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Nationals Win Draft Lottery

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Major League Baseball conducted its third annual draft lottery this afternoon at the Winter Meetings. The Nationals won the lottery and will pick first overall. They’ll be followed by the Angels and Mariners. Washington had just above a 10% chance of securing the top pick, the fourth-highest odds.

Here’s the first round order:

  1. Nationals
  2. Angels
  3. Mariners
  4. Rockies
  5. Cardinals
  6. Pirates
  7. Marlins
  8. Blue Jays
  9. Reds
  10. White Sox
  11. Athletics
  12. Rangers
  13. Giants
  14. Rays
  15. Red Sox
  16. Twins
  17. Cubs
  18. Diamondbacks
  19. Astros
  20. Braves
  21. Orioles
  22. Brewers
  23. Royals
  24. Tigers
  25. Padres
  26. Phillies
  27. Mets
  28. Guardians
  29. Yankees
  30. Dodgers

As part of the Players Association’s efforts to reduce the incentive for non-competitive teams to lose games, the latest collective bargaining agreement introduced a lottery to determine the top six overall selections. A team’s odds of landing a higher pick are still weighted in favor of the clubs with the worst records, although the Rockies and Marlins had identical chances (22.5% apiece) of landing the top selection.

All non-playoff teams ostensibly have a chance to win the lottery. However, the CBA also prevents a team that is not a revenue sharing recipient from landing within the top six in consecutive seasons. No team can get a lottery pick more than two years in a row. That ruled out the White Sox and Athletics this year. Chicago is not a revenue sharing recipient and picked fifth last year, while the A’s were in the top six in both 2023 and ’24.

The Sox were not allowed to pick higher than 10th, while the A’s were capped at 11th. That’s despite the White Sox having the worst season of all time that would’ve placed them among the three likeliest teams to pick first. That increased the odds for every team but was especially beneficial to Colorado and Miami (from a probability perspective) by pushing their chances of the #1 pick north of 20%. Unfortunately for those teams, the balls didn’t bounce their way. The Angels and Nationals were the other teams with at least a 10% shot.

Seattle and St. Louis come away as big winners. The Mariners went 85-77 and had the second-best record of any non-playoff team. St. Louis had the fourth-best mark for clubs that didn’t get to the postseason. They nevertheless were fortunate to spring into the top five. It’s a particularly disappointing outcome for Miami, who didn’t land a lottery pick at all despite sharing the best shot at the first selection. The only silver lining is that they’ll remain eligible for lottery picks for at least 2026 and ’27 if they don’t make the playoffs.

Teams that exceeded the third tier of luxury penalization have their top picks dropped by 10 spots unless that selection lands within the top six. (In that instance, the club’s second-highest pick would move back.) MLB has yet to officially announce the 2024 tax data, but it is believed that the Mets, Dodgers and Yankees are the only clubs that surpassed the $277MM threshold for the pick to be dropped. All those teams made the playoffs and weren’t eligible for the lottery anyhow.

The lottery only comes into play for the first round of the draft. From the second round onwards, pick order is determined in inverse order of the prior season’s standings, aside from compensatory and competitive balance selections.

Baseball America published its most recent Top 100 draft prospects in September. As always, that’s worth a full read. Texas A&M outfielder Jace LaViolette topped BA’s list, though there’ll obviously be plenty of changes to the board as next spring’s amateur baseball season gets underway.

Max Fried Will Reportedly Choose Destination In Coming Days

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Left-hander Max Fried is one of the top remaining free agents but he could be coming off the board soon. Per a report from Ken Rosenthal of The Athletic, Fried is expected to pick his next club by Thursday, with the Yankees, Red Sox and Blue Jays presented as the frontrunners. Rosenthal adds that right-hander Corbin Burnes is generating interest from the same three clubs, with the Giants perhaps involved there as well but not for Fried. The Rangers are mentioned as a possibility for Fried but that’s depicted as more of a long shot, with the Angels listed alongside the Giants as cubs that are not finalists for Fried.

