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Yankees Interested In Tim Hill

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Starters Max Fried and Carlos Rodon are the only left-handed pitchers on the Yankees’ 40-man roster, leaving the Bronx Bombers in clear need of some southpaw depth for the bullpen.  Jon Heyman of the New York Post reports that the team is considering a few left-handed relief options, including a possible reunion with Tim Hill.

After posting a 5.87 ERA in 23 innings with the White Sox, Hill was released by Chicago in June and quickly scooped up by the Yankees on a new contract.  The change of scenery worked wonders for Hill in terms of bottom-line results, as he posted a 2.05 ERA in 44 frames with New York during the regular season and then a tiny 1.08 ERA over 10 appearances and 8 1/3 innings in the playoffs.

Hill’s status as an extreme groundball pitcher can lead to such big swings in performance, as one often needs to look behind just the ERA to fully gauge the veteran lefty’s effectiveness.  Hill had an enormous .436 BABIP with the White Sox and then a .238 BABIP with the Yankees, perhaps explaining why the gap in SIERA (3.33 with New York, 4.04 with Chicago) isn’t quite as large as Hill’s ERAs would suggest.  The biggest change was improved control, as Hill had an 8.5% walk rate with the Sox and then only a 5.2% walk rate in the Bronx.

Now entering his age-35 season, Hill has a 3.99 ERA over 322 1/3 career innings across seven MLB seasons, with a 61.8% grounder rate helping overcome only a 17.3% career strikeout rate.  Those numbers naturally include a lot of success against left-handed batters, as Hill has held same-sided hitters to a .614 OPS (while right-handed hitters have a .788 OPS).  The home run ball has been an issue for Hill in the past, though he allowed just two homers over his 75 1/3 total frames in the regular season and postseason in 2024.

It was almost exactly a year ago that Hill signed a one-year, $1.8MM contract with the White Sox, on the heels of being non-tendered by the Padres.  His late-season success in the Yankees very likely means that Hill will land another guaranteed deal this winter, though his age and somewhat inconsistent track record will limit him to a one-year pact.  This limited price tag is surely a plus for a Yankees team already projected to be over the highest level of luxury tax penalization.  From Hill’s perspective, one would imagine he would also have interest in returning to the Yankees given his post-trade success, and getting another crack at winning a World Series ring.

Yankees Sign Jonathan Loáisiga

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Today: Jon Heyman of the New York Post reports the financial details of Loáisiga’s contract with the Yankees. The righty will receive $5MM for 2025, broken down into a $500K signing bonus and a $4.5MM salary. New York’s team option for 2026 is valued at another $5MM, but Loáisiga can earn an additional $100K for reaching 50 IP, 55 IP, 60 IP, 65 IP, and 70 IP. If he reaches 70 IP in 2026, his salary will max out at $5.5MM.

December 21: The Yankees formally announced Loáisiga’s contract this afternoon. The financial terms of the deal have still yet to be revealed.

December 11: The Yankees have agreed to a one-year deal with right-handed reliever Jonathan Loáisiga, reports Jorge Castillo of ESPN. The deal includes a team option for the 2026 season. Financial details have not yet been revealed. While Loáisiga’s health is a concern after he underwent internal brace surgery this past April, Castillo notes that he is on track to get back on the mound in late April 2025. Levi Luna (X link) was the first to report that the two sides were nearing a deal. 

Loáisiga, 30, began his professional career with the Giants, signing as an international free agent in 2012. Unfortunately, he struggled with injuries, and the Giants released him partway through the 2015 season. The Yankees scooped him up in 2016, but it wasn’t long before his injury troubles came back. He suffered a torn UCL, and Tommy John surgery kept him off the field until June 2017. Yet, he was sensational upon his return, pitching to a 1.38 ERA and 2.17 FIP in 32.2 innings between Rookie Ball and Low-A. It was enough for MLB Pipeline, FanGraphs, and Baseball America to rank him among the top 25 prospects in New York’s farm system entering 2018. After another strong showing that year, he shot up to the no. 2 spot on all three lists.

