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Luis Severino Discusses Offseason Talks With Mets

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Luis Severino is scheduled to start for the Athletics on Sunday when the Mets and A’s face off in Sacramento, and as the veteran righty gets set to face his old team, Severino opened up about New York’s limited pursuit of a reunion last winter when Severino was a free agent.  Severino told SNY and other media members that he had interest in re-signing with the Mets last winter, and said he “told my agent that I’d stay for two years and $40MM.”

This is notably less than the three years and $67MM than Severino received from the Athletics, but the righty was open to the lesser payday.  “I knew it was going to be less money, but I just liked the environment there,” Severino said.  “The trainers were unbelievable, everything there, it was good.  So I was trying to sacrifice more money by staying in a place that I know…I can get better.  But by the end, like I said, I was not in their plans.”

From the Mets’ perspective, the club had some level of interest, though apparently only at an even lesser price.  Severino said he heard from his agent that the Mets’ “only offer they were going to give me was the same deal that they gave [Frankie] Montas.  So I think for me that was not fair.”

New York signed Montas to a two-year, $34MM deal that allows Montas the ability to opt out of the contract following the season.  (Severino’s deal with the A’s also has an opt-out clause following the 2026 season.)  The $17MM average annual value of that contract is also well below the $22.333MM AAV Severino is getting from the Athletics, and also less than the Mets’ one-year, $21.05MM qualifying offer that Severino turned down last fall.

Even if Severino was willing to drop to a $20MM AAV with his proposed two-year, $40MM contract, a further haircut down to $17MM was a bridge too far for the 31-year-old, especially given the interest he was garnering from other teams.  The Cubs and Blue Jays were publicly linked to Severino’s market before he surprised many by joining the low-payroll A’s, whose uncharacteristic spending spree this winter was more than a little related to the team’s desire to post a minimum luxury tax number related to its revenue-sharing recipient status.

Apart from the unique circumstances of the Mets’ record-setting splurge to add Juan Soto, president of baseball operations David Stearns was otherwise relatively measured in his offseason transactions, as evidenced by the lengthy staring contest of a negotiation with Pete Alonso before the slugger returned to the fold.  It could be that Stearns simply didn’t value Severino beyond a particular price point, or that the Mets prioritized Alonso and Sean Manaea (who both also received qualifying offers) moreso than Severino.

The QO perhaps factored into the Mets’ decision process in another fashion, as the Mets ended up down one draft pick overall for the winter despite having three players rejecting QOs.  The compensatory pick the Mets received for Severino ended up being one of the two picks the Mets had to surrender as compensation for signing Soto.  Of course, the club didn’t get any compensation for re-signing their own free agents — Alonso re-upped for two years and $54MM (with an opt-out after this season), and Manaea for a three-year, $75MM deal that contains $23.75MM in deferred money, dropping the current value in terms of luxury tax numbers to roughly $22MM per season.

Severino signed a one-year, $13MM deal with New York in the 2023-24 offseason, which he viewed as a bounce-back contract after several injury-plagued years with the Yankees.  The plan worked out well, as Severino had a solid 3.91 ERA over 182 innings with the Mets that paid off in the form of his three-year commitment from the Athletics.  It proved to be a win from the Mets’ perspective as well, as Severino provided steady rotation work for a team that made the NLCS, and New York even get an extra draft pick back for its investment.

Time will tell if the A’s made a wise move in locking up Severino, or if the Mets made a good call in letting him walk.  In the short term, however, some second-guessing is inevitable since both Manaea and Montas are hurt.  Manaea will be out until late May at the earliest after suffering an oblique strain and then a setback in his rehab, while Montas also figures to be out until roughly mid-May after a lat strain cost him all of Spring Training.  Severino has a modest 4.74 ERA over his three starts in an Athletics uniform, but he is at least healthy and on the mound, whereas the Mets have already had their rotation depth stretched in the early going.

Athletics Finalize Season-Opening Rotation

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The Athletics have finalized their season-opening rotation, reports Martín Gallegos of MLB.com. The five spots will be taken by Luis Severino, Jeffrey Springs, JP Sears, Osvaldo Bido, and Joey Estes, though not necessarily in that order. Mitch Spence will pitch out of the bullpen, at least to start the season.

There was never much doubt about the first three. Severino has been almost exclusively starter dating back to his 2015 debut. He has had some injury absences and some wobbles in his performance, but he just posted a 3.91 earned run average over 31 starts for the Mets last year. The A’s gave him a three-year, $67MM contract in November, the largest guarantee in franchise history, hoping that he would serve as a veteran anchor for the starting staff.

Springs emerged as a viable rotation candidate with the Rays in 2022, starting the year in relief but eventually posting a 2.46 ERA over 135 1/3 innings. Tommy John surgery wiped out most of the past two seasons but he returned to the Rays last year and had a 3.27 ERA over seven starts. That was enough for the A’s to send three young players and a competitive balance round pick to Tampa in order to acquire Springs and Jacob Lopez. Sears made 64 starts for the A’s over the past two seasons with a combined ERA of 4.46.

