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Cody Ponce Signs With KBO’s Hanwha Eagles

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After a rough season in NPB, right-hander Cody Ponce is trying his luck in the KBO. The Hanwha Eagles announced that they have signed Ponce to join their pitching staff in 2025 (h/t to Dan Kurtz of MyKBO.net). His contract is a one-year deal worth $1MM in USD, and it includes a $200K signing bonus (per Jeeho Yoo of Yonhap News).

Ponce began his professional career in the Brewers organization, agreeing to a $1.108MM signing bonus as the 55th overall pick in the 2015 draft. While he was never a highly-regarded prospect, Baseball America ranked him at no. 9 in Milwaukee’s system entering the 2016 season and included him among the team’s top 30 in each of the next three years. His minor league numbers were typically solid if never especially inspiring; over 394 innings in the Brewers org from Rookie Ball to Double-A, he pitched to a 3.72 ERA and 3.62 FIP. He looked sharper after moving into a more regular relief role at Double-A Biloxi partway through the 2018 season, putting up a 3.29 ERA and 3.11 FIP in 82 IP.

The Brewers dealt Ponce to the Pirates in exchange for Jordan Lyles at the 2019 trade deadline. It was with Pittsburgh that the right-hander made his few big league appearances, pitching in 20 games from 2020-21. Over 55 1/3 innings, he allowed 34 runs (30 earned), good for a 5.86 ERA. He gave up 13 home runs and struck out just 19.6% of the batters he faced. While his 4.38 SIERA was a little more promising than the rest of his numbers, he failed to impress the Pirates brass. At the end of the 2021 season, the team granted him his release to pursue an opportunity in Japan.

Ponce spent the 2022 and ’23 seasons with the Hokkaido Nippon-Ham Fighters. He looked solid with the Fighters, pitching to a 3.35 ERA over 83 1/3 innings in 2022 and a 3.66 ERA over 51 2/3 innings in 2023. However, things took a turn for the worse after he signed with the Tohoku Rakuten Golden Eagles for the 2024 campaign. Across 67 innings, he put up an ugly 6.72 ERA. His 3.50 strikeout-to-walk ratio was actually significantly better than it was in his first two NPB seasons, and his home run rate was only slightly higher than the league average. Nevertheless, he struggled badly to keep hitters off the bases and runs off the board. On the bright side, his numbers were much better with the club’s farm team in the Eastern League, with whom he pitched to a 2.25 ERA in another 60 innings of work.

As he heads from one Eagles club to another, Ponce will hope for better results on balls in play in his age-31 season. If he can perform more like he did in his first two NPB seasons, he has the skills to be a productive arm for the Hanwha Eagles in 2025.

Nationals Sign Konnor Pilkington To Minor League Deal

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The Nationals have signed lefty Konnor Pilkington and right-hander Clay Helvey to minor league deals, per a team announcement. Both will be in major league camp as non-roster invitees this spring.

Pilkington, 27, has pitched in parts of two seasons with the Guardians (2022-23) and carries a career 3.75 ERA in 60 innings. Fielding-independent metrics are more bearish thanks to worse-than-average rate stats, including a 19.5% strikeout rate, 12.4% walk rate and 39.9% ground-ball rate in that time. He sits just over 92 mph, on average, with his heater and complements the pitch with a low-80s slider and mid-80s changeup.

Though he’s worked both as a starter and reliever in his professional career, Pilkington has seen the bulk of his work come out of the rotation. He’s had a very rough go of it in Triple-A, thanks in part to a pair of seasons with the D-backs’ system and their extraordinarily hitter-friendly environment in Reno, though environment alone can’t explain away the southpaw’s 6.80 ERA in 209 frames at that level. He’ll get a chance to compete for a spot on the Nats’ staff, be it in the bullpen or rotation, and will otherwise head to Rochester to serve as depth.

Helvey, 28 in February, was a 22nd-round pick by the Giants in 2018. He’s spent his entire career in San Francisco’s system, most recently pitching 71 1/3 innings of relief with Triple-A Sacramento in 2024. He posted a 5.17 ERA in that span but also punched out a gaudy 30.5% of his opponents — albeit against an unsightly 11.1% walk rate. Missing bats has never been an issue for Helvey, who’s punched out 28% of his opponents in his pro career. Command has been a persistent struggle, however, evidenced by his lifetime 12.9% walk rate.