Success eluded Loáisiga at the big league level over his first three seasons from 2018-20. It didn’t help that various injuries plagued him during that time, most notably a shoulder strain in 2019. However, things changed when the righty moved into a full-time relief role in 2021. He continued to deal with shoulder problems (he spent most of September on the IL), but when he was on the field, he was one of the best relievers in the sport. Loáisiga pitched to a 2.17 ERA and 3.01 SIERA over 70 2/3 innings. His sinker, which was suddenly touching triple-digits, became his new primary pitch, and he paired it with a new-look curveball that was practically unhittable. Meanwhile, his changeup was his strongest weapon against opposite-handed hitters, and it helped him post almost equally impressive numbers against righties and lefties alike.

Sadly, Loáisiga has yet to pitch a full season since his 2021 breakout. His shoulder gave him trouble once again in 2022, while his elbow problems returned the following season. He had surgery to address bone spurs in his elbow in April 2023 and internal brace surgery to repair a torn UCL in April 2024. He has only pitched 69 2/3 innings over the past three years, putting up a 3.62 ERA and 3.91 SIERA. Yet, he still has plenty of promise in his powerful right arm. He averaged 98 mph on his sinker over three appearances this past April, and the handful of curveballs he threw still looked filthy. That explains why several teams expressed interest in signing him this winter, including the Padres, Rangers, Mets, and Blue Jays.

It’s also a promising sign that the team that knows him (and his injury history) best is the team that ultimately re-signed him. Unlike some of Loáisiga’s other suitors (namely the Padres and Rangers), the Yankees don’t need to hunt for bargains or bet on buy-low free agent targets. They just signed Max Fried to a massive eight-year deal, and they’re not done looking for upgrades as they try to replace Juan Soto in the aggregate. They wouldn’t have signed Loáisiga if they didn’t think he could be a valuable contributor to their bullpen.

The Yankees lost several relievers to free agency this offseason, including Clay Holmes, Tommy Kahnle, and Tim Hill. Thus, Loáisiga will slot into a ’pen that lacks high-leverage arms after Luke Weaver and Ian Hamilton. General manager Brian Cashman will presumably remain active in the market for relievers; the Yankees were linked to All-Star closer Carlos Estévez earlier this offseason, while reunions with Kahnle and Hill could also be in the cards.

Mariners Made Two-Year Offer To Carlos Santana

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The Guardians made a splash over the weekend by signing first baseman Carlos Santana to a one-year deal worth $12MM, bringing the long-time Cleveland staple back into the fold for the third time in his career. With that being said, however, it wasn’t the only contract offer Santana received during his free agency. According to a report from Ken Rosenthal of The Athletic this morning, the Mariners extended an offer to Santana that came with more guaranteed money than the one he landed in Cleveland. Rosenthal also cited the Yankees, Mets, Tigers, Diamondbacks, and Rangers, and Padres among clubs that had interest in the switch-hitter before he ultimately landed in Cleveland.

Regarding Seattle’s offer, Rosenthal specifies that not only did the deal come with more guaranteed money, but it actually involved a player option for the 2026 season, allowing Santana to either opt out and return to free agency or remain with the club. It’s somewhat surprising to hear that a club was willing to guarantee a second guaranteed year to Santana, who will celebrate his 39th birthday in early April. Rosenthal describes the Mariners as Santana’s “initial priority” until the Guardians realized that they could trade Josh Naylor to another Santana suitor, the Diamondbacks. At that point, the Guardians offered Santana (who had coincidentally just sold his Cleveland area home) the one-year deal he went on to sign.

The Mariners briefly acquired Santana from the Phillies during the 2018-19 offseason but flipped him to Cleveland shortly thereafter, before he ever suited up for the club. He eventually returned to the organization in 2022 after being traded there by the Royals, and this time his stay lasted 79 games. In 294 trips to the plate for Seattle, Santana hit .192/.293/.400. Despite that sub-Mendoza Line batting average, Santana’s performance was actually good for an above-average 103 wRC+ thanks to a strong 11.9% walk rate and the 15 home runs he clobbered down the stretch for the club.