The last two spots were a bit more up for grabs. Estes had a decent but not overwhelming season in 2024, his first extended look in the majors. He tossed 127 2/3 innings over 24 starts and one relief appearance with a 5.01 ERA. His 16.9% strikeout rate was well below average but he demonstrated strong control with a 5% walk rate. He’s had a decent spring, with 11 2/3 innings of six-run ball, a 4.63 ERA. He’s only punched out eight opponents but also given out just one walk and hit one batter.

Bido tossed 63 1/3 innings for the A’s last year over nine starts and seven relief appearances with a strong 3.41 ERA. His 10% walk rate was a tad high but his 24.3% strikeout rate was a bit above average. This spring, those rate stats have been similar, as he has struck out 25.4% of batters faced and walked opponents at an 8.5% clip. The 9.24 ERA certainly looks ugly but that’s mostly due to one really bad outing. Against Cleveland on March 7, he tossed 3 1/3 innings and allowed eight earned runs on nine hits, including four home runs, despite notching four strikeouts against just one walk.

Spence was a Rule 5 pick last year and worked out well. He logged 151 1/3 innings over 24 starts and 11 relief appearances with a 4.58 ERA. His 19.4% strikeout rate was subpar but he limited walks to a 6.4% clip and also got grounders at a strong rate of 48.4%. In the small sample of his spring work, his results have backed up slightly. He has only punched out 14% of batters faced while his grounder rate is down to 43.6%.

The spring stats are all miniscule samples but it seems Bido and Estes have edged out Spence for the final two rotation spots. As mentioned, Bido’s 9.24 ERA is rough but mostly inflated by one awful game. Since his strikeout and walk numbers are in line with last year’s, that is probably going to be overlooked as a blip. Estes has broadly posted numbers fairly similar to what he did last year. Spence, meanwhile, has seen his strikeout rate drop from an already subpar level. Again, we’re not talking about meaningful sample sizes here, but the A’s had to make a decision.

A club’s opening-day rosters are only a snapshot in time. Over the course of a long season, things will change and the mix will surely look different over the coming months. That’s especially true on a pitching staff, where injuries are almost inevitable. Spence will be in the bullpen for now but will likely have opportunities to get into the rotation later, as he did last year. The A’s will also have guys like Hogan Harris, J.T. Ginn, Gunnar Hoglund, Ryan Cusick and Lopez jockeying for opportunities. Brady Basso and Ken Waldichuk will start the season on the injured list but could factor into the mix later in the year.

MLBTR Podcast: Winter Meetings Recap

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The latest episode of the MLB Trade Rumors Podcast is now live on Spotify, Apple Podcasts, and wherever you get your podcasts! Make sure you subscribe as well! You can also use the player at this link to listen, if you don’t use Spotify or Apple for podcasts.

This week, host Darragh McDonald is joined by Tim Dierkes, Steve Adams and Anthony Franco of MLB Trade Rumors to discuss…

Check out our past episodes!

The podcast intro and outro song “So Long” is provided courtesy of the band Showoff.  Check out their Facebook page here!

Athletics Sign Luis Severino

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TODAY: Jon Heyman of the New York Post (via Bluesky) has the breakdown of Severino’s contract.  The $10MM signing bonus is broken up at $5MM next month and $5MM in January 2026.  The righty will earn $15MM this season and $20MM in 2026, so his player option for the 2027 season is worth $22MM.  Severino will also get a $500K assignment bonus in the event of a trade.

DECEMBER 6: The A’s are ready to spend some cash, announcing Friday that they’ve signed free agent righty Luis Severino to a three-year deal — the third year of which is a player option. Severino, a client of Klutch Sports, will reportedly be guaranteed $67MM, to be paid out in the form of a $10MM signing bonus and $57MM in salary over the three seasons. He can opt out of the contract after year two and become a free agent once again in the 2026-27 offseason.

It’ll register as a shock for many to see the nomadic A’s, who will play next year in West Sacramento’s Sutter Health Park (home to the Giants’ Triple-A affiliate), land a notable free agent with a hefty multi-year deal. They’re in the process of relocating to Las Vegas and have been aggressively pursuing free agents in an effort to boost a payroll that entered the offseason without a single contract on the books in 2025. Some free agents — Walker Buehler among them — have entirely dismissed the notion of playing in a minor league facility. Still, with a reported target payroll in the $100MM range, there’s long been a possibility for the A’s to be a surprise player in free agency. MLBTR’s Darragh McDonald explored just such a possibility at length last month.

The general thinking has been that the A’s will need to overpay in order to pursue top-end free agents this winter. The terms of Severino’s contract indeed suggest a clear willingness to spend well beyond market expectations in order to lure free agents to their new home. Severino’s deal includes both a larger guarantee than most anticipated and an opt-out opportunity. Because he rejected a qualifying offer from the Mets, Severino will cost the A’s their third-highest pick in next year’s draft. He’ll also net the Mets a compensatory pick, albeit only between the fourth and fifth rounds because of their status as a luxury tax payor.

