Braves Designate Osvaldo Bido For Assignment
The Braves designated swingman Osvaldo Bido for assignment. That’s the corresponding 40-man roster move for the Ha-Seong Kim signing, which the club has officially announced.
Atlanta claimed Bido off waivers last week. The 30-year-old righty had spent the 2025 season with the A’s. Bido made Mark Kotsay’s season-opening rotation. He was hit hard over nine starts and pushed to Triple-A in the middle of May. The A’s brought him back up a couple weeks later but used him in long relief for the remainder of the season. He only made one more start, a three-inning appearance against the Tigers in which he gave up four runs.
Bido didn’t pitch especially well in either role. He struggled to a 5.87 earned run average across 79 2/3 innings spanning 26 appearances. He did manage to strike out an impressive 27% of batters faced after the All-Star Break, but even that promise was undercut by a massive 2.30 home runs allowed per nine innings. Bido has a little under 200 career big league innings between the A’s and Pirates. He owns a 5.07 ERA with a 20.9% strikeout rate.
Atlanta has five days to trade Bido or place him on waivers. He has never been outrighted and doesn’t have three years of major league service, so he would not have the right to elect free agency if he goes through waivers unclaimed.
Red Sox, Nationals Swap Pitching Prospects
In a rare type of transaction, the Nationals and Red Sox have agreed to swap pitching prospects. The clubs announced a one-for-one deal that sends righty Luis Perales to Washington and southpaw Jake Bennett to Boston. Neither player has made his MLB debut but both are on the 40-man roster.
It’s the kind of trade that fans often like to project but which almost never happens in practice. Neither Bennett nor Perales is a top-tier prospect, but they each ranked among the top 10 talents in their respective organizations at Baseball America. Teams tend to value their own prospects more highly than those in other systems. That’s only natural, as they liked the player enough to acquire them in the first place and have been instrumental in their development.
That makes it difficult for teams to align on straight prospect for prospect deals — at least ones that aren’t largely motivated by roster considerations. This one was driven by a regime change in Washington. The Nationals hired former Red Sox assistant general manager Paul Toboni as their president of baseball operations. He has hired a handful of former Boston staffers in front office and player development roles. They evidently liked Perales enough to make him a priority.
Perales is a 22-year-old who signed with the Sox out of Venezuela. He has shown huge strikeout stuff with very concerning command. The Sox added him to their 40-man roster over the 2023-24 offseason to keep him out of the Rule 5 draft. Perales blew out seven starts into the following season and underwent Tommy John surgery. He missed almost all of 2025 rehabbing, only returning for three short relief appearances in the final week. Those included his first two appearances in Triple-A, where he was back to pumping a 99 MPH fastball with a low-90s cutter and a mid-80s changeup.
Baseball America’s scouting report understandably lauds the fastball. They also grade the cutter as a plus pitch but note that he’ll need to develop an offspeed pitch and dramatically improve his control if he’s to stick as a starter. While there’s a decent chance he ends up in short relief down the line, the Nationals don’t need to hurry that. They can option him to Double-A or Triple-A as a starter or multi-inning reliever as they monitor his innings in his first full season back from the surgery.
Bennett, 25, is a 6’6″ lefty who was added to Washington’s 40-man roster last month. They needed to keep him out of this winter’s Rule 5 draft. As with Perales, he has been set back by a Tommy John procedure. His surgery came after the 2023 campaign and wiped out his entire ’24 season. The Oklahoma University product got back on the mound this past May. He combined for 19 appearances between three levels up to Double-A. Bennett turned in a 2.27 earned run average across 75 1/3 innings. He recorded a slightly below-average 21.5% strikeout rate but kept his walks to a tidy 6.4% clip.
BA credits Bennett with a plus changeup as the only standout offering in a six-pitch arsenal. He has plus control and the size to generate good extension. Bennett’s fastball only sits around 92-93 MPH on average. He’s unlikely to miss a ton of bats unless the Sox can coax more velocity out of him, but he’s a much safer bet than Perales to stick in a rotation. Bennett should reach Triple-A at some point next season and has a chance to debut before the end of the year, though that’d probably take a number of injuries to starters ahead of him on the depth chart.
