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This morning we looked at the top free agents in terms of ERA+ and OPS+, but that's a simplistic view of things. Teams are always looking for surplus value, which is the amount of production a player provides beyond his salary. That's why quality players in their pre-arbitration years are so valuable, they're the most bang for the buck.

FanGraphs puts a dollar value on every player's performance based on how much teams have paid for similar production on the free agent market in recent years. Using that data, let's see what free agents from this past offseason are already providing surplus value to the teams that signed them…

Position Players

• Jack Hannahan, Indians – $500K salary, $5.3MM value ($4.8MM surplus)
• Jeff Francoeur, Royals – $2.5MM salary, $6.4MM value ($3.9MM surplus)
• Russell Martin, Yankees – $4MM salary, $6.1MM value  ($2.1MM surplus)
• Lance Berkman, Cardinals – $8MM salary, $9.6MM value ($1.6MM surplus)
• Melky Cabrera, Royals – $1.25MM salary, $2.6MM value ($1.35MM surplus)

Pitchers

• Brandon McCarthy, Athletics – $1MM salary, $5.1MM value ($4.1MM surplus)
• Bartolo Colon, Yankees – $900K salary, $2.4MM value ($1.5MM surplus)
• Dustin Moseley, Padres – $900K salary, $2MM value ($1.1MM surplus)
• Joel Peralta, Rays – $925K salary, $1MM value ($75K surplus)

Both Kevin Correia ($2.2MM value, $3MM salary) and Jeff Francis ($1.6MM value, $2MM salary) are a few good starts from joining the group. Orlando Hudson ($3.7MM value, $4MM salary) and Pat Burrell ($900K value, $1MM salary) are knocking on the door as well.

Thanks to Cot's Baseball Contracts for the salary info.

Earlier this morning we looked at the top free agent hitters from this past offseason in terms of OPS+, and now it's time to look at the free agent pitchers using ERA+. Given the nature of their role, relievers are not included…

• Dustin Moseley, Padres – 1.63 ERA (217 ERA+) – It's not just Petco Park, Moseley has a 3.75 ERA in two starts at home and a 0.68 ERA in four starts on the road.
• Jorge de la Rosa, Rockies – 2.92 ERA (153 ERA+) – Several teams were interested in the southpaw, who re-upped in Colorado and continues to pitch well.
• Bartolo Colon, Yankees – 3.00 ERA (134 ERA+) – What's more surprising: that Colon has been this effective, or that he's still pumping 94 mph gas?
• Kevin Correia, Pirates – 2.91 ERA (134 ERA+) – Pittsburgh's Opening Day hurler has allowed two earned runs or less in five of his seven starts.
• Brandon McCarthy, Athletics – 3.05 ERA (137 ERA+) – He also has the fifth best K/BB ratio (4.50) in the American League.
• Bruce Chen, Royals – 3.59 ERA (109 ERA+) – Chen has finally found some staying power with his tenth big league club.
• Cliff Lee, Phillies – 3.69 ERA (105 ERA+) – The winter's big prize whiffed 16 Braves last night, already his fourth double-digit strikeout game of the season.
• Hiroki Kuroda, Dodgers – 3.69 ERA (100 ERA+) – Kuroda was a free agent but he never hit the open market; he agreed to re-sign with the Dodgers during the exclusive negotiating period.

It drops off quite a bit after that, Aaron Harang of the Padres is next on the list with an 81 ERA+ (4.37 ERA). Chris Young of the Mets has a 202 ERA+ (1.88 ERA), but he doesn't have enough innings to qualify for the league ERA title because he's spent some time on the disabled list.

