but far less than what Burnes or Fried are expected to earn.

The club is known to be looking for help behind the plate and Kelly and Jansen are two of the better names available in free agency. Kelly has generally paired some solid defense with passable offense in his career. Though his bat has gone up and down a bit, he has a .224/.307/.373 batting line in his career for a wRC+ of 85. Jansen, on the other hand, had a long stretch as a great hitter but is coming into free agency on a down note. He hit .237/.317/.487 for a wRC+ of 121 from 2021 to 2023 and got out to a roaring start in 2024 as well but then slashed .158/.274/.243 for a wRC+ of 53 after the month of May.

MLBTR predicted a two-year, $20MM guarantee for Jansen as part of our Top 50 free agents list, with Kelly in the honorable mention section. Either should easily fit into Chicago’s budget with or without an outfield trade.

Chafin and Yates both align with the Cubs and their aversion to notable deals for relievers, as shown in MLBTR’s Contract Tracker. Since Jed Hoyer took over as president of baseball operations, the club has never given a multi-year deal to a free agent reliever. Last year’s $9MM one-year deal for Héctor Neris was the first time Hoyer went beyond $5MM for a bullpen signing.

Yates just wrapped up a tremendous season, tossing 61 2/3 innings with a 1.17 earned run average and 35.9% strikeout rate. But since he’s turning 38 years old in March and has a notable injury history, he will likely be limited to a one-year deal. MLBTR’s $14MM projection would be new territory for Hoyer, though only slightly. Chafin has been a solid bullpen lefty for over a decade, with a 3.42 ERA in 601 appearances. His last two trips to free agency have resulted in one-year deals of $6.3MM and then $4.8MM.

Cardinals Appear Unlikely To Trade Ryan Helsley

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With the Cardinals viewing next season as an opportunity to transition to a younger core, various St. Louis players jumped out as logical trade candidates. Ryan Helsley was chief among them, as the hard-throwing righty is one year from free agency. Helsley is one of the best relievers in baseball and would surely get a lot of attention on the trade market.

Nevertheless, Ken Rosenthal of the Athletic reports that teams in contact with the Cardinals expect St. Louis to hold their closer into next season. President of baseball operations John Mozeliak supported that notion. “(A trade is) something we will always remain open-minded to, but our plan is to have him be part of our organization,” Mozeliak told Rosenthal. That aligns with reporting from Derrick Goold of the St. Louis Post-Dispatch, who wrote last month that the Cards were inclined to keep Helsley unless blown away by the offers.

That stops a little short of taking him off the market entirely. It’s not quite as definitive a declaration as, say, A’s GM David Forst flatly stating they were going to keep designated hitter Brent Rooker last month. Still, it’s notable that the team’s front office leader went on record to downplay the possibility of a trade.

Helsley has had a dominant three-year run at the back of the bullpen. He broke out with a 1.25 earned run average across 64 2/3 innings in 2022. A forearm strain wiped out a few months of his ’23 campaign, but he posted a 2.45 ERA through 36 2/3 frames when able to take the mound. Helsley’s arm held up over a completely healthy season this year. He fired a career-best 66 1/3 innings with a 2.04 mark over 65 appearances.

After beginning his career in a setup role, Helsley proved himself an elite closer this past season. He led the majors with 49 saves while surrendering only four leads. He paced the National League with 62 games finished. Helsley punched out nearly 30% of opposing hitters against a tolerable 8.6% walk rate. Going back to the start of the ’22 season, he carries a 1.83 ERA with a huge 34.6% strikeout percentage through 167 2/3 innings.

That level of production behind a triple-digit fastball and wipeout slider would’ve made Helsley arguably the best reliever on the trade market. (One can debate whether he’s better than Milwaukee closer Devin Williams, who could be dealt before his final season of team control.) MLBTR contributor Matt Swartz projects Helsley for a $6.9MM salary during his final trip through the arbitration process. That’s well below market price for a lockdown closer.