The Red Sox opt for the more stable back-end starter profile while the Nationals shoot for the risk-reward play. Bennett has a trio of minor league option years. Perales is headed into his third option year but is likely to be eligible for a fourth option in 2027 because of his limited professional workload.
Jeff Passan of ESPN first reported the trade. Respective images courtesy of Nathan Ray Seebeck, Jaylynn Nash, Imagn Images.
Rangers Sign Danny Jansen
December 15: Texas officially announced the signing, also revealing the presence of a mutual option for the 2028 season. The Rangers have confirmed the Jansen and Alexander deals and are up to 37 players on the roster, pending the finalization of Díaz’s contract.
December 12: The Rangers are reportedly in agreement with free agent catcher Danny Jansen on a two-year, $14.5MM deal. The contract includes another $1MM in bonuses for the ISE Baseball client. Texas entered the night with 35 players on their roster and will not need to make any corresponding moves to accommodate this evening’s flurry of free agent activity.
It’s the second straight offseason in which the Rangers added a free agent catcher on a two-year contract. They signed Kyle Higashioka to a $13.5MM deal last winter. Jansen gets a nearly identical contract to split the playing time in 2026. Texas needed a catcher after non-tendering Jonah Heim on the heels of a second straight down year.
Jansen and Higashioka won’t match up in a strict platoon. They both hit from the right side. Neither player has huge platoon splits over the course of their careers. That’ll allow Skip Schumaker to divide the playing time based on comfort with each day’s starting pitcher. Higashioka and Jansen are similar players overall, though the latter is the more patient hitter. That provides a slightly higher floor from an on-base perspective even if neither player is likely to hit for a high average.
The 30-year-old Jansen (31 in April) was an underrated all-around catcher early in his career with the Blue Jays. He generally performed well in limited playing time but struggled to stay healthy for a full season. Jansen has avoided injuries over the past two years except for a small wrist fracture that cost him the first couple weeks of the 2024 campaign. His production on both sides of the ball dropped that year, though, leaving him to take an $8.5MM pillow contract with the Rays.
Jansen’s numbers rebounded to an extent in Tampa Bay. He hit .204/.314/.389 with 11 home runs across 259 plate appearances. It was at least a jump from a power perspective, as he connected on two more homers in that half-season than he had over 94 games in 2024. His defensive performance was mixed. Jansen is among the league’s best at blocking balls in the dirt, but his pitch framing numbers have declined over the past couple years. He doesn’t have great pure arm strength yet managed to throw out a solid 24% of baserunners after struggling in that regard in 2024.
Tampa Bay dealt him to the Brewers at the deadline. While it was surely a nice return home for the Appleton, Wisconsin native, that wasn’t an ideal landing spot a couple months before free agency. William Contreras plays as much as any catcher. Jansen only got 16 starts and tallied 78 plate appearances with the Brew Crew. He made the most of the sporadic playing time, adding another three homers and doubles apiece. He hit .254/.346/.433 in that limited look. While Jansen isn’t a high-end #1 option, he’s overqualified for a backup role behind one of the five best catchers in the game.
It was always going to be a brief stint in Milwaukee. They made the easy call to decline a $12MM option and look for a much cheaper backup catcher. Jansen finds a better landing spot in Arlington. He benefitted from a weak free agent class. The Rangers weren’t willing to spend what it’d take to add J.T. Realmuto. That left Jansen and Victor Caratini as the only real possibilities if they were going to sign a catcher. Everyone else in the class is a backup or organizational depth type.
RosterResource estimated the Rangers’ payroll around $167MM heading into the evening. Evenly distributing Jansen’s salaries would push that close to $174MM. Texas also agreed to one-year deals with Alexis Díaz and Tyler Alexander. Contract terms for the two pitchers are unreported, though it’s unlikely they cost more than a couple million dollars between the two of them.
