Yankees Shut Down Clarke Schmidt For 4-6 Weeks
The Yankees are shutting down starter Clarke Schmidt for 4-6 weeks. Manager Aaron Boone announced the news to the New York beat before tonight’s game with the Angels (X link via Bryan Hoch of MLB.com). Schmidt underwent an MRI yesterday and landed on the 15-day injured list with a lat strain this afternoon.
Schmidt’s absence will extend well beyond the minimum. He’s almost certainly out through the All-Star Break at this point. There’s a good chance he doesn’t return until after the trade deadline. Even in the best case scenario where Schmidt is able to begin a throwing program in the first half of July, he’ll need multiple weeks to return to MLB readiness. He’ll go through bullpen sessions and live batting practice before heading on a minor league rehab stint that’ll likely require at least two or three starts.
It halts what had been an excellent start to the season for the South Carolina product. Schmidt has a 2.52 ERA over 11 starts, punching out more than 27% of opposing hitters. He had performed at a back-of-the-rotation level in 2023, when he allowed 4.64 earned runs per nine over 33 appearances. Schmidt was building a reasonable All-Star case, a major reason why the Yankees have an AL-best 38-19 record.
[Related: The New and Improved Clarke Schmidt]
New York’s rotation has been stellar despite losing Gerrit Cole to elbow inflammation in Spring Training. Only the Phillies have a better ERA from their starting staff than the Yankees’ 2.69 mark. New York starters also trail just Philadelphia in strikeout rate and are behind the Phils, Mariners and Royals in innings.
That’s a remarkable couple months for a team operating without the defending AL Cy Young winner. They have had essentially perfect health following Cole’s injury. Nestor Cortes, Marcus Stroman, Carlos Rodón, Luis Gil and Schmidt have taken all but one start. The Yankees will face some rotation uncertainty for the first time since March.
Cody Poteet took the lone other start, working six innings of one-run ball against the Guardians as part of a doubleheader on April 13. Poteet is the first choice to step into Schmidt’s rotation spot; Boone announced that the right-hander will take the ball in San Francisco on Saturday. While Poteet has been on the minor league injured list for a week because of a blister, he’s expected to be ready two days from now.
The Yankees signed Poteet to a split contract in January. The 29-year-old righty turned in decent numbers in 58 2/3 innings for the Marlins between 2021-22. He underwent Tommy John surgery in August ’22, leading Miami to cut him loose. That the Yankees gave him a 40-man roster spot was a surprise, but he’s thus far rewarded their faith with an impressive two months in Triple-A. Over seven starts for Scranton/Wilkes-Barre, he has a 4.05 ERA with a 28.1% strikeout percentage and a solid 8.1% walk rate.
Poteet may only need to hold a starting spot for a couple weeks. Cole has been throwing for more than a month and is closing in on a rehab assignment. Boone said that the six-time All-Star could head out on a minor league stint as soon as next week (relayed on X by Chris Kirschner of the Athletic). He’ll need to make multiple starts but could be back at Yankee Stadium by the latter half of June.
Schmidt’s injury doesn’t immediately look as if it’ll impact the Yankees’ approach to the deadline. By late July, New York could have a rotation of Cole, Rodón, Stroman, Cortes and Gil with a Schmidt return on the horizon. That’d be one of the strongest units in the majors. Any more injuries would test the depth, though, particularly with Gil’s 63 1/3 innings already well beyond his combined workload of 2022-23 because of May ’22 Tommy John surgery.
Yankees Place Clarke Schmidt On Injured List
The Yankees announced today that right-hander Clarke Schmidt has been placed on the 15-day injured list, retroactive to May 27, with a right lat strain. Right-hander Cody Morris has been recalled in a corresponding move.
At this point, the full details of the injury aren’t clear. Schmidt started for the Yankees in San Diego on Sunday and all seemed fairly normal, as he tossed 101 pitches over five innings. It seems that Schmidt either felt sore after that start or perhaps aggravated something during a bullpen session. The club will likely provide more details about the issue and his expected absence in due time.
Regardless of how long Schmidt is out of action, this will interrupt what was shaping up to be a brilliant breakout season, something that MLBTR’s Steve Adams recently took a detailed look at. Thanks to some adjustments to his pitch mix, Schmidt has been able to have far better results this year than in the past.
Last year, he made 33 appearances for the Yanks, 32 of those being starts. He tossed 159 innings, allowing 4.64 earned runs per nine. He struck out 21.5% of batters faced while giving out walks at a 6.6% rate. Here in 2024, he’s thrown 60 2/3 innings over 11 starts with a 2.52 ERA, 27.1% strikeout rate and 8.1% walk rate.
That tremendous improvement has been huge for the Yankees, as they have been without their ace Gerrit Cole all year so far. Cole has been battling elbow inflammation since the spring but the rest of the rotation has stepped up in his absence. In addition to Schmidt’s strong work, each of Carlos Rodón, Nestor Cortes and Marcus Stroman have bounced back from injury-marred seasons in 2023. None of that trio has an ERA higher than 3.30 this season. Luis Gil, who hardly pitched in the past two years due to Tommy John surgery, has a 1.99 ERA so far.