It’s perhaps not a coincidence that the Yankees, Red Sox and Blue Jays were finalists in the Juan Soto frenzy and are now listed as the most likely landing spots for Fried. The general expectation throughout the baseball world has been that the clubs with money to spend would focus on Soto until getting clarity on that situation, with those that missed out then pivoting to other targets. Now that Soto is going to the Mets, that seems to be how things are indeed playing out.

All three clubs are looking to make a big splash, though for different reasons. The Yankees just made it to the World Series, but suffered a deflating five-game loss to the Dodgers in which they looked clearly outmatched. They then lost last year’s big splash when Soto moved from the Bronx to Queens. The Red Sox have been dialing back payroll in recent years with lackluster results to go along with it, though now seem motivated to big big dogs again. The Jays were good during the regular season from 2020 to 2023 but suffered heartbreaking ends in each of those years, narrowly missing the playoffs in one of them with three quick postseason exits in the others. They followed that up with a dismal 2024 season that saw them fall to the basement of the A.L. East.

In different ways, each club is looking to both improve their respective rosters for next year while also perhaps mollifying a restive fanbase. Soto would have been one way of doing that but that’s now off the table.

Fried, 31 in January, has been a strong pitcher at the major league level for quite some time. He got brief big league looks in 2017 and 2018 but has been an established big leaguer for the past six seasons. From 2019 to the present, he has tossed 824 2/3 innings, allowing 3.06 earned runs per nine. His 23.8% strikeout rate and 6.4% walk rate in that time were both a bit above average while his 54.1% ground ball rate was excellent. Only Framber Valdez and Logan Webb had better ground ball rates for that time, among pitchers with at least 550 innings pitched, and Fried had a slightly better strikeout rate than those two. Fried was also a key part of Atlanta’s postseason rotations throughout that time.

There is a little bit of injury risk, as Fried was limited to 14 starts last year due to a forearm strain and had a brief IL stint in 2024 due to neuritis in that same forearm. That’s bit concerning but Fried managed to make 29 starts this year, logging 174 1/3 innings, and there hasn’t been anything to suggest he won’t be healthy for 2025.

At the start of the offseason, MLBTR predicted Fried could land a six-year deal with a $156MM guarantee, though it’s possible that Fried’s earning power has jumped since then. Pitchers like Luis Severino, Yusei Kikuchi, Frankie Montas, Matthew Boyd and Clay Holmes have outearned expectations and the massive Soto deal has perhaps altered industry spending expectations more generally.

For the Yankees, they don’t strictly need pitching. Their rotation is already fairly deep with Gerrit Cole, Carlos Rodón, Clarke Schmidt, Luis Gil, Marcus Stroman, Nestor Cortes and other options on the roster. However, Fried would certainly upgrade that group and they could then perhaps use the surplus to make a trade, with both Stroman and Cortes have been in previous rumors.

Boston’s chief baseball officer Craig Breslow has said he would like to raise the ceiling of the club’s rotation, which currently has a core three of Tanner Houck, Brayan Bello and Kutter Crawford. The Sox will get Lucas Giolito back at some point during the 2025 season, once he recovers from last year’s elbow surgery. They have depth options like Richard Fitts, Cooper Criswell and Quinn Priester but adding Fried would help the club with its aims of improving the rotation and the club more generally.

The Toronto rotation has a veteran core of Kevin Gausman, José Berríos and Chris Bassitt. It seems likely that Bowden Francis will get a shot at having a spot next year since he was so strong in the second half of 2024. Yariel Rodríguez is an option for the fifth spot but he also has plenty of relief experience and could get bumped to the bullpen. Jake Bloss is on the roster and has encouraging potential but limited experience and could be ticketed for the Triple-A rotation.

While all three clubs are looking at Fried, they have another option in Burnes. He has flashed a higher ceiling than Fried but hasn’t hit that ceiling in the past two years. From 2020 to 2022, he posted a 2.62 ERA with a 33.4% strikeout rate, 6.4% walk rate and 47.6% ground ball rate. Over the past two seasons, his 3.15 ERA has still been a strong mark but with a diminished strikeout rate of 24.3%. He is still perceived as a strong option on account of his durability and overall strong results, with MLBTR predicted him for a $200MM guarantee over seven years.