Carrying Helsley into next season would be a frankly puzzling decision. The Cardinals surely feel they’d get a ton of interest at next summer’s deadline, though there’s always the possibility of an early-season injury tanking his trade value. An offseason trade would also keep open the chance for an acquiring team to recoup draft compensation if Helsley walks in free agency. Teams can only make a qualifying offer to players they’ve had on the roster for the whole season. A team that acquires Helsley before Opening Day could make him a QO next winter; one that lands him at the deadline could not.

Qualifying offers for relievers are rare but not unheard of. Raisel Iglesias and Josh Hader declined QOs before their trips to free agency. Edwin Díaz would’ve received a QO had he not re-signed just before hitting the market. A typical Helsley season could put him in that tier. There’s enough volatility with relievers that he certainly wouldn’t be a lock for the QO, but that possibility could hold some value to other teams now and would not exist over the summer.

The Cardinals themselves could make Helsley a qualifying offer if they don’t trade him at all. Speculation about a full teardown has quieted in recent weeks. Willson Contreras and Sonny Gray, both of whom have no-trade clauses, are unlikely to be dealt after expressing their preference to stick around. The Cards are expected to entertain trade possibilities on Nolan Arenado. Beyond that, they could run things back with most of last year’s roster. Paul Goldschmidt, Kyle Gibson, Andrew Kittredge and Lance Lynn were their free agents of note.

Perhaps the Cardinals feel they can hang in the NL Central mix if they get a few internal improvements. There’s still a decent amount of talent on a roster that finished above .500 at 83-79 this year. Winning the division would be a long shot unless they’re active in free agency, but they seem to be willing to at least see how things play out in the season’s first couple months.

Red Sox Hoping For Additional Meeting With Soto

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By this time next week, there’s a good chance Juan Soto will have picked his destination. As the star outfielder weighs multiple offers at or above $600MM, the top of the market waits.

At least one team is hoping for another sit-down with Soto and agent Scott Boras. Alex Speier of the Boston Globe reports that Red Sox’s brass has expressed interest in another meeting at which Soto’s camp would name the price necessary to get a deal done. That’s an effort to avoid being unknowingly outbid at the end.

It seems the Sox are worried about the Mets in particular. Speier writes that Sox’s brass has heard rumors that Mets’ owner Steve Cohen has promised Boras that he’d beat the best offer made by any other team by $50MM. To be clear, Speier is not reporting on the veracity of that rumor itself. Speier is neither confirming nor denying that Cohen made such offer. The Globe’s report only mentions that the Sox are concerned enough that the rumor might be true that they’re hopeful of getting Soto and Boras to name a specific price.

It’s not clear if Boras and Soto have any interest in doing so. There’s value for Soto in playing teams’ uncertainties against each other. Relaying the specifics of every offer to each team in the race would eventually result in a highest bidder, but it’d also limit the possibility that one club goes well beyond whatever is on the table from the others.

There have seemingly been five legitimate suitors for Soto: the Mets, Yankees, Blue Jays, Red Sox and Dodgers. Various reports have cast the Dodgers as a long shot. The general view is that Los Angeles entered the mix mostly to gauge whether Soto’s market might not materialize quite the way he’d envisioned. With multiple teams putting $600MM+ offers out there, that hasn’t been the case. MLB.com’s Mark Feinsand wrote last night that the Dodgers were unlikely to land him.

Speier confirms that the Red Sox recently upped their offer to $600MM. The Athletic reported on Tuesday that every team that still had a chance at Soto had hit or topped that mark. (That’s not necessarily a declaration that all five teams mentioned above had offered $600MM+, as it’s possible he has privately narrowed the field to exclude one or more of them.) Most observers still expect it to come down to one of the New York franchises, though the Sox and Jays have seemingly made full-fledged pushes to get themselves in the conversation.