That the Cole-less rotation has been so strong is a big reason why the Yankees are 38-19, the best record in the American League. Now they will have to reach beyond that starting group for essentially the first time this year. Cody Poteet started the second game of a doubleheader on April 13, but apart from that, every Yankee game this year has been started by the fivesome of Schmidt, Rodón, Cortes, Stroman and Gil.
Cole has yet to begin a rehab assignment and is therefore still weeks away. JT Brubaker, recovering from Tommy John surgery, hasn’t yet begun a rehab assignment either. Luke Weaver has plenty of starting experience but has been in a leverage role this year, earning seven holds, including five this month. Poteet and Clayton Beeter are on the minor league injured list. Yoendrys Gómez was just optioned three days ago and can’t be recalled for a 15-day period unless directly replacing an injured player. Will Warren is one of the club’s best pitching prospects but he has an ERA of 8.53 in Triple-A this year and isn’t yet on the 40-man roster.
How the Yanks play things will remain to be seen. They have an off-day on Monday and could perhaps do some kind of bullpen day on Saturday, when Schmidt was scheduled to start, before coming up with a better long-term solution next week.
The New And Improved Clarke Schmidt
A lot has gone right for the Yankees in 2024. Even without the services of reigning Cy Young winner Gerrit Cole through the season’s 30% mark, they find themselves atop the American League East by a measure of two games over the second-place Orioles. The Rays, eight games back, are a distant third. Boston and Toronto follow with deficits of 8.5 games and 10.5 games, respectively.
Beyond Cole’s absence, the Yanks dealt with a prolonged slump for 2022 MVP Aaron Judge and have yet to get so much as a single at-bat from DJ LeMahieu due to a fractured foot suffered in spring training. Setup man Jonathan Loaisiga pitched only four innings before requiring internal brace surgery. On the flip side, Juan Soto has lived up to the billing as a middle-of-the-order force. Carlos Rodon and Nestor Cortes both look like the pitchers the Yankees expected them to be in 2023. Marcus Stroman has handled himself well, albeit with an uncharacteristic uptick in walks.
For all the big names turning in marquee and/or rebound performances, the Yankees have also seen substantial improvement from a key in-house arm. Righty Clarke Schmidt was a top prospect long before he made his MLB debut, and he made 29 serviceable starts last season, so it’s not as though he wasn’t expected to contribute at all this year. But heading into the season, Schmidt looked like a clear back-of-the-rotation arm.
About one-third of the way through the 2024 season, that’s no longer the case. Schmidt still looks the part of a big league starter, but he’s taken considerable steps forward and now looks like far more than a garden variety innings eater. Schmidt has upped his velocity by a bit more than a mile per hour on both his cutter (up from 91.5 mph to 92.6 mph) and sinker (93.6 mph in 2023, 94.7 mph in 2024). Schmidt is also taking a page from the Corbin Burnes playbook, throwing more cutters than at any point in his career, and doing so at the expense of his sweeper and sinker. It’s not an overwhelming change in pitch selection, but Schmidt has gone from throwing that cutter around 28% of the time to 35.5% of the time in 2024.
The biggest change for Schmidt, however, isn’t necessarily one of pitch usage but rather of pitch effectiveness. Opponents in 2023 teed off on his sweeper, blasting the pitch at a .276/.331/.559 pace when putting it into play. Opponents basically became 2023-24 Gunnar Henderson when putting Schmidt’s sweeper into play. That’s … not good. (Well, not good for Schmidt.)
In 2024, Schmidt has actually taken a bit of life off that breaking ball. Coupled with the uptick in cutter/sinker velocity, the gap between those harder pitches and his primary breaking ball has widened by around two miles per hour. Last year saw a 5.3 mph gap between his cutter and sweeper, and a 7.4 mph gap between the sinker and sweeper. This year, those differentials are up to respective marks of 6.9 mph and 9.0 mph. Additionally, by measure of Statcast, Schmidt’s sweeper is also generating an extra 3.3 inches of horizontal break over last year’s version of the pitch.
The tweaks are subtle but the changes in Schmidt’s results aren’t. Through his first 10 starts of the season, the right-hander touts a 2.59 ERA (3.54 FIP, 3.38 SIERA). His strikeout rate is up from 21.5% to a career-best 27.2%. His walk rate has worsened, but only slightly, and at 7.6%, it’s still a percentage point better than the league average. Schmidt is generating more swinging strikes (10.2% in 2023, 12.2% in 2024), getting more called strikes and has seen his opponents’ contact rates drop both in the zone and off the plate. A hearty 41% of batted balls against Schmidt last year traveled 95 mph or more, but this year that rate is down to 34.8%. His opponents’ average exit velocity is down roughly one mile per hour. He’s allowing less contact, and the balls that are put into play against him are generally more timid in nature.
Schmidt’s step forward is well-timed for the Yankees on multiple fronts. Not only does it dovetail with a time when rotation depth is paramount for the Yankees as they await Cole’s return, it also comes when Schmidt is still controllable for a considerable period of time. Schmidt is 28 and already into arbitration, earning $2.184MM this season, but he’s a Super Two player who was only first-time eligible this past offseason. The Yankees control him for three more seasons.
