With free agency scheduled to begin in earnest later today, here are three things we’ll be keeping an eye on around the baseball world throughout the day today:
1. Deadline for option decisions:
A number of option decisions were settled over the weekend as players like starters Blake Snell and Sean Manaea opted out of their contracts while outfielder Cody Bellinger and starter Robbie Ray were among those to stick with their current clubs. A handful of option decisions remain, however, and will need to be sorted out before 4pm CT this afternoon. Among the most notable are Rangers right-hander Nathan Eovaldi, Dodgers lefty Clayton Kershaw, and Braves slugger Marcell Ozuna. Eovaldi and Kershaw both have the ability to opt out of the final year of their contracts, while Atlanta holds a club option on Ozuna’s services for 2025. While most remaining options will either be straightforwardly picked up or declined, it’s possible some players and clubs could look to get together on a longer, reworked contract as the Royals and right-hander Michael Wacha did yesterday.
Perhaps the most interesting option decision of the day is the one facing the Yankees. Veteran ace Gerrit Cole opted out of the remaining four years and $144MM on his contract with the club on Saturday, but unlike most opt-out decisions that doesn’t automatically make him a free agent. Instead, the Yankees have until this evening to decide whether to allow Cole to test free agency or tack on an additional year and $36MM to the end of his deal, guaranteeing him $180MM over the next five years. $36MM annually through Cole’s age-38 season might be more than he’d earn in free agency coming off an injury-shortened season, but it nonetheless wouldn’t be a surprise if the Yankees went the extra mile to make sure they keep their ace in the fold during an offseason where their attention is going to be squarely focused on retaining Juan Soto.
2. Qualifying Offers to be made today:
Option decisions aren’t the only order of business due by 4pm CT this afternoon. That deadline also applies to clubs wishing to make a qualifying offer to their departing free agents. The QO, which is set at $21.2MM this year, is a one-year contract offer that clubs must make to players in order to receive draft pick compensation should they sign elsewhere in free agency. MLBTR’s Anthony Franco previewed QO decisions for both position players and pitchers last month, with Mets right-hander Luis Severino standing out as perhaps the most interesting borderline candidate to receive a QO. The majority of the winter’s top free agents, including Juan Soto and Corbin Burnes, are locks to receive (and reject) the QO. Once the QO is extended to a player, he has until 3pm CT November 19 to decide whether to accept or reject that offer.
3. MLBTR’s Top 50 Free Agents:
With the 2024-25 class of free agents on the verge of being mostly set in stone this afternoon, we here at MLBTR are excited to unveil our annual Top 50 Free Agents list later today. Some outlets have already published theirs, but we like to wait until the QO decisions have been revealed because they can have such a significant impact on a free agent’s market. This makes us a little bit late to the party but allows us to provide a bit more analysis and (hopefully) more accuracy. It’s our biggest post of the year and you should keep an eye out for it later today! Shortly after that comes out, we will also launch our annual prediction contest, where you can do your best to try and predict the events of an unpredictable offseason.