The Rangers opened the 2025 season with a player payroll around $218MM. They’ve been clear that number is coming down, though it’s not known to what extent ownership is willing to go. It appears the front office will do its heavy lifting either in the lower rungs of free agency or via trade. They could use a mid-rotation starter and still need to add multiple relievers. Upgrading at least one of first or third base would also be ideal, though that’s a lot to accomplish on what appears to be a tight budget.
Robert Murray of FanSided first reported the agreement on a two-year, $14.5MM deal. Image courtesy of Imagn Images.
Blue Jays Designate Justin Bruihl For Assignment
The Blue Jays announced that they have designated left-hander Justin Bruihl for assignment. That’s the corresponding move to open a 40-man spot for righty Tyler Rogers, whose signing is now official.
Bruihl, 29 in June, signed a minor league deal with the Jays last offseason. He was added to the big league roster in June and spent the rest of the season getting repeatedly shuttled between Toronto and Triple-A Buffalo.
He made 15 appearances for the Jays, logging 13 2/3 innings. His 5.27 earned run average doesn’t look pretty but he likely deserved better, as his .459 batting average on balls in play was way above the .291 league average. His 27.7% strikeout rate and 46.2% ground ball rate were actually quite strong. His 10.8% walk rate was high but not egregiously so.
He also tossed 42 Triple-A innings on the year, with a much better 3.43 ERA despite somewhat comparable rate stats. He certainly got more grounders in the minors, a 58.4% clip, but his 27.8% strikeout rate and 9.1% walk rate were both very close to what he did in the majors. His .274 BABIP was much closer to par, which helped the ERA even out to a more acceptable level.
Despite the high ERA in the majors, the Jays trusted Bruihl enough to have him pitch in some important games. He was even on the roster for the ALDS matchup against the Yankees, though he allowed two earned runs in his lone appearance against that club and was left off the ALCS roster.
Though there were some things to like about Bruihl’s 2025 campaign, he exhausted his final option season. That means he will be out of options going forward and will find it tougher to hold a roster spot. That’s especially true for a team like the Blue Jays, who have been aggressively adding to the roster as they look to compete again in 2026. Toronto also has three other lefty relievers on the roster in Brendon Little, Mason Fluharty and long reliever Eric Lauer. Prospect Ricky Tiedemann might also factor into the bullpen plans after missing 2025 while recovering from Tommy John surgery.
It might be a bit easier for Bruihl to stick with a rebuilding club with a roster that isn’t quite so packed. He’ll be in DFA limbo for a week at most. The waiver process takes 48 hours, so the Jays could take five days to field trade interest. If Bruihl lands somewhere else, he has between one and two years of service time. That means he hasn’t yet qualified for arbitration and can potentially be controlled for five full seasons.
Photo courtesy of Dennis Lee, Imagn Images
Blue Jays Sign Tyler Rogers To Three-Year Deal
The Blue Jays announced the signing of free agent reliever Tyler Rogers to a three-year contract. It’s reportedly a $37MM guarantee for the Frontline Athlete Management client. Rogers receives a $5MM signing bonus and a $7MM salary for the 2026 season. He’ll make $12MM annually between 2027-28 and is guaranteed a $1MM buyout on a $9MM club option for 2029. The option vests at a $12MM salary if Rogers makes 60 appearances in ’28 or combines for 110 games between 2027-28 (assuming he passes a postseason physical). Lefty Justin Bruihl has been designated for assignment as the corresponding move.
Rogers, who’ll celebrate his 35th birthday next week, secures a sizable payday to pitch at the back of the Toronto bullpen. One of the sport’s most distinctive pitchers, Rogers is a soft-tossing submariner who bided his time awaiting an MLB opportunity. He was a 10th-round pick by the Giants in 2013 who signed for $7,500 after his senior season at Austin Peay State University. Rogers spent the next six years in the minor leagues, performing well all the way up through Triple-A but without the raw stuff to get the attention of the big league club.
