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Nathan Eovaldi

Red Sox Among Teams Showing Interest In Nathan Eovaldi

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Nathan Eovaldi returned to free agency when he declined a $20MM player option with the Rangers. Reports quickly tied him to the Braves, but Atlanta is one of a number of teams involved. Rob Bradford of WEEI tweets that Eovaldi’s camp has heard from roughly a dozen teams, the Red Sox among them.

Eovaldi spent five seasons with the Sox, totaling 461 2/3 innings of 4.05 ERA ball. He had a fantastic postseason in 2018 to help Boston win the World Series. Eovaldi returned on a $68MM free agent deal on the heels of the championship. He generally lived up to the contract, most notably finishing fourth in AL Cy Young balloting in 2021. Eovaldi departed after the ’22 season, declining a qualifying offer before accepting a two-year, $34MM guarantee with the Rangers.

That positioned the righty to win a second ring. Eovaldi made 25 starts with a 3.63 ERA as Texas won the World Series in 2023. The Rangers disappointed this year, though that wasn’t any fault of his. Eovaldi fired 170 2/3 innings across 29 starts, working to a 3.80 earned run average with solid peripherals. He punched out nearly 24% of batters faced while issuing free passes at just a 6% rate. His fastball still checked in around 95-96 MPH on average, while he picked up swinging strikes on an excellent 13% of his pitches.

There aren’t many better free agent starting pitchers in the short term. Eovaldi turns 35 in February. He’ll be limited to two or at most three years, but he’s well positioned to cash in on annual basis. The previous qualifying offer made him ineligible for one this time around. There’s no draft compensation weighing down his market. Eovaldi should land behind Sean Manaea and Yusei Kikuchi, both of whom are two years younger, among high-AAV starters available for relatively short terms.

Boston probably has some level of interest in all the top starters. Chief baseball officer Craig Breslow spoke at the GM Meetings about the need to “raise the ceiling” in the rotation. Boston has solid depth with Tanner Houck, Brayan Bello, Kutter Crawford, a returning Lucas Giolito, and the likes of Richard Fitts and Cooper Criswell. They’re awaiting word from Nick Pivetta on the $21.05MM qualifying offer, though he’s seemingly leaning against the QO as he looks for multiple years.

The Sox are among the most obvious fits for the Corbin Burnes, Blake Snell and Max Fried tier in free agency. Bradford suggests that the true top-of-the-market arms remain the Sox’s biggest focus, but Eovaldi represents one of the biggest available upgrades among the middle tier of free agents.

Braves Interested In Nathan Eovaldi

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The offseason is getting ramped up and Atlanta seems to be focused on adding to its rotation. Per Mark Bowman of MLB.com, right-hander Nathan Eovaldi ranks near the top of the club’s offseason wish list.

Eovaldi, 35 in February, just declined his player option with the Rangers. He could have stayed in Texas for 2025 and made a $20MM salary but decided to head to the open market and assess his options. MLBTR recently predicted the veteran could land a guarantee of $44MM on a two-year deal as part of our annual Top 50 Free Agents list.

The righty is arguably the poster child for career success after a second Tommy John surgery. After returning from that operation, he struggled a bit in 2019 but has been quite consistent over the past five years. He has a 3.75 earned run average over those campaigns, striking out 24% of batters faced, limiting walks to a 5.6% rate and getting grounders at a 46.9% clip. His ERA finished between 3.63 and 3.87 in all five of those seasons with his other rate stats holding quite steady as well.

For Atlanta, starting pitching is a sensible target area. They just lost both Max Fried and Charlie Morton to free agency, opening two holes in the starting pitching mix. That leaves them with a core of Chris Sale, Reynaldo López and Spencer Schwellenbach but with question marks behind that threesome.

Spencer Strider will eventually be in the mix but will likely miss at least part of the season after undergoing internal brace surgery in April of last year. Griffin Canning was just acquired in the Jorge Soler deal but he is coming off a rough season in which he posted a 5.19 earned run average and his strikeout rate fell to 17.6% after being at 25.9% the year prior.

Ian Anderson is on the roster but hasn’t pitched in the majors since 2022 due to poor performance and Tommy John surgery. The club also has guys like Huascar Ynoa, AJ Smith-Shawver, Hurston Waldrep, Bryce Elder and a few others, though no one in that group did much to impress in 2024.

Given that rotation picture, pursuing external additions makes plenty of sense, though the budget with naturally be a consideration. RosterResource projects the club for a $215MM payroll next year, just $20MM shy of 2024’s spending.

General manager Alex Anthopoulos has said the payroll will rise but it’s unclear by how much and there have been some recent signs that money could be tight. The aforementioned Soler deal did bring back Canning but was seen mostly as a salary dump. A few days ago, the club reworked the contracts of both López and lefty Aaron Bummer, in both cases shifting a few million bucks from the 2025 ledger to 2026. The club turned down a club option on Travis d’Arnaud even though Anthopoulos had previously suggested they would be picking that up to bring the catcher back for 2025.