The Giants make sense for a rotation addition and seemingly prefer Burnes to Fried. Their rotation currently consists of Webb, Robbie Ray and Kyle Harrison. President of baseball operations Buster Posey said this week that Jordan Hicks will get another shot at a rotation job. Guys like Hayden Birdsong and Landen Roupp could battle for the fifth spot but getting Burnes would obviously be a boon to the group.

Both Burnes and Fried rejected qualifying offers and are therefore associated with penalties, which differ depending on who ultimately signs them. The Giants are perhaps the most interesting club in this group as they already agreed to sign QO guy in Willy Adames. Since they paid the competitive balance tax last year, that means forfeiting $1MM of international bonus pool space and two draft picks, while signing another QO would effectively double that.

The Rangers’ interest in Fried was reported previously but also characterized as more of a long shot. They definitely want rotation upgrades, including a hope of re-signing Nathan Eovaldi, but they might need more clarity on their finances. They no longer have a broadcast deal with Diamond Sports Group and have been looking into creating their own regional sports network but haven’t quite figured that all out yet. They are reportedly hoping to stay under the CBT in 2025 and they might need to make progress on the broadcast deal before throwing big money around.

The Angels are seemingly only mentioned to touch on Fried’s potential geographic preferences. Fried was born and raised in Southern California, then committed to UCLA before being drafted by the Padres. He was traded to Atlanta as a prospect and has spent his entire major league career with them so far. That club has signed many players to extensions but Fried wasn’t one of them. Rosenthal relays that some clubs feared Fried would prefer to return to the West Coast but it seems his three primary suitors are all A.L. East clubs.

Time will tell how things play out with Fried and Burnes, but it seems that the expected post-Soto domino effect might be coming to pass. As clubs pivot to plan B or plan C or plan D, guys like Fried and Burnes are seeing their markets heat up, which could potentially also impact guys like Alex Bregman, Pete Alonso and others soon as well.

Blue Jays Interested In Teoscar Hernandez

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Reports from the weekend suggested that the Blue Jays had only limited interest in a reunion with Teoscar Hernandez, as Toronto was focused on Juan Soto and then on Anthony Santander as its next choice for an outfield upgrade.  GM Ross Atkins made something of a clearer statement of the Jays’ stance on Hernandez, telling the Toronto Star’s Gregor Chisholm and other reporters that “there are so many positives about him that we are definitely interested in figuring out a way for that to be a possibility.”

Hernandez was a prospect fighting for playing time in a crowded Astros outfield at the time of the July 2017 trade deadline, but his career path changed when Houston dealt Hernandez and Nori Aoki to Toronto for veteran reliever Francisco Liriano.  It was a win-win on both sides, as Liriano pitched well in the playoffs to help Houston win the World Series, and Hernandez emerged as a power bat over his six seasons in Toronto.  Hernandez hit .263/.320/.503 with 129 home runs in 2419 PA from 2017-22, twice winning AL Silver Slugger honors.

As potent as Hernandez’s bat was, his penchant for strikeouts and his underwhelming defense led the Blue Jays to trade him to the Mariners for Erik Swanson during the 2022-23 offseason.  Swanson enjoyed a strong season in the Jays’ bullpen in 2023 while Hernandez’s numbers took a dip (to a 106 wRC+) in Seattle, so the slugger headed into free agency on the heels of a pretty underwhelming platform year.

Hernandez chose to bet on himself by taking a one-year, $23.5MM contract with the Dodgers, guessing that he would return to form in Los Angeles and put himself in shape for a much pricier deal this winter.  The decision was a success in every sense of the word, as Hernandez not only hit .272/.339/.501 with 33 home runs, he also won his first World Series ring as a major part of the Dodgers’ title run.

Trading Hernandez was far from the only reason for the Blue Jays’ offensive struggles over the last two seasons, as inconsistent to mediocre performances from pretty much everyone (even Vladimir Guerrero Jr. in 2023, before his big return to form this past season) have turned the lineup into a big question mark.  Beyond Soto and Santander, the Jays have also been linked to Alex Bregman, Ha-Seong Kim, and Willy Adames as the team has looked to jumpstart a return to contention in the Jays’ last season of control over Guerrero and Bo Bichette.