The Opener: Eovaldi, Cubs, SP Market

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With the Winter Meetings now behind us, here are three things we’ll be keeping an eye on around the baseball world headed into the weekend:

1. Eovaldi presser:

The Rangers officially re-signed right-hander Nathan Eovaldi yesterday on a three-year deal worth $75MM. Today, both Eovaldi and Texas president of baseball operations Chris Young will be available to the media at a press conference that’s scheduled for 11am CT. Even after landing Eovaldi (and trading for infielder Jake Burger), Young has his work cut out for him this winter as he tries to facilitate a rebound from an 84-loss 2024 campaign while also ducking under the first luxury tax threshold of $241MM. At the very least, a bullpen that lost Jose Leclerc, David Robertson, and Kirby Yates to free agency last month will need to be addressed. Besides that, there’s been some indications the club could look to add a left-handed slugger like Joc Pederson.

2. Cubs in the thick of trade talks?

The Cubs find themselves in an interesting position on the trade market, operating as both buyers and sellers. That’s hardly an unusual reality in an offseason where few teams are explicitly rebuilding, but what makes Chicago’s situation notable is that both sides of those trade talks seemingly revolve around one position: right field. Ian Happ is entrenched as the club’s everyday left fielder, while dynamic rookie Pete Crow-Armstrong has staked his claim as the club’s center fielder of the future. That leaves Cody Bellinger and Seiya Suzuki vying for playing time in right. Down the stretch last year, Chicago utilized Bellinger’s superior glove and put Suzuki at DH, but the club has spent the winter aggressively shopping Bellinger and his $27.5MM salary.

Dealing Bellinger has long made sense for the Cubs if they can manage it. Suzuki has expressed a preference for playing the outfield as opposed to serving as a full-time DH, and the Cubs have a number of up-and-coming prospects like Matt Shaw, Owen Caissie, and Kevin Alcantara for whom a trade of Bellinger could open up playing time. All those reasons for entertaining a Bellinger trade have only served to make recent reports that Chicago is among the more aggressive suitors for Astros right fielder Kyle Tucker more surprising. Tucker would immediately become the most talented hitter in the Cubs lineup but comes with only one year of team control. The situation becomes even trickier to navigate for the Cubs when one considers that the Yankees are simultaneously the team most connected to Bellinger and a candidate to land Tucker themselves. Could the weekend bring movement on either front?

3. Will the hot SP market spur trades?

It’s no secret that the market for starting pitching has been extremely robust. Every one of the nine pitchers featured on MLBTR’s annual Top 50 MLB Free Agents list has signed for more money than predicted, although some such as Blake Snell and Yusei Kikuchi did so only nominally. In any case, that strong demand for pitching led a great many clubs to become involved in the bidding for now-former White Sox lefty Garrett Crochet, who was dealt to the Red Sox as the Winter Meetings came to a close.

Could that hot market for pitching change the plans of teams with starters they could dangle? The Mariners have long indicated that they have no interest in dealing from their rotation this winter but have received an increasing volume of calls about veteran righty Luis Castillo. Meanwhile, the Padres are at least entertaining the possibility of trading Dylan Cease. Even the Pirates have seemingly expressed willingness to consider offers on their talented young arsenal of pitchers (though Paul Skenes is obviously off limits). Will any of those teams deal from their rotation? Will other teams join them in considering deals from their own rotations?

Agent Joel Wolfe On Roki Sasaki’s Free Agency

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Agent Joel Wolfe of Wasserman held court with the media at this week’s Winter Meetings in Dallas to discuss a variety of topics, headlined by an overview of the plan for newly posted right-hander Roki Sasaki. MLBTR was on hand as Wolfe discussed Sasaki, the 23-year-old ace of Japan’s Chiba Lotte Marines, who is now eligible to negotiate with all major league teams.

Because of his age, Sasaki is subject to Major League Baseball’s international amateur guidelines; more specifically, that means he can only sign a minor league deal and receive a bonus that fits within his team’s league-allotted, hard-capped bonus pool. Had Sasaki waited two years to come to the majors, he’d have been 25 and thus qualified as an amateur, possibly setting him up for a contract rivaling that of countryman and current Dodgers righty Yoshinobu Yamamoto (12 years, $325MM).