One big spender that made little effort on Soto: the Phillies. Matt Gelb of the Athletic reports that Philadelphia brass never met with his camp. While the Phils haven’t shied away from big-ticket free agent pursuits, it seems they never believed they had a realistic chance to land Soto. Philadelphia owner John Middleton said a month ago that he felt they’d merely be used to drive up the bidding for Soto to sign with one of the New York teams (link via Scott Lauber of the Philadelphia Inquirer). Whether or not that would’ve been the case, Gelb writes that the Phillies felt it best to prioritize other avenues they found more realistic.

Matt Chapman Open To Temporary Shortstop Move If Giants Sign Ha-Seong Kim

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The Giants are in the market for a shortstop. President of baseball operations Buster Posey acknowledged as much at the start of the offseason. San Francisco has been tied to Willy Adames and Ha-Seong Kim in recent weeks.

While Adames could play shortstop on Opening Day, that’s not the case with Kim. He underwent surgery to repair a labrum injury in his throwing shoulder. There’s still not a ton of clarity on when he’s expected back in game action. Kim’s agent Scott Boras has unsurprisingly taken an optimistic stance on the infielder’s recovery. Boras said at last month’s GM Meetings that Kim could be ready early in the season — potentially before the end of April. Padres president of baseball operations A.J. Preller has previously suggested the rehab could carry into “May, June, July,” a much more nebulous timeline.

Whichever team signs Kim will need a stopgap shortstop for at least a few weeks, potentially months. For the Giants, that could be Matt Chapman. Ken Rosenthal of the Athletic reports that the star third baseman told team officials he’d be willing to play shortstop early in the year while Kim recovers. According to Rosenthal, that’s one of various possibilities the team is considering.

That’d be a creative solution. It’s not an outlandish one. Chapman is one of the sport’s best defensive third basemen. He’s a five-time Gold Glove winner. Both Defensive Runs Saved and Statcast’s Outs Above Average have graded him as a strong defender in every season of his career. Chapman tied Milwaukee’s Joey Ortiz for the league lead among third basemen in Outs Above Average this year. He’s fifth at the position by that metric across the past three seasons.

Chapman, who has 10 career innings at shortstop, has plenty of arm strength. He certainly has the hands for the position. The only question is whether he’d have enough lateral quickness to be a plus in the middle of the diamond, but he could probably at least play a competent shortstop for a month or two.

Sliding Chapman to shortstop would open a short-term hole at third base. Tyler Fitzgerald, Marco Luciano, Brett Wisely, Casey Schmitt and David Villar are among the options for work there. Aside from Villar, everyone from that group has some shortstop experience as well. None seems like a long-term answer. Wisely was primarily a second baseman in the minors, while Schmitt has spent most of his career at third base. Luciano has come up as a shortstop but was a disaster defensively in a limited MLB look. His long-term future is probably in the corner outfield.

Fitzgerald got the majority of the shortstop reps late in the season. He’d probably start there if the Giants came up empty in their pursuit. While he hit well enough to earn everyday playing time, the Giants seem to prefer him elsewhere. Posey suggested last month that Fitzgerald could be a second baseman. He also implied they were hopeful they could avoid bouncing him around the diamond as much next season.

“Tyler Fitzgerald did a great job at short last year. I think he has value and in multiple spots on the field,” Posey said at the GM Meetings (link via Shayna Rubin of the San Francisco Chronicle). “I do think it’s hard to play multiple spots at the same time during the season. Whether he’d be better suited to play second base long-term is a discussion we’re having.“

Freddie Freeman Undergoes Ankle Surgery

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The Dodgers announced today that first baseman Freddie Freeman underwent surgery on his right ankle “consisting of debridement and the removal of loose bodies.” They added that Freeman is “expected to be able to participate in baseball activities during Spring Training” though it’s unclear how impacted his offseason will be.

