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Yoshinobu Yamamoto

Yamamoto’s Opt-Out Dates Are Conditional On Elbow Health

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The Dodgers signed NPB star Yoshinobu Yamamoto to a 12-year, $325MM deal that set the record for the largest pitching guarantee. That included a pair of opt-out chances for the 25-year-old righty. He could be in line for an even loftier deal a few years down the line if he continues to perform like a top-of-the-rotation starter against MLB competition.

Ken Rosenthal of the Athletic first reported that Yamamoto would be able to opt out of the contract after the 2029 and ’31 seasons. According to the Associated Press, that’s in part conditional on the pitcher’s arm health in the first six years of the deal. If Yamamoto undergoes Tommy John surgery or spends 134+ consecutive days on the injured list with a right elbow concern between 2024-29, his opt-out chances would be delayed until following the 2031 and ’33 seasons. In the absence of that significant of an elbow injury, he’d be able to opt out after 2029 and ’31 as initially reported.

Interestingly, the contract also includes an opt-out provision designed to keep him from being traded. The AP reports that if the Dodgers trade Yamamoto, that would vest an opt-out clause that’d allow him to become a free agent at the end of that season. While it’s not true no-trade protection, it makes it very difficult to deal him. Any acquiring team would have to account for the possibility that Yamamoto leaves the following winter.

Of course, the Dodgers didn’t sign Yamamoto with any intention of trading him in the foreseeable future. They’re going to be all-in for years to come, likely for the entire duration of Shohei Ohtani’s decade-long contract. Ohtani’s willingness to defer $68MM of his $70MM annual salaries afforded the organization more short-term leeway to acquire and extend Tyler Glasnow and to sign Yamamoto.

Yamamoto’s contract contains a massive $50MM signing bonus. The AP reports that he’ll be paid $20MM by the start of February and the other $30MM by July 1. His annual salary structure breaks down as follows:

  • $5MM in 2024
  • $10MM in 2025
  • $12MM in 2026
  • $26MM annually from 2027-29
  • $29MM annually from 2030-31
  • $28MM annually from 2032-35

He’ll thus be paid $155MM over the next six seasons. If he doesn’t incur a serious elbow injury, he’d be weighing whether to opt out of six years and $170MM once the 2029-30 offseason arrives. Were Yamamoto to suffer an elbow injury within the first six years and opt in after the 2031 and ’33 seasons, the Dodgers receive a $10MM option (no buyout) covering the 2036 season, the AP reports.

The salary breakdown does not affect the contract’s average annual value. The deal counts for approximately $27.08MM each year from a luxury tax perspective. The Dodgers also owe a $50.625MM posting fee to Yamamoto’s former team, the Orix Buffaloes, though that is separate from the CBT calculation.

Dodgers Sign Yoshinobu Yamamoto To 12-Year Deal

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For the second time this month, the Dodgers have made a record-setting free agent strike. Los Angeles announced the signing of Yoshinobu Yamamoto to a 12-year contract. The NPB star lands a reported $325MM guarantee, an all-time high for a pitcher. The deal comes with a near-$51MM posting fee to the Orix Buffaloes of Nippon Professional Baseball, bringing the overall commitment north of $375MM. Yamamoto is represented by Wasserman.

“I’d like to thank everyone in the Orix organization, the Dodger organization and all the people close to me who have given me so much support throughout this free-agent process,” Yamamoto said in a statement released by the team. “I am truly excited to wear Dodger Blue and can’t wait to play in front of a packed Dodger Stadium.”

Yamamoto receives a massive $50MM signing bonus and a pair of opt-out opportunities. Those are conditional on the status of his elbow but would allow him to retest free agency after the 2029 and ’31 seasons if he stays healthy. If he doesn’t incur a serious elbow injury, he’d be weighing whether to opt out of the last six years and $170MM once the 2029-30 offseason arrives. The deal does not contain any deferred money.

The right-hander has been the best pitcher in Japan for the past few seasons. He spent parts of seven years with the Buffaloes. By his age-20 campaign, he’d emerged as one of the top pitchers at the second-highest level of professional baseball in the world. Yamamoto turned in a 1.95 ERA that season, kicking off a run of five straight years allowing no more than 2.20 earned runs per nine.

That includes sub-2.00 ERA showings over his final trio of seasons. Yamamoto has won the Sawamura Award as Japan’s best pitcher in all three years. He worked to a 1.39 ERA over 193 2/3 innings in 2021, followed by a 1.68 mark in 193 frames the next season. Yamamoto somehow turned in an even better year in his final season, pitching to a microscopic 1.21 ERA through 168 frames.

Among NPB pitchers to reach 100 innings, Yamamoto’s ERA was more than half a run lower than anyone else’s. (Shoki Murakami finished second with a 1.75 mark in 144 1/3 frames). Only Shota Imanaga, who is also available to MLB teams this offseason via the posting system, topped Yamamoto’s 169 strikeouts. He punched out 26.6% of opposing hitters against a tidy 4.4% walk rate.