While Schmidt’s arb price will rise considerably if he can sustain even 80% of the gains he’s made this season, he’ll still be priced well below market levels at a time when the Yankees are in the final years of some relatively heavy veteran contracts. Stroman ($18.5MM next season, plus an $18MM vesting option for 2026), Anthony Rizzo ($17MM club option), LeMahieu ($15MM in 2025 and 2026), will all still be on the books in the short-term, when Schmidt’s price tag is particularly affordable. Given the Yankees’ long-term commitments to Cole, Judge, Rodon and Giancarlo Stanton — plus their obvious hope of re-signing Soto — having low-cost contributors like Schmidt play key roles is of even greater importance.
Speaking of Soto, his very presence on the roster made it crucial that Schmidt and other in-house arms step up in 2024. The Yankees parted with notable pitching depth to acquire Soto from San Diego, sending Michael King, Jhony Brito, Randy Vasquez and top prospect Drew Thorpe to the Padres in that package. King would’ve been locked into a rotation spot in the Bronx, and each of Brito, Vasquez and Thorpe were depth options for this year’s rotation. You could argue it’s a quantity-over-quality group, but the Soto trade left the Yankees with much less depth to rely on in the event of injuries. A step back from Schmidt would’ve been magnified even further with Cole on the shelf.
Instead, Schmidt has taken significant steps forward — thanks to changes that make much of his improvement feel sustainable. He’s not likely to keep running a sub-3.00 ERA, but Schmidt looks far more like a mid-3.00s type of pitcher than the 2023 version of himself that appeared ticketed for a mid-4.00s mark.
Yankees Notes: Hernández, Snell, Schmidt
Utility player Enrique Hernández signed with the Dodgers earlier this week after having reported interest from clubs such as the Giants, Angels, Twins, and Padres. Hernández spoke to Foul Territory about his free agency (video link via X), adding that the Tigers were also interested but that it came down to the Dodgers and Yankees at the end.
The interest from the Tigers was not previously reported, but it seems fair to assume it came before they signed another utility infielder, Gio Urshela. That the Yankees were at the table is not something that was previously reported and would seem to suggest they are open to adding another utility player to their roster.
There are a few different ways Hernández could have been useful off the bench for the Yankees. The club is set to have veterans DJ LeMahieu and Anthony Rizzo at the infield corners, both of whom are now in the mid-30s and struggled with injuries last year. He could have given them some extra cover at those spots while also perhaps getting into the outfield mix in a platoon capacity, pairing with lefty Alex Verdugo.
Hernández hits from the right side and has a career slash of .257/.343/.458 against southpaws, good enough for a 115 wRC+, compared to a line of .228/.290/.377 and 80 wRC+ against righties. Verdugo’s career splits are .290/.346/.461 and 115 wRC+ against righties but .259/.315/.350 and 80 wRC+ versus lefties. Left-hander Trent Grisham is also in the mix but he has reverse splits.
The Yankees project to have a bench of Jose Trevino, Oswaldo Cabrera and Grisham in three spots. That leaves one spot open, which could go to Oswald Peraza, but he has an option and is probably better served getting regular reps in the minors as opposed to sitting on the big league bench.
The club’s interest in Hernández suggests they could sign a veteran to plug into their bench, though there aren’t many proven infield/outfield types unsigned. Donovan Solano hasn’t played the outfield since 2012 while guys like Elvis Andrus or Jonathan Schoop never have. Free agent outfielders like Tommy Pham, Adam Duvall or Michael A. Taylor can’t help on the infield. The Yanks just claimed Jahmai Jones off waivers, who has experience on the dirt and the grass and is out of options, so perhaps they will just turn to him or some other claimee to fill out their bench.
Elsewhere in Yankee tidbits, the club continues to be tied to Blake Snell as the lefty lingers on the market. Recent reporting has suggested Snell may follow Cody Bellinger in pivoting to a short-term deal with opt-outs and high average annual values, though this wouldn’t work well for a club like the Yankees. They are already over the fourth and final tier of the competitive balance tax and face a 110% tax on any additional spending. RosterResource puts their CBT number at $307MM, already $10MM over the $297MM top line.
Hypothetically, if Snell wanted the same $30MM salary as Bellinger this year, the Yankees would also have to pay $33MM in taxes to give it to him. Snell also rejected a qualifying offer, so the Yankees would have to surrender their second- and fifth-highest picks in the upcoming draft and $1MM of international bonus pool space to sign him. Brendan Kuty of The Athletic looked at the situation today and reported that it remains unlikely the two sides will get something done for those exact reasons.
As long as the Yankees don’t sign Snell or any other pitcher, then Clarke Schmidt projects as the number five behind Gerrit Cole, Carlos Rodón, Marcus Stroman and Nestor Cortes. Kuty spoke to manager Aaron Boone about Schmidt, with the skipper highlighting the strong finish to his season. “He never lost confidence,” Boone said. “He never lost focus. Then he put together a really strong 4 1/2 or five months — after Gerrit, he was the guy we could kind of hang our hat on. Hopefully there’s another step in that.”
In his ninth start of the season, Schmidt allowed seven earned runs in 4 2/3 innings against the Rays and had a 6.30 earned run average at that point. But he put up a 4.08 ERA the rest of the way, allowing him to finish at 4.64 for the season overall. The Yanks will be hoping the 28-year-old can take another step forward here in 2024, as they traded away much of their rotation depth in the deal that brought over Grisham and Juan Soto.