The 2011 MLB season is a little more than a month complete, so let's take a quick look and see which free agent positions players have been the most productive at the plate using OPS+…

• Lance Berkman, Cardinals – .392/.462/.775 (239 OPS+) – Puma's been the best hitter in the NL so far, enjoying a career resurgence in St. Louis.
• Jeff Francoeur, Royals – .303/.343/.598 (163 OPS+) – Ben Nicholson-Smith wrote about the success of Dayton Moore's free agent signings yesterday.
• Russell Martin, Yankees – .276/.382/.540 (154 OPS+) – The former Dodger has already hit more homers this year (six) than he did last year (five).
• Paul Konerko, White Sox – .288/.358/.517 (140 OPS+) – Konerko didn't change teams, but he was on the open market and several other teams had interest.
• Jack Hannahan, Indians – .264/.350/.440 (130 OPS+) – The only player here signed to a minor league deal, Hannahan's been worth every penny for the surging Tribe.
• Pat Burrell, Giants – .239/.356/.443 (118 OPS+) – Another re-signing, at least one other team had interest in Pat The Bat this offseason.
• Melky Cabrera, Royals – .285/.308/.453 (114 OPS+) -The Melkman has delivered for KC so far, giving Lorenzo Cain time to hone his skills in Triple-A.
• Johnny Damon, Rays – .261/.292/.435 (107 OPS+) – Has stepped in as DH and been an above-average contributor after Manny Ramirez called it quits.
• Adrian Beltre, Rangers – .238/.279/.460 (102 OPS+) – He's been a little inconsistent at the plate, but that brilliant defense at the hot corner is still very much there.

That's it, just eight free agents from this past offseason have been better than league average with the stick so far this season. Jayson Werth and Rod Barajas are just below that mark; they each check in at 99 OPS+. Orlando Cabrera and John Buck aren't far behind them at 97 and 96 OPS+, respectively.

Earlier in the week, we showed how no-hit pitchers arrived at their place of immortality. But when Francisco Liriano pitched a no-hitter Tuesday, he did more than just assure himself a permanent spot in baseball's record books. If history is any guide, he gave himself an added measure of job security.

Since 2004, 13 pitchers have thrown 15 total no-hitters (Mark Buehrle and Roy Halladay have two apiece). Only three of them have changed teams since: Edwin Jackson, Matt Garza and Randy Johnson. In each case, financial considerations played a huge part in the deals.

But for the rest, large market or small, the no-hitter has helped cement their places with their teams – from Anibal Sanchez with the Marlins to Carlos Zambrano with the Cubs.

And if you think that's stability, note that of the last 13 catchers to catch the last 16 no-hitters, 11 are still with the same team. They aren't all household names, either – a good number of them, like Drew Butera for Francisco Liriano, were backups. Still, from Robby Hammock (Randy Johnson 2004) to Eli Whiteside (Jonathan Sanchez), Landon Powell (Dallas Braden) to Ramon Castro (Mark Buehrle, Part II), catching a no-hitter has been good for job security.

Not universally, of course: Miguel Olivo caught Sanchez's no-hitter in Florida, then was allowed to leave as a free agent. And just months after catching Ubaldo Jimenez's April 2010 no-hitter in Colorado, the Rockies sent him to Toronto, which promptly declined his 2011 option.

That is not to say that Liriano should buy a house in Minnesota without pause. Bud Smith pitched a no-hitter for St. Louis in September, 2001, only to get dealt in July 2002 for Scott Rolen. Indeed, the Cardinals made a habit of dealing no-hitting pitchers, trading Jose Jimenez in November 1999 as part of a seven-player deal to net Darryl Kile, just months after his June 1999 no-no. Kile, for his part, had thrown a no-hitter for Houston in 1993, then stayed an Astro until 1997. And he left of his own accord, signing a free agent contract with Colorado.

Indeed, going back further, the recent deals involving Garza and Jackson just months after their moments of glory stand out that much more. A number of no-hitter authors signed free agent contracts, but generally, no-hit pitchers like Eric Milton (the last to do it for the Twins before Liriano) and Chris Bosio earned the chance to spend years with their teams.

Exceptions like Kevin Brown and Al Leiter with the Marlins were due to financial reasons. And in the case of David Wells, who got dealt to Toronto for Roger Clemens just months after his 1998 perfect game, the Yankees saw the error of their ways and re-acquired him two years later.

Dave Stieb is probably the finest example of no-hit glory enduring. He managed, incredibly, to get 8 2/3 innings of no-hit ball, and two strikes of the way toward a no-no in consecutive starts back in 1988 for the Toronto Blue Jays. In 1989, he had a perfect game broken up with two outs in the ninth. But finally, on September 2, 1990, he pitched that elusive no-hitter. It appeared back problems had ended his career in 1993, but five years later, he wanted to come back. Who gave him another chance? That magical no-hit place, the Toronto Blue Jays.