It’s about as dominant a body of work as a pitcher can build before he faces any MLB hitters. The elite production is supported by both scouting and quantitive evaluations of Yamamoto’s arsenal. Evaluators are nearly unanimous in projecting him as a high-octane major league starter. Conservative estimates on his upside point to a future as a high-end #2 starter, while other scouts have pegged him as a potential ace.

Eno Sarris of the Athletic recently broke down Yamamoto’s repertoire. He suggested Yamamoto brandishes three plus or better offerings highlighted by a split-finger that should be among the best in the majors. The righty worked in the mid-upper 90s with his fastball in shorter stints during the World Baseball Classic. He also sports a promising curveball and a cutter as his third and fourth offerings, while evaluators praise his athleticism and command.

Yamamoto would have been in high demand even if he were in his late 20s or early 30s, the standard age for a free agent pitcher. That he debuted in NPB as an 18-year-old and was made available via the posting system only adds to the appeal. Yamamoto turned 25 in August, making him the first marquee free agent pitcher that age since Masahiro Tanaka signed during the 2013-14 offseason. He’ll be paid through his age-36 season.

To the extent there are concerns about Yamamoto, they’re limited to his lack of MLB experience and a smaller 5’10” frame. That hasn’t worried many evaluators, though, and they’re clearly not issues for the Dodgers.

Entering the offseason, it was widely believed Yamamoto would land the largest contract ever for a player coming over from NPB. It’d have been a far bolder prediction to peg him for the largest deal of any pitcher in major league history. That’s what he’ll receive, though, setting the mark in both contract length and guarantee. He’s the first pitcher in recent memory to reach even the 10-year mark. The guarantee edges past the $324MM which Gerrit Cole landed with the Yankees during the 2019-20 offseason. Yamamoto’s deal stretches three more seasons than Cole’s does, but his camp is surely pleased with the guarantee record even if it required slightly lowering the annual salary.

The deal comes with a $27.08MM average annual value. Regardless of the precise salary distribution, that’s the relevant factor for the Dodgers’ competitive balance tax picture. That pushes L.A. well into the third tier of luxury tax penalization. Roster Resource calculates the club’s CBT number in the $282MM range.

The Dodgers are set to pay the tax for a third consecutive season. They’re taxed at a 50% rate for spending between $237MM and $257MM, 62% for their next $20MM, and a 95% clip for spending between $277MM and $297MM. (They’ll be taxed at a 110% rate for any dollars above $297MM.) By pushing the Dodgers from around $255MM to $282MM from a tax perspective, the contract adds roughly $18.2MM in tax payments. It also means that future acquisitions will come with an elevated tax height.

On top of the money to Yamamoto and the tax payments, the Dodgers are on the hook for a huge sum to Orix. Under the terms of the NPB/MLB posting system, a posting fee is calculated as 20% of a deal’s first $25MM, 17.5% of the next $25MM, and 15% of further spending. That comes out to $50.625MM which the Dodgers owe to the Buffaloes.

It’s a staggering outlay, one that pushes near the $400MM mark in aggregate. It’s the kind of massive strike the Dodgers envisioned in the wake of the Shohei Ohtani signing. The defending AL MVP deferred $680MM of his $700MM deal until 2034-43. That left plenty of money at the front office’s disposal to fix the starting rotation. With Ohtani unable to pitch until 2025, he signed with a team that only had Walker Buehler and Bobby Miller as locks for the Opening Day rotation.

Within a couple weeks, the Dodgers have constructed a star-studded pitching staff to complement their strong bullpen and loaded lineup. Los Angeles acquired and promptly extended Tyler Glasnow. Adding Yamamoto to the group gives them a potentially elite front four. There’s still some risk. Glasnow and Buehler have concerning injury histories, while neither Yamamoto nor Miller has pitched a full season in MLB. Yet it’s also not difficult to see the path to excellent results regardless of whomever takes the final spot. Ryan Yarbrough, Emmet Sheehan and Michael Grove project as the top internal options, but it’d be foolish to rule out the Dodgers adding a veteran arm to continue their all-in push.

Aggressive as the signing is for L.A., they weren’t meaningfully above their top competitors in the bidding. Martino reports that the Yankees put forth a 10-year, $300MM offer, while the Mets put the same $325MM figure on the table. According to Martino, Yamamoto’s camp had sought opt-out provisions after the fifth and eighth seasons in those discussions. The Giants, Red Sox, Blue Jays and Phillies were also in the running down to the final week.

In the end, it seems Yamamoto preferred the Dodgers to the other clubs that were seriously involved. The Athletic’s Will Sammon reports that the Mets first presented the $325MM offer, which the Dodgers agreed to match. He’ll join Ohtani, Glasnow, Buehler, Mookie Betts, Freddie Freeman and Will Smith on a team that’s likely to enter the 2024 campaign as the most popular World Series pick.