The long-term books have plenty on them as well, thanks to the club’s penchant for signing incumbent players to extensions. Each of Strider, López, Austin Riley, Matt Olson, Ronald Acuña Jr., Sean Murphy, Michael Harris II and Ozzie Albies are likely to be on the books through 2027, either due to guaranteed contracts or club options.

In addition to the club’s finances, there is also the track record to consider. Though they have been connected to some prominent free agents over the years, that hasn’t been their modus operandi. Per MLBTR’s Contract Tracker, the largest guarantee they’ve even given a free agent is the $75.3MM they gave to Melvin Upton Jr. way back in 2012. Ozuna’s $65MM deal is their top free agent deal from more recent seasons. Their largest deal for a free agent starting pitcher was $60MM for Derek Lowe back in 2009 while $18MM for Cole Hamels is the biggest of the past five years.

Taking all that into consideration, Eovaldi is a logical target for the club. He’s been quite effective on the mound but his age and injury history will put a natural cap on his earning power. While pitchers like Fried, Corbin Burnes, Blake Snell and Jack Flaherty could require nine-figure commitments, Eovaldi will be in a different tier of free agency. Though Atlanta seems to have targeted Eovaldi, free agent starters who could command similar contracts include Yusei Kikuchi, Sean Manaea, Luis Severino, Nick Martinez, Nick Pivetta, Matthew Boyd, Andrew Heaney, Frankie Montas and others.

Nathan Eovaldi Opts Out Of Rangers Contract

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Rangers president of baseball operations Chris Young told reporters (including Evan Grant of the Dallas Morning News) this morning that right-hander Nathan Eovaldi has declined his $20MM player option for the 2025 season, making him a free agent. Young added that the club has “great interest” in reuniting with him this winter.

Eovaldi, 34, just wrapped up his second season in Texas. The veteran right-hander was solid but unspectacular for the Rangers this year as he pitched to a 3.80 ERA (104 ERA+) with a 3.83 FIP in 170 2/3 innings of work. Given that rather uninspiring platform season, Eovaldi’s decision to opt out may register as something of a surprise at first glance. A closer look to the right-hander’s season and overall body of work makes it clear why he would opt out ahead of his age-35 season in hopes of seeking what could be the last multi-year pact of his career, however.

An All-Star for the Rangers just last year, Eovaldi has pitched to a 3.72 ERA (110 ERA+) and a 3.86 FIP during his time with the Rangers. Those results are largely consistent with the numbers he posted during his final three years with the Red Sox, for whom he posted a 3.79 ERA (120 ERA+) with a 3.43 FIP from 2020 to 2022, including a dominant 2021 season where he was named an All-Star and finished fourth in AL Cy Young award voting. Those numbers cast Eovaldi as a solid mid-rotation arm, and his underlying numbers suggest he could continue to be a quality, playoff caliber arm even as he ages.

His fastball velocity (which averaged 95.6 in 2024) remains strong even as he enters his mid-30s, and he maintains that high-octane stuff despite boasting a 5.6% walk rate that stands as the fifth-best in baseball over the past half decade among pitchers with at least 600 innings of work. During his time with the Rangers, he’s tended to be a victim of high home run rates, thanks in part to Globe Life Field being among the most homer-friendly parks in the sport. That reality in conjunction with his solid 7.7% barrel rate with the Rangers helps to explain why advanced metrics like SIERA think so highly of Eovaldi, whose 3.88 figure over the past two seasons mirrors that of top free agent starter Corbin Burnes.

Of course, Eovaldi surely won’t come especially close to matching Burnes or the other top pitchers on the market this winter in terms of guarantee. That’s both because Eovaldi’s overall results (115 ERA+ from 2020-24) have fallen well short of that upper echelon of pitching talent in recent years, and also because he’ll already be 35 years old when pitchers and catchers report to Spring Training in February. While it seems reasonable to expect Eovaldi to earn a healthy average annual value, it would be surprising to see him land more than two or three years in free agency. That makes him a particularly interesting free agent as a potentially impactful rotation piece who may be more attractive to teams that tend to hesitate on lengthy contracts, like the Angels, Cubs, and Orioles, in addition to the Rangers’ aforementioned interest in a reunion. Sean Manaea, Nick Pivetta, and Luis Severino are among the other players who figure to occupy the middle tier of the free agent rotation market this winter.

Rangers Aiming To Drop Beneath Luxury Tax Threshold In 2025

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The Rangers spent lavishly in free agency following the opening of their new stadium, inking Corey Seager (10 years, $325MM), Marcus Semien (seven years, $175MM), Jacob deGrom (five years, $185MM) to mega contracts. They also took on notable salary in trades (Max Scherzer, Jordan Montgomery) and doled out more modest but nevertheless notable guarantees for Jon Gray (four years, $56MM), Nathan Eovaldi (two years, $34MM) and Andrew Heaney (two years, $28MM), among others. Generally speaking, they were rewarded. Texas won the 2023 World Series — the first in franchise history.