That half-season stint evidently made enough of an impression with the Mariners that they were interested in a reunion as they searched for first base help this winter. Earlier this winter, the Mariners were reportedly pursuing a reunion with either Carlos Santana or Justin Turner at first base. Turner is still available, though it’s unclear whether that interest on Seattle’s end has persisted as the first base market has shifted in recent days. Of the six teams besides Cleveland that Rosenthal noted had interest in Santana’s services, three of them have found solutions in the days since: the Rangers replaced Nathaniel Lowe with Joc Pederson, the Yankees signed Paul Goldschmidt, and of course the Diamondbacks traded for Naylor and opened the door for Santana to re-sign in Cleveland.

For the Mariners, Mets, and Padres, there’s still a number of interesting first base options available. Turner has been a reliably above average hitter 11 consecutive seasons now but celebrated his 40th birthday last month, a reality that could give some teams pause about committing to him as a regular option if they can’t offer significant time at DH as well. Pete Alonso is of course the top free agent available at first base, though barring a sudden change in plans by the Padres or Mariners it seems unlikely he would fit the budgets rumored to be in play for San Diego and Seattle. Anthony Rizzo, Mark Canha, Josh Bell, and Yuli Gurriel are among a number of veteran options at the position who could likely be had on a low-cost deal, and the trade market offers the possibility that the Giants could part ways with LaMonte Wade Jr. or perhaps even a deal with the Rays involving Yandy Diaz, who hasn’t been the subject of many trade rumors this winter but appeared to be available prior to this summer’s trade deadline.

Yankees To Sign Paul Goldschmidt

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The Yankees have agreed to a one-year, $12.5MM deal with Paul Goldschmidt. Jack Curry of YES Network was the first to report that the two sides were in agreement, while Bob Nightengale of USA Today added the dollar value of the contract for the Excel Sports Management client. Mark Feinsand of MLB.com notes that it is a straight one-year contract without any options attached.

Nightengale describes the Yankees’ pursuit of Goldschmidt this week as aggressive, though he notes they were also in talks with Christian Walker before he signed with the Astros. Carlos Santana was another first baseman New York reportedly considered. The Yankees had also been linked to Pete Alonso earlier in the offseason, but Ken Rosenthal of The Athletic reported on Thursday that they were “increasingly likely” to opt for a less expensive first base signing.

Indeed, Goldschmidt’s $12.5MM salary is well below the three-year, $60MM guarantee Walker received from Houston and the five-year, $125MM deal MLBTR predicted for Alonso. It’s also below the one-year, $15MM pact we predicted for Goldschmidt when we ranked him at no. 35 on our Top 50 Free Agents list.

Goldschmidt, 37, was a free agent for the first time in his career. Drafted by the Diamondbacks in 2009, he made his big league debut with Arizona in 2011. After a strong start to his MLB career, he signed an extension with the D-backs that kept him under team control through the 2019 season. Upon being traded to the Cardinals in 2019, he signed another extension that ran through 2024. Through those years with Arizona and St. Louis, Goldschmidt was one of the best players in baseball. He made seven All-Star teams, won five Silver Sluggers, and earned NL MVP honors in 2022. Over 1928 career games, he has slashed .289/.381/.510 with 362 home runs and a 139 wRC+.

 

Since his MVP season in 2022, Goldschmidt has taken a few steps back. His .810 OPS and 122 wRC+ in 2023 were more good than great, while his .716 OPS and 100 wRC+ in 2024 were merely league average. That’s not an encouraging trend for a first baseman entering his late thirties. However, Goldschmidt’s underlying numbers in 2024 offer a little more promise. His .308 batting average on balls in play was well below his career average of .343. Similarly, his .310 wOBA was noticeably worse than his .329 xwOBA. A .329 wOBA still would have been the worst of his career, but it also would have been significantly better than league average. Finally, Goldschmidt’s second-half performance was vastly superior to his first-half effort. Through the All-Star break, he was slashing .230/.291/.373 with an 87 wRC+. From the break onward, he hit .271/.319/.480 with a 120 wRC+.

