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Nippon Professional Baseball

NPB’s Hiroshima Carp Sign Freddy Tarnok, Re-Sign Elehuris Montero

By Mark Polishuk | November 22, 2025 at 11:46am CDT

11:46AM: Tarnok will earn $1.5MM in guaranteed money, MLB Trade Rumors’ Steve Adams reports, with close to $500K in incentive bonuses attached to the contract.

10:12AM: The Hiroshima Carp have signed right-hander Freddy Tarnok and re-signed infielder Elehuris Montero to contracts for the 2026 season, the team announced.  The terms of Tarnok’s deal aren’t known, but Montero will receive $1.25MM (broken down as a $750K salary and $500K signing bonus) plus incentives.

Tarnok has appeared in 11 games over parts of three Major League seasons, with five of those games coming with the Marlins in 2025.  Signed to a minor league deal last offseason, Tarnok had his contract selected to the 40-man and active rosters in June, and he posted a 2.45 ERA over 7 1/3 innings amidst several options back and forth from Triple-A and the majors.  The righty struck out 35.7% of batters during his small sample size of MLB work, but also had a 14.3% walk rate.

To some extent, Tarnok’s increasingly shaky control and his ability to miss bats has been the story of his minor league career, which consists of stops in the farm systems of the Marlins, Phillies, A’s, and Braves.  Tarnok has a 4.08 ERA over 161 innings at the Triple-A level, starting 28 of those 65 games as he has been used more frequently as a reliever in recent years.

The move to Japan might well give Tarnok another chance to re-establish himself as a starting pitcher.  Tarnok is just two days away from celebrating his 27th birthday, so he’s plenty young enough to post some good numbers with the Carp and perhaps get himself back onto the radar for big league teams as early as next winter.  If nothing else, signing in NPB will land Tarnok some guaranteed money, whereas he would’ve very likely had to settle for another minor league deal from a Major League team.

Montero hit .228/.277/.387 over 739 plate appearances with the Rockies from 2022-24, and is perhaps best known as part of the trade package the Cardinals sent to Colorado for Nolan Arenado prior to the 2021 season.  Montero’s first season in Hiroshima saw the 27-year-old hit .255/.301/.391 with nine home runs over 396 PA as the Carp’s regular first baseman.  While not huge numbers for a first base bat, Montero seems to have done enough for the Carp to pursue a reunion.

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Nippon Professional Baseball Transactions Elehuris Montero Freddy Tarnok

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Rays Release Forrest Whitley To Pursue NPB Opportunity

By Anthony Franco | November 18, 2025 at 12:35pm CDT

The Rays announced that they’ve released former top prospect Forrest Whitley to pursue an opportunity in Japan. Tampa Bay had selected him onto the 40-man roster a couple weeks ago to avoid losing him to minor league free agency. When the former first-round pick evidently found a better job overseas, the Rays were willing to let him depart.

Tampa Bay’s release of Whitley and trade of infielder Tristan Gray to Boston clears a couple spots on the 40-man roster. That’s down to 38 as this evening’s deadline to keep eligible prospects out of the Rule 5 draft approaches. It’s likely there are a few more cuts on the horizon for a Tampa Bay team that tends to churn the back of the roster and relies heavily on its farm system.

Whitley was once arguably the most talented pitching prospect in the sport. The Astros viewed the 6’7″ righty as a potential ace as he dominated up through the Double-A level. A failed drug test for a banned stimulant in 2018 was the first setback, and Whitley then suffered through multiple seasons ruined by injuries and underwhelming performance. That included Tommy John surgery in 2021 and a significant lat strain in ’23. Whitley could never find much of a rhythm when he was healthy enough to pitch in Triple-A.

He eventually exhausted his minor league options (even with Houston granted a fourth year) before he’d had much of a look at the big league level. He began this past season on the injured list. The Astros carried him on the MLB roster once he returned but designated him for assignment when he pitched terribly over his first 7 1/3 innings. The Rays acquired him in a cash trade but placed him on waivers after five underwhelming appearances. He cleared and finished the season as a non-roster player in Triple-A.