Of course, to truly assure himself a permanent place in Minnesota for as long as he wants, Liriano would be best off throwing multiple no-hitters. Of the five pitchers with three or more, Nolan Ryan, Bob Feller and Sandy Koufax weren't traded once from the moment they threw their first (though Ryan moved around a bit, thanks to lucrative free agent contracts). Cy Young and Larry Corcoran got traded and loaned, respectively, but both notched their no-nos in the dead ball era.

And if Liriano can perform the feat back-to-back, he should be even safer. Johnny Vander Meer is the only pitcher to perform such a feat, back in 1938. That kept him in Cincinnati until February, 1950.

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Right now DraftStreet has a freeroll for MLB Trade Rumors readers, meaning you can take a shot at a chunk of the $250 prize pool for free, with no strings attached.  Here's how it works.

The MLBTR freeroll is for Friday night's games, so you have until then to create your team.  You're given a $100K salary cap, and each player is assigned a price by DraftStreet.  For example, Felix Hernandez is considered the most valuable player since he starts Friday night against the White Sox, but he'll cost you over $15K.  Your roster will cover these positions: C, 1B, 2B, 3B, SS, 3 OF, 2 utility, 2 SP, 1 RP, 1 P and 2 Reserves (14 starters).  You get points based on how your team performs Friday.  For example, you'll get 0.75 points for each strikeout Felix racks up and 1.5 points if he gets the win.    The teams with the most points get the prize money.  You can apply all kinds of strategy in building your roster – for example, check out the chance of rain at Camden Yards tomorrow before you decide to add Orioles and Rays.  Below I've taken a screenshot of a roster in progress: 

If you're interested, sign up and create a roster prior to Friday's night games (6:05pm central time).  It's quick, easy, fun, and the MLBTR league gives you a free chance to win some of the $250 prize pool.  If you enjoy the competition you can try other leagues for free and earn credits, or deposit real money.

Earlier today, we checked in on some of the best minor league deals for pitchers. Here’s an update on which position players are playing well after signing minor league deals last offseason. Though there aren’t as many success stories here as there were on the mound, teams did add some valuable position players on minor league deals:

• Jack Hannahan, Indians – Hannahan has a .274/.351/.464 line as the Indians' everyday third baseman after spending 2010 in the minors.
• Andy LaRoche, Athletics – LaRoche has a .298/.353/.404 line for the A's and has already played every infield position for them.
• Casey Kotchman, Rays – Kotchman's .813 OPS is especially welcome, since Dan Johnson has disappointed at first base.
• Greg Dobbs, Marlins – Give the Marlins credit for getting the most out of Dobbs. The pinch hitter/third baseman has an .834 OPS in 62 plate appearances so far (note: Dobbs left today's game with a right ankle strain).
• Eric Chavez, Yankees – The six-time Gold Glove winner has a .290/.405/.355 line for the Yankees (note: Chavez has since fractured a bone in his left foot).
• Russell Branyan, D’Backs – The slugger has a .255/.340/.426 line in 53 plate appearances for Arizona, though he's sharing time with Juan Miranda and Xavier Nady.
• Adam Kennedy, Mariners – Kennedy has a .292/.329/.446 line as a first and second baseman for the Mariners. However, he is one of six MLB players to be arrested for DUI this year.

It would be hard to argue that R.A. Dickey wasn't the best minor league signing of the year in 2010. The knuckleballer posted a 2.84 ERA in 174 1/3 innings, establishing himself as a fixture in the Mets' rotation. He has since signed an extension, but hundreds of players are now in the same position Dickey found himself in a year ago. One month into the season, some of this year's minor league deals are starting to pay off and when it comes to pitching, the Yankees' minor league signings are standing out:

• Bartolo Colon, Yankees – Not only does Colon have a 3.00 ERA in 33 innings, he has the peripheral stats to back it up: 9.0 K/9, 1.6 BB/9, 48% ground ball rate, 3.16 FIP, 2.65 xFIP.
• Freddy Garcia, Yankees – The Yankees wanted low-risk starting pitching options who could eat innings and Garcia has thrived as a back-of-the-rotation starter despite posting his highest walk rate in years. The 35-year-old has a 2.88 ERA in 25 innings with 8.3 K/9 and 4.0 BB/9.
• Jason Isringhausen, Mets – Izzy has allowed 4 hits and 4 walks in 8 1/3 innings, striking out 6 for a 3.24 ERA after barely playing pro ball in 2010. Honorable mention to Tim Byrdak, who has 10 Ks through 8 innings of relief in the Mets’ ‘pen.
• Barret Loux, Rangers – The Diamondbacks selected the 6'5" right-hander sixth overall last year, but didn't sign him after looking at his shoulder. So far, the 22-year-old has a 2.88 ERA with 11.2 K/9 and 2.2 BB/9 in the Rangers' system.
• Guillermo Mota, Giants – Mota has already pitched 19 2/3 innings and the results are excellent: a 2.29 ERA with 8.7 K/9 and 1.4 BB/9.
• Juan Cruz, Rays – Andrew Friedman had to take some chances on relievers after most of the Rays' bullpen signed elsewhere as free agents. Cruz has paid off so far, allowing 3 hits and 8 walks in 12 innings. He has 10 Ks for a 2.25 ERA.
• Dontrelle Willis, Reds – He hasn't appeared in a game for the Reds yet, but his Triple-A numbers – 2.10 ERA, 30 innings, 8.7 K/9, 2.4 BB/9 – show he's making a strong case for another chance in the majors.
• Rodrigo Lopez, Braves – The Braves got Lopez on a minor league deal after he logged 200 innings in 2010 and have stashed him at Triple-A, where he has a 1.67 ERA and three times as many strikeouts as walks through five starts. 
• David Bush, Rangers – Bush has allowed just two earned runs as a swingman for the Rangers this year.
• Miguel Batista – Cardinals – Despite an ugly 9K/8BB ratio, the 17-year veteran has an astounding 0.64 ERA.

One year ago yesterday, we took a look at the largest contracts ever given to drafted players in MLB history. It's time for an update, just like our list of largest contracts by service time…

Major League Contracts

1. Stephen Strasburg, Nationals (2009, 1st round, 1st pick): Four years, $15.1MM. His $7.5MM signing bonus is a draft record.
2. Mark Prior, Cubs (2001, 1/2): Five years, $10.5MM. Prior exercised an opt-out clause that voided the final two years of the deal and instead filed for salary arbitration. He earned an extra $1.575MM by doing so.
3. Bryce Harper, Nationals (2010, 1/1): Five years, $9.9MM. Includes a $6.25MM signing bonus that will be paid out in five installments.
4. Mark Teixeira, Rangers (2001, 1/5): Four years, $9.5MM. His $4.5MM signing bonus was a draft record for six years. 
5. David Price, Rays (2007, 1/1): Six years, $8.5MM. Price can opt-out of the contract and file for arbitration next season just like Prior did.
6. Pat Burrell, Phillies (1998, 1/1): Five years, $8MM. The first of these mega-contracts for draftees.
7. Dustin Ackley, Mariners (2009, 1/2): Five years, $7.5MM. There's another $2.5MM in incentives tied to how quickly he reached the majors. 
8. Rick Porcello, Tigers (2007, 1/27): Four years, $7.285MM. There are club options for a fifth and sixth year. Porcello will actually collect just $7MM because he received the pro-rated portion of his salary after signing in 2007. The deal was designed to match but not exceed the number ten contract on this list.
9. J.D. Drew, Cardinals (1998, 1/5): Four years, $7MM. Drew famously refused to sign with the Phillies as the second overall pick in the 1997 draft, as he and Boras stuck to their guarantee that he would not sign for less than $10MM.
10. Josh Beckett, Marlins (1999, 1/2): Four years, $7MM. Beckett was the first high school player to receive a Major League contract since Alex Rodriguez in 1993.