The sheer magnitude of those expenditures added up, however, resulting in the Rangers paying the luxury tax both in 2023 and 2024. Texas has spent aggressively at times in the past, but not to this extent. As they face the potential of a third straight season as a luxury tax payor, Evan Grant of the Dallas Morning News writes that one of owner Ray Davis’ top priorities this winter — perhaps even his No. 1 priority — is to duck under the $241MM luxury threshold in order to reset the team’s penalty level.

For those unfamiliar or simply in need of a refresher, the luxury tax is calculated based on the combined average annual salaries of the players on a team’s roster (plus player benefits and a mandatory payment into the league’s pre-arbitration bonus pool). The tax threshold climbs every season — at predetermined levels stipulated in the collective bargaining agreement — and carries escalating penalties for teams that cross the tax barrier in consecutive seasons.

First-time offenders pay a 20% tax on the first $20MM by which they exceed the threshold. They’re then taxed at a 32% rate for the next $20MM. If they cross into the third tier of penalty, that results in a 62.5% tax on the next $20MM and sees the team’s top pick in the following year’s draft dropped by 10 spots. Exceeding the tax threshold by more than $60MM results in being taxed at 80% or any dollars spent thereafter.

That’s just for first-time offenders, however. Each of those penalty levels increases by at least 10% for a team that crosses the tax line in a second season. For a club crossing the tax threshold in a third straight year, the penalties become more burdensome: 50% for the first $20MM, 62% for the next $20MM, 95% for the next $20MM (plus the same draft pick penalty) and 110% for any dollars thereafter. That’s the set of potential penalties the Rangers would be facing if they cross the tax line again in 2025.

To this point, the Rangers’ penalties they’ve paid have been light, relatively speaking. They paid just $1.8MM for their first year of penalty in 2023. This year’s total has not yet been determined, but RosterResource estimates they were a bit more than $13MM north of 2024’s first-tier threshold of $237MM. At a 30% tax hit as a second-time payor, they’d be looking at roughly $4MM in penalties based on that number.

In theory, the 50% tax isn’t all that daunting, so long as the club only modestly exceeds the threshold once again. But the Rangers have quite a bit of work to do this winter, with as many as 10 players reaching free agency — pending option decisions on Nathan Eovaldi ($20MM player option), David Robertson ($7MM mutual option) and Andrew Chafin ($6.5MM club option). Eovaldi is all but certain to decline his option, as he can command something close to (perhaps even above) that same salary on a multi-year deal. Robertson will turn down his end of that mutual option after a strong season. Chafin’s is a borderline call, but if Texas wants to be conscious about its spending levels, that will probably be bought out for $500K.

At present, RosterResource projects nearly $189MM of luxury commitments already in place for the 2025 season — $52MM shy of next year’s $241MM threshold. That ostensibly leaves a fair bit of wiggle room — at least until considering the fact that the Rangers are losing three starters (Eovaldi, Scherzer, Heaney), their three top relievers (Robertson, Kirby Yates, Jose Leclerc) and several role players. They’ll not only need to remake a significant portion of the pitching staff but also look for ways to augment an offense that was among the game’s best in ’23 before growing stagnant in ’24.

Young has already called re-signing Eovaldi and/or Heaney “a priority” this offseason. Eovaldi, in particular, would eat up a significant portion of the funds available to the club this offseason. In a separate mailbag column, Grant suggests that if another team were interested in taking on the remaining year and $13MM of Jon Gray’s contract, the Rangers would pursue such an opportunity and could conceivably reallocate some of those funds to a reunion with Eovaldi.

Gray has performed reasonably well since signing in Texas but has been injured each season and watched his strikeout rate drop in consecutive years. The 32-year-old righty (33 next month) made only 19 starts this season and pitched to a serviceable 4.47 ERA with a 19.6% strikeout rate, 6.4% walk rate and 40.1% ground-ball rate. In three seasons with Texas, the hard-throwing former No. 3 overall pick carries a 4.16 ERA in 387 1/3 innings. His contract is hardly an albatross, but there also isn’t much (if any) surplus value on the deal.

Speculatively speaking, the Rangers could look to free up money in other ways if they feel crunched. Righty Dane Dunning’s projected $4.4MM salary (via MLBTR contributor Matt Swartz) makes him a potential non-tender or trade candidate after a rough season. Leody Taveras ($4.3MM projection) also had a tough year and could be moved with younger outfielders Wyatt Langford and Evan Carter both in the majors now (and hopefully healthier in 2025). Nathaniel Lowe’s $10.7MM projection isn’t unreasonable, but Texas could hypothetically move him and turn first base over to a prospect like Justin Foscue or Dustin Harris (or a cheaper first base option in free agency, such as Carlos Santana). It’d be hard to sell low on Adolis Garcia coming off a down season, and Grant suggests such a scenario isn’t likely.

