The market for starting pitching this winter has moved a bit more rapidly than the rest of free agency so far, with lefties Blake Snell and Yusei Kikuchi both having already found new homes with the Dodgers and Angels, respectively. This year’s pitching market is characterized by the depth of quality arms available, however, and plenty of solid pitchers still remain available. One quirk of this year’s class is that the vast majority of top-tier, and even mid-tier, starting pitchers received Qualifying Offers. Snell and Kikuchi were both exceptions to that, and other exceptions such as Jack Flaherty and Nathan Eovaldi remain on the table, but the majority of mid-rotation or better arms available this winter are attached to draft pick compensation.
The volume of QO pitchers is helped by the fact that three somewhat surprising arms were extended the QO this winter. Those three pitchers are Luis Severino, Nick Pivetta, and Nick Martinez. While Martinez opted to accept the QO and stick with the Reds on a one-year deal worth north of $21MM, both Pivetta and Severino opted to reject the QO in search of a multi-year deal in free agency. As both pitchers are already on the wrong side of 30, that’s a defensible decision for both as this winter may represent their best opportunity to land longer term guarantee in free agency. Both pitchers have considerable upside and could provide solid value for their new club if they pitch to their potential, but both also have noticeable red flags in their profiles that could give teams pause.
Severino is no longer the pitcher he was in his early 20s, when he made two All-Star teams and asserted himself as the ace of the Yankees rotation with a 3.13 ERA and 2.99 FIP across 66 starts from 2017-19. Since that peak performance, the right-hander missed nearly three full regular seasons thanks to a lat strain that cost him the majority of 2019 followed by Tommy John surgery, which wiped out 2020 and almost all of his 2021 campaign. His next two seasons also saw him wind up bitten by the injury bug, as he suffered another lat strain in 2022 and an oblique strain in 2023. While 2022 saw him look mostly like himself when healthy enough to take the mound with a 3.18 ERA in 19 starts, 2023 saw his performance take a nosedive. In 89 1/3 innings in his final year as a Yankee, Severino was torched for a 6.65 ERA and 6.14 FIP. That production was 35% worse than league average, and left him to enter free agency last winter surrounded by plenty of question marks.
The right-hander generally answered those questions after taking a one-year deal with the Mets last winter. He enjoyed his first fully healthy season since 2018, making 31 starts and throwing 182 innings. With that said, his results were clearly diminished relative to his peak as he posted a 3.91 ERA (101 ERA+) and a 4.21 FIP that cast him more as a league average pitcher than one capable of fronting a rotation. After striking out 28.8% of opponents from 2017 to 2022 and walking just 6.6%, both figures trended in the wrong direction this year as he punched out batters at a 21.2% clip and allowed free passes to 7.9% of hitters. He made up for that somewhat by posting his strongest groundball rate in years, however, with a 46% figure that ranked 14th among qualified starters this year. Severino’s fastball velocity isn’t far off from where it was at his peak, which could provide optimism for a rebound, but it seems more likely that Severino will continue as a quality third or fourth starter going forward.
Pivetta, by contrast, has been regarded all throughout his career as a high-potential arm with electric stuff. That hasn’t changed even as he’s gotten into his 30s, but he’s still yet to put up the type of quality, front-of-the-rotation production that stuff models have projected for him all throughout his career. The righty had a season in 2024 that’s become typical of him during his years since being shipped from the Phillies to the Red Sox. In 145 2/3 innings of work, he posted a 4.14 ERA with a 4.07 FIP despite striking out 28.9% of opponents and walking just 6.1%. Those ratios are actually even better than Severino’s numbers throughout his peak, but Pivetta is held back by a proclivity towards allowing homers.
He’s never allowed less than 20 long balls in a 162-game season with 102 allowed over his four years as a regular in Boston. That’s tied with Kikuchi for the fifth-most in the league over that time, behind only Patrick Corbin, Jose Berrios, Aaron Nola, and Jordan Lyles. Severino allows his fair share of home runs as well, but when accounting for the fact that he threw nearly 40 more innings than Pivetta, the difference between his 23 homers allowed this year and Pivetta’s 28 is stark. With that said, it’s undeniably that Pivetta’s high-octane stuff offers more upside than Severino at this point in his career; if a club has a pitcher-friendly ballpark or a plan to help Pivetta control his homer-happy tendencies, it’s easy to see why they’d be tempted to roll the dice on the 31-year-old’s upside.
If you were looking to sign a mid-rotation righty to a multi-year deal this winter, would you prefer to lock down Severino’s volume and quality mid-rotation production despite his lengthy injury history? Or would you rather roll the dice on Pivetta’s upside and more consistent health track record despite a lack of volume and inconsistency brought on by frequent homers?