Eric Munson's four-year, $6.75MM deal with the Tigers in 1999 dropped out of the top ten thanks to Harper. He received a $3.5MM signing bonus as the third overall pick.

Minor League Contracts

1. Jameson Taillon, Pirates (2010, 1/2): $6.5MM
2. Donavan Tate, Padres (2009, 1/3): $6.25MM
3. Buster Posey, Giants (2008, 1/5): $6.2MM
4. Tim Beckham, Rays (2008, 1/1): $6.15MM
5. Justin Upton, Diamondbacks (2005, 1/1): $6.1MM
6. Matt Wieters, Orioles (2007, 1/5): $6MM
7. Eric Hosmer, Royals (2008, 1/3): $6MM
8. Joe Borchard, White Sox (2000, 1/12): $5.3MM
9. Manny Machado, Orioles (2010, 1/3): $5.25MM
10. Zach Lee, Dodgers (2010, 1/28): $5.25MM

Joe Mauer ($5.15MM as the first overall pick in 2001) and B.J. Upton ($4.6MM as the second overall pick in 2002) dropped out of the top ten thanks to Taillon, Machado, and Lee. 

Ever wonder which GMs have held their positions the longest? Or how many GMs were with their current teams a decade ago? I've compiled the list thanks to Baseball America's executive database. It shows how long GMs have been with their current teams, not when they got their first gig running a team. That list would look different, with Andy MacPhail, Dave Dombrowski and Sandy Alderson at the top (I'm using the term 'GM' loosely; some of the executives below have different titles on their business cards). 

The Bay Area has baseball's two longest-tenured GMs, two of the five people on this list to have held their current job for more than a decade. There's been lots of turnover in the past five years, as more than half (17) of baseball's GMs were hired in that time. Here's the complete list:

1. Brian Sabean, Giants, 1996
2. Billy Beane, Athletics, 1997
3. Brian Cashman, Yankees, 1998
4. Dan O'Dowd, Rockies, 1999
5. Kenny Williams, White Sox, 2000
6. Larry Beinfest, Marlins, 2002
7. Dave Dombrowski, Tigers, 2002
8. Jim Hendry, Cubs, 2002
9. Doug Melvin, Brewers, 2002
10. Theo Epstein, Red Sox, 2002
11. Jon Daniels, Rangers, 2005
12. Andrew Friedman, Rays, 2005
13. Ned Colletti, Dodgers, 2005
14. Dayton Moore, Royals, 2006
15. Andy MacPhail, Orioles, 2007
16. Bill Smith, Twins, 2007
17. Ed Wade, Astros, 2007
18. Neal Huntington, Pirates, 2007
19. Frank Wren, Braves, 2007
20. Tony Reagins, Angels, 2007
21. John Mozeliak, Cardinals, 2007
22. Walt Jocketty, Reds, 2008
23. Jack Zduriencik, Mariners, 2008
24. Ruben Amaro, Jr., Phillies, 2008
25. Mike Rizzo, Nationals, 2009
26. Alex Anthopoulos, Blue Jays, 2009
27. Jed Hoyer, Padres, 2009
28. Kevin Towers, Diamondbacks, 2010
29. Chris Antonetti, Indians, 2010
30. Sandy Alderson, Mets, 2010

Check out MLBTR's series on the reaction each GM generated upon taking his first GM job: AL East, AL Central, AL West, NL East, NL Central, NL West.

In my recent column about how teams replace sudden losses, I wrote that I had some problems with that movie. I figured this would be a relatively uncontroversial statement, but loyal reader Ernesto Figueroa wrote:

Hello! I would love to read more about your problems with the film The Babe starring John Goodman. I really enjoyed the film & want to know more about your criticisms.

Ernesto, I'm glad you asked. I even went back and re-watched. Simply put, I found the writing and directing to be nearly cartoonish, with characters assigned one face that they were required to keep on throughout. I would blame the actors, but when even people like James Cromwell and John Goodman are guilty of it, it pretty much has to be the direction. And Goodman's Ruth magically goes from a child who speaks like he is five until age 30 to a wise old man from 31 through the end of the film.

But this is a baseball site, not Roger Ebert's site. So I will point out the shocking baseball transgressions in the film.

Read more