It wasn’t until the end of Rogers’ third full season in Triple-A that he received an MLB look. He was nearing his 29th birthday and close to calling it quits to pursue a career as a firefighter (as Alex Pavlovic of NBC Sports Bay Area covered in 2020). The Giants finally gave him an opportunity at the end of the ’19 season. Rogers tossed 17 2/3 innings of three-run ball to hold his roster spot. He broke camp the following year and has never gone back down to the minors — not even on a rehab stint.
Rogers has played six-plus seasons in the big leagues without going on the injured list. While there’s obviously some luck involved in avoiding any fluke injuries, it’s clear that his underhand delivery puts less stress on his arm. Rogers has made 403 appearances since the start of the 2020 season. That’s 30 more than any other pitcher. Most of those outings have come in high-leverage situations, as his arm angle continues to flummox hitters.
After posting a 4.50 earned run average as a rookie, Rogers has turned in a 3.04 mark or better in four of the past five seasons. He ranks near the bottom of the league in whiffs and has never posted a league average strikeout rate. That’s to be expected for a pitcher who throws an 82-83 MPH sinker and a sweeping breaking ball that clocks in around 74 MPH. It’s a profile designed for weak, ground-ball contact. Rogers gets that year after year, and he almost never puts batters on via base on balls.
While some pitchers with extremely low arm slots can struggle with opposite-handed batters, that hasn’t been an issue for Rogers. He has held lefties to a .235/.289/.336 line in 776 career plate appearances. Right-handed hitters haven’t fared much better, turning in .246/.282/.350 mark in nearly 1000 trips to the plate.
Rogers has spent the bulk of his career in San Francisco, including a two-year stretch where he overlapped with twin brother Taylor Rogers. The Giants fell out of contention shortly before the trade deadline and flipped the impending free agent to the Mets for middle reliever José Buttó and prospects Blade Tidwell and Drew Gilbert. Rogers continued churning out results in his new home, pitching 27 1/3 innings of 2.30 ERA ball. He finished the season with a career-best 1.98 earned run average behind a 62.1% grounder rate while leading MLB with 81 appearances.
The Mets unsurprisingly wanted Rogers back, but they balked at what turned out to be a surprisingly lucrative contract. He more than doubled MLBTR’s prediction of a two-year, $18MM deal. New York has also seen Edwin Díaz, Gregory Soto and Ryan Helsley sign elsewhere. They’ve added Devin Williams to close but will need to find multiple setup arms from the right side.
That’s the role Rogers should continue to fill with the Jays. Toronto was open to supplanting Jeff Hoffman in the ninth inning, but they didn’t come away with any of Díaz, Raisel Iglesias or Robert Suarez. Rogers had a brief run as San Francisco’s closer in 2021 but has otherwise been a setup man. He was fourth in MLB with 32 holds this past season and handily leads the majors in that category over the last six years. Rogers joins Louis Varland as the top leverage arms in front of Hoffman.
The Jays could still look to add a better left-hander than Brendon Little, but Rogers becomes the fifth member of their projected bullpen who cannot be optioned to the minor leagues. Hoffman, Yimi García and Eric Lauer all have the five-plus years of service time to refuse any minor league assignment. Tommy Nance is out of options. Varland can be optioned but certainly isn’t in jeopardy of being sent down. If the Jays have all six starters healthy going into the season, that’d leave only one spot for Little or another left-handed acquisition. That’s to say nothing of Rule 5 picks Angel Bastardo and Spencer Miles — both of whom have an uphill battle to stick on the roster.
Those are secondary considerations for an all-in Toronto team. The $12.333MM average annual value pushes their estimated luxury tax number to $294MM, as calculated by RosterResource. That’s already easily a franchise high before considering the possibility that they add Kyle Tucker or bring back Bo Bichette.
That’ll be their second straight season paying the competitive balance tax. They’re hit with a 42% tax on spending between $264MM and $284MM and taxed at a 75% rate from $284MM to $304MM. Any spending above the final threshold comes with a 90% penalty. The Rogers deal will come with an approximate $8-9MM tax bill. It also firmly pushes them beyond the $284MM mark at which their top pick in the 2027 draft is moved back by 10 spots (though that was basically inevitable after the Dylan Cease and Cody Ponce signings).