Yankees, Padres Nearing Juan Soto Deal
5:39pm: The Padres continue to evaluate the medical records of the players involved, tweets Bryan Hoch of MLB.com.
3:10pm: Curry reported on air that King, Thorpe, Brito, Vasquez and catcher Kyle Higashioka are all likely to be included in the trade (video link). The deal still isn’t quite across the finish line but could be wrapped up this afternoon.
2:42pm: The two sides are still sorting out minor details and reviewing medical information, but Heyman tweets that a deal is expected to be finalized sooner than later. Soto and Grisham are both expected to go to the Yankees.
1:47pm: Joel Sherman of the New York Post tweets that even after the Yankees’ acquisition of Verdugo, Grisham is still involved in the current iteration of talks between New York and San Diego. He’d be used as a fourth outfielder and late-inning defensive upgrade. His projected $4.9MM salary is a bit steep for that role, particularly when factoring in the associated luxury tax implications, but the Yankees don’t seem too concerned with club payroll at present.
11:20am: The package for Soto is expected to include King and Thorpe, as well as “at least two” other players, per MLB.com’s Jon Morosi, who adds that a deal is indeed close to being finalized.
8:42am: Talks between the Yankees and Padres regarding star outfielder Juan Soto have continued throughout the night, it seems, and the Yankees have “intensified” their efforts to pry Soto away from San Diego, Jack Curry of the YES Network reports. Curry calls a trade “likely,” noting that pitchers Michael King and Drew Thorpe could both be in play. Jon Heyman of the New York Post adds that in addition to Thorpe and King, each of Clarke Schmidt, Chase Hampton, Jhony Brito and Randy Vasquez have all been discussed. Certainly, the Yankees won’t be sending that whole slate of arms, but there’d likely be more to the package than Thorpe and King alone.
A trade sending Soto to the Bronx has been viewed as a possibility for much of the offseason, given the superstar slugger’s projected $33MM salary (via MLBTR contributor Matt Swartz), the Padres’ reported need to scale back payroll (while still adding to a perilously thin rotation mix) and the Yankees’ desire for aggressive and broad-reaching changes on the heels of a disappointing season. Prior reporting on the talks between the two parties have been hung up on the Padres insisting on the inclusion of MLB rotation pieces, most notably including King. That Curry mentions King and Thorpe as possibilities to be included in this deal seems to represent an acquiescence of sorts from the Yanks.
If a deal is indeed completed, Soto would be the second outfielder acquired by the Yankees in as many days. New York pulled of an extraordinarily rare swap of note with their archrivals in Boston last night, landing fellow corner outfielder Alex Verdugo from the Red Sox in exchange for a three-player package. Soto and Verdugo would join Aaron Judge in the outfield, resulting in a major overhaul of a group that was a weak point in the Bronx throughout the 2023 season.
Even with Judge in the fold, Yankees outfielders combined for a dreadful .220/.293/.399 batting line last season. The resulting 90 wRC+ suggests that Yankees outfielders were about 10% below average at the plate even with the 2022 AL MVP’s production included. Subtracting Judge from the equation, Yankees outfielders combined to post a catastrophic .214/.247/.365 batting line on the season.
A Verdugo-Judge-Soto outfield would be far more productive and also substantially reduce the Yankees’ strikeout woes; Verdugo fanned at just a 15.4% rate in 2023, while Soto wasn’t much higher at 18.2%. Both Soto and Verdugo are one-year solutions in the outfield, as both are set to become free agents following the 2024 campaign.
Presumably, the Yankees would deploy Judge in center field regularly for the upcoming season, with Verdugo in left field and Soto in right. The Padres and Yankees had previously discussed including San Diego center fielder Trent Grisham in a Soto package, but Heyman tweets that following the acquisition of Verdugo, Grisham is no longer likely to be a part of talks with the Friars. While manager Aaron Boone can’t formally comment on any potential acquisition of Soto, he did acknowledge to The Athletic’s Brendan Kuty and other reporters just now that the Yankees would be comfortable with Judge playing center field every day this coming season.
Roster Resource already projects the Yankees for a payroll north of $245MM and more than $256MM worth of luxury tax obligations. Soto would push those numbers to around $278MM and $289MM, respectively. The Yankees are already effectively at the second luxury-tax threshold, meaning the penalties they face for incorporating Soto’s salary into the fold will be steeper. As a team paying the luxury tax for a third straight season, they’d pay a 62% tax for exceeding by $20-40MM and a hefty 95% surcharge on the next $20MM spent. With regard to Soto, that’d equate to about $24.5MM of penalties on top of his projected $33MM salary.
Of course, further changes could impact that payroll and roster outlook. The Yankees have been prominently linked to star NPB right-hander Yoshinobu Yamamoto and are viewed as one of the favorites to land him. Even failing that, the Yankees could need to look for outside help in the rotation — particularly if King and/or Schmidt is indeed part of the swap that ultimately nets them Soto. Adding Soto and making a subsequent addition of any real note to the rotation (barring the acquisition of a pre-arbitration arm to plug into the mix) would push the Yankees into the newly created fourth tier of luxury penalization — often referred to as the “Steve Cohen tax” in reference to the crosstown owner of the Mets.