With Soto and Adames now off the market, Hernandez’s stock has only improved as one of the top bats remaining on the free agent market.  MLBTR ranked him 11th on our list of the offseason’s top 50 free agents and projected Hernandez for a three-year, $60MM deal as he enters his age-32 season.  Because Hernandez rejected the Dodgers’ qualifying offer, the Jays would have to give up $500K in international bonus pool money and their second-highest choice in the 2025 draft to sign him or any other QO-rejecting free agent.  The Blue Jays were willing to give that compensatory package and upwards of $700MM to sign Soto, so technically, some money is there to make a much lower bid for Hernandez’s services.

As easy as installing Hernandez back in left field would be for the Jays, it isn’t necessarily certain that he’d be eager to rejoin a team that rather unceremoniously dealt him away two years ago.  The Yankees, Red Sox, and Dodgers also seem like motivated suitors due to their own misses in the Soto sweepstakes.  In regards to Los Angeles, what seemed to be a likely reunion between Hernandez and the Dodgers has yet to materialize due to a gap in negotiations, plus L.A. also added Michael Conforto to its outfield mix.

Blue Jays Interested In Several Free Agent Relievers

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The Blue Jays had one of baseball’s worst bullpens in 2024, as injuries and under-performance wreaked havoc on what was a solid relief corps as recently as the 2023 campaign.  Toronto’s steps to overhaul the pen have thus far been more focused on subtraction than addition, as the Jays have parted ways with the likes of former closer Jordan Romano, Genesis Cabrera, and Dillon Tate.

While the Juan Soto pursuit has dominated the Jays-related headlines this winter, the club has been actively linked to many players, as has been the standard operating procedure for Ross Atkins during his time as Toronto’s GM.  This includes multiple relief arms, as Sportsnet’s Ben Nicholson-Smith and Shi Davidi report that the Jays “have shown some level of interest” in Carlos Estevez, Kenley Jansen, Andrew Kittredge, Chris Martin, Phil Maton, A.J. Minter, and Paul Sewald.  ESPN’s Jorge Castillo adds that Toronto is also one of the many teams interested in Jonathan Loaisiga.

Davidi and BNS note that the Guardians have shown some interest in some of Toronto’s minor league prospects, leading to some speculation that the Jays could look to bring in local product Josh Naylor, who is known to be available in trade talks.  Speculatively, the Toronto/Cleveland connection might also be related to the Blue Jays’ bullpen search, as the Guards are very deep in relief pitching.

The sheer volume of names under consideration isn’t really all that unusual, considering how most teams take a broad view of the ever-shifting bullpen market.  As Davidi and Nicholson-Smith note, the Jays have rarely invested much in relief pitching during Atkins’ tenure, and most of the relievers listed would likely be available on shorter-term deals.  Turning to MLBTR’s ranking of the offseason’s top 50 free agents, Estevez (22nd, projected for three-year, $27MM contract), Minter (34th, two years/$16MM), and Kittredge (40th, two years/$14MM) were the only ones to make the list.

Going beyond their usual comfort zone to sign Estevez might reflect the Blue Jays’ greater need for bullpen help, as non-tendering Romano left a big vacancy in the closer’s role.  Chad Green looks like the favorite for saves at the moment, but signing Estevez would push Green back to a setup job and create a clearer bullpen hierarchy.

Jansen, of course, is far and away the most established closer of the group, with 447 saves over his standout 15-year career.  Though Jansen is entering his age-37 season, he is coming off yet another strong performance in posting a 3.29 ERA and 27 saves over 54 2/3 innings with the Red Sox in 2024.

Sewald had seemingly established himself as a solid closer with the Mariners and then the Diamondbacks, and even got off to a hot start in 2024 before running into injuries and a very rough stretch that cost him his ninth-inning role in Arizona.  Better health and a change of scenery could very well spark a return to form for Sewald, making him perhaps a bit of an underrated candidate for teams in need of saves.

Red Sox Interested In Anthony Santander

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The Blue Jays, Yankees and Red Sox have strong interest in free agent outfielder Anthony Santander, per Jon Morosi of MLB.com (X link). The Jays and Yankees have been connected to Santander in previous rumors.

