Last winter, right-handed reliever Chad Green signed one of the more convoluted free agent contracts in recent memory. The deal looked simple on the surface – an $8.5MM guarantee over two years – but it came with several options that could pay him as much as $32.25MM through 2026. Green earned $2.25MM during the 2023 campaign, while he spent most of the year on the injured list rehabbing from Tommy John surgery. The Blue Jays always knew he’d miss the first several months of the season, hence his relatively low salary. This upcoming offseason, however, is when things get complicated.
Toronto has a club option for three more years and $27MM (plus up to $1MM in incentives each season). If the Blue Jays do not exercise their first option, Green will have the chance to accept an option of his own, a one-year player option worth $6.25MM (with as much as $2MM in additional incentives). Then, if Green also declines his option, the Blue Jays have a second, less expensive team option for two years and $21MM (again with up to $1MM in incentives each year). Finally, if both sides decline every option, Green will become an unrestricted free agent.
Given how little Green pitched in 2023, it’s hard to imagine the Blue Jays would pick him up for $9MM a year through his age-35 campaign. Then again, the veteran reliever returned from Tommy John on a perfectly normal timeline and looked healthy in September. In other words, he gave the Blue Jays everything they could have expected in 2023, and the team wouldn’t have signed this deal in the first place if they weren’t going to consider the option.
While Green gave up ten runs (seven earned) in only 12 innings of work this season, his underlying numbers were much more impressive. He struck out 16 of the 52 batters he faced and only issued three unintentional walks. His 3.11 SIERA and 2.84 xERA are also promising signs. What’s more, Green was a dominant and durable reliever for several years before he tore his UCL. From 2016-22, he posted a 2.79 ERA and 2.93 FIP in 326 innings of relief. Since his debut season, he ranks 11th among all relievers in FanGraphs WAR. If he returns to form in 2024, a three-year, $27MM deal would seem more than fair. A few comparable relievers signed for more than $30MM last winter, including Kenley Jansen (two years, $32MM) and Taylor Rogers (three years, $33MM).
For those precise reasons, Green is unlikely to accept his $6.25MM player option. If he does hit free agency, all his suitors will have the knowledge that Toronto turned down his services at both three years/$27MM and two years/$21MM. That being said, the market for right-handed relievers isn’t particularly deep, nor is it replete with high-end talent. He’s younger than other guys with a long track record, like Craig Kimbrel and David Robertson, and he’s more experienced out of the bullpen than other high-upside arms, like Jordan Hicks and Reynaldo López. Even if he struggles to find a multi-year offer, Green should be able to beat $6.25MM on a one-year pact. However, if he is worried about his health, it’s possible he could opt for another year of job security with the Blue Jays. Yet, considering his performance in September and October, that doesn’t seem to be a likely concern.
Toronto’s two-year, $21MM club option looks the most likely to be exercised, but at the same time, if the club has enough concerns to turn down the three-year option, perhaps they’re ready to move on from Green entirely. On top of that, while the two-year option is less expensive overall, it comes with a higher annual salary. The Blue Jays ran a payroll relatively close to the first luxury tax threshold in 2023, and they already have several payroll commitments for next season. If they’re looking to make some upgrades this winter without paying the tax, they might actually prefer the longer option with a lower AAV.
So, what do the MLBTR readers think? Will either side pick up an option, or will Green return to the open market? Have your say in the poll below!
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