The final few months of the ’25 season were Whitley’s most promising in years. He fired 55 1/3 innings of 2.60 ERA ball while striking out 30.4% of opponents out of Durham’s rotation. Whitley’s heater averaged around 95 MPH and he leaned more heavily on his cutter and changeup while pulling back the usage of his sinker and curveball. It was encouraging enough for the Rays to keep him out of minor league free agency, but his out-of-options status meant he still would have needed to impress the club in Spring Training or risk heading back into DFA limbo.

Whitley is headed into his age-28 season and presumably has a rotation opportunity lined up in Japan. He has the power stuff and prospect pedigree to be one of the highest-upside NPB returnees a couple seasons from now if he carries over the form he showed in Durham. Doing so would come with a far higher earning ceiling than he was likely to find domestically. He’ll not only lock in a guaranteed contract for 2026, but he’d be able to return to MLB with the benefit of open market bidding if things go well in Japan. Whitley has yet to reach one year of MLB service time and would not have qualified for MLB free agency until his age-34 season even if he’d finally clicked at the big league level.

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Nippon Professional Baseball Tampa Bay Rays Transactions Forrest Whitley

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Tatsuya Imai To Be Posted November 19th

By Darragh McDonald | November 18, 2025 at 11:50am CDT

TODAY: Imai has officially been posted, as the league informed teams today.  Imai’s posting window opens tomorrow at 7am CT and closes on January 2 at 4pm CT.

NOVEMBER 12: It was reported last week that right-hander Tatsuya Imai would be posted by the Seibu Lions of Nippon Professional Baseball. His agent Scott Boras met with members of the media today at the general managers meeting and said the posting will become official on November 19th. Ben Nicholson-Smith of Sportsnet was among those to pass it along.

Once the posting becomes official, it will open up a 45-day window for Imai and Boras to negotiate will all 30 major league clubs. Technically, they will have until early January to work something out. It’s probably fair to expect a deal to come together before the holidays, when the hot stove activity tends to slow down.

Imai should garner lots of interest based on his results and also his age. His earned run average in Japan has been 2.34 or lower in three straight seasons now, including a 1.92 mark in 2025. His strikeout rate has ticked up from 24.4% in 2023 to 26.3% last year and 27.8% this year. Meanwhile, his walk rate has dropped from 11.4% to 9.8% to 7% in those years.

He is currently 27 years old, turning 28 in May. Teams have shown that they value that youth. Recent deals for young players like Juan Soto, Vladimir Guerrero Jr. Yoshinobu Yamamoto and Jung Hoo Lee have surged beyond expectations.

Imai won’t have as much earning power as Yamamoto, who secured $325MM over 12 years. Yamamoto was even younger, having just turned 25 when he was posted, and also had the superior track record of performance. Still, Imai should find lots of interest. MLBTR predicted he could secure a $150MM guarantee on a six-year deal.

The signing team will also owe the Lions a posting fee, on top of the guarantee they give Imai. The Lions will get 20% of the contract’s first $25MM, 17.5% of the contract’s next $25MM, and 15% of any money above the $50MM mark. If Imai were to sign a deal matching MLBTR’s $150MM projection, his new team would owe the Lions a $24.375MM posting fee.

The righty has already been connected to the Mets. Jon Heyman of The New York Post reported today that the Yankees will be looking at Imai, as well as Lucas Giolito. The Yanks go into 2026 with their rotation in flux. Due to injuries, it projects to be much different later in the year compared to the end of camp. Gerrit Cole is still recovering from last year’s Tommy John surgery and won’t be ready by Opening Day. Carlos Rodón underwent a procedure to remove loose bodies from his left elbow and is expected to start the year on the injured list as well. Clarke Schmidt had internal brace surgery in July and could rejoin the club in the second half.

With those absences, the Yankees project to start the season with Max Fried, Cam Schlittler, Luis Gil, Will Warren and Allan Winans in the rotation. Adding to that group would be an understandable target. It’s possible that things get tight later in the year as Cole, Rodón and Schmidt get healthy, but other injuries could also pop up along the way.

Giolito should be a far more affordable addition than Imai. MLBTR predicted him for a two-year, $32MM deal. He was once a borderline ace but hasn’t been at that level in a while. His ERA finished near 5.00 in 2022 and 2023. He missed 2024 due to internal brace surgery. He returned in 2025 and posted a 3.41 ERA but with less impressive stuff under the hood. HIs 19.7% strikeout rate was below league average and well below the 33.7% mark he had back in 2020. He also finished the season back on the IL with an elbow issue, though he says that has now passed.