The fit is logical as all three clubs just came up short in their pursuit of Juan Soto. This winter’s free agent outfield market featured Soto at the top, clearly on a tier by himself, well above the rest. The level below featured a cluster of guys including Santander, Teoscar Hernández, Jurickson Profar, Tyler O’Neill, Michael Conforto and others. O’Neill and Conforto are also off the board now, in addition to Soto, so it’s natural that these clubs would pivot to the guys still available.

Santander, 30, doesn’t have Soto’s youth or plate discipline but there’s no doubting the power. He has hit at least 28 home runs in each of the past three seasons, including 44 in the most recent campaign, leading to 105 overall for the 2022-24 seasons. His 8.5% walk rate in that time was right around league average, with his 20.5% strikeout rate slightly better than par. His .244/.317/.478 batting line for that stretch led to a 124 wRC+, indicating he was 24% better than league average.

Given that healthy production, it’s unsurprising that he is generating plenty of interest. What also works in his favor is that he is a switch-hitter without strong platoon splits. As a righty against lefties, he hit .239/.309/.513 in 2024 for a 132 wRC+. For the inverse split, he hit .225/.306/.488 for a 123 wRC+. For his career, he has a 111 wRC+ against lefties and 116 against righties.

That balanced attack means he should be able to fit into the plans of any club with an outfield need, or perhaps an opening at designated hitter. His outfield defense has been subpar in his career, with grades of -3 Defensive Runs Saved and -13 Outs Above Average. He has gotten brief looks at first base recently, with 72 innings at that spot in 2023 and one more in 2024.

Despite the defensive concerns, Santander’s power bat is one of the best available. Perhaps some club would be willing to live with the subpar defense, or maybe try to slot Santander in at first base or designated hitter down the road. At the start of the winter, MLBTR predicted Santander could earn a guarantee of $80MM over four years.

For the Sox, they would likely be looking at Santander as an outfielder. Their corner infield and designated hitter mix is already crowded, with Rafael Devers at third, Triston Casas at first and Masataka Yoshida a primary option for designated hitter. There have been some rumors that the Sox would like to sign a third baseman and move Devers over to the other side of the diamond, which would likely require Casas or Yoshida to be moved.

In the outfield, the Sox have some good options but they could fit Santander into the mix. Jarren Duran and Wilyer Abreu project to be in two spots, but both are left-handed hitters with notable platoon splits. The lineup is already fairly left-leaning as Devers, Casas and Yoshida all hit from that side as well. The right-handed Rob Refsnyder can help out a bit but having Santander as an everyday option would help stabilize the whole group.

Ceddanne Rafaela could be involved in the outfield group as well but he’s a glove-first option who can also play the infield. Roman Anthony is one of the top prospects in the sport but he has not yet turned 21 years old and only has 35 games of Triple-A experience thus far. He is also a left-handed hitter, so he’ll exacerbate the club’s slant in that direction even if he earns his way into the big league plans.

The Sox have been looking to be aggressive this winter with the rotation being a primary focus but adding Santander or another big bat to the lineup would obviously help as well. They are reportedly even willing to pay the luxury tax under the right circumstances. RosterResource currently projects the club’s tax number at $181MM, which is $60MM below next year’s base threshold of $241MM. That should give them enough wiggle room to sign Santander or another outfielder as well as a notable starting pitcher, if they so choose. The Sox have been connected to various rotation options, including Corbin Burnes and Max Fried.

The Jays and Yankees have been connected to just about every big-name free agent, though both clubs have been focused on Soto until now. The coming days should see them pivot and gauge the market on guys like Fried, Burnes, Santander, Hernández, Alex Bregman and others, as those guys have each been connected to both the Yankees and Jays in rumors this offseason.

The loss of Soto obviously leaves a huge hole in the Yankee outfield, so they will surely be considering various options to bolster the group alongside Aaron Judge, Trent Grisham and Jasson Domínguez. That could include the aforementioned free agents but the Yanks have reportedly contacted the Cubs about a Cody Bellinger trade.

The Jays have George Springer and Daulton Varsho as their two most established outfielders, though Varsho is recovering from shoulder surgery and might not be ready for Opening Day. They have Nathan Lukes, Joey Loperfido, Jonatan Clase and other guys on the roster but those guys are all fairly limited in terms of their major league experience.