Latest On Juan Soto
Recent reporting on the trade talks between the Padres and Yankees regarding superstar outfielder Juan Soto have indicated that the sides have hit an impasse in their trade discussions. Jon Heyman of the New York Post reported this morning that the sides haven’t talked since San Diego requested the previously-reported multi-player package centered round right-handers Drew Thorpe and Michael King, though The Athletic’s Brandon Kuty suggests that discussions between the sides are expected to reignite during the Winter Meetings this week.
Kuty goes on to discuss the current state of discussions between the sides, with a few noteworthy updates to past reporting. While San Diego’s proposal was previously believed to be a six- or seven-player package centered around King and Thorpe plus salary relief in exchange for Soto and Trent Grisham, Kuty suggests that the Padres proposed an eight-for-two swap with right-handers Clarke Schmidt, Jhony Brito, and Randy Vasquez all included in addition to King and Thorpe. The other three players in San Diego’s proposal are not known, though Kuty suggests that top prospects Oswald Peraza and Everson Pereira both are “figured to be on the table” in discussions.
The mention of Pereira as a potential piece in a Soto is especially noteworthy as past reporting has indicated that the 22-year-old has not been part of discussions between the sides. The young outfielder has emerged as a consensus top-100 prospect in the sport after slashing .300/.373/.548 in 81 games split between Double-A and Triple-A this season, though he struggled in a 27-game cup of coffee with an anemic .151/.233/.194 slash line in 103 big league plate appearances down the stretch. The inclusion of Pereira as a big-league ready outfield option could make plenty of sense for San Diego, particularly if the club parts with both Soto and Grisham in a deal.
While the specifics of reports on the Padres’ requested return package have conflicted, it’s clear that San Diego is hoping to receive a hefty return with a focus on MLB-ready pitching. What’s more, there’s a clear consensus between reports that the Yankees are particularly hesitant to include King and Thorpe in a package for Soto. Despite the gap between the sides in trade discussions, Kuty notes that restarting talks makes plenty of sense for both sides. The impetus behind a Soto deal for San Diego is the club’s desire to cut payroll, and Soto’s projected $33MM salary (courtesy of MLBTR contributor Matt Swartz) limits the number of teams that could realistically fit a deal for Soto into their budget. Meanwhile, Kuty notes that the Yankees are facing considerable pressure to improve after missing the playoffs with an 82-80 2023 campaign.
While Kuty notes that Cody Bellinger is another star-caliber lefty outfielder who the Yankees have interest in, no outfield addition is appealing to the club as Soto. Likewise, Kuty suggests that the Blue Jays represent a potential suitor for Soto if the Padres can’t get a deal done with New York. It’s a suggestion further backed up by SNY’s Andy Martino, who describes Toronto as a “real contender” for Soto, with Heyman adding that right-hander Alek Manoah has come up in discussions between San Diego and Toronto. That said, Martino suggests that the Jays are believed to prefer to wait on a Soto deal until they know whether or not they’ll be successful in their bid for superstar slugger Shohei Ohtani.
Kuty suggests that waiting for Ohtani to make a decision could be a double-edged sword for the Padres. While another superstar-caliber left-handed slugger coming off the board could raise the pressure on interested clubs to acquire Soto, the Padres are likely to attempt to use the savings from a Soto deal to explore the free agent starting pitching market, and waiting to move Soto could leave San Diego with less options on that front. While the free agent market has largely moved slowly to this point in the offseason, the top end of the rotation market has been something of an exception to that rule with Aaron Nola and Sonny Gray having already signed on in Philadelphia and St. Louis, respectively.
Yankees, Padres Reportedly Far Apart In Juan Soto Trade Talks
The Yankees are known to have interest in Padres outfielder Juan Soto but it doesn’t seem as though a trade is close to coming to fruition. Per reports from Ken Rosenthal, Dennis Lin and Brendan Kuty of The Athletic, Jon Heyman of The New York Post and Andy Martino of SNY, talks have stalled with a noticeable gap between the two clubs. Heyman says that “at least nine” clubs have checked in, while the report from The Athletic says the Blue Jays are involved.
All the reports indicate that the Padres are asking for a multi-player return, with Martino reporting that the Friars asked for Michael King, Drew Thorpe and four or five other prospects such as Randy Vásquez and Jhony Brito, as well as salary relief for Soto and Trent Grisham, who was also in the discussions. He adds that none of Jasson Dominguez, Anthony Volpe, Gleyber Torres, Austin Wells or Everson Pereira are involved. The report from The Athletic identifies Clarke Schmidt as a target.
It seems there is a disparity in how to value Soto, who is incredibly talented in a vacuum but there are other factors that could diminish his value in a trade. He only just turned 25 years old but has already played in 779 big league games with 160 home runs. He has drawn walks in 19% of his plate appearances while striking out in just 17.1% of them. He has slashed .284/.421/.524 overall for a wRC+ of 154, indicating he’s been 54% better than the league average hitter.
But he is now just one year removed from free agency, with MLBTR contributor Matt Swartz projecting an arbitration salary of $33MM next year. It is generally expected that signing him to an extension will be extremely difficult, given that he’s about to hit the open market just after his 26th birthday, a uniquely young age for a free agent. The Nationals reportedly offered him an extension of $440MM in July of last year, eventually putting him on the trading block when he rejected it. Since then, he banked $23MM in 2023 and is set to add about $33MM more next year, increasing his earning power as he has moved to free agency. That makes him seen by many in the industry as a one-year rental.