It’s a significant investment in a 35-year-old reliever. The Braves also went to three years, at $15MM annually, to sign Suarez on Thursday. That was the first three-year contract for a reliever that age since 2020. There hadn’t been a three-year term at more than $10MM per season for a 35-year-old bullpen arm since Mariano Rivera almost two decades ago. A closer who sits around 99 MPH, Suarez breaking that precedent wasn’t as surprising. The Jays are betting on Rogers’ unconventional style to age equally well.
Ken Rosenthal of The Athletic was first on the three-year, $37MM deal and the vesting option specifics. Jon Heyman of The New York Post reported the salary breakdown and the $9MM club option.
Image courtesy of Kyle Ross, Imagn Images.
Blue Jays Sign Michael Plassmeyer To Minor League Deal
The Blue Jays have signed left-hander Michael Plassmeyer to a minor league deal, according to his transactions tracker at MLB.com. He has been assigned to Triple-A Buffalo for now but will presumably be invited to big league camp in spring training.
Plassmeyer, 29, has a very small major league résumé. He made two appearances for the Phillies in 2022 and one more the following year. In total, he has 11 innings in the show. Unfortunately, he allowed 12 earned runs in that time, so he currently sports an unsightly 9.82 ERA.
That’s obviously a tiny sample of work and the Jays are presumably looking past that to the larger sample size of his minor league history. Over the past five years, he has appeared in 125 minor league games, including 89 starts. In 489 1/3 innings, he struck out 24.7% of batters faced while only giving out walks 7% of the time, both of those figures being slightly better than average. However, a tendency to give up home runs push his ERA to 4.97 in that span.
The Jays have been loading up on pitching so far this offseason. They have added Dylan Cease and Cody Ponce to a rotation that already featured Kevin Gausman, Shane Bieber, Trey Yesavage, José Berríos, Eric Lauer and others. They have also bolstered the bullpen by agreeing to a deal with Tyler Rogers, acquiring Chase Lee from the Tigers and selecting Spencer Miles from the Giants in the Rule 5 draft.
It’s a crowded picture right now but a big league team needs dozens of arms over the course of a long season. If Plassmeyer is added to the 40-man at any point, he still has an option, meaning he could be sent between Buffalo and Toronto as needed. He also has just five days of big league service time, meaning he’s affordable and still years away from qualifying from free agency.
Photo courtesy of Brad Penner, Imagn Images
Rangers To Sign José Herrera To Minor League Deal
The Rangers have signed catcher José Herrera to a minor league deal, reports Daniel Álvarez-Montes of El Extrabase. The Octagon client will also receive an invite to big league camp in spring training.
Herrera, 29 in February, will change organizations for the first time in his career. The Diamondbacks signed him as an international amateur out of Venezuela back in 2013. He was with the Snakes for more than a decade, having just become a free agent in October.
For most of the past four years, he’s been on the 40-man as an up-and-down depth catcher. Arizona has given most of the time behind the plate to Gabriel Moreno recently, with Herrera one of several names who have backed him up. Over those four seasons, he took 562 plate appearances with a .200/.280/.259 line. He’s a switch-hitter but hasn’t been great against pitchers of either handedness. Defensively, outlets like Baseball Prospectus and Statcast have credited him as being solid in terms of blocking and controlling the running game, but his framing has been subpar.
Arizona sent Herrera to Triple-A and back throughout the 2022 to 2024 seasons, exhausting his three option years. He came into 2025 out of options and held a roster spot for a while. While Moreno was injured, the Snakes signed James McCann. Once Moreno was ready to come off the injured list in August, they decided to go with a Moreno/McCann combo behind the plate. Herrera was designated for assignment and outrighted to Triple-A, then qualified for free agency at season’s end.