The rest of the clubs will look elsewhere. The Mets seem likely to have a fairly quiet offseason, as they reportedly viewed Yamamoto as a unique free agent based on his youth and talent. They’re not expected to pivot to the next tiers of free agency. The Yankees, Giants, Blue Jays and Red Sox could all still be in play for top-of-the-market talent, either on the rotation front or at other positions. Blake Snell and Jordan Montgomery now stand atop the starting pitching class, while Cody Bellinger is arguably the best remaining overall free agent. The market could also now accelerate for Imanaga, the #2 NPB pitcher who has until mid-January to sign with an MLB team.

Jack Curry of the YES Network first reported that Yamamoto would sign with the Dodgers for more than $300MM. Jeff Passan of ESPN reported the 12-year, $325MM term. USA Today’s Bob Nightengale was first with the $50MM signing bonus, while Ken Rosenthal of the Athletic reported the absence of deferrals. Passan reported the two opt-out possibilities.

Image courtesy of USA Today Sports.

West Notes: Buehler, Kershaw, Rangers, Astros, Giants, Yamamoto

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The Dodgers have long seemed likely to lean on the services of right-hander Walker Buehler next season as he returns from rehabbing Tommy John surgery, which will have kept him away from the major league mound for nearly two years by the time Opening Day 2024 rolls around. While the club has recently bolstered its rotation with the additions of Yoshinobu Yamamoto and Tyler Glasnow, the club’s starting corps still offers little certainty beyond that duo, Buehler, and sophomore right-hander Bobby Miller even as youngsters like Emmet Sheehan and Gavin Stone show promise.

According to Bill Plunkett of the Orange County Register, the club may be more careful with Buehler’s return to action than initially expected. While the right-hander is expected to be at full strength for Spring Training, Plunkett indicates that the club intends to limit Buehler’s innings in 2024, though he relays comments from GM Brandon Gomes that indicate the club is likely to be “flexible” regarding the specific innings total Buehler is allowed to reach and his schedule for the 2024 campaign as a whole. Plunkett goes on to suggest that one possibility would be delaying the start of Buehler’s 2024 season in order to ensure he’ll be available to the Dodgers come October.

If the Dodgers do intend to have Buehler sit out the start of the season, it would further incentivize the club to add additional depth to its rotation even after landing both Yamamoto and Glasnow. Even if the club ends up reuniting with longtime ace Clayton Kershaw, the veteran lefty isn’t expected to return to the mound until sometime next summer after undergoing offseason shoulder surgery. Adding an additional starting pitching option who figures to be ready to go on Opening Day along with Yamamoto, Glasnow, and Miller would allow the club to have the likes of Sheehan, Stone, and Ryan Yarbrough battle for the fifth starting job entering the season rather than using them to cover multiple rotation spots.

More from around MLB’s West divisions…

  • While he has re-upped with the Dodgers on one-year pacts each of the past two offseasons, it doesn’t appear that Kershaw’s return to L.A. is necessarily guaranteed, as Kershaw’s hometown Rangers have been frequently connected to the veteran lefty this offseason on the heels of their first World Series championship in franchise history. While the club already has Jacob deGrom, Max Scherzer, and Tyler Mahle all targeting midseason returns from surgeries of their own, Ken Rosenthal of The Athletic reports that Scherzer’s recent surgery hasn’t deterred the Rangers from their pursuit of the 3-time Cy Young Award winner. While Kershaw has struggled to stay healthy in recent years, he’s been as valuable as ever when he manages to take the mound with a 2.67 ERA and 3.23 FIP in 78 starts since the start of the 2020 season.
  • Astros center field prospect Jacob Melton was a hot commodity on the trade market at the trade deadline this year, as noted by Chandler Rome of The Athletic. Rome relays comments from Houston GM Dana Brown who told a podcast run by the Astros that Melton was “the one guy [he] was afraid to give away” but that he was asked after in “almost every” trade conversation last summer. Rome goes on to note some officials in the organization internally valued him more highly than top prospect Drew Gilbert, who was part of the package the club dealt to New York to re-acquire Justin Verlander. Melton, 23, was the club’s second-round pick in the 2022 draft and slashed .245/.334/.467 across 99 games split between the High-A and Double-A levels last year.
  • While the Giants ultimately fell short in their pursuit of Yamamoto, Susan Slusser of the San Francisco Chronicle reports that the club was “in the mix right until the very end” and that Yamamoto was impressed enough with San Francisco’s pitch that the club would have been the “West Coast finalist” for his services had the Dodgers not entered the fray after signing Shohei Ohtani. A source indicated to Slusser that Ohtani’s presence on the Dodgers played a role in Yamamoto’s decision to ultimately sign with the club for a record-breaking $325MM guaranteed over twelve years.