The Yankees are surely hoping Goldschmidt looks like his second-half self throughout the 2025 season. However, even his mediocre full-season numbers would be a big upgrade over what the Yankees got from their first basemen in 2024. Yankees first basemen ranked last in MLB in OPS (.619), second-to-last in wRC+ (76), and 26th in FanGraphs WAR (-1.1). If Goldschmidt can simply repeat his 2024 campaign, the Yankees would get a big boost over the combination of Anthony Rizzo, Ben Rice, and DJ LeMahieu. That will be especially true against left-handed pitching. Goldschmidt slashed .295/.366/.473 with a 134 wRC+ against lefties this past season. Meanwhile, New York’s offense was significantly worse against lefties than righties. Goldschmidt should be a big help in that department.

On the defensive side, Goldschmidt, a four-time Gold Glove winner, will undoubtedly play first base for the Yankees. That will push recent trade acquisition Cody Bellinger into the outfield. It always seemed likely that Bellinger would play the outfield in New York, but manager Aaron Boone suggested earlier this week that first base was still an option. It’s safe to say that option is now off the table.

If the Yankees are still looking to add another bat, third base could be the next avenue they turn to for improvement. Jazz Chisholm Jr. took over at the hot corner after the trade deadline in 2024, but second base is his natural position. By sliding back to second, he could give the Yankees more flexibility to seek an upgrade in the infield. Some intriguing options at third base include free agent Alex Bregman and trade candidate Nolan Arenado. The Yankees have already expressed interest in both players.

Adding either Bregman or Arenado would likely push the team’s payroll above last year’s final estimate of $303MM (per RosterResource). It would also put them above the highest tier of the luxury tax once again. Although it wouldn’t be surprising to see the Yankees run such a high payroll in 2025, it’s worth keeping in mind that even the Steinbrenner’s have their spending limits. Chairman Hal Steinbrenner said earlier this year that the team’s current payroll is “simply not sustainable for us financially.” The fact that the Yankees were outbid for Juan Soto and that they were seeking a less expensive first baseman like Goldschmidt further suggests that GM Brian Cashman is working under payroll constraints. Those constraints could impact how the team operates for the rest of the offseason.

Image courtesy of Imagn.

Cardinals Reportedly Declined Offer Of Marcus Stroman For Nolan Arenado

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Earlier this offseason, the Cardinals declined an offer from the Yankees that could’ve sent Marcus Stroman to St. Louis for Nolan Arenado, according to a report from Mark Feinsand, John Denton and Bryan Hoch of MLB.com. It’s unknown whether Arenado would have approved that trade. MLB.com reports that the Cardinals never brought it to the star third baseman because they were uninterested in acquiring Stroman.

That’s not to say that talks between the clubs on Arenado are finished. The Yankees still have needs at both corner infield positions. Feinsand, Denton and Hoch report that they’re showing increased interest in Paul Goldschmidt at first base. They write that signing Goldschmidt might make Arenado more likely to waive his no-trade clause to join his former teammate as a corner infield tandem in the Bronx.

Various reports have tied the Yankees to Goldschmidt throughout this week. It seems they’ll turn to one of the short-term free agent options to upgrade first base. Ken Rosenthal of the Athletic reported on Thursday that the Yankees were increasingly likely to pursue a more affordable first baseman than to spend at the top of the market for Pete Alonso or Christian Walker. Walker, whom the Yankees had reportedly preferred to Alonso, has subsequently come off the board on a $60MM deal to Houston.

Interestingly, Goldschmidt’s asking price could itself prove a sticking point. Most predictions, MLBTR’s included, assumed he’d sign a one-year deal as he enters his age-37 season. Feinsand, Denton and Hoch report that Goldschmidt is seeking multiple years. That doesn’t guarantee he’ll find a two-year deal, of course, which would be a lofty ask coming off a middling season.