Any of those trades would only open further holes, though the Rangers have the type of MLB-ready young players (Langford, Carter, Foscue, Harris) to try to address them internally. They also have some young arms on which they could lean in the rotation — Kumar Rocker, Jack Leiter — but Leiter struggled in 2024 and Rocker will be on an innings limit in 2025 as he continues working back from Tommy John surgery. The need in the bullpen is arguably more acute, and the in-house options aren’t exactly plentiful.

It’ll be a challenging offseason for president of baseball operations Chris Young. The Rangers should have some money to spend, but the number of holes are as daunting as they are surprising for a team that’s just 12 months removed from hoisting a World Series trophy.

Young: Rangers Will Prioritize Pitching, Explore Reunions With Eovaldi, Heaney

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The Rangers went from the top of the MLB mountain to missing the playoffs in the span of one season, due in no small part to an offense that sputtered throughout the season. Adolis Garcia and Jonah Heim were among the regulars who struggled at the plate, while Texas was plagued by injuries to Corey Seager, Josh Jung and Evan Carter, among others. As Evan Grant of the Dallas Morning News points out, the Rangers floundered against four-seam fastballs in particular.

Be that as it may, president of baseball operations Chris Young’s end-of-season press conference struck an optimistic tone regarding the in-house hitters the Rangers currently possess. “The biggest remedy, in my opinion, is improving the guys we currently have,” Young said (via Grant). The recently extended Rangers baseball ops leader called internal improvements to the lineup a “heavy priority” heading into next season.

With regard to outside additions, those will come more on the pitching side of the roster. MLB.com’s Kennedi Landri writes that Young specifically mentioned that he’d like to retain impending free agents Nathan Eovaldi and Andrew Heaney. Eovaldi triggered a $20MM player option this season when he reached a combined 300 innings between 2023-24, but he’s widely expected to decline that in favor of a return to the market (barring a hypothetical extension from his current club). Heaney exercised a player option following the 2023 season and returned to make 31 solid starts in this year’s rotation.

“As far as Evo and Andrew go, those are priorities for us,” said Young. “We love those guys. They helped us win a World Series. We would love to bring those guys back, and we’re going to explore every way we can to make that happen.”

Entering the 2025 season, Texas won’t be short on rotation options. Jacob deGrom should be the Opening Day starter now that he’s recovered from Tommy John surgery, though counting on him for a full slate of 30-plus starts doesn’t feel realistic when he hasn’t reached that total since 2019. He’ll be joined by Jon Gray, Tyler Mahle (also in his first full season post-Tommy John) and some combination of Dane Dunning, Cody Bradford, Kumar Rocker and Jack Leiter. With deGrom and Mahle both facing workload concerns and the bulk of the team’s other options yet to pitch a full season in a big league rotation, it’s understandable that the Rangers feel it not just prudent but pivotal to fortify the starting staff.

Reunions with Eovaldi and/or Heaney won’t come cheaply, however. Eovaldi’s two-year, $34MM deal proved to be a bargain, even as incentives ballooned his guarantee to a total of $38.5MM over his two years. He signed that deal coming off an injury-shortened year with the Red Sox, who’d issued him a qualifying offer and thus tied him to draft pick compensation. Now healthy and unencumbered by the weight of a QO, he should be able to top that $34MM guarantee even though he’s two years older than during his last trip to the open market.

Heaney, similarly, was coming off a season of just 72 2/3 innings with the Dodgers. He hasn’t looked as dominant in Texas as he did during that abbreviated run with L.A., but he just gave the Rangers a combined 307 1/3 innings of 4.22 ERA ball with more promising strikeout and walk rates of 23.2% and 7.6%, respectively. He could find another two-year deal in the market, and it’s possible that would come with a larger guarantee than the $25MM term on his last pact.

The extent to which Texas will be able to spend in free agency is not yet clear. RosterResource pegs them with about $148MM worth of 2025 commitments, and that’s not including arbitration raises for Dunning, Heim, Sborz, Nathaniel Lowe and Leody Taveras — a group that MLBTR contributor Matt Swartz projects for a combined $25.5MM. Add in a slate of league-minimum players, and Texas is looking at around $185MM in total projected salary for next year’s 26-man roster. That’s $40MM shy of where they opened the 2024 season, so there’s clearly some room to spend, but that $40MM could dry up quickly if the Rangers are intent not only on adding at least one starter, but also on replacing effectively their entire late-inning relief corps.

To say Texas is likely to be active in the bullpen market would be putting things mildly. Kirby Yates, David Robertson, Jose Leclerc and Jose Urena — their top four relievers by innings pitched — are all free agents. Deadline acquisition Andrew Chafin has a $6.5MM club option ($500K buyout) that is not a lock to be exercised. Robertson has a $7MM mutual option ($1.5MM buyout) and will very likely decline his end of it. Yates, Robertson, Leclerc, Chafin and Josh Sborz — who missed most of the season due to shoulder problems — were the team’s go-to options in high-leverage spots.