Santander rejected a qualifying offer from the Orioles at season’s end, so that club will receive draft pick compensation if he ultimately signs elsewhere. That feels fairly inevitable now that they have an agreement with O’Neill, effectively replacing Santander in the club’s outfield mix. If Santander signs a contract worth more than $50MM, the O’s will get a pick after the first round of the upcoming draft. The signing club will also be subject to penalties, depending on whether they are revenue sharing recipients or paid the competitive balance tax in 2024.

Latest On Teoscar Hernandez’s Market

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2:17PM: The Blue Jays also have interest in Hernandez but Anthony Santander appears to be Toronto’s chief backup target if Soto isn’t signed, according to MLB.com’s Mark Feinsand (X link).

1:44PM: The Dodgers and Red Sox were previously linked to Teoscar Hernandez’s market earlier this offseason, and MassLive.com’s Chris Cotillo reports that the Yankees are also looking at the free agent slugger.  The three suitors all have “serious interest” in Hernandez’s services, with one noteworthy caveat — all three clubs are in the running to land Juan Soto, so Hernandez is viewed as the natural backup plan for all parties if Soto can’t be signed.

The Mets and Blue Jays are the two other teams known to still be pursuing Soto.  At the moment, all five teams seem to be still be under consideration even if the Mets and Yankees have reportedly pushed the bidding up into the range of $710-$730MM.  Los Angeles is thought to be the least aggressive of Soto’s five suitors and perhaps seems more likely to break away from the pack to pivot towards Hernandez or another option, but Cotillo figures Hernandez won’t make his own decision until after Soto signs.

Hernandez has openly said that returning to the Dodgers is “the priority” of his offseason, and “I’m going to do everything in my power to come back….It feels great to be part of this.”  After a down year with the Mariners in 2023, Hernandez rebounded in the best possible way by winning a World Series and hitting .272/.339/.501 with 33 home runs over 652 plate appearances with L.A. last season.  Hernandez inked a one-year, $23.5MM contract last winter and now looks poised to land a much heftier multi-year deal this time around.

As sources tell Peter Abraham of the Boston Globe (X link), Hernandez’s preference is still to remain with Los Angeles, though the Red Sox have a solid case in their own right for the slugger’s services.  The Sox made a push for Hernandez last year in offering him a two-year, $28MM deal that Hernandez turned down in order to take the greater flexibility of the Dodgers’ one-year offer, plus L.A. was the more clear-cut contender heading into 2024.  Hernandez “has long been intrigued by the idea of playing at Fenway Park and he’s a fan of Alex Cora,” Abraham writes, so with a World Series ring now in tow, Hernandez could now explore a move to Boston and perhaps a big role in a future Red Sox championship team.

The Yankees shouldn’t be overlooked as contenders, as Hernandez has also enjoyed a lot of success at Yankee Stadium over the years.  New York might have the most incentive of all these teams to bolster the lineup if Soto departs, even if adding a big bat in the infield is also a priority since Gleyber Torres and Anthony Rizzo are free agents and unlikely to return.

Rejecting the Dodgers’ qualifying offer probably won’t have much impact on Hernandez’s market, though the Yankees and Red Sox would face a differing penalty level for signing the outfielder (or any player who rejected a QO).  Because New York was a luxury tax payor in 2024, signing Hernandez would cost the Yankees $1MM in international bonus pool money and their second- and fifth-highest picks in the 2025 draft.  Boston would have to give up $500K of int’l pool funds and their second-highest 2025 draft pick.  Los Angeles, of course, wouldn’t have to give up anything to sign Hernandez, as he is one of the Dodgers’ own free agents.

Blue Jays Had Interest In Clay Holmes

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  • The Blue Jays had interest in Clay Holmes before Holmes signed with the Mets earlier this week, according to The Athletic’s Ken Rosenthal and Will Sammon.  Toronto was looking at Holmes just as a reliever, which isn’t surprising given how fixing the bullpen is one of the Jays’ top offseason priorities.  Holmes hasn’t started a game since his rookie year in 2018, but he’ll move back into a starting role with the Mets on his new three-year, $38MM contract.