Freeman’s ankle injury was a key storyline over the past few months. He suffered a sprain in late September in one of the final regular season games of the 2024 campaign, which made Freeman’s status a frequent talking point throughout the postseason.

He continued to hang onto a roster spot with the club as they advanced from round to round, but was clearly not playing 100%. With Shohei Ohtani in the designated hitter slot, Freeman even had to play the field on many occasions while obviously playing through pain. During the postseason, he revealed that he was dealing with a bone bruise in addition to the sprain and would have missed four to six weeks if the issue had cropped up during the regular season. As if that wasn’t enough, Jeff Passan of ESPN later reported that Freeman suffered broken costal cartilage in his sixth rib just as the postseason was beginning, which would normally require a monthslong absence.

Despite those issues, Freeman went to have a postseason for the ages. He wasn’t great in the NLDS nor the NLCS but went complete supernova in the World Series. He hit a walkoff grand slam, the first in World Series history, to lift the Dodgers in game one. He then went on to hit a home run in the next three games as well. He set a World Series record with 12 runs batted in and slashed .300/.364/1.000, helping the Dodgers win the title and earning himself World Series MVP honors in the process.

Unsurprisingly, the attention has now shifted to getting him healthy for 2025 and it has been determined that surgery was necessary. It seems he will have enough time to be healthy for next year, though it wouldn’t be disastrous for the Dodgers if he hit some snags and ended up needing to miss a bit of time at the start of the 2025 season. Third baseman Max Muncy is capable of playing first base, while multi-positional players like Miguel Rojas or Chris Taylor could cover the hot corner.

Blue Jays Recently Met With Corbin Burnes

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The Blue Jays held a recent in-person meeting with free agent righty Corbin Burnes, MLB Network’s Jon Morosi reports (video link). Toronto was already connected to Burnes earlier in the offseason, but an in-person meeting between the two parties is of some note all the same. Burnes is one of multiple high-end free agents linked to the Jays in recent weeks. Toronto is, of course, one of the remaining bidders for Juan Soto and has also been tied to lefty Max Fried, outfielder Anthony Santander, infielder Willy Adames and fellow infielder Alex Bregman.

There’s a pervading sense in the industry that the Jays are highly motivated, if not desperate to make a splash in the free agent and/or trade market this offseason. Vladimir Guerrero Jr. and Bo Bichette are entering their final seasons of club control. Chris Bassitt is also a free agent next winter. Kevin Gausman is only signed through 2026. Meanwhile, team president Mark Shapiro is entering the final season of his contract, while general manager Ross Atkins is signed through 2026. They’ve now been atop the Jays’ baseball operations hierarchy for nearly a decade but haven’t won a postseason game since 2016 — their first year on the job. Speculation about the pair’s job security has continued to mount as the team has underperformed.

It’s hard to envision a scenario where the Jays put down more than $600MM for Soto and then turn to give Burnes would could be a $200MM+ deal of his own. More likely, the Jays are laying some groundwork for contingency efforts in the event that Soto spurns their offer for one of his other suitors in New York, Boston or Los Angeles. For the same $600MM+ that Soto will command, the Jays could potentially extend Guerrero, sign one of Burnes/Fried and also sign one of Adames/Bregman/Santander. There’s some inherent logic to diversifying the risk when talking about a sum of $600MM+, but it’s also true that players like Burnes, Fried, Adames, Santander and Bregman are also considerably older than the 26-year-old Soto and are likelier to begin declining sooner.

With regard to Burnes in particular, he’d be a clear upgrade to what’s already a talented Jays rotation. Toronto has Gausman, Bassitt, Jose Berrios in the top three spots. Burnes, who just pitched 194 1/3 innings of 2.92 ERA ball for the division-rival Orioles, could join that trio and make up one of the best one-through-four combinations in the sport. Right-handers Bowden Francis and Yariel Rodriguez would then compete for the fifth spot. Rodriguez, notably, spent a portion of the ’24 season in the bullpen already. Toronto is generally lacking in experienced rotation depth, so adding a durable workhorse like Burnes — third in the majors in innings and fourth in ERA since 2020 — ought to hold extra appeal.