Asked why Sasaki chose to seek a posting now rather than come to the majors as a true free agent in two years — potentially leaving hundreds of millions of dollars on the table — Wolfe indicated he’d been asked that question “by everyone you can imagine” and attempted to answer to the best of his ability.

“It’s a difficult question to answer. Some of it is Japanese culture. Some of it is just Roki Sasaki. There are no absolutes in baseball and, through Roki’s eyes, there are no absolutes in life. … He does not take anything for granted. It is not an absolute lock, as some people in baseball have assumed, that two years from now he’s going to get a Yamamoto contract. Sometimes, baseball just doesn’t work out. You know, you look at the epidemic of injuries that pitchers suffer. You could have Tommy John surgery. He’s had two shoulder injuries. He’s had an oblique injury. Things may not go the way you want.

“The other thing is, it’s always been his dream to come to the major leagues, since he was in school. He’s grown up idolizing players like Yu Darvish, Masahiro Tanaka, Daisuke Matsuzaka. This is something he’s always wanted to do, and when he went to [the World Baseball Classic] and was around some of these major league players, it really rubbed off on him. He became sure that ’this is what I want to do as soon as possible.'”

With regard to what sort of factors Sasaki will prioritize in his free agency, Wolfe was more vague. He indicated that he and his client have yet to even discuss such factors at length, as Sasaki’s primary focus for so long has been on whether he’ll be posted at all. Wolfe noted that some teams have already submitted presentations for Sasaki but that in-person meetings have yet to begin. Wolfe himself said he’s seen “three or four” of the presentations that have been submitted but added that he expects more to file in. Asked how many teams scouted Sasaki this past season in Japan, Wolfe replied that at least half the league had done so.

Wolfe naturally declined to specify which teams had submitted initial presentations or scouted his client in person. The immediate focus for Sasaki will simply be learning about the teams, organizations and cities among which he’ll choose. He’s slated to arrive in the United States this week, and after reviewing the introductory presentations from interested teams, Sasaki and Wolfe will host teams for a first-round of in-person visits at a central location, beginning next week. Additional waves of team visits — perhaps some in the cities of the finalists — will take place down the road, but Sasaki also plans to return to Japan for a week or two during the upcoming holidays.

Asked specifically whether Sasaki might consider a small market, Wolfe said he it could possibly be of interest but emphasized that he had not confirmed as much with his client:

“Yeah, absolutely. I mean, I think there’s an argument to be made that a small- or mid-market team might be more beneficial for him, as a soft landing, coming from Japan and what he’s been through and not having an enjoyable experience with the media — it might be. I’m not saying it will be, but I don’t know how he’s going to do it. It might be beneficial for him to be in a smaller market, but I really don’t know how he looks at it yet because I haven’t had a chance and discuss it with him [at great length].”

Wolfe spoke at multiple points, once doing so unprompted, about the media coverage of Sasaki in Japan, labeling it “in my personal opinion, a bit unfair” and candidly acknowledging that at times it could have a negative impact on the young right-hander:

“There has been a lot of negativity in the media directed at him because he has expressed interest in going to play for MLB at such a young age. That’s considered in Japan to be very disrespectful and sort of swimming upstream. There’s been a lot of things. A lot of people jumped on board, creating false rumors about him and his family, and it was detrimental to his mental state.”

Wolfe also emphasized that wherever Sasaki lands, it won’t be a pure short-term financial decision:

“Given that the gap in bonus pool amounts is so negligible, my advice to him is: don’t make decisions based on that. The long-term arc of your career is where you’re going to earn your money, so it’s probably not advisable to make a short-term decision in that regard. Take all the factors into consideration.”

Sasaki was officially posted for major league teams on Dec. 9, kicking off a 45-day negotiating period for big league clubs. He’ll have to have a contract finalized by Jan. 23. Wolfe noted that the signing is expected to occur after Jan. 15, so it can fall under the purview of the 2025 international free agent period, which begins that day. While Sasaki’s decision won’t be a purely financial one, Wolfe specified that MLB wanted to ensure as much of a “level playing field” as possible and ensure that both Sasaki and his former team would get the most beneficial deal possible, which is the posting was formalized on Dec. 9, giving him the chance to extend his free agency into next year’s period — when all 30 MLB teams will have more international resources available.

