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TODAY: The Red Sox officially announced Bregman’s deal.  To create roster space, Patrick Sandoval was moved to the 60-day injured list.  Sandoval underwent an internal brace procedure on his left UCL last June, so he was already expected to be out of action until the second half of the 2025 season.  Speier also provided some added details on the contract’s structure, writing that $20MM will be deferred in each of the three seasons.  Bregman will begin receiving these deferred payments in 10 years’ time.

Feb. 13: The deferred money in the contract knocks the net present value of Bregman’s three-year deal into the $90MM range, ESPN’s Buster Olney reports. Per Alex Speier of the Boston Globe and Chris Cotillo of MassLive, the AAV will be calculated as $31.7MM for CBT purposes. Speier adds that there’s a $5MM signing bonus, followed by a $35MM salary in 2025, then $40MM salaries in the final two seasons.

Feb. 12: The Red Sox are reportedly in agreement with Alex Bregman on a three-year, $120MM deal. The Boras Corporation client receives massive $40MM salaries in each season, though an unreported amount of that money is deferred. Bregman can opt out after each of the first two seasons. The team has yet to officially announce the signing.

Boston gets the best remaining free agent by offering a massive annual sum. Bregman reportedly had a standing six-year offer valued at $156MM from the Astros for most of the offseason. The Tigers reportedly put forth a six-year, $171.5MM proposal, while the Cubs offered a $120MM guarantee over a four-year term. As of last month, Bregman remained committed to a long-term deal. The Sox’s willingness to offer one of the biggest AAVs in league history changed the calculus.

It marks the end of an illustrious tenure in Houston. The second overall pick in the 2015 draft, Bregman was in the majors within a year of coming out of LSU. He immediately locked down third base. He hit .284/.352/.475 over his first full big league campaign, helping the Astros to their first World Series title in 2017. He was one of the top handful of players in baseball over the next two seasons. Bregman secured consecutive top five finishes in AL MVP balloting while combining for a .291/.409/.561 slash with more walks than strikeouts between 2018-19.

Bregman, 31 in March, successively hit 31 and 41 home runs over that stretch. His power production has ticked down since the ’19 campaign, which was the most homer-heavy season in league history. Bregman has hit between 23 and 26 homers in each of the past three seasons. He’d continued to post excellent on-base numbers up through 2023, though his OBP dropped last year as his walks plummeted.

The two-time All-Star hit .260/.315/.453 across 634 trips to the plate in 2024. He had by far his lowest on-base percentage since his half-season as a rookie nearly a decade ago. That was almost entirely because of a drop in free passes. Bregman walked in 6.9% of his plate appearances, nearly halving his typical 12-13% rates. He remained incredibly difficult to punch out (13.6% strikeout rate) and narrowly established a new career high with a 40.1% hard contact percentage.

Bregman started the season very slowly. He hit .216/.283/.294 with only one home run through the end of April. While his power started to rebound in May, he reached base at a meager .276 clip that month. He entered June with a .219/.280/.372 slash line that was beginning to raise questions about his earning power. He put those to rest with a fantastic finish to the season. Bregman hit .284/.337/.500 with 20 doubles and 19 home runs across his final 398 plate appearances. While the walks remained down, he managed much better batted ball results in the second half.

Over eight-plus seasons with the Astros, Bregman hit .272/.366/.483 with 191 home runs. FanGraphs and Baseball Reference each valued his Houston tenure around 40 wins above replacement. He won a Silver Slugger and was MVP runner-up in 2019 and won his first career Gold Glove last season. He has been an instrumental piece of Houston’s sustained postseason success and World Series wins in 2017 and ’23. His swing is perfectly suited for the short left field at Houston’s home park. Bregman certainly hasn’t been a product of the Crawford Boxes, though. He has been essentially the same hitter on the road (.275/.362/.489) and at home (.270/.369/.476).

Bregman will have a similar home setup with the Green Monster at Fenway. He’ll reunite with Sox manager Alex Cora, who was Houston’s bench coach in 2017. While the Sox’s front office had trepidation about adding another long-term infield commitment alongside Rafael Devers and Trevor Story, they were willing to pay handsomely in the short term.

Boston had roughly $210MM in luxury tax commitments going into this evening, as calculated by RosterResource. A $40MM average annual value for Bregman would push that close to $250MM. The actual AAV won’t be quite so high, as the deferrals will drop the net present value to an extent. It’s likely that the Sox will still end up beyond the $241MM luxury tax threshold. They didn’t pay the CBT last season, so they’d only owe a 20% tax on spending between $241MM and $261MM. Even a true $40MM AAV for Bregman would only come with a $1.8MM tax hit for the Sox.

It’s the culmination of an exciting offseason for chief baseball officer Craig Breslow and his staff. The Sox opened the winter looking to add upside in their rotation. They eschewed long-term pitching investments, instead acquiring Garrett Crochet for four prospects while bringing in Walker Buehler on a one-year, $21.05MM deal. Boston signed Patrick Sandoval to a two-year contract midway through his rehab from Tommy John surgery and made a pair of one-year pickups in the bullpen (Aroldis Chapman, Justin Wilson).

Adding a right-handed bat was the one offseason goal that the Sox had not accomplished. While an outfielder may have been a cleaner roster fit, Bregman’s willingness to move off his longtime position makes this workable. The Sox intend to play him at second base, according to ESPN’s Jeff Passan. That made him a better fit than Nolan Arenado, who has been connected to the Sox in trade rumors for much of the winter.

Devers has been vocal about preferring to stick at third base. Bregman is a superior defender at the hot corner, but he should be athletic enough to move to the keystone for at least one season. He’d likely have spent most of his career in the middle infield had he not broken in with a team that had a Jose Altuve/Carlos Correa pairing.

That blocks the path to playing time for top prospect Kristian Campbell in the short term. The 22-year-old had a monster minor league season (.330/.439/.558 between three levels) to put himself in consideration for the second base job. Campbell seems likelier to begin the year in Triple-A Worcester now. He has played both middle infield positions and all three outfield spots in the minors, though, so the Sox should be able to find playing time for him somewhere as injuries arise throughout the year.

Campbell’s presence is probably a big reason the Red Sox kept this to a short-term commitment. Julian McWilliams of the Boston Globe reports that Boston wasn’t interested in going past three guaranteed years. The tradeoff involves one of the largest per-year commitments in MLB history. The pre-deferral $40MM AAV is tied for the sixth-largest ever. It’s the second-biggest of this winter behind Juan Soto’s $51MM AAV and ties the Aaron Judge deal for third in history among position players (trailing Shohei Ohtani and Soto).

Bregman was the final unsigned free agent who had declined a qualifying offer. Boston surrenders their second-round pick (54th overall) in the upcoming draft, as well as $500K from their international signing bonus pool in 2026. They’re getting a compensatory pick about 20 spots later with Nick Pivetta signing with San Diego, so the draft capital comes out relatively close to a wash. As luxury tax payors, the Astros get the lowest compensation pick for Bregman’s departure — a selection after the fourth round, which lands around 137th overall.

Chandler Rome of The Athletic first reported that Bregman was signing with the Red Sox on a three-year, $120MM deal. Jon Heyman of The New York Post had the presence of deferrals. Ari Alexander of Houston’s KPRC-2 had the even salary structure. Image courtesy of Imagn.