The Rangers have already made a few notable moves in the catching department this offseason. They non-tendered Jonah Heim and then agreed to a two-year deal with Danny Jansen last week. Jansen and Kyle Higashioka will share the big league duties. Willie MacIver is currently on the 40-man as optionable depth but he has only appeared behind the plate in 31 big league games. If either Jansen or Higashioka suffer an injury, Herrera is an experienced backstop who currently gives the club depth without taking up a roster spot.
Photo courtesy of Isaiah J. Downing, Imagn Images
Rockies Sign Chad Stevens To Minor League Deal
The Rockies have signed infielder Chad Stevens to a minor league deal, according to his transactions tracker at MLB.com. He has been assigned to Triple-A Albuquerque for now but could receive an invite to big league camp in spring training.
Stevens, 27 in February, got to make a very brief major league debut this year. The Angels added him to their 40-man roster in the summer. He got into five games and stepped to the plate 14 times. He notched two singles, the first of which came against future Hall-of-Famer Max Scherzer, but also struck out seven times. He was outrighted off the 40-man in September and became a free agent at season’s end.
The Rockies are surely looking at his minor league track record, which is greater in both quality and quantity than that major league action. He made 981 plate appearances in the minors over the past two years with a .281/.354/.459 batting line. That translated to a 110 wRC+, indicating he was 10% better than league average. He also stole 28 bases in 37 attempts and bounced around the field. He spent just nine innings at first base but had loads of time at the other three infield positions, as well as a handful of games in both outfield corners.
Colorado has plenty of uncertainty on its roster, as one would expect for a team which just lost 119 games. There are a few guys who seem like lineup locks right now but even those guys might end up traded, depending on what the club plans to do this offseason. Since Stevens can play so many different positions, he’ll have various paths back to the big leagues. Statcast also ranked his sprint speed in the 81st percentile during his brief time in the big leagues, so he could also be attractive as a utility guy who can pinch run.
If he makes it back to the show, he still has options, meaning the Rockies can send him to Triple-A and back relatively freely. He also has just five days of big league service time, meaning he’s years away from qualifying for arbitration and is therefore very affordable.
Photo courtesy of Ron Chenoy, Imagn Images
Rangers Sign Tyler Alexander
December 15th: The Rangers officially announced the signing. Alexander’s deal will pay him a $1.125MM base salary and he can unlock another $1.125MM via performance bonuses, rep Jon Morosi of MLB Network.
December 12th: The Rangers are signing left-hander Tyler Alexander to a one-year contract, reports Jeff Passan of ESPN. Salary figures for the SSG Baseball client haven’t been reported. Texas entered the night with 35 players on their roster. That’ll jump to 38 once they finalize their contracts with Alexander, Danny Jansen (covered here) and Alexis Díaz (covered here).
Alexander will provide a multi-inning arm out of Skip Schumaker’s bullpen. The 31-year-old logged 97 2/3 innings across 52 appearances between the Brewers and White Sox this year. He started five games, all but one coming with Milwaukee in the beginning of the season, but spent the bulk of the year pitching 3-4 inning stints in relief. While the Rangers could theoretically give him a look in the rotation, it’s more likely they’d view Jacob Latz as a true swing option while pitching Alexander in low-leverage relief.
The southpaw was hit hard over his few months in Milwaukee. He carried a 6.19 ERA in 36 1/3 frames when they designated him for assignment in June. Alexander cleared waivers but found an immediate MLB opportunity in Chicago once he hit free agency. He pitched well enough as a veteran bullpen piece to stick on the roster for the reminder of the season. Alexander worked to a 4.26 earned run average over 61 1/3 innings in a White Sox uniform. He had a modest 20.1% strikeout rate but limited the walks and hard contact reasonably well.
That was enough to earn another big league contract. It comes with the added bonus of being with his hometown club. Alexander is a Southlake, Texas native who played collegiately at TCU. He was a second-round pick by the Tigers in 2015 and has spent the majority of his career in Detroit. Alexander owns a 4.63 ERA over parts of seven seasons. He sits in the 90-91 MPH range but mixes five pitches and did a decent job staying off barrels this year.