The $100MM target payroll likely stems from the Athletics’ status as a revenue-sharing recipient. The franchise was stripped of its revenue-sharing benefits last decade after failing to sufficiently utilize those funds to improve the on-field product, as is a stipulated requirement. The 2022-26 collective bargaining agreement restored the A’s as a revenue-sharing recipient, and they’ve since spent modestly in free agency to keep payroll at least in step with the other lowest-spending clubs in the league. The deal with Severino signals a willingness to spend a bit beyond that point. It is, incredibly, the largest contract in franchise history, nominally surpassing the six-year, $66MM contract extension signed by third baseman Eric Chavez more than two decades ago.

[Related: The Largest Contract In Franchise History For Each MLB Team]

Severino, 31, will immediately jump to the top of the A’s rotation. He’s likely ticketed for their Opening Day start, barring another notable acquisition via free agency or trade. He’ll lead a staff that currently projects to also include JP Sears, Mitch Spence and Joey Estes. The A’s have a variety of in-house candidates for the fifth spot, though the Severino deal rather obviously opens the door for GM David Forst to sign/trade for another starter of note to further solidify the bunch.

Severino, of course, looked the part of a budding ace for the Yankees in 2017-18 when he posted 384 2/3 innings with a 3.18 ERA, 28.8% strikeout rate, 6.2% walk rate and 45.8% grounder rate in his age-23 and age-24 seasons. The flamethrowing righty averaged better than 97 mph on his heater, recorded a hefty 12.7% swinging-strike rate and generally had the makings of a star. The Yankees agreed, signing him to a four-year, $40MM extension with an option for a fifth season.

That deal bought out all of Severino’s arbitration years and his first free-agent season. At the time, some thought a pitcher with his upside and demonstrated excellence to date was perhaps selling himself short. In the long run, it worked out wonderfully, as injuries frequently kept Severino off the field and rendered him a shell of his former self when healthy enough to take the mound. From 2019-23, Severino managed only 209 1/3 innings in the majors, dealing with multiple lat strains and requiring Tommy John surgery along the way. His 2023 campaign included 89 1/3 frames with a 6.65 ERA.

The 2024 season marked a resurgence for Severino, who inked a one-year, $13MM deal with the Mets on the heels of that injury-plagued finish to his Yankees tenure. The right-hander’s 182 innings nearly matched his total over the five prior calendar years. He logged a 3.91 ERA with a below-average but passable 21.2% strikeout rate and a strong 7.6% walk rate. His 46% ground-ball rate, while not elite, was comfortably north of league average.

At the same time, Severino simply wasn’t the dominant force he was earlier in his career. His average fastball with the Mets was about 1.5 mph off from its peak levels. His 9.4% swinging-strike rate was decidedly below-average — a near mirror-image of his 9.1% mark in that disastrous 2023 season and nowhere close to his career-best 13.3% rate. Opponents made contact on just 81.9% of Severino’s pitches within the strike zone in 2017-18 — league-average was 84.7% — but did so at a whopping 88.2% clip in 2024 (when the league average was 85.2%).

When the Mets signed Severino to his one-year deal, it had the makings of an upside play on a former front-of-the-rotation arm. Last year’s rebound showed that he was healthy but also seemed to further support the notion that his prior ace-caliber form is in the rearview mirror. Severino now has the feel of a third or fourth starter, making his $22.333MM annual salary and an opt-out rather jarring.

Many pundits thought Severino could have — and should have — accepted the Mets’ $21.05MM qualifying offer; he and his agents deserve credit for not simply eclipsing that guarantee in notable fashion but surpassing that number on an annual basis over a lengthy deal that affords him another bite at free agency in the 2026-27 offseason. The contract tops recent guarantees for Chris Bassitt, who was seen as a steady and dependable No. 2-3 arm, and Yusei Kikuchi, whose torrid finish with the Astros made him one of the most sought-after pitchers on this offseason’s market. Both pitchers signed for $63MM over the same three-year term.

For the A’s, a commitment this weighty was likely deemed a necessity to land a mid-rotation arm whose velocity and ground-ball tendencies perhaps create some hope that he can still eke out some incremental improvements over his 2024 form. That said, there’s quite a bit of injury risk still associated with Severino, and fielding-independent metrics like FIP (4.21) and SIERA (4.22) were actually more bearish on his 2024 performance than his already solid-but-unspectacular earned run average. There’s little doubt he improves the club and shows that the A’s are serious about spending this winter, but it’s a steep price to pay when taken in totality.

Severino will nevertheless add some credibility to a rotation that was largely lacking it. And the A’s, with a burgeoning core of quality players — Brent Rooker, Mason Miller, JJ Bleday, Lawrence Butler, Shea Langeliers — could hope that a few subsequent additions and strides from young talents like Jacob Wilson, Tyler Soderstrom and Zack Gelof might help them exceed expectations sooner than most thought possible.