It’ll be a tough pill for the Marines to swallow, regardless. Under the NPB/MLB posting system, NPB players’ former teams receive a release fee equal to 20% of the contract’s first $25MM, 17.5% of the next $25MM and 15% of any money thereafter. In Yamamoto’s case, for instance, his former club received a mammoth $54.375MM release fee from the Dodgers for agreeing to let Yamamoto go. Since Sasaki will be signing for a hard-capped bonus that’ll likely come in south of $10MM, the Marines will probably receive a release fee under $2MM.

Sasaki has pitched in parts of four NPB seasons and tallied 414 2/3 innings of 2.02 ERA ball with a 32.4% strikeout rate and 5.6% walk rate. Any team that signs him will have control of him for at least six seasons. He cannot sign an immediate extension following his minor league deal, pursuant to attachment 46 of the 2022-26 collective bargaining agreement, which indicates that any contracts deemed to be a circumvention of the CBA will not be permitted by the commissioner’s office. Wolfe noted that MLB teams cannot technically even promise Sasaki a spot on the big league roster when signing him, let alone broker an extension ahead of time at a to-be-determined date.

It’s possible, in theory, that Sasaki could sign an extension later in his young MLB career — likely more than a year or two down the road — but Wolfe pushed back on the notion that they’d even be amenable to that. “If he’s really, really good, the leverage would be on our side, so there wouldn’t be much incentive for us to sign a long-term extension.”

KBO’s Lotte Giants Sign Tucker Davidson

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The Lotte Giants of the Korea Baseball Organization announced they’ve signed left-handers Tucker Davidson and Charlie Barnes. Davidson receives an $850K salary with another $100K in incentives for his first season with the Giants. Barnes, who is headed into his fourth season with the club, receives $1.5MM (including incentives). The moves were relayed by Dan Kurtz of MyKBO.net.

Davidson heads to a foreign league for the first time in his career. The 6’2″ southpaw made one appearance in the major leagues this year. He tossed 4 2/3 innings out of the bullpen for the Orioles, picking up the win in a blowout victory over the Twins in the season’s final weekend. Davidson spent the rest of the year with Baltimore’s Triple-A club in Norfolk. He started 17 of 32 outings and worked to a 3.89 earned run average across 115 2/3 frames.

Baltimore waived Davidson shortly after the season concluded. He elected minor league free agency. Rather than accept another minor league deal, he’ll parlay his solid Triple-A numbers into the KBO opportunity. The 28-year-old has a 5.76 ERA over 129 2/3 major league innings across four teams.

Barnes, who pitched for the Minnesota Twins in 2021, has been a reliable piece of the Lotte rotation for the last three years. He owns a 3.42 ERA in a little more than 500 KBO innings. Barnes turned in a 3.35 mark with 171 strikeouts over 150 2/3 innings this past season.

Mariners Receiving More Trade Calls On Luis Castillo

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Over the weekend, The Boston Globe’s Alex Speier reported that the Mariners were willing to entertain offers on Luis Castillo. Trade chatter has picked up in the few days since then. Daniel Kramer of MLB.com writes that the M’s have received a higher volume of trade calls since Max Fried agreed to an eight-year deal with the Yankees on Tuesday.

Castillo, who turns 32 today, seems to be the one member of the Seattle rotation who’ll be available. President of baseball operations Jerry Dipoto has continuously shot down the idea of trading from his young quartet of Logan Gilbert, George Kirby, Bryan Woo and Bryce Miller. The M’s reportedly rebuffed the Red Sox when Boston floated a framework of Triston Casas for one of their young starters.

Jon Morosi of the MLB Network suggested yesterday that the Red Sox and Mariners remained in conversations about Seattle’s starting pitching. Boston is probably unwilling to give up Casas for Castillo, however. To that end, Speier relayed last night that a source informed him there was no traction on a deal that would involve those two players.

While Castillo is a less appealing target than Seattle’s controllable arms, he should have positive trade value in his own right. He’s coming off another productive season. Castillo started 30 times and worked to a 3.64 earned run average over 175 1/3 innings. He punched out 24.3% of batters faced against a solid 6.5% walk percentage.

That’s a slight step back from his typical production, as he combined for a 3.47 ERA with a 26% strikeout rate over the preceding three seasons. Even if this wasn’t his best year, Castillo looks the part of a mid-rotation starter. He has topped 150 innings in each of the last six full seasons. Castillo’s fastball sits in the 95-96 MPH range. He still has a better than average strikeout and walk profile.