There are plenty of other starting pitchers the Yankees could consider at different price levels. Presumably, their plans in the rotation will depend upon what they do elsewhere. They have to address their outfield, with Cody Bellinger and Trent Grisham having both reached free agency. It’s also possible they look to remake a bullpen that was a source of frustration in 2025.

Photo courtesy of Rick Osentoski, Imagn Images.

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New York Yankees Nippon Professional Baseball Transactions Lucas Giolito Tatsuya Imai

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Kazuma Okamoto To Be Posted November 19th

By Nick Deeds | November 18, 2025 at 10:36am CDT

It’s been known for nearly a month now that NPB infielder Kazuma Okamoto is set to be posted by the Yomiuri Giants this winter, but a report from Nikkan Sports (Japanese language link) this morning provided a bit more specificity regarding Okamoto’s timeline. He’ll be officially posted tomorrow, on November 19th, and that will kick off a 45-day window for teams to negotiate with Okamoto, who is represented by Scott Boras of the Boras Corporation.

That’s the same posting date as right-hander Tatsuya Imai, a fellow Boras client. Boras told reporters (including those at Nikkan Sports) that the pair would follow the same approximate timeline. They’ll be posted tomorrow before traveling to the United States in early December. That sets them up to be in the country in time to begin negotiations with clubs ahead of this year’s Winter Meetings, which are set to run from December 7 through December 10 this year. The posting window for both Okamoto and Imai is set to end in early January, but it would not be a surprise to see the pair to sign before the holidays given the slowdown of activity around that time.

Turning back to Okamoto specifically, the 29-year-old is coming off a strong season in 2025 that was abbreviated by an elbow injury. While he only played in 69 games, he managed to slash .327/.416/.598 with 15 homers and 21 doubles in just 293 trips to the plate. He also showed strong contact ability and plate discipline with 11.3% strikeout and walk rates. That’s an unusually low strikeout rate by his standards, but even his 17.7% clip since the start of the 2018 season is nothing to scoff at. Impressive as Okamoto’s career .277/.361/.521 slash line in Central League play is, however, it’s worth remembering that NPB pitchers often lack the same high-end velocity that has become routine in MLB. Some scouting reports, including that of Eric Longenhagen of Fangraphs, have noted that Okamoto’s numbers suffer against mid-90s and higher velocity. Of course, that’s also a flaw that can improve with great exposure to those types of pitches.

Okamoto has spent plenty of time at both infield corners over the years, and there’s been some debate about his fit defensively in the majors. He’s generally viewed as more capable of sticking long-term at the hot corner than fellow infielder Munetaka Murakami, though it’s fair to expect some teams to view him as capable of being a regular at third while others see him as more of a first base only defender. Alex Bregman and Pete Alonso stand at the top of the third and first base markets, respectively, with Eugenio Suarez, Jorge Polanco, and Luis Arraez standing out among the other notable corner infield options available.

MLBTR predicted a four-year, $64MM deal for Okamoto at the outset of the offseason, though it’s worth noting there’s at least some reason to believe Okamoto, Imai, and Murakami could all outperform expectations financially, at least to some extent. Jeff Passan of ESPN reports that some MLB clubs are hoping to “avoid falling further behind” the Dodgers in the Japanese market, and that this sentiment could help the three top NPB talents coming over from Japan this winter secure better-than-expected deals.

The team that ultimately signs Okamoto will owe Yomiuri a posting fee on top of whatever they guarantee the infield. The posting fee works out to be 20% of the first $25MM Okamoto signs for, 17.5% of the contract’s next $25MM, and 15% of any money above the $50MM mark. If Okamoto were to sign for the $64MM guarantee MLBTR predicted he’ll land, the signing team would owe a posting fee of approximately $11.5MM, which would take the total financial outlay for Okamoto’s services to $75.5MM.

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2024-25 MLB Free Agents Nippon Professional Baseball Kazuma Okamoto Tatsuya Imai

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Cam Devanney To Sign With NPB’s Hanshin Tigers

By Nick Deeds | November 16, 2025 at 11:09am CDT

Pirates third baseman Cam Devanney is signing with the Hanshin Tigers of Nippon Professional Baseball, according to a report from Colin Beazley of the Pittsburgh Post-Gazette. Devanney is on Pittsburgh’s 40-man roster, which will drop to 38 players once the deal is officially complete.