ESPN’s Jeff Passan first reported that the two sides agreed to a three-year, $67MM deal. Yahoo’s Russell Dorsey reported the signing bonus. Passan added details on the opt-out.

A’s Also Made Offer To Sean Manaea

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The Athletics’ three-year, $67MM contract with Luis Severino stunned many baseball fans. As shown in MLBTR’s Contract Tracker, the West Sacramento-bound club hadn’t spent more than $15MM on a free agent since signing Ryan Madson to a three-year, $22MM deal nearly a decade ago. The $67MM guarantee stands as the largest in franchise history, surpassing Eric Chavez’s 20-year record by $1MM. The A’s had signaled that they might be willing to spend in free agency or via trade — MLBTR’s Darragh McDonald explored the possibilities at length last month — and there were multiple reports that the A’s were aiming for a $100MM payroll. Many still took an “I’ll believe it when I see it approach.”

We’ve now seen it — or at least the early stages of it. It might still feel unusual to say the A’s agreed to sign a player for $22MM+ annual value, but that’s the reality. There are also some indications that the on-the-move A’s could continue to spend. For instance, Jon Heyman of the New York Post reports that the A’s also made a “big” offer to free agent southpaw Sean Manaea, who made his MLB debut with the Athletics after coming over from the Royals in the 2015 Ben Zobrist trade.

That offer came prior to their deal with Severino, Heyman notes. It’s not expressly clear that the A’s would be willing to put forth another competitive offer for an upper-tier free agent like Manaea, but the Severino deal and talk of a $100MM payroll target suggests it’s certainly possible. Even with Severino in the fold, RosterResource projects a modest $58MM payroll. There’s room for another weighty salary to be added to the mix, be it in the form of a free agent, a trade acquisition, or both.

One notable aspect of the reported offer to Manaea: the left-hander, like Severino, rejected a qualifying offer from the Mets at the beginning of the offseason. The A’s seem willing to spend at the expense of next year’s draft pool. Severino cost them their third-highest pick — the standard price paid by a revenue-sharing recipient — and now that they’ve forfeited that selection, the cost to sign an additional qualified free agent is reduced. The A’s surrendered their second-round pick to sign Severino — they pick in the first round and in Competitive Balance Round A, between the first and second rounds — and they’d now “only” need to punt their third rounder to bring in Manaea, Nick Pivetta, Christian Walker or another free agent who turned down the qualifying offer.

The A’s could use more stability in the rotation and have at least one corner outfield opening. They have young options at first base (Tyler Soderstrom), second base (Zack Gelof) and shortstop (Jacob Wilson) — all of them picked in the top two rounds of the draft and all of whom are/were highly touted prospects. There’s more of an opening at third base, where Darell Hernaiz and Max Schuemann likely lead the pack, although Gelof could potentially slide over to third base as well if the A’s want to pursue a second baseman. The bullpen, of course, could use some setup arms behind standout closer Mason Miller. There’s no shortage of areas at which to spend, and it seems the A’s are indeed intent on bolstering payroll ahead of the move to their temporary home at Sutter Home Park.

Free Agent Faceoff: Luis Severino/Nick Pivetta

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The market for starting pitching this winter has moved a bit more rapidly than the rest of free agency so far, with lefties Blake Snell and Yusei Kikuchi both having already found new homes with the Dodgers and Angels, respectively. This year’s pitching market is characterized by the depth of quality arms available, however, and plenty of solid pitchers still remain available. One quirk of this year’s class is that the vast majority of top-tier, and even mid-tier, starting pitchers received Qualifying Offers. Snell and Kikuchi were both exceptions to that, and other exceptions such as Jack Flaherty and Nathan Eovaldi remain on the table, but the majority of mid-rotation or better arms available this winter are attached to draft pick compensation.

The volume of QO pitchers is helped by the fact that three somewhat surprising arms were extended the QO this winter. Those three pitchers are Luis Severino, Nick Pivetta, and Nick Martinez. While Martinez opted to accept the QO and stick with the Reds on a one-year deal worth north of $21MM, both Pivetta and Severino opted to reject the QO in search of a multi-year deal in free agency. As both pitchers are already on the wrong side of 30, that’s a defensible decision for both as this winter may represent their best opportunity to land longer term guarantee in free agency. Both pitchers have considerable upside and could provide solid value for their new club if they pitch to their potential, but both also have noticeable red flags in their profiles that could give teams pause.