The differentiators between Castillo and his rotation mates are his contract and age. He’s signed for three more seasons at $22.75MM annually. The deal contains a ’28 vesting option valued at $25MM if Castillo reaches 180 innings in 2027 and finishes that year healthy. There’s some protection for the team in the event he suffers a significant arm injury. If Castillo requires surgery to repair the UCL in his throwing elbow and misses more than 130 days, there’d be a conditional $5MM club option for 2028.

Leaving the options aside, the contract has $68.25MM in guarantees for his age 32-34 seasons. That’s probably a little less than what he’d make if he were a free agent this offseason. Castillo is more consistent than Yusei Kikuchi, who got $63MM going into his age-34 season. He has similar numbers to Nathan Eovaldi, who just inked a $75MM deal for ages 35-37.

One complicating factor: Castillo’s deal includes a full no-trade clause through the end of next season. The trade protection goes away at the end of the year (though he would receive a $1MM assignment bonus if he’s traded after 2025). Kramer writes that the Mariners have informed the righty that they’re fielding more interest. The report doesn’t shed any light to which teams, if any, Castillo would approve a trade.

If he’s amenable to moving, the Mariners should be able to offload most or all of the contract while netting a legitimate return. A potential cornerstone bat like Casas is a stretch, but it’s reasonable to expect some kind of immediate lineup help. It’d also open budgetary space for the front office to add to the offense in free agency. Ryan Divish and Adam Jude of the Seattle Times have reported that the M’s are working with around $15-20MM in payroll room; Kramer suggests the same in today’s report at MLB.com. Pushing that closer to $40MM would open a lot more opportunities for Dipoto and his staff to strengthen the corner infield.

It would be a notable hit to their rotation. Much is made of Seattle’s young starting pitching, deservedly so. The talent at the top does obscure a general lack of depth beyond their excellent front five, however. Emerson Hancock hasn’t shown much at the MLB level despite his billing as a former sixth overall pick. He has a 4.71 ERA with a 14.3% strikeout rate in 15 big league starts.

Hancock and soft-tossing lefty Jhonathan Diaz are the top depth options on the 40-man roster. The Mariners didn’t need to rely on either pitcher much in 2024. Their front five combined for all but 13 starts all season. Even if they bring back their entire rotation, it’s unlikely they’ll be quite so fortunate from an injury perspective. Trading Castillo would almost certainly necessitate a rotation acquisition, either in that trade or via subsequent free agent pickup. One need only look at how quickly the Marlins’ starting pitching has been depleted over the past two seasons as an example of the risk for teams in believing they have a rotation surplus. That’s no doubt a factor in Seattle’s general unwillingness to listen on their younger arms.

Cohen: Mets “Still Engaged” With Alonso

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At this afternoon’s presser to introduce Juan Soto, Mets owner Steve Cohen said the team is “still engaged” with Pete Alonso (link via Tim Britton and Will Sammon of the Athletic). That comes a few days after baseball operations president David Stearns said at the Winter Meetings that the team would “love to bring Pete back.”

There hasn’t been much public chatter about Alonso’s free agency. Jon Heyman of the New York Post wrote last night that Alonso would have interest in joining the Yankees if the Mets don’t make a serious push to retain him. Ties between the Yanks and Alonso have been fairly loose, though, as reports have cast them as stronger suitors for Christian Walker. Beyond the New York teams, chatter about the Alonso market has been speculative. The Nationals and Giants are among the teams that could use an impact bat at first base, but there’s no firm indication they’ve been involved.

Alonso declined a qualifying offer last month. Aside from the Mets, every team would forfeit draft picks and/or international signing bonus space to add him. The Mets would relinquish the right to receive a compensatory pick, but that’d only come after the fourth round if he walked. It’s a minimal barrier.

The slugger is coming off a relative down year. Alonso hit .240/.329/.459, the first time in his career he’s had an OPS below .800. His 34 home runs is a personal low over a full season. It’s not an ideal time for his production to dip, but there’s obvious value in a player whose floor is a 30+ homer showing. Alonso has been incredibly durable and started 160 games this past season. He heated up in the postseason, hitting .273/.431/.568 with four homers over 13 games.

As MLBTR explored in a post for Front Office subscribers last month, Alonso is a tricky free agent to value. His reputation could lead his camp to seek a deal approaching or topping Matt Olson ($168MM) and Freddie Freeman ($162MM with deferrals). Front offices have increasingly devalued this general profile, though. Alonso has limited defensive and baserunning value, while his average and on-base percentage are middling.