Shortly after that extension was turned down, the Nats were able to trade Soto and Josh Bell for a package of six players: C.J. Abrams, MacKenzie Gore, Robert Hassell III, James Wood, Jarlin Susana and Luke Voit. But that was when Soto still had two and a half years of control remaining. Now he is down to one year and his salary has increased to roughly market rate for a star player.
Given the changing circumstances, his trade value should be far lower now than it was when the Padres acquired him. But the Padres still seem to be asking for a significant package of players, seemingly focused on pitching. King still has two years of control whereas Vásquez and Brito each have six. Thorpe is one of the Yankees’ top pitching prospects and hasn’t reached Triple-A yet. From the perspective of the Friars, they think the Yankees are acting like the only suitors, presumably extending offers the Padres consider non-starters.
It’s possible that this is just a classic case of early negotiations, where both sides stake out extremely unreasonable positions and gradually meet in the middle. But both sides also have the option of pivoting elsewhere. The Padres seem to have many other clubs calling, while the Yanks can walk away from Soto and pursue free agents like Cody Bellinger. They are known to be looking for two outfielders, which is presumably why Grisham’s name has been brought up in talks, but the Yanks could always looks elsewhere.
As for the Jays, it’s unsurprising that they are involved. General manager Ross Atkins has admitted that the club is looking for significant upgrades to their lineup, targeting big names like Bellinger and Shohei Ohtani. Like many things this offseason, the ultimate outcome might have to wait for a decision from Ohtani. Recent reporting indicates the Jays are one of the handful of clubs still involved as Ohtani’s market whittles down. But if they end up just missing there, they could call up the Padres and try to get something done for Soto.
Some reports have suggested that the Friars could look to finish a Soto deal as soon as next week’s Winter Meetings, but it might actually be in their best interests to wait. Since nothing is close with the Yankees and the Jays are waiting on Ohtani, the Padres might get a better deal with a bit of patience. Earlier reporting has suggested the Cubs, Giants and Phillies could be involved and there are other speculative fits as well.
Despite Soto’s immense talent, he’s available in trade talks due to the budgetary concerns in San Diego. The club’s payroll for next year is currently estimates by Roster Resource to be around $189MM. Due to aggressive spending in recent years and their loss of broadcast revenue with the bankruptcy of Diamond Sports Group, they are expected to be working with a reduced payroll of around $200MM this year. That means they are almost at their limit before addressing the significant losses to their rotation. Blake Snell, Seth Lugo, Michael Wacha and Nick Martinez reached free agency at season’s end, leaving them with Joe Musgrove, Yu Darvish and plenty of uncertainty beyond those two.
It appears that president of baseball operations A.J. Preller is trying to kill two birds with one stone, moving Soto and his projected to salary to both clear out some payroll space and bring in the pitching they sorely need. Whether he can pull it off will be one of the most interesting storylines to follow in the weeks to come.
Padres Continuing Juan Soto Trade Talks
Chatter about a potential Juan Soto trade has gained steam within the past few days. Ken Rosenthal of the Athletic wrote on Tuesday the Padres were “almost certain” to deal the star outfielder this offseason. Jeff Passan of ESPN reported this morning that the Friars are engaging other clubs in discussions about the winter’s top trade candidate.
While there’s no indication one team has moved ahead as any sort of favorite, it seems increasingly likely the Padres will pull the trigger on a deal — perhaps as soon as next week’s Winter Meetings. San Diego’s biggest motivation would be to subtract Soto’s arbitration salary, projected at $33MM by MLBTR contributor Matt Swartz, from their books. Making a trade relatively early in the offseason would afford the front office more clarity as they subsequently look to deepen the roster in other areas.
The Yankees have made no secret of their desire to add a left-handed hitting outfielder. None would be as impactful as Soto, who could slot into left field to form an otherworldly corner outfield tandem with Aaron Judge. On Wednesday, SNY’s Andy Martino wrote that while San Diego and the Yankees continued ongoing dialogue, talks were still in their early stages and no deal was close.
[Related: The Best Fits For A Juan Soto Trade]
If the Padres accelerate discussions on Soto with the Yankees or another team, it seems controllable starting pitching would be a focal point of the return. Brendan Kuty of the Athletic wrote on Wednesday that San Diego was looking for upper-level rotation help in Soto talks. Both Passan and Dennis Lin of the Athletic expressed a similar sentiment.
That’s no surprise. Rotation depth is the biggest question facing president of baseball operations A.J. Preller and his front office. Each of Blake Snell, Michael Wacha, Seth Lugo and Nick Martinez hit free agency. (Martinez has already come off the board by agreeing to a two-year deal with the Reds.) Beyond Yu Darvish and Joe Musgrove, the Padres have some combination of Pedro Avila, Jay Groome, Matt Waldron, Glenn Otto and Jairo Iriarte as rotation options. That’s nowhere near sufficient for a team that hopes to compete, meaning the Padres need to bring in at least two (ideally three) starters.
