Brewers right-hander Freddy Peralta is not a lock to be traded but plenty of other clubs are interested. He’s already been connected to the Astros, Giants, Mets, Orioles, Red Sox, Yankees, Dodgers and Braves this offseason. Today, Ken Rosenthal of The Athletic writes that the Padres have checked in with the Brewers while Katie Woo of The Athletic reports that the Dodgers remain engaged.
The widespread appeal is understandable as Peralta is both good and cheap. Dating back to the start of 2021, he has given the Brewers 738 1/3 innings, allowing 3.30 earned runs per nine. His 9% walk rate in that time was close to league average while he struck out a big 29.6% of batters faced. He just wrapped up a 2025 season in which he posted a 2.70 ERA with a 28.2% strikeout rate and 9.1% walk rate.
Milwaukee signed Peralta back in 2020, before he was established as a viable big league starter. That deal turned into a massive win for the Brewers, as it was only a $15.5MM guarantee over five years. It also included $8MM club options for 2025 and 2026. By the time those options rolled around, they were obvious bargains and picked up without hesitation.
That salary on a one-year commitment is very appealing for all teams. The top starting pitchers often make in the range of $25MM to $45MM annually on multi-year deals. This offseason has seen Dylan Cease, Ranger Suárez and Michael King land average annual values in the $25-30MM range. In short, Peralta’s deal is a steal.
That makes him very appealing to all clubs. For big spending teams, Peralta is a theoretical rotation upgrade without the big contract. Most of the top spenders are also facing huge tax bills, in many cases more than doubling the cost of signing any free agent. For teams with payroll crunches, it’s also obviously helpful to be able to get a top arm without a big price.
It also makes Peralta valuable for the Brewers, who are never big spenders. But the fact that Peralta is nearing free agency puts them in a tricky spot. Their low payrolls usually make it hard for them to sign their players for the long term, which can lead to them being traded as free agency nears.
In recent years, players like Corbin Burnes and Josh Hader have been traded as their respective windows of control were shrinking. But with Willy Adames, Milwaukee decided to hold onto him until he hit the open market. They collected compensation in the form of an extra draft pick after he rejected a qualifying offer and then signed with the Giants.
Peralta could go either way. President of baseball operations Matt Arnold downplayed the trade possibility back in November but the club is also reportedly concerned about its payroll. Earlier this month, they were one of nine teams who terminated broadcast deals with Main Street Sports. It’s possible they could negotiate a new deal or pivot to having MLB handle things but they will almost certainly bring in less broadcast revenue in 2026 compared to the year prior.
Trading Peralta wouldn’t save the Brewers a ton of money but it would allow them to theoretically bolster other areas of the roster without having to spend on free agents. However, no offer has compelled them to pull the trigger yet, with pitchers and catchers set to report to spring training in less than three weeks.
The Padres make a lot of sense as a landing spot for Peralta. Rotation depth was a concern for them throughout 2025 and then they lost Cease and King to free agency at season’s end. Shortly thereafter, Yu Darvish underwent UCL surgery, ruling him out for the entire 2026 campaign.
They have since brought back King but further bolstering the rotation would make sense. Currently, they project to have King, Nick Pivetta and Joe Musgrove in three spots, followed by a cluster of potential depth options including Randy Vásquez, JP Sears, Kyle Hart and Matt Waldron.
Even within that group, there are notable questions. King is coming off a season impacted by injuries. Pivetta has been in some trade rumors due to his back-loaded contract. Musgrove will be coming back from missing 2025 recovering from Tommy John surgery. Vásquez had a nice 3.84 ERA last year but just a 13.7% strikeout rate. Sears, Waldron and Hart all had poor seasons.
Adding to that group makes sense but the Friars have seemingly been walking a financial tightrope for a few years. Their payroll peaked in 2023 but the offseasons since then have seen them trying to work around an apparent lack of spending capacity. That seemed to motivate the Juan Soto trade two offseasons ago. Last winter, they were able to sign Pivetta but with an unusual structure. It was $55MM over four years but with just a $3MM signing bonus and $1MM signing bonus in the first year.
RosterResource projects the payroll for $220MM next year, which is a bit above last year’s spending. The competitive balance tax figure is pegged at $262MM, above the base threshold of $244MM. The Padres reset their tax status in 2024 but paid the tax last year. That means they would be second-time payors in 2026, which leads to a 30% base tax rate. Going above $264MM would increase the tax rate to 42% on spending beyond that line.
That presumably makes the Padres at least somewhat unwilling to spend big on a free agent like Framber Valdez, Zac Gallen or Chris Bassitt. Rosenthal writes that their preferred spending range is $8MM to $12MM and he floats Nick Martinez, Lucas Giolito and Justin Verlander as guys who could theoretically fall to that range.
Though Peralta’s $8MM salary would undoubtedly be appealing, especially if they move Pivetta and his $19MM salary in 2026, the Brewers would want something notable in return. Subtracting from the big league roster would be counterproductive and the Padres have also traded away a large number of prospects in recent years, including sending top prospect Leo De Vries to the Athletics in last year’s Mason Miller deal. Lining up on a deal with Milwaukee may be tricky.
Turning to the Dodgers, Woo notes that their interest presumably indicates at least some level of concern from the club in relation to the current rotation mix. The Dodgers have a great starting group on paper but questions with most of the individuals. Yoshinobu Yamamoto is only guy still on the roster who topped 91 innings pitched last year. Tyler Glasnow, Blake Snell, Emmet Sheehan, Shohei Ohtani and Roki Sasaki all came in under that line due to various different health situations. The Dodgers presumably don’t expect the whole group to stay healthy for 2026.
They also seem better positioned than the Padres to offer the Brewers the kind of young, controllable pitching they would probably want in return. Sheehan and Sasaki are both still in their pre-arb years. The same is true of guys like Ben Casparius, River Ryan, Kyle Hurt, Justin Wrobleski, Gavin Stone, Landon Knack and others.
Woo also floats outfielder Ryan Ward as a possibility, with the recent Kyle Tucker signing blocking his path. She writes that the Dodgers were considering a platoon of the lefty-swinging Ward and righty Alex Call before landing Tucker, so Ward may now be expendable. The Brewers subtracted from their outfield this offseason when they traded Isaac Collins to the Royals alongside Nick Mears to acquire left-hander Ángel Zerpa. They still have a decent group including Christian Yelich, Sal Frelick, Jackson Chourio, Garrett Mitchell, Blake Perkins and others.
Whether the Brewers can be compelled to complete a trade remains to be seen. Without Peralta, their rotation would still consist of a pretty good group including Brandon Woodruff, Jacob Misiorowski, Quinn Priester, Chad Patrick, Logan Henderson, Robert Gasser, Tobias Myers and others, plus whatever they can get in return in the Peralta trade. But they could also just hold Peralta to make another run in 2026. If Peralta is healthy a season from now, he would be a lock to reject a QO, netting the Brewers a compensatory draft pick if he signs elsewhere.
Photo courtesy of Michael McLoone, Imagn Images