Devanney, 28, was a 15th-round pick by the Brewers back in 2019 who made his big league debut with the Pirates late in the 2025 season after being acquired from the Royals in this summer’s Adam Frazier trade. At the time of the deal, Devanney was enjoying something of a breakout season for the Royals’ Triple-A affiliate in Omaha. In 69 games, he had slashed .272/.366/.565 with 18 homers and 14 doubles across 288 plate appearances. Devanney was striking out at a 24.3% clip while walking 11.8% of the time.

That was impressive enough that the Pirates decided to trade for him and give him a shot in the majors. He appeared in 14 games for Pittsburgh down the stretch this year, but in those games hit just .139/.184/.167 with a massive 55.3% strikeout rate. That came in a sample size of just 38 plate appearances, of course, but between that work in the majors and a paltry .256/.327/.361 slash line in 34 games with the club’s Triple-A affiliate in Indianapolis, it was already fair to wonder what Devanney’s future in the Pirates organization might really look like.

Rather than keep him in the fold as a potential up-and-down depth option for next year, the Pirates are instead opting to let Devanney head overseas and try his hand at baseball in Japan. He will join first baseman Bob Seymour and right-hander Roansy Contreras in making the jump from MLB to NPB this winter, and it’s entirely possible more players on the bubble of MLB and the minor leagues could make the jump as well in the coming weeks and months. Signing overseas provides a player in that situation the opportunity to make more money than they would even as a 40-man roster player with a stateside organization while seeing a higher level of competition than Triple-A allows.

As for the Pirates, Devanney’s departure doesn’t move the needle much. He was unlikely to unseat Jared Triolo at the hot corner and, while an addition to the infield could make plenty of sense given the team’s need for additional offensive firepower, any moves made on the dirt this winter won’t be done because of the loss of Devanney. In terms of infield depth, both Tsung-Che Cheng and Enmanuel Valdez are already on the 40-man roster and could easily slide into the bench role Devanney was expected to occupy.

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Nippon Professional Baseball Pittsburgh Pirates Transactions Cam Devanney

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Bob Seymour To Sign With NPB’s Orix Buffaloes

By Darragh McDonald | November 14, 2025 at 9:56pm CDT

November 14: Seymour is in agreement with the Orix Buffaloes of Japan’s Nippon Professional Baseball, reports Francys Romero.

November 12: The Rays announced that first baseman Bob Seymour has been released to pursue an opportunity in Asia. No details were provided about which team or country he is heading to. He was already off the 40-man roster, as he was designated for assignment last week.

Seymour, 27, has spent his entire professional career with the Rays thus far. A 13th-round pick from the 2021 draft, he crushed homers throughout his minor league career but also struck out quite a bit. In 2024, he launched 28 long balls in 123 games, split between Double-A and Triple-A. He slashed .281/.351/.523 for a 139 wRC+ but was also punched out in 30.6% of his plate appearances. In 2025, he hit 30 homers in just 105 Triple-A games. He had a .263/.327/.553 line and 122 wRC+ while striking out at a 25.7% pace.

He got called up in mid-August and spent about the final six weeks of the season in the big leagues. He stepped to the plate 83 times but struck out in 32 of those, a 38.6% pace, leading to a rough .205/.253/.282 line.

Despite the obvious power, Seymour has never really ranked as a notable prospect. He only plays first base and doesn’t have wheels, which means he has to hit to provide value. Given how often he strikes out, it was going to be hard for him to be a viable big league bat.

He still has a full slate of options. Even if he were claimed off waivers after being designated for assignment this week, he was likely destined for another year of riding the bus in Triple-A. Instead, he’ll head overseas somewhere, presumably for a bigger paycheck and a better opportunity. If he finds success wherever he is going, perhaps he will return to North America someday.

Photo courtesy of Darren Yamashita, Imagn Images

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Roansy Contreras Signs With NPB’s Rakuten Eagles

By Anthony Franco | November 13, 2025 at 8:55pm CDT

The Tohoku Rakuten Golden Eagles of Japan’s Nippon Professional Baseball announced they’ve signed right-hander Roansy Contreras for the 2026 season. The Rep 1 Baseball client had been on the Rockies’ 40-man roster. Colorado announced this afternoon that he was being released to pursue an overseas opportunity, dropping their roster count to 38.

