MLB Mailbag: PTBNL, Brewers, Mariners, Romano, Pages, Baty

This week's mailbag gets into PTBNL trades, the Brewers' recent trade history, the Mariners' inactivity, and questions about players such as Jordan Romano, Andy Pages, and Brett Baty.

Scott asks:

When a trade happens that includes a Player to be named later or cash considerations, like between the Red Sox and Brewers, how is it determined which goes - a player or cash? Seems like that would have to be predetermined to ease the negotiations, but the implication in the title implies it's a decision to be made later?

I posed Scott's question to an team executive friend, and he kindly gave a great in-depth reply.  Here it is:

"There are two PTBNL / Cash constructs that are most common. The first is where one of the clubs involved in the trade gets to choose one or more players from an agreed upon list. The agreed upon list is determined at the time of the initial trade. The club receiving the PTBNL has the right to instead receive “alternative cash considerations” that cannot exceed $100k. The option to receive cash comes into play only if the club with the right to receive the PTBNL decides they don’t want any of the players within the previously agreed upon grouping. This outcome could occur if one or more of those players suffers an injury or other plight whereby they are no longer of interest to the club holding the right to acquire them. By way of example, if Team A has the right to pick either Player X or Player Y as the PTBNL, but both players have suffered significant injuries since the time the trade was agreed upon, then Team A might rather take the cash rather than an injured player.

The second primary construct where you see a PTBNL or Cash involved in a trade occurs if the trade is really just for cash, but the team set to receive the cash wants to “dress it up” a little bit. This situation could occur if the team is trading away a notable player and needs to make it look like there’s a more significant return than simply money coming back their way. In these situations, the two clubs involved in the trade can agree to phrase the trade as a PTBNL or Cash despite both clubs agreeing that the return will be cash only.

A PTBNL is not always a low-level player. The only restriction is that a PTBNL cannot be someone who has appeared on an active Major League roster between the time the trade was agreed to and the time he is sent to his new club."

Zack asks:

How long of a leash should the Phillies have with Jordan Romano? He has lost velocity on his fastball and slider and he looks shaky when on the mound. Maybe it's a mechanics issue he can work through? He looks like he's searching for his form on the mound, I hope he can figure it out as we need him!

The tough thing is that Romano arguably hasn't been an effective reliever since June of 2023.  Rob Thomson hasn't used Romano in the club's highest-leverage situations thus far, but he still was Dave Dombrowski's main offseason bullpen addition.

Romano's elbow inflammation surfaced in March 2024.  He debuted in mid-April last year but was done after 15 appearances once the injury resurfaced.  He wound up having arthroscopic elbow surgery in early July.  The Blue Jays, who knew Romano best, didn't want him back at what would've likely been his same $7.75MM salary.  Around the Winter Meetings, Dombrowski gave Romano about $750K more than that.

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