That’d be difficult to accomplish via free agency. Lin wrote yesterday that the team was currently operating with around $10-20MM in payroll space. That probably wouldn’t be enough to add more than one notable starter. As shown on MLBTR’s contract tracker, the cost of back-end starting pitching has landed in the low eight-figure range early in the offseason. Lance Lynn and Kyle Gibson signed with St. Louis for $11MM and $13MM, respectively. Martinez secured a $13MM average annual value on his contract with Cincinnati. Rebound candidate Luis Severino received a $13MM guarantee from the Mets.
Adding someone of that nature could require all of the financial resources presently at the front office’s disposal. The Padres need multiple starters and are likely to look for some kind of relief help after seeing Josh Hader hit free agency and flipping Scott Barlow to the Guardians for Enyel De Los Santos. They need a backup catcher behind Luis Campusano and could stand to bring in position player depth off the bench.
Accomplishing all that won’t be possible without clearing payroll. They have smaller alternatives outside of a Soto trade. Center fielder Trent Grisham, with a projected $4.9MM arbitration salary, could move. There’d be plenty of interest in second baseman Ha-Seong Kim, who is due $10MM (including a $2MM buyout on a 2025 mutual option) in his final season before free agency. They’d have a harder time offloading the likes of Jake Cronenworth or Robert Suarez and almost certainly won’t be able to trade Xander Bogaerts, whose $280MM free agent deal seemed well above market value.
Soto projects as the highest-paid player on next year’s roster. Trading him would clear the most short-term spending room of any move the Padres could make. They’d bring back some amount of MLB-ready help in that deal, although they’d clearly recoup far less than they surrendered to acquire Soto at the 2022 trade deadline. With only one season of club control and a hefty projected salary that’ll rule out a lot of organizations, the trade value is less than one might expect for an MVP-caliber player.
The closest analogue is the 2020 Mookie Betts trade. The Red Sox received Alex Verdugo, Jeter Downs and Connor Wong while offloading around $48MM on the underwater David Price contract. Verdugo, the headliner, was a 24-year-old outfielder with five seasons of club control who had hit .294/.342/.475 the year before. (By measure of wRC+, that was 12 percentage points better than league average in the “juiced ball” 2019 season.) Downs ranked 86th on Baseball America’s Top 100 prospects at the time. Wong was a mid-tier talent in the Dodgers farm system.
San Diego should top that return if they’re not attaching another contract. Yet it’s possible they don’t return anyone as valuable as the top three talents (MacKenzie Gore, CJ Abrams and James Wood) whom they sent to the Nationals to acquire Soto.
Each of Kuty and Jon Heyman of the New York Post unsurprisingly indicate the Yankees are unlikely to include Jasson Dominguez or Anthony Volpe in a Soto package. Kuty adds that New York is also reluctant to relinquish pitching prospect Drew Thorpe, while Heyman indicates they prefer to retain Michael King. Both Kuty and Heyman float right-hander Clarke Schmidt as a possible piece of the return. Schmidt, who is projected for a $2.6MM salary and eligible for arbitration for four seasons, would likely be more of a secondary piece after turning in a 4.64 ERA with decent strikeout and walk numbers over 159 innings.
Of course, the Padres will consider offers from teams outside the Bronx. The Cubs have shown interest; Passan floats the Giants and Phillies as possibilities, although a deal with San Francisco would be made challenging by the intra-divisional aspect. They’ll likely be limited to high-payroll clubs with a legitimate chance to compete in 2024. As a one-year rental, Soto isn’t a fit for teams that aren’t firmly in “win-now” mode.
Martino reported yesterday that the Mets were likely to remain on the sidelines as they align their contention window more firmly towards ’25. Passan indicates the Red Sox have a similar reluctance to surrender much future value for a rental. He adds that the Mariners — a strong fit from a roster perspective — may be deterred by Soto’s projected salary.
As for San Diego, trading Soto would open the ability to make a run at some players in the middle tiers of free agency. Passan reports that the Friars could pursue KBO center fielder Jung Hoo Lee and/or NPB reliever Yuki Matsui if they made a move on Soto. Lee, whom MLBTR predicts for a five-year, $50MM pact, could step into the outfield spot vacated by Soto’s departure. MLBTR predicted a two-year, $16MM contract on Matsui — a left-hander who worked to a 1.57 ERA with a 32.4% strikeout rate in 57 1/3 innings during his final season in Japan.
Yankees Notes: Rotation, Kahnle, Bowman, Boone
While the Yankees won’t be playing in the postseason this fall, each member of the starting staff still has something to pitch for over the final six games of the season. Gerrit Cole likely has one start remaining to bolster his Cy Young case. The six-time All-Star is the clear favorite, boasting the AL lead in innings pitched and ERA, but he could do with one more strong outing to pad his stats. Meanwhile, converted reliever Michael King has one final game to cap off his impressive transformation into a starting pitcher. If he looks like a lock for the rotation in 2024, it should increase his earning power during the arbitration process this winter.
Carlos Rodón hasn’t looked like himself in the first season of a six-year deal with the Yankees, and his last start will give him a chance to right the ship before the year is up. Similarly, Clarke Schmidt, Luke Weaver, and Frankie Montas are all looking to make a strong impression in their final outings.