Young didn’t comment on what level of increase will or won’t be possible. He plans to meet with majority owner Ray Davis in the near future to outline a spending plan. While Young avoided any firm declarations on payroll, he spoke about uncertainty regarding the team’s endeavors to create a proprietary regional sports network and pledged to build a “very good roster with whatever resources we have.”

On the surface, that’s a far cry from his Aug. 2021 comments wherein he pledged to be “very active” in free agency — and then followed through with blockbuster signings of Seager and Marcus Semien. More context on the Rangers’ potential spending figures to come to light as the onset of free agency draws nearer, but given the team’s current financial obligations and needs up and down the pitching staff, it’s hardly a shock that Young is prioritizing arms and hoping to see a talented core of hitters rebound at the plate next season.

Nathan Eovaldi Unlocks 2025 Player Option

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Nathan Eovaldi completed four innings in tonight’s start against Toronto. That was the necessary cutoff to vest a $20MM player option for next season.

Eovaldi signed with the Rangers over the 2022-23 offseason on a two-year, $34MM guarantee. He collected a $2MM signing bonus and respective $16MM salaries during the first two years. To unlock the option, Eovaldi needed to throw a combined 300 innings over the two seasons. He has now done just that, reaching 156 frames this season after throwing 144 innings during his first campaign in Texas.

As MLBTR’s Steve Adams explored yesterday, there’s a good chance the righty gets to free agency in either case. Eovaldi has had a strong two-year run in Arlington. He worked to a 3.63 ERA last season. He carried a 3.67 mark into today’s start, although the Jays tagged him for seven runs tonight. Eovaldi has fanned more than 24% of opposing hitters while keeping the ball on the ground at a near-49% clip. A consistently excellent strike-thrower, he’s walking fewer than 6% of batters faced.

Eovaldi still looks like a quality #3 arm, one whom teams could comfortably tab for a playoff start. He pitched very well during the Rangers’ World Series run, working to a 2.95 ERA at more than six innings per start over six appearances. Eovaldi’s fastball checks in at nearly 96 MPH on average. He remains one of the harder-throwing starters in the majors even as he approaches his 35th birthday.

The primary knock against Eovaldi throughout his career has been his injury history. While he has ten seasons with 100+ innings pitched, he has had a few significant arm issues. Eovaldi has undergone Tommy John surgery twice. He missed time with back and shoulder problems in 2022 with the Red Sox — perhaps the biggest reason he was limited to two guaranteed years as a free agent.

Eovaldi has gone on the injured list in both seasons with the Rangers. He missed over a month with a forearm strain last year and lost a couple weeks to a groin strain this past May. The forearm injury could be a concern for some teams because of the previous Tommy John surgeries, but he has looked no worse for wear in the year-plus since that IL placement.

Eovaldi has received a qualifying offer in his career. That makes him ineligible for another QO, so Texas could not tie him to draft compensation if he decides to test the market. He would probably at least secure another two-year deal that pays him something close to $20MM on an annual basis. That’d presumably be preferable to the one-year player option, although Eovaldi is a Houston native who might prefer to stay in his home state. The option also provides insurance in case he suffers an injury in either of his final two starts of the season.

The rotation looks like an offseason priority for newly-extended baseball operations president Chris Young. Jacob deGrom is back at the top of the staff. They’ll hope for a healthy season from Tyler Mahle. Kumar Rocker debuted last week and could battle for a rotation spot. That’s also true of Rocker’s college teammate Jack Leiter, though he’s been hit hard in his first seven MLB appearances. Jon Gray should return from a season-ending foot injury in the fourth year of his free agent deal. Cody Bradford has pitched well in a swing role.

That’s a high-variance group. deGrom, Mahle and Rocker recently returned from Tommy John recoveries. Leiter, Rocker and Bradford (to a lesser extent) are light on big league experience. Max Scherzer, Andrew Heaney and José Ureña are headed to free agency. Eovaldi still seems likely to join them. Texas could try to bring Eovaldi back on another multi-year deal and should look for at least one outside acquisition even if they retain him.

Image courtesy of USA Today Sports.

Nathan Eovaldi Approaching Vesting Player Option Threshold

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During the 2022-23 offseason, then-free-agent righty Nathan Eovaldi inked a two-year, $34MM contract with the Rangers. The contract contained a provision for a vesting player option that would give Eovaldi say over his fate for the 2025 season, provided he stayed largely healthy over the course of the contract’s first two seasons. With a combined 300 innings pitched between 2023-24, Eovaldi gains a player option valued at $20MM for the 2025 campaign. The veteran right-hander’s most recent start brought him to 296 innings between the two seasons combined. He’ll trigger the vesting player option if he completes at least four innings in his next start, which is slated to come tomorrow when the Rangers host the Blue Jays. All but two of Eovaldi’s 26 starts this year have lasted at least four innings.

There’s a strong likelihood that Eovaldi will unlock that option tomorrow versus Toronto. It should be emphasized that he’s not locking himself into that $20MM salary for the 2025 season, however, but rather gaining the choice to exercise that $20MM option or turn it down in favor of a return to the open market. There’s perhaps some extra incentive for Eovaldi to consider the player option, as a Texas native — he was born and raised in the Houston area — but he should also be able to top that $20MM guarantee in free agency.