Stearns preferred not to invest heavily at first base during his time leading baseball operations with the Brewers. Milwaukee ran payrolls that were a fraction of what the Mets do under Cohen, of course, so that’s not necessarily an indication of how Stearns will operate in Queens. Even after paying Soto a record $51MM average annual value, New York has an estimated luxury tax payroll around $252MM (via RosterResource). That’ll probably end up north of $300MM by the end of the offseason. They could certainly accommodate Alonso financially. New York also needs to add at least one starter and will probably deepen the bullpen via another acquisition or two.

Giants Re-Sign Ethan Small, Kai-Wei Teng To Minor League Deals

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The Giants brought back pitchers Ethan Small and Kai-Wei Teng on minor league contracts last month (h/t to Baseball America’s Matt Eddy). San Francisco had dropped both players from the 40-man roster at the non-tender deadline.

Neither player had been eligible for arbitration. The non-tender deadline allowed the Giants to cut them both loose before circling back with minor league offers. They’ll keep both in the organization without carrying them on the 40-man roster.

Small, a former Milwaukee first-round pick, landed with the Giants in a DFA trade in February. The 27-year-old southpaw spent most of the season on the injured list. He didn’t pitch in the big leagues with San Francisco. Small was limited to 13 minor league innings over three levels. His major league résumé consists of four MLB appearances in Milwaukee between 2022-23. During his most recent healthy year in the minors, he turned in a 3.18 ERA through 51 Triple-A frames two seasons ago.

Teng, 26, made his first four MLB appearances this year. He allowed 12 runs over 11 innings. The Taiwanese righty had a terrible ’24 season in Triple-A as well. Teng allowed nearly a run per inning across 75 1/3 frames. The 6’4″ righty posted strong strikeout and ground-ball numbers in the low minors but has struggled with his command throughout his career.

Rangers Designate Roansy Contreras For Assignment

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The Rangers designated right-hander Roansy Contreras for assignment. Texas needed to open a 40-man roster spot after finalizing their free agent deals with Jacob Webb and Nathan Eovaldi.

Contreras departs the Texas roster within six weeks. The Rangers grabbed him off waivers from the Angels in the opening days of the offseason. There was always a decent chance that he wouldn’t stick on the roster all winter. He’ll either be traded or, more likely, placed back on waivers within the next few days.

The 25-year-old was once regarded as one of the game’s better pitching prospects. Initially a Yankee farmhand, he was a key piece of the package that New York sent to the Pirates for Jameson Taillon. Contreras had a decent debut season with the Pirates in 2022, turning in a 3.79 ERA across 95 innings. He looked like a long-term rotation piece at the time, but his production has dropped sharply over the last two seasons.

Contreras struggled to an ERA near 7.00 across 68 1/3 MLB frames in 2023. He exhausted his last minor league option that year. The Pirates carried him in the season-opening bullpen in ’24. He pitched 12 times in medium-leverage spots before the Bucs took him off the roster. They dealt him to the Angels for cash in May. Contreras played out the year with the Halos in a long relief role, posting a 4.33 ERA with subpar peripherals in 37 appearances.

Since the start of the 2023 season, Contreras owns a 5.47 earned run average over 136 2/3 innings. His 18.5% strikeout percentage and 10.5% walk rate are worse than the respective MLB averages, as is his 1.4 home runs allowed per nine. The performance and the inability to send him to the minors without putting him on waivers could lead to him bouncing around the league. Contreras should still intrigue teams as a depth arm, as he sits around 95 MPH with his four-seam fastball and throws six different pitches.

Rangers Re-Sign Nathan Eovaldi

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Nathan Eovaldi is headed back to Texas. The Rangers finalized the right-hander’s three-year free agent deal on Thursday evening. It’s reportedly a $75MM guarantee for the ACES client.

The deal includes a $12MM signing bonus that’ll be paid in $6MM in installments after the 2026 and ’27 seasons. Eovaldi’s salaries for the next three years will be $18MM, $25MM and $20MM, respectively. The backloaded contract affords Texas some short-term payroll flexibility. Eovaldi also gets a full no-trade clause.