Severino is no longer the pitcher he was in his early 20s, when he made two All-Star teams and asserted himself as the ace of the Yankees rotation with a 3.13 ERA and 2.99 FIP across 66 starts from 2017-19. Since that peak performance, the right-hander missed nearly three full regular seasons thanks to a lat strain that cost him the majority of 2019 followed by Tommy John surgery, which wiped out 2020 and almost all of his 2021 campaign. His next two seasons also saw him wind up bitten by the injury bug, as he suffered another lat strain in 2022 and an oblique strain in 2023. While 2022 saw him look mostly like himself when healthy enough to take the mound with a 3.18 ERA in 19 starts, 2023 saw his performance take a nosedive. In 89 1/3 innings in his final year as a Yankee, Severino was torched for a 6.65 ERA and 6.14 FIP. That production was 35% worse than league average, and left him to enter free agency last winter surrounded by plenty of question marks.

The right-hander generally answered those questions after taking a one-year deal with the Mets last winter. He enjoyed his first fully healthy season since 2018, making 31 starts and throwing 182 innings. With that said, his results were clearly diminished relative to his peak as he posted a 3.91 ERA (101 ERA+) and a 4.21 FIP that cast him more as a league average pitcher than one capable of fronting a rotation. After striking out 28.8% of opponents from 2017 to 2022 and walking just 6.6%, both figures trended in the wrong direction this year as he punched out batters at a 21.2% clip and allowed free passes to 7.9% of hitters. He made up for that somewhat by posting his strongest groundball rate in years, however, with a 46% figure that ranked 14th among qualified starters this year. Severino’s fastball velocity isn’t far off from where it was at his peak, which could provide optimism for a rebound, but it seems more likely that Severino will continue as a quality third or fourth starter going forward.

Pivetta, by contrast, has been regarded all throughout his career as a high-potential arm with electric stuff. That hasn’t changed even as he’s gotten into his 30s, but he’s still yet to put up the type of quality, front-of-the-rotation production that stuff models have projected for him all throughout his career. The righty had a season in 2024 that’s become typical of him during his years since being shipped from the Phillies to the Red Sox. In 145 2/3 innings of work, he posted a 4.14 ERA with a 4.07 FIP despite striking out 28.9% of opponents and walking just 6.1%. Those ratios are actually even better than Severino’s numbers throughout his peak, but Pivetta is held back by a proclivity towards allowing homers.

He’s never allowed less than 20 long balls in a 162-game season with 102 allowed over his four years as a regular in Boston. That’s tied with Kikuchi for the fifth-most in the league over that time, behind only Patrick Corbin, Jose Berrios, Aaron Nola, and Jordan Lyles. Severino allows his fair share of home runs as well, but when accounting for the fact that he threw nearly 40 more innings than Pivetta, the difference between his 23 homers allowed this year and Pivetta’s 28 is stark. With that said, it’s undeniably that Pivetta’s high-octane stuff offers more upside than Severino at this point in his career; if a club has a pitcher-friendly ballpark or a plan to help Pivetta control his homer-happy tendencies, it’s easy to see why they’d be tempted to roll the dice on the 31-year-old’s upside.

If you were looking to sign a mid-rotation righty to a multi-year deal this winter, would you prefer to lock down Severino’s volume and quality mid-rotation production despite his lengthy injury history? Or would you rather roll the dice on Pivetta’s upside and more consistent health track record despite a lack of volume and inconsistency brought on by frequent homers?

Blue Jays Interested In Alex Bregman, Luis Severino

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The Blue Jays are known to be in the Juan Soto bidding, but like all teams, they have to consider backup plans. Ben Nicholson-Smith of Sportsnet takes a look at their Soto pursuit and notes that they also have interest in Max Fried, Luis Severino, Anthony Santander and Alex Bregman. MLBTR has previously covered their interest in Fried and Santander.

Bregman, 31, is one of the top free agents available this winter. He has a career batting line of .272/.366/.483, which translates to a 135 wRC+, indicating he’s been 35% better than league average at the plate overall. His strikeout rate hasn’t been higher than 13.6% in any of the past six full seasons, barely half of league average. His walk rate dipped a bit in 2024 but has been above par for most of his career.

He also gets strong grades for his third base defense and is willing to move to second if he signs with a club that has a greater need there. His clubhouse and leadership qualities are often lauded by those who have played with him. MLBTR predicted Bregman for a seven-year deal worth $182MM at the start of the offseason. It’s well established that the Astros want him back, but he’s also been connected to the Tigers, Red Sox, Phillies and now Blue Jays.

For the Jays, third base and second base are both fairly unsettled. Ernie Clement was the primary option at the hot corner in 2024 and he had a serviceable season. His .263/.284/.408 batting line was slightly below average, translating to a 94 wRC+. But he also stole 12 bases and got strong grades for his glovework at third and shortstop, as well as brief looks at second base and left field.

The total package added up to 2.2 wins above replacement in the eyes of FanGraphs and Clement is still on the roster, but he shouldn’t stand in the way of someone like Bregman coming aboard. If Bregman took over as the everyday guy at the hot corner, it could move Clement into a utility role, which could still allow him to contribute fairly regularly.