Eovaldi, 35 in September, has been a clearly above-average starter in each of his two seasons in Texas. He’s started a combined 51 games and pitched to a 3.65 ERA across his 296 frames with the Rangers, fanning 23.7% of his opponents against a 7% walk rate. Both marks are better than the league average. He’s also upped his ground-ball rate considerably thanks to an uptick in his splitter usage. A hearty 49.8% of the batted balls against Eovaldi have been grounders; he posted a 43.9% grounder rate in his final two seasons with the Red Sox from 2021-22.

Barring a late injury that throws his 2025 outlook into question, there’s a good case to decline that $20MM player option. Recent examples of multi-year free-agent deals for pitchers beginning in their age-35 season aren’t exactly plentiful, as can be seen in MLBTR’s Contract Tracker, but there are a few such cases that underscore the earning power he’ll have.

Back in the 2018-19 offseason, for instance, both J.A. Happ ($34MM) and Charlie Morton ($30MM) inked two-year deal in free agency. Happ had nearly identical numbers in his two prior seasons to those of Eovaldi at present, and he was a year older at the time (to say nothing of the fact that the price of pitching has increased since 2018). Eovaldi also has a steadier track record than he had at the time. Morton, meanwhile, had only just broken out as a high-end starter in his prior two-year run with the Astros — doing so with numbers that resemble Eovaldi’s current Rangers run. Kenta Maeda signed for two years and $24MM with the Tigers just last offseason and did as a 36-year-old coming off a lesser platform showing. Eovaldi clearly has greater earning power than Maeda had.

Generally speaking, few pitchers remain this effective into their mid-30s and return to the market at this time. Many top-tier starters ink contracts of five, six or seven years in length when they reach free agency around age 30 or 31. “Second-tier” free agent starters, as Eovaldi arguably was in his past couple trips to the market, often suffer injuries or begin to lose effectiveness as Father Time chases them down. However, Eovaldi remains a clear playoff-caliber starter, averaging 95.5 mph on his heater and logging better-than-average strikeout, walk and grounder rates while averaging nearly six innings per start.

We’ve certainly seen pitchers in their age-35 seasons or older command contracts worth $20MM or more in terms of annual value, but they’re typically on one-year deals or the type of anomalous contracts reserved for the sport’s elite arms. Justin Verlander has signed extensions and free-agent deals north of this rate in the latter stages of his career, but he’s a future Hall of Famer and three-time Cy Young winner. Max Scherzer’s record-setting three-year, $130MM deal spanned his age-37 through age-39 seasons, but like Verlander he’s a Cooperstown-bound, multi-time Cy Young winner. Eovaldi’s teammate Jacob deGrom signed the most eye-opening of these deals when he landed five years and $185MM from the Rangers, but a healthy deGrom is arguably the best pitcher on the planet.

Eovaldi isn’t going to command that type of premium annual value, but he has a clear case for another multi-year deal and could take aim at a contract paying him an annual salary in the $20MM vicinity (give or take a couple million). He’s an unusual case when it comes to getting a third bite at the free-agent apple in his mid-30s at a time when he hasn’t lost much, if any, of his effectiveness. Recent mid-rotation starters who could return to the market in their own mid-30s (e.g. Jameson Taillon, Michael Wacha, Marcus Stroman, Jon Gray) will surely be watching closely to see how the market treats Eovaldi this offseason.

What Would It Take For The Rangers To Duck Under The Luxury Tax Line?

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The 2023 Angels entered the trade deadline as something of a long-shot contender but nevertheless embarked on an aggressive win-now push. In an effort both to break their postseason drought and perhaps to show impending free agent Shohei Ohtani a commitment to winning, the Halos went out and acquired Lucas Giolito, Reynaldo Lopez, C.J. Cron, Randal Grichuk and Dominic Leone. It was a valiant, if not desperate effort, and it fell short almost immediately. By mid-August, the Angels were buried in the standings with virtually no hope of climbing back into contention. With the former August trade waiver system no longer in place, GM Perry Minasian and his staff waved the white flag in a new and more drastic way: they put more than one quarter of the roster on outright waivers.

By placing Giolito, Lopez, Cron, Grichuk, Leone, Matt Moore, Hunter Renfroe and Tyler Anderson on waivers, the Angels positioned themselves to A) save an enormous amount of money, B) potentially dip back under the luxury tax threshold (they succeeded), and C) impact several postseason races ... just not in the way they originally envisioned. For those who don't recall, the Guardians claimed Giolito, Lopez and Moore. Renfroe was claimed by the Reds. Leone went to the Mariners. Grichuk and Anderson were not claimed.