Goldschmidt hit .245/.302/.414 with 22 homers during his final year in St. Louis. He posted career-worst strikeout and walk rates with overall offense that measured exactly league average. Goldschmidt had a better second half after a dismal start to the season, but the overall numbers are worrisome given his age. MLBTR felt he’d secure $15MM on a one-year deal.

Money is also a complicating factor on Arenado. Even if the Yankees signed Goldschmidt and Arenado were willing to play there, they’d still need to find an agreeable return with St. Louis. The Cardinals owe the eight-time All-Star $64MM over the next three seasons, while the Rockies are on the hook for another $10MM between 2025-26. (Colorado’s obligations would carry over in the event of a trade.) $12MM of the Cardinals’ $64MM is deferred. MLB.com writes that the net present value of what St. Louis owes is around $60MM.

The Cardinals are trying to shed at least the vast majority of that deal. Katie Woo and Chandler Rome of The Athletic reported that the Astros would’ve absorbed around $45MM had Arenado not vetoed the proposed trade to Houston earlier this week. ESPN’s Jeff Passan reported differently, writing that Houston would have taken $59MM. In either case, the Cardinals would have shed most of the money.

Derrick Goold of the St. Louis Post-Dispatch wrote this afternoon that the extent of the Yankees’ interest in Arenado depends on how much of the deal the Cardinals would cover. While it’s not known how much the Yankees want St. Louis to eat, their proposal of Stroman would’ve been a financial counterbalance. The righty will make $18MM next season and would trigger a matching player option for 2026 if he throws 140 innings. An Arenado/Stroman swap would’ve gotten the Cardinals off the hook for the former’s salaries in 2026-27, but it would not have represented a significant cut next season.

Arenado has a $32MM salary next year, $5MM of which is Colorado’s responsibility. Another $6MM is deferred, so the immediate savings for St. Louis would only have been $3MM. The Cardinals could have tried to flip Stroman themselves. The righty is coming off a 4.31 ERA over 154 2/3 innings. His salary is above market but not egregiously so, but it doesn’t seem the Cardinals had any interest in that sequence of moves.

A player’s competitive balance tax number resets if they’re traded. Assuming the NPV on Arenado’s contract is around three years and $60MM, he’d carry an approximate $20MM luxury tax hit for an acquiring team if the Cardinals did not eat any money. RosterResource calculates New York’s luxury tax number around $287MM. Signing Goldschmidt or taking most of Arenado’s contract would push them beyond the $301MM final tax tier. Doing both would vault them well beyond $301MM, which comes with a 110% tax on every dollar spent from that point.

Yankees, Reds Swap Jose Trevino For Fernando Cruz

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The Yankees and Reds finalized a trade on Friday night that sends catcher Jose Trevino to Cincinnati for reliever Fernando Cruz and non-roster catcher Alex Jackson.

Trevino is on the move for the second time in his career. The Yankees landed him from the Rangers shortly after Opening Day 2022 in a deal that sent reliever Albert Abreu to Arlington. That was a win for the New York front office, as Trevino developed into a quality defensive catcher in the Bronx. Abreu, on the other hand, pitched seven times with the Rangers before they lost him on waivers.

The 2022 season has been Trevino’s best. He appeared in a career-high 115 games, hitting .248/.283/.388 through 353 plate appearances. Trevino led all catchers with 21 Defensive Runs Saved that season, earning an All-Star selection and a Gold Glove.

Trevino has opened each of the past two years as New York’s primary catcher. His playing time and offensive production have dropped, though he continues to grade very highly for his receiving skills. Trevino has only appeared in 129 games over the past two years. In 2023, that was largely the result of a ligament tear in his right wrist that necessitated season-ending surgery in July.

The 32-year-old stayed mostly heathy this past season. He missed a month between the All-Star Break and the middle of August because of a quad strain. Trevino was otherwise on the active roster but fell into a depth role. Rookie of the Year finalist Austin Wells is a superior offensive player who grades as an elite receiving catcher in his own right.