At second base, Spencer Horwitz and Davis Schneider got decent chunks of the playing time, alongside the now-departed Isiah Kiner-Falefa. Horwitz has hit well in his major league career so far but is not a natural second baseman, only moving there since his first base spot is taken by Vladimir Guerrero Jr. A lot of the designated hitter plate appearances went to Justin Turner in 2024, who is no longer with the team. Perhaps that frees up Horwitz and Guerrero to share that spot and first base in 2025, depending on what other moves the Jays make this winter. Schneider is coming off a down season and can also play left field.

The Jays have some other players on the roster capable of playing either third or second base, including Addison Barger, Orelvis Martínez, Will Wagner and Leo Jiménez, but no one in that group has even 70 games of major league experience. With the Jays looking to quickly bounce back from a poor 2024 campaign, there’s logic in going for an established major leaguer like Bregman as opposed to hoping that someone in that group takes a step forward. The Jays have also been tied to shortstop Willy Adames, who is reportedly willing to move to third base with his new club if they already have a shortstop. The Jays have Bo Bichette at short but he’s only one year from free agency, so that’s a move that could potentially help in the short and long term.

The interest in Severino aligns with the club’s other rotation pursuits. As mentioned, they’ve been tied to Fried as well as Corbin Burnes and Blake Snell, though Snell is now off the board due to his agreement with the Dodgers. Severino once seemed like a budding ace with the Yankees but he didn’t pitch much from 2019 to 2021 due to injuries. He was able to pitch partial seasons in 2022 and 2023 but with inconsistent results.

He’s coming off a solid bounceback year with the Mets. He made 32 starts and tossed 182 innings, his first time throwing more than 102 innings since 2018. On top of the quantity, there was also some quality, as Severino allowed 3.91 earned runs per innings. His 21.2% strikeout rate, 7.9% walk rate and 46% ground ball rate were all pretty close to league average.

Severino isn’t as exciting as Burnes or Fried but he also won’t cost as much. MLBTR predicted Burnes for a $200MM guarantee and Fried a bit behind at $156MM. Severino, on the other hand, was projected for a three-year deal worth $51MM.

The Jays have a veteran rotation nucleus consisting of José Berríos, Kevin Gausman and Chris Bassitt. Another spot is likely ticketed to Bowden Francis after his strong second half. Options for the fifth spot include Yariel Rodríguez and Jake Bloss but there’s sense in the Jays adding. Rodríguez has plenty of relief experience and the Jays need help in the bullpen, so he could be pushed there, at least until an injury opens up a need in the rotation. Bloss has less than 12 big league innings and only 112 in the minors, so he could get some more seasoning in Triple-A until a big league opportunity arises.

On the financial side of things, RosterResource projects the Jays for a payroll of $189MM next year. President Mark Shapiro has suggested the club will end up with a roughly similar payroll as they did in 2024. Cot’s Baseball Contracts pegged their Opening Day figure at $225MM last year, so that could leave them with about $35MM of wiggle room.

Adding one of these notable free agents could certainly fit into that window, though Soto would be a unique case. The average annual value of his contract will certainly eclipse that number but it’s been reported by Nicholson-Smith that the Jays would make an exception for Soto, willing to stretch the budget further than they would otherwise.

Each of Soto, Bregman, Severino, Fried, Burnes, Santander and Adames rejected a qualifying offer, so the associated penalties will also have to be a consideration. The Jays seemingly ducked under the competitive balance tax in 2024 with their midseason selloff, though it’s not yet official. If that proves to be the case, the Jays would have to surrender their second-best pick in the upcoming draft as well as $500K of international bonus pool space for signing one of these players.

Cubs Rumors: Rotation Market, Bellinger, Bullpen, Catcher

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The Cubs’ focus this offseason has reportedly been on pitching, and while Sahadev Sharma of The Athletic reports that’s very much still the case, he also throws some cold water on the idea of Chicago making a major strike in free agency. Sharma’s colleague, Patrick Mooney, reported less than three weeks ago that the Cubs planned to “aggressively” pursue starters who could help near the top end of the rotation, but Sharma now writes that the “top tier of the starting pitching market has been ruled out.” That would seemingly remove the Cubs from the running for Corbin Burnes, Blake Snell and Max Fried, at the very least.

It’s the latest signal of a measured offseason approach, even at a time when the Cubs’ division appears ripe for the taking. The Cardinals are scaling back payroll and focusing more on player development in 2025 than on putting a playoff-caliber roster on the field. The Brewers, one year after trading Burnes, now seem likely to lose Willy Adames in free agency — and they could also trade closer Devin Williams. The Pirates and Reds have yet to break out as perennial contenders in the Central. Logically speaking, the deep-pocketed Cubs could take an aggressive stance and position themselves well in a wide-open division field.

For now, it seems they’ll shop primarily in the second and third tiers of the rotation market. Sharma points out that the Cubs have typically shied away from starters who’ve been attached to qualifying offers, though it’s worth noting that the Cubs were willing to part with draft picks and international funds in order to sign Dansby Swanson after he rejected a qualifying offer. They technically signed Cody Bellinger after he rejected a QO … though that offer came from the Cubs themselves, so they were really only “forfeiting” the theoretical comp pick they’d have received if he signed elsewhere.