Burnes — or any of the free agents who rejected a qualifying offer — would require the forfeiture of at least the Blue Jays’ second-highest draft pick and $500K of space from next year’s bonus pool for international amateur free agency. The Jays reportedly ducked under the luxury tax threshold by a narrow margin this season, though final tax calculations haven’t yet been released. If they end up slightly over the line, they’d forfeit their second- and fifth-highest picks and $1MM of international bonus pool space.

The Yankees also met with Burnes late last month. The 2021 NL Cy Young winner has also drawn interest from the Giants and Red Sox. The incumbent Orioles have said they’d love to keep Burnes, but it remains to be seen if new owner David Rubenstein will authorize the kind of spending necessary to retain him. If he does sign elsewhere, the O’s would receive a compensatory pick after the first round of the 2025 draft, because Burnes rejected a $21.05MM qualifying offer. They’d receive the same compensation if Santander signs elsewhere after rejecting his own QO, potentially setting the Orioles up for a massive draft in 2025.

Yankees Recently Met With Max Fried, Corbin Burnes

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The Yankees’ efforts to re-sign Juan Soto have dominated headlines in the Bronx this offseason, but they’re also laying the groundwork for other free agent possibilities. The Yankees held a 90-minute meeting with longtime Braves lefty Max Fried this week, as first reported by the YES Network’s Michael Kay, who adds that the talk went well and the two sides are expected to meet again. Mike Puma and Joel Sherman of the New York Post also report that the two sides met, with the Yankees’ contingent consisting of GM Brian Cashman, manager Aaron Boone, pitching coach Matt Blake and as many as six other team officials. Puma and Sherman further add that the Yankees met with Corbin Burnes late last month.

Soto, of course, remains the Yankees’ top focus. It seems unlikely that they’d sign him to what increasingly appears to be a $600MM+ contract and then put down more than $150MM on one of Fried or Burnes — though the Yanks certainly have the resources to do so. Still, it’s only natural for any Soto suitor to be doing homework on potential contingency plans in the event that he signs elsewhere. Loading up on high-end starting pitching and addressing the lineup in other ways would be one such possibility. (Notably, the Yankees have also recently been linked to infielder Willy Adames, who’s willing to play third base or second base with a new club.)

The Yankees already have one of the most expensive staffs in the sport. Gerrit Cole, Carlos Rodon and Marcus Stroman are owed a combined $81MM next year. Nestor Cortes is projected by MLBTR contributor Matt Swartz to earn $7.7MM. Righty Clarke Schmidt is projected at $3.5MM. Newly minted Rookie of the Year Luis Gil is still in his pre-arbitration years. There’s been speculation about the Yankees moving either Stroman or Cortes this winter, both of which seem plausible. Adding someone the caliber of Fried of Burnes would make a trade elsewhere in the rotation a virtual inevitability.

Either Burnes or Fried would join Cole right atop what could be a powerhouse Yankees rotation. Both pitchers rejected qualifying offers from their former clubs, meaning both would cost the Yankees their second- and fifth-highest draft selections, in addition to $1MM of space from their 2025 bonus pool in international free agency. For a pitcher of either caliber, that’s a small price to pay.

Fried, 31 in January, has rattled off 659 innings of 2.81 ERA ball dating back to the 2020 season. He’s third among all qualified starting pitchers in ERA in that time, trailing only Brandon Woodruff (2.76) and Clayton Kershaw (2.79). Fried has thrown nearly 200 more innings than both those pitchers. His 2024 season wasn’t his best, but only relative to his lofty standards. He made 29 starts, totaling 174 1/3 innings, and notched a tidy 3.25 ERA.