Phillies Prioritizing Extension With Zack Wheeler

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The Phillies’ “No. 1 priority” for the remainder of the offseason “is signing ace Zack Wheeler to a contract extension,” MLB.com’s Todd Zolecki writes.  Wheeler is set to be a free agent next winter, as he is entering the final season of his five-year, $118MM contract.

Four seasons in, that deal has been an unqualified success from the Phillies’ perspective.  Wheeler has the most fWAR (19.3) of any starter in baseball since the start of the 2020 season, as he has posted a 3.06 ERA, 26.7% strikeout rate, 5.3% walk rate, and 47% grounder rate over 629 1/3 regular-season innings in a Philadelphia uniform.  The right-hander has been even more dominant during the postseason, delivering a 2.42 ERA over 63 1/3 playoff innings to help carry the Phillies to an NL pennant and an NLCS appearance over the last two seasons.

There aren’t many red flags on Wheeler as he enters his age-34 season, even if his 3.61 ERA in 2023 was the highest of his Philadelphia tenure.  He generated fewer grounders and allowed a bit more hard contact than usual, and Wheeler relied more heavily on his signature four-seamer than ever before — he reduced his cutter usage since the secondary pitch wasn’t as effective as it had been in 2021-22.

Health-wise, Wheeler underwent a Tommy John surgery in 2015 and battled some other arm problems during his time with the Mets in 2016-17.  He has been quite durable ever since, and a month-long bout of forearm tendinitis late in the 2022 season ended up being relatively minor, as Wheeler returned in strong form for the Phillies’ playoff run.

With his track record of success and durability, Wheeler figures to be one of the most sought-after members of the 2024-25 free agent class, even if he’ll be turning 35 in May 2025.  As such, Wheeler and his representatives at Wasserman might seek out a bit of a premium from the Phillies in order to keep the righty from testing the market.  A four-year extension isn’t an unreasonable ask given Wheeler’s relatively clean recent health history, and topping the $23.6MM average annual value on his current contract seems like a given.

The Phillies have obviously shown a willingness to spend big in acquiring and retaining star players over the last few seasons, even if this hasn’t manifested itself in many actual extensions.  Jose Alvarado and Seranthony Dominguez are the only Phillies to sign extensions during Dave Dombrowski’s three-plus years as president of baseball operations, and those relatively modest deals (two years and $18.55MM in new money for Alvarado, two years and $7.25MM for Dominguez) aren’t in the stratosphere of what it’ll take to lock up Wheeler.  While the Phillies kept Aaron Nola and J.T. Realmuto in the fold on new contracts, the Phils let both players reach the open market first before eventually re-signing the duo.

It was just over a month ago that Nola was re-signed to a seven-year, $172MM deal, cementing the right-hander as a staple of the Phils’ rotation through the rest of the decade.  Nola joins Bryce Harper and Trea Turner as Philadelphia players who are already signed through at least the 2030 season, plus Realmuto and Kyle Schwarber are on the books through 2025, and Taijuan Walker and Nick Castellanos are signed through 2026.  An extension for Wheeler would put yet another hefty contract on the team’s ledger, though spending big on star talent has long been Dombrowski’s M.O.  The Phillies have exceeded the luxury tax in each of the last two seasons and are projected to be well over at least the first tax threshold in 2024, so owner John Middleton isn’t showing any signs of cutting back given how close the Phillies have come to a championship.

That said, it seems like a lot of the heavy lifting is over on the Phillies’ 2023-24 offseason work, now that Nola has been re-signed and Yoshinobu Yamamoto is officially off the market.  Signing Yamamoto would have arguably been a luxury for the team, yet the team viewed him as a special player worthy of a strong push, and Dombrowski told Zolecki and other reporters that “I think we were extremely competitive” in at least getting Yamamoto’s attention.

“We were aggressive. When we made our presentation [to Yamamoto’s representatives], I think our guys did a tremendous job,” Dombrowski said. “I think they presented the organization well….I don’t think it had anything to do with anything else, he just preferred to be a Dodger.  Ultimately he was just not a person attuned to coming to Philly.”

In terms of further pursuits, Dombrowski said other additions would come “more around the edges” of the roster, since so much of Philadelphia’s 26-man is already set.  This will take the form of bullpen help and depth/swingman type of pitchers for the rotation, and Dombrowski downplayed the idea of adding another outfielder.  With Harper now the regular first baseman and Schwarber the regular DH, the Phillies will have Castellanos, Brandon Marsh, Johan Rojas, Cristian Pache, Jake Cave, Simon Muzziotti, and utilitymen Weston Wilson and Kody Clemens all in the mix for outfield playing time.

Latest On Yankees’, Mets’ Failed Pursuits Of Yoshinobu Yamamoto

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The Yoshinobu Yamamoto sweepstakes ended late last night when the 25-year-old right-hander agreed to a 12-year deal with the Dodgers worth $325MM. The massive figure is a record for free agent pitchers (aside from two-way superstar Shohei Ohtani’s $700MM deal with LA earlier this month) as Yamamoto slightly surpassed Gerrit Cole’s nine-year, $324MM guarantee with the Yankees.