Assuming the Burnes/Snell/Fried trio isn’t being considered by president of baseball ops Jed Hoyer and his staff, the Cubs will be looking at the next tier, with Jack Flaherty, Sean Manaea, Yusei Kikuchi, Nathan Eovaldi, Nick Pivetta and Luis Severino among the options. Of that group, Manaea, Pivetta and Severino rejected QOs and would cost the Cubs their second-highest pick and $500K of international space in their 2025 draft pool.

There are certainly names in that bunch who’d represent upgrades over incumbent starters at Wrigley Field. Justin Steele and Shota Imanaga form a nice one-two punch atop the in-house rotation, and the Cubs will follow them with veteran Jameson Taillon and young Javier Assad. Candidates for the fifth spot include Ben Brown, Jordan Wicks, Hayden Wesneski and top prospect Cade Horton. It’s a nice bunch of arms, but there’s some uncertainty in at least the fifth spot, if not the fourth. Assad posted a solid 3.79 ERA in 29 starts but did so with worse-than-average strikeout, walk and home-run rates. Metrics like FIP (4.64) and SIERA (4.72) are far less bullish than his earned run average.

Looking at the team’s payroll, the Cubs should have some spending room. RosterResource projects a $180MM payroll at the moment — $34MM shy of last year’s Opening Day mark. That includes a full arbitration class that could include some non-tender candidates (e.g. Nick Madrigal, Julian Merryweather).

The Cubs could also explore other ways to drop their payroll further. Ken Rosenthal of The Athletic wrote yesterday that the team could be looking to move Bellinger, though there are plenty of roadblocks to doing so. Bellinger is owed a $27.5MM salary in 2025 and a $5MM buyout on a 2026 player option. If he plays well for a season, the acquiring team would effectively be getting Bellinger at $32.5MM. That’s a hefty price tag in general and particularly for the 2024 version of Bellinger. While he played at an extremely high level in 2023, Bellinger was more of an above-average regular in 2024. A lack of impact left-handed bats and viable center fielders could still lead a team to consider the possibility, it’s hard to imagine a team giving a meaningful return and taking on the remainder/majority of Bellinger’s salary.

Still, moving Bellinger is also one of the only ways for the Cubs to plausibly pursue upgrades to the everyday lineup in 2025. As we noted when listing Bellinger near the back of our list of offseason trade candidates, the Cubs’ roster is already filled with expensive veterans who have no-trade clauses (Ian Happ, Dansby Swanson, Seiya Suzuki) or generally productive and affordable younger players like Michael Busch, Isaac Paredes and Pete Crow-Armstrong. Nico Hoerner might’ve been a trade candidate and could still be — but he also underwent flexor tendon surgery one month ago. Obviously, that cuts down on his appeal. The Cubs have a clear opening for an upgrade at catcher, but the free agent market offers little in the way of meaningful help there.

All of those challenges to upgrading the lineup make a notable splash on the pitching side of things feel more logical, but it seems the Cubs don’t feel similarly — at least not with regard to free agent starters. There are upgrades to be had on the bullpen market, of course, but the Cubs haven’t given out a multi-year deal to a reliever since Craig Kimbrel in 2019. Last winter’s $9MM guarantee to Hector Neris was the largest bullpen expenditure the Cubs have made since signing Kimbrel.

It’s possible the Cubs could just look to the trade market for much of their offseason dealing. The Cubs have a deep farm system with multiple top prospects whose path to a regular role at Wrigley is blocked. There aren’t, however, many impact arms or high-profile arms expected to be available. Crosstown ace Garrett Crochet headlines the offseason class of trade candidates, but demand for him will be fierce and trades of significance between the two Chicago clubs, while not unprecedented (Jose Quintana, Craig Kimbrel), also aren’t common.

There probably are still additional trades on the horizon for the Cubs. Sharma writes that this week’s acquisitions of reliever Eli Morgan from the Guardians and backup catcher Matt Thaiss from the Angels do not mean the Cubs are content in those areas. They’ll continue to explore both free agency and trades for help in those portions of the roster. But if pitching help remains their focus and they’re unwilling to shop in the high-rent district for starters, the Cubs will need to either break tradition with their free agent bullpen targets, get creative on the trade market, be content to address the middle ranks of the starting staff — or a combination of all the above.

12 Players Decline Qualifying Offers

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Twelve of the 13 qualified free agents have declined the QO, tweets Mark Feinsand of MLB.com. The exception was Nick Martinez, who accepted the $21.05MM offer from the Reds over the weekend.

The players who rejected the offer:

There wasn’t much intrigue by the time this afternoon’s deadline officially rolled around. Martinez, Pivetta and perhaps Severino were the only players who seemed like they’d consider the QO. All three made their decisions fairly early in the 15-day window that they had to weigh the offer.