The Rangers constructed their 2025 bullpen mostly with a series of cheap one-year free agent pickups. It worked as well as they could’ve hoped, as the relief corps turned in a 3.62 ERA despite ranking 20th in strikeout rate and finishing third from the bottom in average fastball velocity. It’s not going to be easy to replicate. They’re likely in for a similar effort this offseason.
RosterResource estimated the Rangers’ payroll around $167MM heading into the evening. Evenly distributing Jansen’s salaries would push that close to $174MM. Contract terms for the two pitchers are unreported, though it’s unlikely they cost more than a couple million dollars between the two of them. Texas opened the 2025 season with a player payroll around $218MM. They’ve been clear that number is coming down.
Image courtesy of Patrick Gorski, Imagn Images.
Dodgers Sign Edwin Diaz
December 15th: The deal also contains a condition club option for 2029, reports Jon Heyman of The New York Post. That option has a $6.5MM base, with Diaz able to earn an extra $750K for 45 games finished and 50 games finished, plus another $1MM for 55 games finished. The specific conditions for the option aren’t known but Alden González of ESPN reports that it would be available to the Dodgers if Diaz spends a certain amount of time on the injured list.
December 12th: The Dodgers officially announced the signing today.
December 9th: For the second straight offseason, the Dodgers are signing the top relief arm on the market. They’ve reportedly agreed to a three-year, $69MM contract with now-former Mets closer Edwin Diaz. It’s a record-setting annual value for a reliever, breaking the $20.4MM record that Diaz himself already held. Diaz’s contract with the Dodgers contains $4.5MM in deferred salary annually. The net-present value, for luxury tax purposes, is roughly $21.1MM.
Diaz, a Wasserman client, returned to the open market this winter when he opted out of the final two seasons of the precedent-setting five-year, $102MM contract he signed with the Mets the last time he was a free agent. The right-hander had been guaranteed $38MM over the final two seasons of that contract, so by opting out and testing the market, he secured himself an additional one year and $31MM in guarantees. The Mets, according to Joel Sherman of the New York Post, offered Diaz a three-year, $66MM deal with “slight” deferrals.
The 31-year-old Diaz (32 in March) has spent the past seven years in Queens and, after a rocky first campaign, has turned in a collective 2.36 ERA (2.12 SIERA, 2.15 FIP) with a mammoth 40.8% strikeout rate and 8.9% walk rate. He’s piled up 144 saves in 332 appearances as a Met.
For the Dodgers, Diaz represents the most on-the-nose means of addressing a problem that nearly doomed them in the postseason: a lack of reliable bullpen help. Injuries to Evan Phillips, Tanner Scott, Brusdar Graterol and others left the Dodgers with a thin enough stock of trustworthy relievers that L.A. turned to Blake Snell, Tyler Glasnow and Yoshinobu Yamamoto (one day after he threw nearly 100 pitches) in pivotal high-leverage settings during their World Series run. That they even progressed to the World Series was largely attributable to historic performances from starters Yamamoto, Snell, Glasnow and Shohei Ohtani in the postseason’s earlier rounds.
The Dodgers have now signed the top reliever on the market in consecutive offseasons. They inked Tanner Scott to a four-year, $72MM pact last winter, though that deal contained $21MM worth of deferred money, thus knocking down the present value. Scott’s first year in L.A. didn’t go at all as hoped; he limped to a 4.74 ERA with improved command but lesser velocity and strikeout rates. After yielding 11 home runs in the 2022-24 seasons combined, Scott served up 11 round-trippers in his first season as a Dodger.
Certainly, they’ll hope for better results with Diaz, whose track record is lengthier and steadier than that of Scott. While he’s naturally had some year-to-year variance in his earned run averages — as is the case for any reliever — Diaz has been at 3.52 or better in each of the past five seasons, including three sub-2.00 campaigns. He’s punched out at least 34.6% of his opponents each season along the way, and since a shaky walk rate in 2021, he’s sat between 7.7% and 9.3% in that regard for four straight seasons.