Yankees, Mets Reportedly Increase Soto Bids Beyond $700MM

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After reports emerged last night that bidding for the services for free agent superstar Juan Soto could reach beyond the $700MM threshold, that possibility appears to have now come to pass. Jon Heyman of the New York Post reported this evening that both the Yankees and Mets have recently pushed their offers to the $710-730MM range as the slugger’s free agency nears its conclusion. Heyman suggests that while it’s “believed” that the Mets have placed the higher bid of the two New York clubs, the deals appear to be within the same range. He goes on to add that there’s been no indication of the Red Sox, Blue Jays, or Dodgers being eliminated from the Soto sweepstakes to this point despite the record-setting offers from both New York clubs.

The 26-year-old phenom has long been expected to easily beat the record for net present value Shohei Ohtani’s megadeal with the Dodgers set last winter, which is estimated to be in the range of $461MM after accounting for the pact’s heavy deferrals. That said, it’s still somewhat shocking that the bidding for Soto has soared high enough that beating the $700MM guarantee Ohtani received last winter before factoring in deferred money is on the table. It’s possible that Soto’s deal could include some deferred money of its own, of course, but even with that possibility in mind it seems increasingly likely that he’ll shatter not only expectations entering the offseason but all previous precedents for guaranteed and annual money for MLB contracts.

Soto is in position to shatter records for a reason, of course. The youngster is particularly attractive to clubs given the fact that he’s marketing his age-26 season in free agency this winter. That extreme youth is uncommon in free agency, especially for top talent, and it allowed right-hander Yoshinobu Yamamoto to secure a record-breaking deal for starting pitchers last winter despite having never thrown a single pitch in MLB. By contrast, Soto is a four-time All Star and two-time MVP finalist who has never been less than 43% better than league average at the plate by measure of wRC+ during his career to this point. Soto’s combination of youth and track record hasn’t been seen in the majors since Alex Rodriguez’s free agency more than two decades ago, and in that time teams have only grown to value youth even more highly.

Per Heyman’s report, all five known finalists for Soto’s services remain in the mix to land the superstar, who is generally expected to make his decision within the next day or two. Heyman suggests that the Yankees, Mets, Red Sox, Dodgers, and Blue Jays have all offered Soto at least $600MM, with the Dodgers’ offer coming in as the lowest of the five by a substantial amount. Beyond that, though, Heyman notes that the other four clubs have made offers that are “believed” to be relatively close to each other, and it’s unclear which of those four clubs has made the highest bid to this point. What’s more, Heyman suggests that Soto won’t necessarily choose the highest bidder, though it’s unclear what might motivate Soto to take a lesser offer. The Mets and Yankees have generally been viewed as the favorites to land Soto by the industry throughout his free agency, but whether that perception aligns with his actual preferences remains a mystery. The Red Sox, for their part, reportedly pushed for an additional meeting with Soto’s camp earlier this week, though it’s unclear if that request was or will be granted before the star makes his decision.

Blue Jays Among Teams Interested In Yoan Moncada

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Yoan Moncada’s eight-season run with the White Sox ended when Chicago bought out its club option on the infielder’s contract in October, sending Moncada into free agency.  Though Moncada’s last three seasons have been defined by injuries, reporter Francys Romero (via X) writes that “Moncada is generating a lot of interest in the market,” and that the Blue Jays are ones of the clubs interested in the 29-year-old’s services.

Only three teams in baseball got more from the hot corner than the cumulative 4.0 bWAR posted by Toronto third basemen in 2024, with a lot of that production on both sides of the ball coming from Isiah Kiner-Falefa before the Jays dealt him at the trade deadline.  Ernie Clement also got a lot of playing time at third base and was very solid with the glove, though he hit only .263/.284/.408 over 452 plate appearances.  Heading into 2025, the Blue Jays have Clement and more inexperienced options like Addison Barger, Orelvis Martinez, Leo Jimenez, all capable of playing third base, even if Clement is the best defensive player of the group.