Among the most aggressive suitors for Yamamoto’s services aside from the Dodgers were the two New York teams. Both the Yankees and Mets met with Yamamoto multiple times and reportedly made offers that appeared to match or even exceed LA’s in terms of aggressiveness. Previous reporting indicated that the Mets offered Yamamoto a matching $325MM guarantee while the Yankees offered $300MM over just ten years, boosting the deal’s average annual value to $30MM. In the aftermath of Yamamoto’s decision to head to Los Angeles, more details regarding both clubs’ ultimately fruitless pursuits of the right-hander have come to light.

According to Ken Rosenthal of The Athletic, the Yankees’ offer to Yamamoto exceeded that of the Dodgers’ in a few key areas despite offering $25MM less in terms of total guarantee. In addition to the aforementioned higher AAV, Rosenthal indicates the Yankees were willing to offer Yamamoto opt-out opportunities after the 2028 and 2032 seasons, both one year earlier than the opt-out opportunities he received in his contract out west. The differences in those offers are more meaningful than they may immediately appear. Had Yamamoto signed in the Bronx, he would have had the opportunity to hit free agency for a second time before his 30th birthday, while his deal with the Dodgers will offer him his first chance to opt-out after his age-30 season. Generally, players younger than 30 are widely considered to be far more attractive candidates for long-term deals than those older.

In addition to the potentially more lucrative opt-out situation, the Yankees’ offer to Yamamoto was not back-loaded, as his deal with the Dodgers reportedly is. That the contract Yamamoto ultimately agreed to is back-loaded is no small factor; not only does that mean that the deal’s present day value is diminished somewhat, it also means Yamamoto would be leaving a larger portion of his guaranteed money on the table by opting out of his contract with the Dodgers. No such concern would exist with the Yankees’ offer.

For the Mets’ part, Mike Puma of the New York Post indicates that the club’s 12-year, $325MM offer to Yamamoto was “among the first received” by the right-hander, and that the club was not offered the chance to improve upon that offer. Puma goes on to note, however, that the club may not have significantly raised their bid above that $325MM figure due to the roughly $50MM posting fee the club would have owed to Yamamoto’s NPB team, the Orix Buffaloes, had a deal come together.

The Mets have long been expected to largely avoid top-of-the-market bidding wars for starting pitchers this offseason if they were to miss on Yamamoto, and club owner Steve Cohen seemingly confirmed that stance in conversation with reporters today. As relayed by Puma, Cohen discussed a more cautious approach to free agency this offseason than in previous seasons under his ownership.

“We’re going to be thoughtful and not impulsive and thinking about sustainability over the intermediate long-term, but not focused on winning the headlines over the next week,” Cohen said. “I think there’s a couple of ways to build a team… We’ll build it. It will happen. Slowly and surely you will see changes and improvements.”

Such a measure approach to the 2023-24 offseason has seemed to be a possibility in Queens ever since veteran right-hander Max Scherzer indicated last summer that the club viewed 2024 as “a kind of transitory year” with 2025 and 2026 as the club’s true focus in terms of returning to contention. Since then, the club’s pursuit of Yamamoto has largely taken center stage as the club has made smaller moves on the periphery, adding Luis Severino and Joey Wendle in free agency while picking up Adrian Houser and Tyrone Taylor in trade.

One factor that may have helped the Dodgers in their pursuit of Yamamoto, as discussed by Rosenthal, is the $50MM signing bonus he’ll receive as part of the contract. Rosenthal notes that Yamamoto’s bonus, paid entirely in 2024, would not be subject to California state taxes so long as he is not a resident of the state. That structure reportedly could save the right-hander as much as $7.2MM. Perhaps even more valuable than that savings would be the Dodgers’ unique position to accommodate his transition to the majors. NPB teams typically use six-man rotations with starters expected to pitch just once a week, making the move to MLB a significant jump in workload for overseas arms.

As noted by Mike DiGiovanna of the LA Times, the Dodgers are all but guaranteed to plan on a six-man rotation for the 2025 season given the expected return of Ohtani to the mound that season. The lessened workload could help Yamamoto stay healthy throughout his big league career, which DiGiovanna relays is perhaps the primary concern of scouts regarding his future in the majors thanks to his undersized 5’10”, 176lb frame. Of course, there’s no guarantee that such an arrangement will be the plan for the Dodgers in 2024, when Ohtani will be rehabbing UCL surgery. Even so, DiGiovanna notes that the Dodgers’ starters appeared on regular rest in just 42 regular season games last season, leaving the door open for Yamamoto to get extra days of rest built into his schedule even if the club doesn’t go with a proper six-man rotation.

Giants Out Of Bidding For Yoshinobu Yamamoto

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9:06pm: Yamamoto could make his decision within the next 48 hours, tweets Mark Feinsand of MLB.com.