Trevino was limited to 62 starts behind the plate overall. He’d basically become a non-factor by the end of the year, as he appeared in just 14 games between his return from the injured list on August 15 and the end of the regular season. He only got two starts during the Yankees’ run to the World Series. He took 234 trips to the plate and hit .215/.288/.354 with eight home runs.

Part of the dip in playing time has been attributable to Trevino’s difficulty controlling the running game. According to Statcast, only Yasmani Grandal had a higher average pop time (throw time to second base on stolen base attempts) than Trevino’s 2.07 second mark. Opponents swiped 57 bases out of 70 attempts in his 544 1/3 innings. Trevino continues to grade exceptionally highly for his framing skills and blocking ability, so he remains a valuable defender, but the subpar arm strength has become an issue.

The Reds evidently placed a lot of value on those receiving skills. Trevino should back up Tyler Stephenson, who hit .258/.338/.444 with a career-high 19 homers this past season. Stephenson started 112 games and tallied a little more than 1000 innings. He didn’t play any first base in ’24 but has played there sporadically in prior seasons. Cincinnati could give Stephenson a few more modified rest days at first base or designated hitter if they’re comfortable with Trevino logging 70+ starts behind the dish.

Trevino has over five years of service time. MLTBR contributor Matt Swartz projects him for a $3.4MM salary during his last trip through the arbitration process. Taking that on pushes the team’s projected payroll to $104MM (courtesy of RosterResource). The Reds ended the ’23 campaign with a payroll around $100MM and have indicated they’re comfortable matching or exceeding that number.

Stephenson had been the only catcher on Cincinnati’s 40-man roster. They obviously needed to acquire a veteran backup, but it’s still surprising to see the Reds relinquish Cruz for one year of Trevino’s services. Cruz has been a fixture in Cincinnati’s bullpen for the last two years. He has scattershot command but elite bat-missing ability.

Cruz, a native of Puerto Rico, was drafted as an infielder back in 2007. He flamed out as a hitter and was out of affiliated ball entirely between 2016-21. Cruz converted to pitching in 2012 and continued to plug away, however, eventually catching the attention of Reds’ scouts in the independent ranks. He dominated Triple-A opponents in 2022 and earned his first major league call as a 32-year-old that September.

Typically, players who don’t reach the majors until they’re in their 30s are quickly dropped from the roster. Cruz pitched well in his late-season cameo, however, and the Reds kept him on their 40-man. He has topped 65 innings in each of the past two seasons, building from middle relief in 2023 to become one of David Bell’s more frequent leverage options in front of closer Alexis Díaz.

The bottom line results have not been great. Cruz has allowed nearly five earned runs per nine in both seasons. He owns a 4.52 ERA across 147 1/3 career innings. ERA estimators like FIP and SIERA find him significantly more interesting than the actual run prevention would suggest — a testament to his gaudy swing-and-miss numbers.

Cruz has fanned over 35% of opponents in each of the last two seasons. He carries a cumulative 36.5% strikeout rate over that stretch. Among pitchers with 100+ innings, only Josh Hader and Aroldis Chapman have posted a better mark. Spencer Strider, Kirby Yates, Garrett Crochet, Jeff Hoffman, Bryan Abreu, Paul Skenes and Tyler Glasnow round out the top 10. Cruz is similarly dominant on a per-pitch basis. His 16.7% swinging strike rate ranks fifth among that group — trailing Strider, Hader, Andrés Muñoz and Ryan Helsley.

Pitching isn’t solely about strikeouts, of course, but most pitchers who miss bats at those rates are impact arms. Cruz holds himself back to some extent by issuing too many free passes. He walked 12.2% of batters faced this year and has given out free passes to 11.4% of opponents in his career. That’s a concern, but it’s easy to see why the Yankees identified him as an upside play.