It’s a somewhat shocking contract for the right-hander in a hot pitching market that has exceeded expectations across the board. Eovaldi is the latest pitcher to beat early offseason projections, and his guarantee significant outpaces the two-year, $44MM pact that MLBTR predicted for the righty as part of our annual Top 50 MLB Free Agents list. The fact that the Rangers went to a third year in order to land Eovaldi is particularly noteworthy, as it’s just the third time since 2010 that a pitcher entering his age-35 season or later has landed a guarantee longer than two years according to MLBTR’s Contract Tracker. Rich Hill’s three-year pact with the Dodgers is nearly a decade old at this point, and good a pitcher as Eovaldi is, he’s not a Hall of Fame-caliber talent like Max Scherzer and Jacob deGrom before him.

On the other hand, it’s worth pointing out that deGrom’s aforementioned contract was signed just two winters ago by the same Rangers club that has now brought Eovaldi back into the fold. That could suggest that Chris Young’s front office is simply more willing to roll the dice on aging pitchers they believe in compared to other organizations. If that’s the case, it’s certainly understandable that they’d choose Eovaldi to place that bet on. In his first two years with the club, the veteran right-hander provided much-needed stability to the club’s rotation with a 3.72 ERA (110 ERA+) and 3.86 FIP in 54 starts.

While those numbers may not immediately jump of the page, Eovaldi’s underlying metrics suggest he’s still among the better front-of-the-rotation options available this winter even as he starts to age. His 95.6mph average fastball velocity is still strong, and he’s still limiting walks (7.0% with the Rangers) and generating grounders (49.5% groundball rate) at a high clip. Those strong peripherals come in addition to his phenomenal resume in key moments. Eovaldi offered the Rangers a dominant six-start performance in the postseason as he helped lead the Rangers to the first World Series championship in franchise history back in 2023, when he pitched to a 2.95 ERA and struck out 26.8% of opponents in 36 2/3 innings of work to add to an impressive postseason resume from his years with the Red Sox.

It’s that stability the Rangers hope Eovaldi will continue to bring to the front of their rotation going forward. The club has a number of interesting options, ranging from the elite but oft-injured deGrom to exciting but unproven youngsters like Kumar Rocker and Jack Leiter. With Eovaldi and Andrew Heaney both ticketed for free agency this winter, however, the Rangers were left with zero pitchers who made even 20 starts for the club in 2024. That made adding a stable source of innings a priority for the club, and they’ve now done so by bringing Eovaldi back into the fold where he’ll head a rotation that also figures to feature some combination of deGrom, Rocker, Leiter, Jon Gray, Tyler Mahle, Cody Bradford, and Dane Dunning. It’s possible they’ll continue to add to that rotation mix, as Bob Nightengale of USA Today reported in the aftermath of Eovaldi’s decision that the Rangers hope to add another starter in addition to bullpen help this winter.

Those pursuits could come amid a bit of a budget crunch for the club. Reporting early this offseason suggested that the club could look to duck under the luxury tax threshold this winter. With Eovaldi back in the fold, RosterResource projects the club for a payroll just north of $219MM for tax purposes in 2025. That leaves the club with around $21MM in breathing room before they go over the first threshold, which is set at $241MM. Adding multiple relievers and another starter in free agency could be a tall order with that limited budget room unless the club is willing to deal salary elsewhere, though the trade market could also represent a way to add pitching talent at a lower financial cost.

Turning to the pitching market as a whole, the majority of top free agent starters are off the market at this point. Right-handers Corbin Burnes and Jack Flaherty are still available in terms of potential front-of-the-rotation arms, while mid-rotation pieces Sean Manaea and Nick Pivetta also remain available. Of that quartet, only Flaherty isn’t encumbered by a Qualifying Offer that would force acquiring clubs to forfeit draft capital and international bonus pool money in order to sign him. For clubs looking to avoid signing another club’s qualified free agent such as the Orioles, whiffing on Flaherty (and, in the case of Baltimore specifically, Burnes) would leave them forced to resort to back-end veterans such as Heaney and Jose Quintana or reclamation projects such as Walker Buehler in order to add starting pitching talent.

Robert Murray of FanSided first reported the Rangers were re-signing Eovaldi. Jeff Passan of ESPN was first with the three-year, $75MM terms. Evan Grant of the Dallas Morning News reported that it was a backloaded arrangement with an $18MM salary in year one. Jon Heyman of the New York Post had the specific salary breakdown and the no-trade clause.

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