7:55pm: MLB.com’s Jon Morosi tweets that Yamamoto has at least one offer of $300MM or more in hand.

6:59pm: The Giants have been informed they’re out of the running for Yoshinobu Yamamoto, reports Alex Pavlovic of NBC Sports Bay Area (X link). While there’s no indication that Yamamoto has made his final decision, Pavlovic adds the Giants expect he’ll sign with the Dodgers or one of the New York clubs.

Andy Martino of SNY tweets that the Mets have not received any indication they’re out of the running. That’s also true of the Yankees, according to Jon Heyman of the New York Post (X link). Heyman indicates the Yankees have put a “significant bid” on the table.

Crossing San Francisco off the list technically leaves six known finalists. In addition to the Dodgers, Mets and Yankees, the Blue Jays, Phillies and Red Sox have been involved. Philadelphia has made an offer this week. That said, reports have cast the Phils, Jays, and (to a lesser extent) the Sox as longer shots.

Yamamoto has been weighing offers throughout the week. While he technically has until the evening of January 4 to sign, the expectation is that he won’t take things to the wire. That his camp is now in the process of whittling the field lends credence to the idea that a decision might not be far off.

The bidding seems as if it’ll surpass $250MM, before accounting for a posting fee owed to the Orix Buffaloes that could tack on another $45-50MM. That fee is in proportion to the contract size, calculated as 20% of the deal’s first $25MM, 17.5% of the next $25MM, and 15% of additional spending. That reflects Yamamoto’s atypical youth for a free agent pitcher (25) and his sheer dominance in Japan. Named NPB’s best pitcher three years running, he’s coming off a 1.21 ERA while striking out nearly 27% of opponents in 164 innings.

It’s a tough blow for the Giants, who come up short on another top-tier free agent. The Giants have missed on pursuits of Aaron Judge, Trea Turner and Shohei Ohtani within the past two offseasons alone, while their deal with Carlos Correa fell through because of the physical. Yamamoto will join that list. San Francisco did land KBO star Jung Hoo Lee on a six-year, $113MM pact — the largest deal of Farhan Zaidi’s tenure as baseball operations president — but they haven’t gotten a truly elite free agent in some time.

San Francisco still has plenty of spending capacity as they decide on their next steps. Roster Resource projects their 2024 spending around $158MM. That’s about $30MM below this year’s Opening Day figure. From a luxury tax perspective, they’re almost $45MM south of the base threshold. That opens the possibility for a run at any of the top remaining free agent talents. Blake Snell and Jordan Montgomery headline the rotation class, while Matt Chapman was on the radar earlier in the offseason. So was the top available hitter, Cody Bellinger, although the Lee signing seems to rule out a pursuit of another lefty-swinging center fielder.

Phillies Have Made Offer To Yoshinobu Yamamoto

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The Phillies have put forth a formal contract offer to Yoshinobu Yamamoto, writes Matt Gelb of the Athletic. While terms are unreported, Alex Coffey of the Philadelphia Inquirer wrote earlier in the week the club was planning to be aggressive in its pursuit of the NPB star.

It’s notable, if unsurprising, that the Phillies have put an official proposal on the table. Nevertheless, both Gelb and Coffey suggest it’s unlikely the Phillies’ offer will be the highest that Yamamoto receives. Gelb adds that team officials are uncertain how much interest the pitcher has in Philadelphia.

That all aligns with earlier reporting casting the Phils as a relative long shot among the seven known finalists: the Yankees, Mets, Dodgers, Giants, Blue Jays and Red Sox being the others. Yamamoto didn’t stop in Philadelphia as part of his North American tour, instead meeting with club personnel in Los Angeles.

Of course, the starting point for most free agents is financial. If the Phillies’ offer does wind up below the top bids, it wouldn’t be a surprise to see him sign elsewhere. Philadelphia doesn’t necessarily need a starting pitcher. A front five of Zack Wheeler, Aaron Nola, Ranger Suárez, Taijuan Walker and Cristopher Sánchez is strong. Prospect Mick Abel could pitch his way into the midseason mix. Even if there’s no question the group would be improved by adding NPB’s best pitcher, other clubs could feel more urgency to top the market.

The Dodgers are reportedly weighing an offer that’d land somewhere between $250MM and $300MM. SNY’s Andy Martino said last night that the Mets were putting together “a very serious offer” of their own. Most or all of the seven clubs with which the 25-year-old has met recently are likely to submit an offer this week.

Yamamoto has until the evening of January 4 to sign. He isn’t expected to wait that long. There has been speculation he could decide by the end of the week, although that’s not guaranteed. The New York Post’s Jon Heyman tweeted this evening that while one executive involved in the bidding expected Yamamoto to sign before Christmas, another suggested he could deliberate until just before the end of the year.

Dodgers Considering $250MM+ Offer To Yamamoto

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The Dodgers are considering presenting an offer in the $250-300MM range to Yoshinobu Yamamoto, reports Jack Harris of the Los Angeles Times. Reports from yesterday indicated that teams are likely to put forth contract proposals to the NPB star this week, with a decision perhaps coming by Monday.