All 12 players who declined the QO have a case for at least a three-year contract. Soto is looking at the biggest deal (in terms of net present value) in MLB history. Burnes, Fried, Adames, Bregman, Alonso and potentially Santander could land nine figures. Severino, Manaea, Hernández and Pivetta look like they’ll land three- or four-year deals. Walker could get to three years as well, though it wouldn’t be a huge surprise if his age limits him to a two-year pact at a high average annual value.

A team that signs these players will take a hit to its draft stock and potentially its bonus pool slot for international amateurs. The penalties vary depending on the team’s revenue sharing status and whether they exceeded the luxury tax threshold in 2024. MLBTR’s Mark Polishuk covered the forfeitures for every team last month. A team would not forfeit a pick to re-sign its own qualified free agent, though it would lose the right to collect any kind of compensation.

If these players walk, their former teams will receive an extra draft pick. The Brewers, Orioles and Diamondbacks are in line for the highest compensation as revenue sharing recipients. If their players sign elsewhere for at least $50MM (a virtual lock in the cases of Burnes, Santander and Adames), the compensation pick would fall after the first round of next year’s draft. If the player signs for less than $50MM — which could be the case if Walker is limited to two years — the compensation pick would land before the start of the third round (roughly 70th overall).

The Red Sox neither received revenue sharing nor paid the competitive balance tax. They’ll get a pick before the third round if Pivetta walks regardless of the value of his contract. The Mets, Yankees, Dodgers, Braves and Astros all paid the tax in 2024. They’ll get a pick after the fourth round if any of their players depart — potentially three picks, in the Mets’ case. The prospects selected by that point — usually around 130th overall — tend not to be highly touted, but each extra selection could carry a slot value north of $500K to devote to next year’s draft bonus pool.

Luis Severino To Decline Qualifying Offer

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November 19: Severino is indeed declining the QO, tweets Tim Healey of Newsday.

November 16: Right-hander Luis Severino is “likely” to decline the Qualifying Offer extended to him by the Mets earlier this month, according to a report from Will Sammon of The Athletic. Sammon adds that Severino “loves” playing in New York but is now expected to attempt to land a multi-year deal in free agency this winter.

Severino, 30, is entering free agency for the second time this year. The right-hander entered the open market last winter coming of a disastrous 2023 season with the Yankees where he surrendered a 6.65 ERA in 89 1/3 innings of work and landed with the Mets on a one-year, $13MM deal. That deal went quite well, as he pitched to a league average 3.91 ERA (101 ERA+) with a 4.21 ERA in 182 innings of work. He struck out 21.2% of opponents while walking batters at just a 7.9% clip. Those are all solid but unspectacular numbers, but that mid-to-back of the rotation production can still earn a strong guarantee in free agency, as the likes of Jameson Taillon and Taijuan Walker have in recent years (albeit without the QO attached).

Given that, it’s perhaps not much of a surprise that Severino would look to beat the one-year, $21.05MM Qualifying Offer. MLBTR predicted a three-year, $51MM contract for Severino earlier this winter, after the Mets attached a QO to him. That guarantee is in line with what veteran right-hander Michael Wacha received from the Royals just before free agency opened, and Wacha was viewed as a similarly borderline candidate for a QO as Severino was. Of course, Severino wouldn’t necessarily have to reach that projection for declining the QO to be a worthwhile decision for him. Right-hander Nathan Eovaldi landed a two-year, $34MM guarantee with the Rangers prior to the 2023 season that afforded him a vesting player option for 2025, and even a similar deal would net Severino a larger overall guarantee than the QO while still affording him the flexibility to return to free agency in short order.

With Severino poised to decline the QO, the Mets will now need to either re-sign him in free agency or replace him in their rotation. The club’s rotation also stands to lose southpaws Sean Manaea (who received a QO as well but has long been expected to decline it) and Jose Quintana, leaving them with only Kodai Senga and David Peterson penciled into their 2025 rotation. It’s certainly possible that the club could look to reunite with either Severino or one of the other exiting free agent starters, although the Mets have plenty of financial flexibility and are coming off a surprise trip to the NLCS. That could lead them to aim higher in free agency this winter, with top free agent starters such as Corbin Burnes, Blake Snell, and Max Fried all expected to be available. It’s even possible that they turn to the trade market in their search for rotation upgrades, as they’ve been linked to White Sox southpaw Garrett Crochet already this winter.

Should Severino ultimately land elsewhere in free agency, him declining the QO means that the Mets would receive a compensatory draft pick after the fourth round of the 2025 draft as a club that paid the luxury tax in 2024. Meanwhile, interested teams would have to surrender a combination of draft picks and international bonus pool dollars commensurate with their status relative to the luxury tax and revenue sharing as laid out by MLBTR’s Mark Polishuk last month. Teams that received revenue sharing in 2024 would surrender just their third-round pick in the 2025 draft to sign Severino, while teams that paid the Competitive Balance Tax this year would surrender their second- and fifth-round picks in addition to $1MM in international bonus pool space.

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