Fried doesn’t miss bats like the prototypical ace but has a slightly better-than-average 23.6% strikeout rate over the past five seasons. He sports a strong 6.3% walk rate in that time and is among the game’s very best when it comes to minimizing hard contact and avoiding opponents’ barrels. He also racks up grounders at a plus rate (54.2% since 2020) — highlighted by a career-best 58.8% mark in 2024. Fried has generally been durable, although he was limited to 14 starts in 2023 due to a forearm strain that did not end up requiring surgery. He missed three starts in 2024 due to a nerve issue in that same forearm, but that’s ostensibly a different issue than the one that sidelined him in ’23.

Burnes is nearly a full year younger, having turned 30 about five weeks ago. He’s solidified himself as a true workhorse, ranking third in the majors in innings pitched over the past five seasons and sitting narrowly behind Fried with a fourth-ranked 2.88 ERA in that same span. Burnes was traded from the Brewers to the Orioles last offseason and proved himself against many of the very same AL East lineups he’d be facing as a Yankee. He made 32 starts and pitched 194 1/3 innings of 2.92 ERA ball for the O’s, adding eight innings of one-run excellence in Baltimore’s brief postseason foray.

Dominant as Burnes has been at times in his career, his recent work bears some resemblance to that of Fried. That’s not a bad thing, of course, but his once sky-high strikeout rate now sits at a roughly league-average rate (23.1% in 2024). Like Fried, he’s countered the diminished strikeout tendencies with sharp command and a knack for dodging hard contact. Burnes doesn’t generate grounders at the same level, but his 46.9% career mark and 2024’s 48.8% rate are both still comfortably above average.

The general thinking has been that Burnes will sign the largest contract of any pitcher this offseason. He’s two years younger than Blake Snell — who signed for five years and $182MM with the Dodgers (albeit with some deferrals) — and a year younger than Fried. His blend of durability and effectiveness is unmatched among this year’s crop of free agents. Fried, however, should command a deal well north of $100MM himself — quite possibly approaching or even exceeding the $162MM the Yankees promised to Rodon two winters ago.

The Yankees currently project for a payroll around $230MM, per RosterResource. They’re currently below the luxury tax threshold, but only nominally so. Even minor additions in free agency or on the trade market will push them into luxury territory. They’ve been a tax payor in each of the past three seasons, however, and their pursuits of various high-end free agents makes it clear they’re comfortable not only paying the tax for a fourth straight season but perhaps pushing into the highest tier of penalty again — at least for the 2025 season.

Managing partner Hal Steinbrenner has said that trotting out a payroll of that magnitude every season isn’t sustainable in the long run. However, that’s probably the reality for the immediate future, so long as the Yanks are paying Aaron Judge, Cole and Rodon a combined $103MM annually through 2028 (to say nothing of weighty commitments to Giancarlo Stanton, DJ LeMahieu, Stroman and any forthcoming free agent/trade additions).

Mets Sign Frankie Montas

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The Mets announced they have signed right-hander Frankie Montas to a two-year deal that contains an opt-out clause for Montas following the 2025 season. The Boras Corporation client will reportedly earn $17MM in both the 2025 and 2026 seasons for a $34MM guarantee.

Montas returns to the Big Apple after an injury-plagued stint with the Yankees during the 2022-23 seasons.  The Yankees acquired Montas from the A’s at the 2022 trade deadline when Montas was still trying to work through some shoulder discomfort, and his ill-fated attempt to pitch through the pain led to a 6.35 ERA over 39 2/3 innings during the remainder of the 2022 campaign.  Montas then required labrum surgery the following February that cost him almost all of the 2023 season, as he returned to pitch 1 1/3 innings in one game at the very end of September.