Yamamoto’s landing spot and price point are perhaps the biggest remaining story of the offseason. The 25-year-old righty has emerged as the clear top free agent after Shohei Ohtani came off the board. It is believed the field has narrowed to seven teams: the Dodgers, Yankees, Mets, Giants, Red Sox, Phillies and Blue Jays.

This morning, Ken Rosenthal of the Athletic indicated Philadelphia and Toronto are more on the outside of the market and could be longer shots. Sportsnet’s Ben Nicholson-Smith echoes that with regards to the Jays, reporting that Toronto is less likely to be one of the top finalists on Yamamoto than they were on Ohtani.

Meanwhile, Alex Speier of the Boston Globe writes that the pitcher’s visit to the East Coast last week only consisted of a stop in New York to chat with the Yankees and Mets. While the Red Sox and Phils conducted in-person interviews with Yamamoto, officials from both teams met with the pitcher and his representatives in Los Angeles.

In recent weeks, there has been increasing speculation the price tag could exceed $300MM. That’s particularly true when considering the accompanying posting fee that would be owed to his former team, the Orix Buffaloes. An MLB club would owe the Buffaloes 20% of the contract’s first $25MM ($5MM), 17.5% of the next $25MM ($4.375MM), and 15% of additional spending.

An offer of $250MM to Yamamoto, which seems a conservative estimate of his earning power at this point given the robust interest, would require a $39.375MM posting fee. That’d put the total commitment a little north of $289MM. If a team were to offer Yamamoto $300MM, that’d come with a $46.875MM posting sum that pushes their spending to nearly $347MM.

Of course, that’s even before getting to luxury tax implications — which would come into play for the known suitors aside from Boston and San Francisco. The Dodgers have a competitive balance tax projection around $256MM, as calculated by Roster Resource. That places them right on the border of the $257MM second threshold of penalization.

As a payor for the third straight year, they’d be taxed at a 62% rate for spending between $257MM and $277MM and at a 95% clip on money from $277MM to $297MM (with a 110% tax on any spending thereafter). Signing Yamamoto would push them past the $277MM threshold with ease, quite likely tacking on another $17MM or more in taxes in year one. To be clear, only the amount paid to Yamamoto would factor into the competitive balance tax calculation; the posting fee is not part of that calculus.

Of course, the deferrals in the Ohtani deal (along with lesser but still notable deferrals for Mookie Betts and Freddie Freeman) lower their immediate raw payroll. Their actual salary commitments for next season are south of $200MM, well below the approximate $223MM mark they carried into 2023.

Los Angeles certainly isn’t the only team weighing an offer in this range for the three-time Sawamura Award winner. If Yamamoto signs elsewhere, Harris suggests that L.A. is likelier to turn to the trade market for pitching help as opposed to pivoting to another top free agent like Blake Snell or Jordan Montgomery. The Dodgers already struck for Tyler Glasnow on the trade front but remain on the hunt for starting pitching behind their top three of Glasnow, Walker Buehler and Bobby Miller.

Latest On Yoshinobu Yamamoto’s Market

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There’s been ample speculation about the eventual price tag of a Yoshinobu Yamamoto contract, but until early this week, the right-hander hadn’t discussed specific years and dollars with clubs, ESPN’s Jeff Passan reports.

Teams eyeing the NPB ace’s services were asked to submit a “preliminary” bid early in the process to gauge the seriousness of their interest, per Passan, but a follow-up round of more concrete bidding hadn’t taken place prior to this week. Yamamoto has met with several teams recently, presumably to familiarize himself with each organization and the systems and personnel in place at each potential landing spot. Entering the week, no teams had made a formal offer of $300MM or more, despite speculation to the contrary; none, in fact, had submitted a formal offer even beyond that preliminary bid. Passan wrote that some clubs have tried to broach the subject of years and dollars, but Yamamoto’s camp preferred to hold off until this week.

The Yankees, Mets, Dodgers, Giants, Red Sox, Phillies and perhaps the Blue Jays among the teams reported to have met with Yamamoto over the past 14 days. Ken Rosenthal of The Athletic characterized both the Phillies and Blue Jays as teams more on the periphery of the bidding as of this morning, however (video link). It takes only one aggressive bid to change that perception, of course, but it’s notable that they’re being framed in that manner at present.

The two New York clubs have long been known to be serious bidders for Yamamoto, though the manner in which he fits into each club’s landscape of potential offseason moves is quite different. The Yankees, for instance, have no intention of easing up even if they miss on Yamamoto. If they can’t lure the 25-year-old righty to the Bronx, Rosenthal suggests they’ll look to bolster the roster elsewhere. Among the possibilities he lays out are a run at bringing Jordan Montgomery back to the Bronx or perhaps building a stacked bullpen with pursuits of top-tier relievers like Josh Hader, Jordan Hicks and Robert Stephenson.