Contreras is a former top pitching prospect who has spent parts of five seasons in the big leagues. He was a key part of the Pirates’ return from the Yankees in the Jameson Taillon trade and found a bit of early success out of the Pittsburgh rotation. Things went off the rails in the 2023 season, though, and he has bounced around as a journeyman reliever over the past few seasons. Contreras has pitched for four clubs over the last three years. He owns a 5.48 earned run average across 149 1/3 big league frames in that time.

The 26-year-old spent most of this past season in Triple-A in the Baltimore system. Contreras started 14 of 28 outings for their top affiliate in Norfolk, working to a 3.73 ERA despite a middling 17.8% strikeout rate in 91 2/3 innings. Baltimore called him up at the end of August but put him back on waivers after one appearance. Colorado claimed him for the final month of the season. Contreras gave up eight runs over 8 1/3 innings before suffering a season-ending hand contusion.

There’s a decent chance the Rockies would have pushed him off the 40-man roster this offseason. He’s out of options, so even if he held the roster spot all winter, he would’ve needed to win a bullpen job out of camp or be placed back on waivers. It’s understandable he’d rather take the guaranteed payday and try his luck in Japan rather than battle for low-leverage work at Coors Field. Contreras is young enough to be an interesting MLB free agent a couple years from now if he misses more bats in NPB.

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Mets Interested In Tatsuya Imai

By AJ Eustace | November 11, 2025 at 11:06am CDT

The Mets are interested in Japanese right-hander Tatsuya Imai, according to Andy Martino of SNY. Imai has not been officially posted yet, but his team, the Saitama Seibu Lions of NPB, recently announced that they intend to do so. Martino notes that the Mets’ level of interest is not the same as it was for Yoshinobu Yamamoto two offseasons ago, implying that Imai is simply one of several arms the club is looking into.

Imai, 27, has pitched for the Lions for eight years and is a three-time NPB All-Star. After middling results in his first three seasons from 2018-20, he pitched to a 3.30 ERA in 25 starts in 2021 and has posted a sub-3.00 ERA in every full season since (he only made nine starts in 2022). This year, Imai turned in a career-best effort with a 1.92 ERA in 163 2/3 innings across 24 starts. He also set a career high with a 27.8% strikeout rate while decreasing his walk rate to a career-low 7.0%. His season was highlighted by a combined no-hitter on April 18, in which he pitched the first eight innings, as well as a 17-strikeout performance on June 17 that broke the club record previously set by Daisuke Matsuzaka.

The NPB requires players to have nine years of service time before they become unrestricted free agents. By allowing Imai to pursue a move to MLB one year early, the Lions will secure a posting fee based on the value of his contract. We at MLBTR project Imai for a six-year, $150MM contract and placed him seventh on our Top 50 Free Agents list. Based on that projection, any signing team would owe the Lions a $24.375MM posting fee. In terms of stuff, Imai boasts a 95-99 mph fastball as well as a slider and changeup. Based on that profile and his recent track record, he’ll be an intriguing target for clubs in need of starting pitching. That said, Martino notes that industry opinion is mixed on whether he can succeed as an MLB starter.

As for the Mets, it comes as no surprise that they would like to reinforce their rotation. The club’s starters ranked 18th in the majors with a 4.13 ERA in 2025, although they did lead the league with a 49.4% groundball rate. David Peterson, Clay Holmes, and Kodai Senga led the team in innings pitched, although Senga only made 22 starts due to missing a month with a right hamstring strain and being optioned to the minors in September. Peterson was worth 3.1 fWAR this year and is projected to earn $7.6MM in arbitration, while Holmes is under contract for $13MM with a player option for 2027. Beyond those three, the rotation picture is less certain. Frankie Montas declined to opt out of his contract, but he is a candidate to be released since he will miss next season recovering from a UCL surgery in August. Sean Manaea missed most of the season with a right oblique strain and struggled upon his return. Nolan McLean, Brandon Sproat, and Jonah Tong all debuted in 2025 and will factor into the rotation, though owner Steve Cohen has never been shy about spending big on free agents. Signing Imai could provide stability in the rotation behind Peterson, Holmes, and Senga while easing the rookies into larger roles.