That’s not to say there aren’t any red flags at all with regard to Diaz. His average fastball velocity has dipped in two consecutive seasons. While this past season’s average of 97.2 mph was still well above average, it’s also two miles per hour shy of Diaz’s 2022 peak. He also gave up considerably more hard contact. Diaz’s 88.5 mph average exit velocity and 39.7% hard-hit rate were both the second-highest marks of his career, trailing only his disastrous 2019 season (his first as a Met). Neither is a glaring issue, particularly considering Diaz maintained elite strikeout and swinging-strike rates (38% and 18%, respectively), but he’ll want to avoid allowing those negative trends to continue, however slight they may currently be.
Diaz will slot into the ninth inning, pushing Scott to a setup role alongside Alex Vesia, Blake Treinen, Anthony Banda, Brock Stewart and Graterol. Will Klein, Ben Casparius and Jack Dreyer all had solid or better seasons in 2025, but if everyone is healthy — far from a given — there’s only room for one of that trio in the final bullpen spot. Of course, injuries will inevitably create opportunities for many of the Dodgers’ overqualified depth arms, and each of Klein, Casparius, Dreyer and Edgardo Henriquez have minor league options remaining.
The Dodgers have paid the luxury tax in (more than) three consecutive seasons and are more than $60MM over the $244MM first-tier luxury threshold, meaning they’ll pay a 110% tax on the AAV on Diaz’s contract. However the annual salaries break down, he’ll cost them an additional $25.3MM in taxes alone. Assuming an evenly distributed $23MM per season, RosterResource, now projects next year’s Dodgers payroll at just over $359MM (although that does not account for substantial deferrals to Ohtani, Scott, Freddie Freeman, etc.).
The Mets would have been subject to those same penalties had they matched or topped this offer. Diaz reportedly entered the market seeking a five-year contract. When that didn’t materialize, he clearly pivoted to a record-setting, shorter-term arrangement. The extent of the deferrals in New York’s offer aren’t yet clear, but there’s no indication (yet, anyway) that the Dodgers’ offer includes any deferred money.
While New York couldn’t have known when signing Devin Williams to a three-year, $51MM pact that Diaz would also sign for three years and a total of $18MM more, the results from those two high-end relievers will now be carefully watched by Mets fans for the next three seasons. If Williams returns to form, it’ll look like a savvy pivot to get a comparable reliever at a lesser rate. If not, there will be plenty of second-guessing and criticism from the fan base.
Of course, owner Steve Cohen also clearly has the resources to have simply won the bidding on both relievers, but that’s ultimately not the route the front office chose. They’ll now look to other avenues as they seek to continue adding to the bullpen. The Mets were open to re-signing Diaz even after adding Williams, and while this deal clearly went past their comfort zone, there are other high-end arms still available — Robert Suarez, most notably. Choosing to let Diaz walk also frees up further resources for a potential re-signing of Pete Alonso or perhaps a run at another target of note.
The Mets bid farewell to Diaz, who rejected a $22.025MM qualifying offer, with only minimal compensation for his departure. Due to their status as luxury tax payors, they’ll receive a compensatory draft pick after the fourth round of next summer’s draft. The Dodgers, meanwhile, will surrender their second- and fifth-highest selections in next year’s draft. The league-allotted cap on their personal spending pool for international amateur free agents will also be reduced by $1MM.
Such considerations tend to be ancillary for the market’s top-spending clubs. Perennial luxury payors consider them the cost of doing business in the deepest waters of the free agent pool. The Dodgers have punted draft picks to sign Shohei Ohtani and Freddie Freeman (among others) in recent seasons. For them, the allure of adding a closer with nearly unrivaled dominance takes precedence as they try to assemble a roster capable of winning three consecutive World Series for the first time since the 1998-2000 Yankees.
The Athletic’s Will Sammon first reported the agreement. Sammon and colleague Ken Rosenthal were also the first to report the three-year term. ESPN’s Jeff Passan broke the total guarantee. Joel Sherman and Jon Heyman of the New York Post reported the Dodgers’ emerging interest in Diaz shortly before the agreement became public. Sherman reported on the deferrals.