Schmidt turned heads out of the bullpen in his rookie season but hasn’t looked quite as sharp out of the rotation during his sophomore campaign, especially as the year has gone on. He’ll look to improve on his 5.24 ERA since the All-Star break. Weaver and Montas will both be free agents this offseason, so it stands to reason that each would like to go out on a high note. Weaver pitched well in his second outing for New York on Friday, and he’s trying to turn things around after a disappointing season with the Reds, Mariners, and Yankees. Montas has spent the entire 2023 campaign on the injured list, but the Yankees could give him a chance to return for one appearance before he hits the open market.
In other Yankees notes…
- The Yankees placed right-hander Tommy Kahnle on the 15-day IL with shoulder inflammation, ending his 2023 season. The oft-injured reliever missed the first two months of the year with biceps tendinitis but pitched well from June to September, posting a 2.66 ERA and 3.68 SIERA in 42 games. He is under contract through 2024, and barring a setback, there is no reason to believe he won’t be back on the mound next spring.
- To replace Kahnle on the active roster, the Yankees recalled Matt Bowman from Triple-A. This will be the righty’s second stint with the big league team, after a brief call-up earlier this month. Following his selection in the 2012 draft, Bowman spent time with the Mets, Cardinals, and Reds before signing a minor league deal with the Yankees after the 2020 season. He missed the next two years recovering from Tommy John surgery but re-signed with New York this past winter. He has a 3.99 ERA in 49 games at Triple-A this year.
- With the Yankees officially eliminated from postseason contention and facing their first losing season since 1992, it’s fair to wonder if manager Aaron Boone is on the hot seat. Steve Adams addressed that very issue earlier today, wondering if the Yankees will (and if they should) fire their skipper.
Yankees Unlikely To Pursue Trade In Wake Of Frankie Montas Injury
It was reported yesterday that Yankees right-hander Frankie Montas will require shoulder surgery, keeping him out of action for most or perhaps all of the upcoming season. That led to some speculation that the club could try to make a trade for a replacement, but Andy Martino of SNY reports that no serious consideration of a trade has taken place and that the club will instead turn to internal replacements like Domingo Germán and Clarke Schmidt.
Per Martino’s report, there are a couple of reasons why the club is leaning in this direction. One factor is that they still have a strong front four even without Montas, which is certainly true. Gerrit Cole and Carlos Rodón would be in the discussion for the best one-two punch of any rotation in the league, while Luis Severino and Nestor Cortes provide the club with solid options for the next two slots.
That leaves the club in okay shape on paper, though another injury could quickly change that perception. Cortes is already hurt, dealing with a hamstring strain that caused him to withdraw from the World Baseball Classic, though he’s expected to be ready to go around Opening Day. Severino hardly pitched in the 2019-2021 stretch due to various injuries but managed to make 19 starts last year, though he did still make a trip to the 60-day injured list due to a lat strain. Rodón has largely been healthy the past two years but has had lengthy injury absences before, hardly pitching at all in 2019 or 2020.
By sticking with what they already have on the roster, the club is showing a lot of faith in that group to stay healthy, as well as believing in Germán and Schmidt. The former posted a 3.61 ERA in 72 1/3 innings last year, with a strong 6.4% walk rate but a subpar 19.5% strikeout rate. Schmidt had a 3.12 ERA in 57 2/3 innings with a 9.7% walk rate and 23.7% strikeout rate.
While believing in their players is one factor, Martino adds that the second factor is the club’s reluctance to cross the final luxury tax threshold, something that has come up in previous reports. Their current competitive balance tax figure is $292.48MM, per the calculations of Roster Resource, within a hair of the $293MM line. Going over it would lead to higher tax rates but no further penalties related to draft picks or things of that nature.
It doesn’t seem as though there’s absolutely no scenario in which the Yanks would cross that line. Martino reports that they did discuss Carlos Carrasco with the Mets this offseason. However, that was when it seemed as though the latter club was going to sign Carlos Correa and they wanted to move some salary off their books, such as the $14MM owed to Carrasco this year. Martino’s report indicates that once the Correa deal fell through and he signed with the Twins, Carrasco was no longer available.
Another path that the club gave some consideration to was Michael Wacha, as Joel Sherman of The New York Post reports that the Yankees checked in on him. However, he’s now off the board, having signed with the Padres this week.
It seems the team has some willingness to add another player under the right circumstances, but the desire to do so doesn’t appear very high. Free agency still features guys like Dylan Bundy and Chris Archer, whereas the trade market could theoretically have Chris Flexen and Adrian Houser on the block. It’s said that one phone call can quickly change things, but it seems the team is planning to lean on players already in the organization.
It’s a path that’s not without its risk, since the club has subtracted from its starting depth in recent years. Pitchers like Roansy Contreras, Jordan Montgomery, Hayden Wesneski, JP Sears and Ken Waldichuk and others have been dealt away over the past few seasons. The group still on the roster is strong for now but general manager Brian Cashman is aware the depth is shakier than usual. “We have a strong frontline and then obviously the next wave isn’t as strong as it has been in the past,” Cashman said to Sherman. “We need what we currently have to stay active and over the course of time, some alternative depth options might present themselves.” As they gear up for another battle in the cutthroat AL East, time will tell if they have the pieces to repeat as division champions.