It therefore isn’t surprising that the Blue Jays have been linked to such big-name infielders as Alex Bregman, Willy Adames, and Ha-Seong Kim as Toronto tries to figure out how to address either third or second base.  Moncada is a much lower-profile type of free agent than that trio, though since the Jays have been broadly in on many players this winter, it isn’t surprising that the club is exploring all levels of the market.  The Juan Soto pursuit has naturally dominated the Jays’ focus to date this winter, and a player like Moncada could be on the radar whether or not Soto is suddenly taking up an outsized chunk of Toronto’s payroll.

In a sense, signing Moncada as a veteran counterpoint to the younger in-house options has some similarity to the Jays’ signing of Kiner-Falefa last winter.  Whereas at least IKF brought defensive versatility to the table, Moncada is much more of a question mark, and not necessarily a clear upgrade over what Toronto already has on the third base depth chart.

Once regarded as one of baseball’s top prospects, Moncada’s blue-chip status made him the centerpiece of the four-player trade package the White Sox received from the Red Sox for Chris Sale back in December 2016.  A seeming breakout year in 2019 inspired the White Sox to ink Moncada to a five-year, $70MM extension prior to the 2020 season, and a solid 2021 campaign on Chicago’s AL Central-winning team looked to cement Moncada’s place as a building block on the South Side.

However, that’s when the injury bug again impacted Moncada’s career.  The infielder has played in only 208 of a possible 486 games since Opening Day 2022, as Moncada has been sidelined by back problems, an oblique strain, injuries to both hamstrings, and an adductor strain that cost him the majority of the 2024 season.  Moncada missed over five months of action last year and played in only 12 games.  Just one of those appearances came after his activation from the 60-day injured list on September 16, as the White Sox opted to give playing time to younger players instead of a player they were already planning to cut ties with after the season.

It isn’t surprising that Moncada’s production nosedived in the wake of all these injuries, as he has hit only .236/.291/.387 in 835 PA over the last three seasons.  He played for Cuba during the Premier12 tournament in November to get some extra playing time in the wake of his lost 2024 season, though he hit just .143 over 14 at-bats.

Despite of the lack of recent results, it makes sense why the Blue Jays and other clubs could view Moncada as an interesting rebound candidate.  Simply staying healthy might help Moncada get on track, and could a change of scenery from a troubled White Sox organization that hit rock bottom with a 121-loss season in 2024.  As a relatively low-cost flier, Moncada has appeal to any team looking for part-time help at third base, or potentially at second given that Moncada played that position earlier in his career.

Soto Bidding Could Approach $700MM

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As the Juan Soto decision nears, the expected contract seemingly continues to climb. Jon Heyman of the New York Post writes that the price could push to $700MM. Heyman suggests that the Mets, Yankees, Red Sox and Blue Jays may all be near that mark. The Dodgers are also a finalist, but various reports have put them as the least likely of the quintet to land him.

On Tuesday, The Athletic reported that multiple teams had made offers at or above $600MM. Agent Scott Boras said at the time that Soto had begun to narrow the field, though he didn’t specify a timetable for his decision. Most reports indicate he’s likely to sign by the end of next week’s Winter Meetings, perhaps as soon as this weekend.

According to Heyman, teams have continued to adjust their offers in recent days. Alex Speier of the Boston Globe reported last night that the Red Sox were hoping for a final meeting with Soto’s camp to get the outfielder to name the specific price at which he’d put pen to paper. It’s not clear if Soto would grant any team that sit-down.

Shohei Ohtani’s deal was initially reported as a 10-year, $700MM contract. The extreme nature of the deferrals in the Ohtani deal, which were reported a few days after he announced he was signing with the Dodgers, dramatically reduced the net present value. MLB valued the contract around $461MM for luxury tax purposes. That’s still an all-time record. Soto was unquestionably going to beat $461MM and widely expected to go well beyond $500MM. (MLBTR predicted a 13-year, $600MM contract at the beginning of the offseason.) Getting to $700MM without deferrals would shatter prior contractual precedents.

Ohtani’s $46.06MM annual salary — again adjusting for deferrals — is the record for average annual value. Bryce Harper’s 13-year contract is the longest free agent deal in history. Soto would likely need to break both records to get to $700MM — potentially on a 14-year deal at $50MM annually. It shouldn’t be much longer before we learn if the market will go to those heights.

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