The Reds bet that Montas would be able to bounce back when healthy, and last January signed the righty to a one-year deal that ended up being worth $16MM — $14MM in guaranteed salary, and then a $2MM buyout once Montas declined his end of a mutual option for the 2025 season.  Perhaps showing the after-effects of his long layoff, Montas had a 4.84 ERA over 150 2/3 combined innings with Cincinnati and Milwaukee last season, as the Reds sent Montas to the Brewers last July in another deadline trade.

Apart from a minimal 15-day IL stint due to a forearm contusion, Montas was pretty healthy in his comeback year, and the 150 2/3 innings represents the second-highest workload of his nine Major League seasons.  As the 4.84 ERA might imply, however, Montas (who turns 32 in March) ran into some struggles.  His 22.6% strikeout rate was slightly below the league average, and he surrendered a lot of walks and a lot of hard contact.

Montas’ 14.8% home run rate was the highest of his career, and he actually allowed more homers after leaving the hitter-friendly Great American Ballpark for the more neutral American Family Field.  His fastball velocity dropped from 96.1mph to 95.6mph, which isn’t bad for a pitcher returning from a yearlong absence, but the larger issue was Montas’ sinker was the only effective pitch in his arsenal.  It is worth noting that Montas’ velocity and strikeout rate did increase after the trade to the Brewers, so another change of scenery might now more fully get him back to his pre-surgery form.

MLBTR ranked Montas 27th on our list of the offseason’s top 50 free agents, and his $34MM guarantee significantly tops our prediction of a two-year, $22MM contract.  The higher price could reflect the ever-rising price of pitching, and the Mets and other teams might have put a greater premium on Montas’ ability to eat innings.

The Mets in particular had a glaring need for rotation help, as Luis Severino, Sean Manaea, and Jose Quintana are all free agents.  Montas now fills one of those holes in the pitching staff, and he’ll join Kodai Senga, David Peterson, Tylor Megill, and (if healthy) Paul Blackburn as the current starting five, though more additions are surely still to come this winter.

Much of the buzz surrounding the Mets this offseason has naturally focused on their courtship of Juan Soto, but New York has also been linked to such pitchers as Roki Sasaki and trade candidate Garrett Crochet.  There has been speculation that the Amazins could also pursue some of the top names on the pitching market, though there hasn’t been any public news on that front to date.

It could be that the Mets are holding off on other big-ticket pursuits until Soto’s situation is resolved, and Montas’ contract represents a fairly less-expensive foray into the free agent market that helps address the club’s chief need for pitching.  For now, the Montas contract resembles the two-year, $28MM deal (also with an opt-out) that Manaea signed last winter, as president of baseball operations David Stearns has thus far stuck to his strategy of inking starters to shorter-term contracts.  Montas is surely hoping that he can follow Manaea’s path of delivering a stronger full season, and then returning to free agency next year to land a lengthier and pricier contract.

The $17MM average annual value of Montas’ contract still leaves New York with plenty of space before it hits the $241MM luxury tax threshold, as RosterResource projects the club’s tax number at roughly $189.7MM.  Obviously avoiding the tax hasn’t been a priority in the Steve Cohen era and signing Soto to a record contract would alone put the Mets at or near the threshold before any other moves are made.  Just in case Soto does sign elsewhere, however, a world exists where the Mets could be aggressive this winter and still reset their tax situation entirely, which would allow the Mets to enjoy more financial flexibility (and a smaller overall tax bill) going forward.

It is perhaps noteworthy that Boras represents both Soto and Montas, and it seems likely that Boras and Stearns have discussed several of the agent’s many clients during their conversations this offseason.  Montas is already the third Boras-represented pitcher to sign a new contract this winter, after Blake Snell’s five-year, $182MM deal with the Dodgers and Yusei Kikuchi’s three-year, $63MM pact with the Angels.

ESPN’s Jeff Passan (X link) was the first to report the signing and the contract terms.  Jon Heyman of the New York Post (via X) added the detail about the opt-out clause, and the specific breakdown of Montas’ salaries over the two seasons.

Photo courtesy of USA Today Sports Images

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