Last week, MLBTR's Darragh McDonald previewed a handful of veterans who could hit waivers in just this fashion later this month. Since Darragh wrote that piece, one team has emerged as an even likelier candidate to go down this road; as the Astros have gone on an eight-game winning streak and the Mariners have kept in arm's reach, the Rangers have fallen to a daunting 10 games back in the AL West and 10.5 back in the Wild Card hunt. FanGraphs gives the Rangers a 0.6% chance of reaching the postseason. Baseball Prospectus' PECOTA is more bullish ... at 2.4%. Texas isn't mathematically eliminated, but they're not far off.

As Darragh noted last week and as both Ken Rosenthal of The Athletic and Jon Becker of FanGraphs have explored this week, there's an argument that the Rangers should jettison some of their impending free agents and cut back costs. In his column, Becker looked at how much money the Rangers would save by placing their impending free agents on waivers two days before the Aug. 31 postseason eligibility deadline. Rosenthal noted within his column that there's no clear path to dipping under the luxury tax for the Rangers, "so their only motivation would be to save on salary."

Technically that's true, but it's also not impossible for the Rangers to duck under the threshold without placing their entire roster on waivers for the taking. While sneaking under the tax threshold is a tall order, it could potentially be done without completely decimating next season's roster. Let's take a look at how they could get there and at what type of benefits they'd receive for doing so.

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West Notes: Eovaldi, Scherzer, Gurriel, Musgrove, Graveman

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The Rangers are heading to Boston for a series with the Red Sox beginning tomorrow, but Nathan Eovaldi and Max Scherzer are both going to Texas for injury-related checkups, GM Chris Young told the Associated Press and other reporters.  Eovaldi left his start Saturday after three innings due to tightness in his left side, though the meeting with team doctor Keith Meister is seen as precautionary since Eovaldi “thinks he can pitch through” the issue, Young said.  “He’s so important to us that we’re not sure we want to push him.  We may end up pushing him back or skipping a start.  We don’t think it’s an IL at this point, but we will clearly decide that once he sees Dr. Meister.”

Scherzer was placed on the 15-day injured list on July 31 due to right shoulder fatigue, and Young said the veteran “just hasn’t turned the corner with his shoulder.  Our hope is that maybe we get back and explore some other diagnostic measures and get him back on the mound.  But I don’t know what the timetable is going to be.”  Between this IL stint and an extended absence at the start of the season while recovering from back surgery and a nerve issue in his thumb, Scherzer has pitched only 39 1/3 innings over eight starts.

More will be known about both pitchers’ situations after the tests are complete, but there is clear cause for concern given how both Eovaldi and Scherzer have checkered injury histories.  For Scherzer in particular, his situation is worrisome given how much time he has already missed, and whether or not his abnormal ramp-up this year simply kept him from being fully ready to pitch.  If either Scherzer or Eovaldi are revealed to have more serious issues, it could put the rest of their seasons in jeopardy, as the Rangers might consider shutdowns if the team continues to fall back in the playoff race.

Some other notes from both the AL and NL West divisions…

  • Lourdes Gurriel Jr. left the Diamondbacks’ 12-5 win over the Phillies today due to left hamstring tightness, but manager Torey Lovullo downplayed the injury in postgame comments to MLB.com and other media.  Lovullo said the removal was precautionary and that Gurriel is day-to-day, plus the outfielder isn’t even being sent for any tests at this time.  Gurriel is hitting .269/.302/.414 with 14 homers over 453 plate appearances as the team’s regular left fielder, translating to a 98 wRC+ in the first season of the three-year, $42MM contract he signed to rejoin the D’Backs last offseason.
  • The Padres will be activating Joe Musgrove from the 60-day injured list to start tomorrow’s game against the Pirates, after bone spurs in his right elbow cost him about two and a half months on the shelf.  Talking with Kevin Acee of the San Diego Union-Tribune, Musgrove made changes to his mechanics and delivery in order to help manage the injury.  “The spur is going to be there, the structure of the elbow is not going to change unless I get an operation,” Musgrove said.  “So [I’m] trying to find a way to be able to throw and still execute and still have good stuff.  Hopefully it will alleviate some of the stress on the elbow is kind of the goal….I felt great in this build back.”  Between this injury and a previous elbow-related stint on the IL, Musgrove has thrown only 49 1/3 innings this season, with a shaky 5.66 ERA.
  • Kendall Graveman wasn’t expected to pitch in 2024 after a shoulder surgery last January, but his hopes at an in-season comeback gained some momentum Saturday when he threw a 10-pitch bullpen session.  Astros manager Joe Espada told reporters (including Matt Kawahara of the San Diego Union-Tribune) that Graveman hit 86-87mph in his first time throwing off a mound since the surgery.  As Kawahara notes, there might simply be not enough time left in the season for Graveman to get fully ramped up and then complete a minor league rehab assignment, but that won’t stop the veteran from trying.