That seems to be a direct contrast to how the Mets are approaching the situation. The Athletic’s Will Sammon wrote over the weekend that the Mets are focused on Yamamoto and Yamamoto alone; they’re not expected to change course and pursue other marquee additions if Yamamoto ultimately signs elsewhere. Mike Puma of the New York Post reports that the Mets will submit a formal offer to Yamamoto in the next couple of days, adding that the team’s expectation has been that Yamamoto will reach a decision before next Monday. That’s entirely dependent on the player’s mindset, of course; Yamamoto’s 45-day negotiation window with MLB clubs doesn’t draw to a close until Jan. 4.

MLBTR polled readers last week, with more than 27% indicating they believe Yamamoto will sign somewhere between $300-325MM, not including the posting/release fee owed to his former club, the Orix Buffaloes. The Yankees and Dodgers were the top predicted landing spots, with both drawing about 22% of the vote (though the Yankees technically garnered 88 more of the 17,000+ votes than the Dodgers).

Mets, Yankees Reportedly Holding Second Meetings With Yoshinobu Yamamoto

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Right-hander Yoshinobu Yamamoto reportedly met with a contingent of Mets officials including owner Steve Cohen, president of baseball operations David Stearns, manager Carlos Mendoza, and pitching coach Jeremy Hefner at Cohen’s home Saturday night, according to a report from Joel Sherman of the New York Post. It’s the second known meeting between the Mets and Yamamoto this offseason following Cohen’s trip to Japan earlier this month. SNY’s Andy Martino reports that Yamamoto will also hold a second meeting with the Yankees while he’s in New York.

Yamamoto, 25, is widely regarded as the top starting pitcher on the free agent market this offseason. His market has begun to heat up in recent weeks, with a report earlier this month indicating that seven top suitors had emerged in the Yamamoto sweepstakes. Subsequent reports have indicated that each of the Mets, Yankees, Dodgers, Red Sox, Giants, Blue Jays, and Phillies have met with Yamamoto, leaving that group as the likely finalists for the youngster’s services. While Martino reports that discussions between the Mets and Yamamoto have not yet reached the stage of a formal offer, Sherman indicates that the bidding process between interested clubs is expected to “intensify” this coming week, with a resolution expected before the end of the calendar year. That’s hardly a surprise, as Yamamoto’s posting window expires on January 4.

With so many big market teams involved in the bidding process, rumors have swirled that Yamamoto’s final price tag could exceed $300MM. Though that hefty sum could factor in the posting fee owed to the Orix Buffaloes as compensation for Yamamoto’s services, it would nonetheless be an astounding contract for the right-hander. Yankees ace Gerrit Cole’s $324MM pact currently standing as the only contract (except that of two-way superstar Shohei Ohtani) among starting pitchers to reach the $300MM threshold. That Yamamoto could even approach that stratosphere without having even thrown a pitch in the majors is a testament to his unique combination of youth and immense talent. Across seven seasons with the Buffaloes, Yamamoto has never posted an ERA above the 2.35 figure of his rookie season and has posted sub-2.00 ERAs in four of his last five seasons, including a microscopic 1.16 ERA in 171 frames this past season.

After parting ways with future Hall of Famers Max Scherzer and Justin Verlander at the trade deadline over the summer, the Mets could certainly use the sort of front-of-the-rotation caliber arm Yamamoto projects to be. While the club has already added Luis Severino to its starting staff this offseason, even a bounce-back season from the righty would leave the Mets with holes to fill in a rotation that includes little certainty behind Kodai Senga and Jose Quintana. Righty Tylor Megill and lefty Joey Lucchesi appear to be the most likely internal candidates to round out the club’s rotation as things stand.

As for the Yankees, the club is in a somewhat similar boat with little certainty behind Cole. Though lefties Nestor Cortes and Carlos Rodon have both flashed front-of-the-rotation potential in the past, both southpaws are coming off down seasons in 2023 during which they were plagued by injuries and under performance. Meanwhile, the club has little depth outside of that trio and Clarke Schmidt after shipping rotation candidates Michael King, Randy Vasquez, and Jhony Brito to the Padres in exchange for Juan Soto earlier this month.

One wrinkle in the New York clubs’ pursuits of Yamamoto is their backup plans should he ultimately sign elsewhere. While the Yankees are generally expected to pivot to other top-of-the market arms such as Shota Imanaga in the event they fail to sign Yamamoto, the Mets appear unlikely to do the same. Recent reports have indicated that Stearns’s front office is not expected to pivot to other top-of-the-market options like Imanaga, Jordan Montgomery, and Blake Snell in the event that the club misses on Yamamoto. Per the report, the Mets view Yamamoto as a uniquely valuable player worth splurging on, but would otherwise prefer to focus on shorter-term deals for mid-market arms such as Lucas Giolito as they look to rebuild their rotation mix.

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