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Tatsuya Imai To Be Posted For MLB Teams This Offseason

By Mark Polishuk | November 9, 2025 at 10:02pm CDT

The Saitama Seibu Lions announced (Japanese language link) on their official team website that they have accepted Tatsuya Imai’s request to be posted to Major League teams.  Once Imai is officially posted, he’ll have 45 days to work out a contract with a big league team, or else he’ll return to the Lions for the 2026 Nippon Professional Baseball season.

It has been over two months since reports first surfaced about the likelihood of Imai’s availability this winter, and today’s news officially confirms the three-time NPB All-Star as one of the most intriguing arms of the 2025-26 free agent class.  Imai has a 3.15 ERA over 963 2/3 career innings with the Lions, with a 22.31% strikeout rate and a 11.52% walk rate.  While that career walk rate is on the high side, Imai has reduced that number in each of his last four seasons, and he had a very solid 7.02% walk rate over 163 2/3 innings in 2025.

Imai is only 27, and doesn’t turn 28 until May.  Between his age and an intriguing four-pitch arsenal (headlined by a fastball in the 95-99mph range and a plus slider), there’s a lot to like in terms of how Imai’s success in NPB might translate against Major League hitters.  This upside led MLBTR to place Imai seventh on our list of the offseason’s top 50 free agents, and we’re predicting a six-year, $150MM deal even though some evaluators feel Imai projects as a back-end starter or even as a reliever in the majors.

Imai qualifies for full free agency next offseason, so the Lions may feel that they can at least earn some money back via a posting fee by letting Imai go now rather than 12 months from now.  As per the terms of the MLB-NPB posting system, any Major League team that reaches an agreement with Imai will owe the Lions a staggered fee depending on the size of the deal, and on any future earnings (i.e. options, bonuses, etc.) attached to that initial contract.

The Lions will get 20% of the contract’s first $25MM, 17.5% of the contract’s next $25MM, and 15% of any money above the $50MM mark.  So if Imai were to sign a deal matching MLBTR’s $150MM projection, his new team would owe the Lions a $24.375MM posting fee on top of Imai’s $150MM salary.

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Munetaka Murakami’s Posting Period Begins Today

By Charlie Wright | November 7, 2025 at 11:58pm CDT

Japanese third baseman Munetaka Murakami will be posted by the Yakult Swallows of Nippon Professional Baseball today, reports Jeff Passan of ESPN. The slugger will have 45 days to reach an agreement with an MLB team, beginning on November 8.

Murakami has long been expected to make the jump from NPB to MLB following the 2025 season. He’ll now officially become one of the most intriguing names on the free agent market. Kyle Tucker and Bo Bichette were the only hitters to rank ahead of him in our Top 50 Free Agents list.

The 25-year-old Murakami has been one of the preeminent power hitters in NPB over the past seven seasons. He launched 56 home runs in 2022, breaking the single-season record held by Sadaharu Oh. Murakami slugged 246 home runs across eight NPB seasons.

Since Murakami is now 25, he is considered a professional under MLB’s international free agency rules. That means he’s free to negotiate with all 30 teams without restrictions. Players who make the move to MLB prior to turning 25 are considered amateurs and are subject to the international bonus pool system, which significantly limits their earning power.

Murakami slashed .270/.394/.557 with the Swallows, though there is plenty of swing-and-miss to his game. He struck out at least 28% of the time in each of his last three seasons. Strikeout numbers are typically lower in NPB, so that mark should be expected to rise when Murakami faces MLB pitching.

It’s unclear where Murakami will fit on the defensive side. He’s spent most of his time at third base over the past five seasons, but he also has ample experience at first base. Murakami made a single start in right field this past year. Scouts have labeled him as an average fielder who will probably fit best at first base.

“Future Dodger” is the typical response to any discussion around Murakami, as the club already has Japanese stars Shohei Ohtani, Yoshinobu Yamamoto, and Roki Sasaki. With Freddie Freeman occupying first base and Max Muncy returning to play third, Los Angeles doesn’t have an opening on the corners. Ohtani is locked in at DH. The Dodgers may have seen enough in the one-game sample this season to try Murakami in the outfield, where their options are less certain. Fellow big markets like the Red Sox, Mets, and Yankees seem like easier fits.

The team that signs Murakami will have to pay a posting fee to the Swallows. The fee is 20% of the contract’s first $25MM, 17.5% of the next $25MM, and 15% of spending above $50MM.

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