Latest On Rangers’ Rotation, Trade Possibilities

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The Rangers have patched together their rotation for much of the season as they anticipate the returns of veterans Max Scherzer, Tyler Mahle and Jacob deGrom. Scherzer has already returned. Mahle is set to make his fifth minor league rehab start today and should make his Rangers debut before long. It’ll be a bit longer before deGrom makes it back, but he tossed a 40-pitch bullpen just yesterday, per Jeff Wilson of RangersToday.com. Left-hander Cody Bradford is on a minor league rehab assignment and expected to return soon, though Evan Grant of the Dallas Morning News writes that he’ll work out of the bullpen upon his return. Texas reinstated righty Dane Dunning from the injured list earlier today, too. He’s in the ’pen for now but could move back to a starting role depending on how the next week goes.

What once was a starting pitching hodgepodge looks increasingly enviable. If Mahle is cleared to return after today’s start, he’ll join Scherzer, Nathan Eovaldi, Jon Gray, Michael Lorenzen, Andrew Heaney and Dunning as viable rotation options, with Bradford in the bullpen and deGrom looming on the horizon. That’s nine MLB-caliber starters, to say nothing of veteran starter Jose Ureña (who started six games but is in the bullpen presently).

With so many options suddenly at their fingertips, there’s been plenty of speculation about the Rangers trading from that stockpile of arms — even as they narrow the deficit in the postseason hunt. Texas has won four straight games. The Mariners have lost three straight. The Rangers now sit only three games back of the first-place Astros in the West and are just 5.5 games out in the Wild Card hunt. They’re not going to operate as a pure seller, but Ken Rosenthal of The Athletic suggests that Lorenzen or perhaps even Gray could be moved before Tuesday’s trade deadline.

Lorenzen, 32, signed with the Rangers on a one-year, $4.5MM deal in spring training. It was a bargain price for a veteran righty coming off a solid season, and he’s proven to be well worth the investment. He’s pitched 97 innings over the course of 17 starts and turned in a 3.53 ERA. Lorenzen’s 18.5% strikeout rate and 11.6% walk rate both leave plenty to be desired and point to some likely ERA regression, but he’s been precisely the type of veteran rotation stabilizer the Rangers hoped to be acquiring when signing him.

As of deadline day, Lorenzen will have just $1.5MM of that base salary yet to be paid out. He’s already picked up $800K of innings-based incentives and will get another $200K when he reaches 100 innings, likely in his next start. Assuming that comes with the Rangers — he’s their probable starter Saturday — a new team would be on the hook for the remaining portion of his base and additional incentives he’d unlock by reaching 120 innings ($300K), 140 innings ($350K), 160 innings ($400K) and 180 innings ($450K). He’s on pace to barely reach that final milestone.

At most, a team adding Lorenzen would pay around $1.5MM in base salary and an additional $1.5MM worth of incentives. If Lorenzen is pitching well enough to reach that 180-inning mark, it’d be considered money well spent. If nothing else, a budget-conscious team looking to add a stable starter (e.g. Twins, Guardians) could view Lorenzen as an affordable option.

Gray would be a more surprising trade candidate. He’s in the third season of a four-year, $56MM contract that’s paying $13MM both this year and next. Thus far, he’s posted 94 innings of 3.73 ERA ball on the season. While Gray’s 19.7% strikeout rate is the lowest of his career (aside from the shortened 2020 season), his 5.8% walk rate is a career-best mark. He’s still averaging 95 mph with his heater, while his opponents’ chase rate and swinging-strike rate are roughly in line with his 2022-23 marks.

Rosenthal also cites a pair of names the Rangers would prefer to hang onto even as they ponder trading from their rotation depth: Eovaldi and Heaney. The former is well on his way to vesting a $20MM player option for the 2025 season. That option would decrease his trade value — a new team would be stuck with the $20MM in the event of a major, post-trade injury. Beyond that, Eovaldi has been one of the team’s best arms this season, notching a 3.31 ERA, 24.6% strikeout rate and 6.1% walk rate in 106 innings. He’d likely be ticketed for their playoff rotation, should they get there. And, even if they don’t, the Rangers might simply hope Eovaldi stays healthy and enjoys pitching in his home state enough that he’d pick up that player option for the 2025 season.

As for Heaney, he’s turned things around after a shaky first season in Texas. The veteran southpaw boasts a 3.60 ERA, 23.5% strikeout rate and 6.8% walk rate in exactly 100 innings. He’s a free agent at season’s end, so one would imagine he’s an on-paper trade candidate in this scenario where Texas deals from its excess. However, the Rangers don’t have an established left-hander in their bullpen. Brock Burke was excellent in 2022 but took a step back in ’23 and was optioned earlier this season after being shelled through 9 2/3 innings. Rookie Jacob Latz has a solid 3.68 ERA in 36 2/3 innings, but he’s walked 13.5% of his opponents. Bradford could possibly fill that role, but he’s yet to return from a stress reaction in his ribcage.

Heaney has experience pitching both as a starter and reliever, including during his time with Texas. He’s throwing well right now but would likely be pushed out of a theoretical postseason rotation. In that setting, he could slide into the bullpen and match up against tough lefties and/or provide multiple innings in long relief.

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