Cruz’s calling card is a low-80s splitter, which is one of the most effective pitches in the sport. Cruz used the offering a little more than 40% of the time this year. Opponents only made contact around 40% of the time they swung at it. Batters hit .116 against it. Cruz used it as the finishing pitch for 88 of his 109 strikeouts.

Exceptional as the splitter was, opponents teed off on his other two offerings — a 94 MPH four-seam fastball and a cutter that sits in the high 80s. Cruz has preferred to mix all three pitches rather than fully unleashing the splitter. Whether that’s because of his own comfort or the preference of Cincinnati’s coaching staff isn’t clear, though it wouldn’t be a surprise if the Yankees pushed him to lean more frequently on that pitch. New York allowed Tommy Kahnle to abandon his fastball and throw essentially all changeups for his entire playoff run, for instance.

Cruz has just over two years of big league service. He’s under club control for four seasons. The extended control window isn’t a huge factor for a pitcher who’ll turn 35 in March. It’s a boost in the short term, though, as the Yankees can plug him into the bullpen for around the league minimum salary in 2025.

Jackson, who turns 29 on Christmas, rounds out the return to backfill the catching depth. He signed a minor league contract with Cincinnati last month and will not occupy a 40-man roster spot. Jackson appeared in a career-high 58 games for the Rays last season, hitting .122 over 159 plate appearances. He’s a career .132/.224/.232 hitter over parts of five campaigns. Jackson should get a Spring Training invite, where he can compete with 29-year-old J.C. Escarra — who is on the 40-man roster but hasn’t appeared in the majors — for the backup job behind Wells.

Jon Heyman of the New York Post first reported that Trevino was being traded to Cincinnati. The Post’s Joel Sherman was first with the entire trade. Images courtesy of Imagn.

Nine Teams Exceeded Luxury Tax Threshold In 2024

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Major League Baseball finalized its luxury tax calculations for 2024. ESPN’s Jesse Rogers was first to report the list of payors, while Ronald Blum of the Associated Press reports the details. A record nine teams surpassed the $237MM competitive balance tax threshold. In a separate post, The Associated Press lists the finalized CBT numbers for all 30 teams.

The payments are as follows:

  • Dodgers: $103MM
  • Mets: $97.1MM
  • Yankees: $62.5MM
  • Phillies: $14.4MM
  • Braves: $14MM
  • Rangers: $10.8MM
  • Astros: $6.5MM
  • Giants: $2.4MM
  • Cubs: $570K

Teams pay escalating penalties for exceeding the threshold in consecutive seasons. The Dodgers, Mets, Yankees, and Phillies have all paid the tax in at least three straight years — subjecting them to the highest escalator fees. Texas and Atlanta are second-time payors. Houston, San Francisco, and the Cubs did not exceed the threshold in 2023 and are marked as first-time payors.

The Dodgers ($353MM), Mets ($348MM), and Yankees ($316MM) all had CBT numbers above $277MM, which marked the third tax bracket. All three teams will see their first-round pick in the 2025 draft dropped by 10 spots. Considering they each advanced at least as far as the LCS and the Dodgers won the World Series, those clubs won’t have any regrets about that penalty. Atlanta narrowly stayed below the $277MM threshold to avoid any impact on their draft.

Teams that paid the CBT are entitled to the lowest level of compensation for losing free agents who declined a qualifying offer. They receive a draft choice after the fourth round for each qualified free agent who walks. They’re charged the heaviest penalty — their second- and fifth-highest picks in 2025 and $1MM from their ’26 international bonus pool — for signing a qualified free agent from another team.

The Mets (Juan Soto), Yankees (Max Fried), Giants (Willy Adames), and Astros (Christian Walker) have already signed or agreed to terms with qualified free agents. The Mets (Luis Severino), Yankees (Soto), and Braves (Fried) have lost qualified free agents. Houston is likely to see Alex Bregman walk. The Mets (Pete Alonso, Sean Manaea) and Dodgers (Teoscar Hernández) still have unsigned qualified free agents of their own.

The top eight luxury payors were all clearly above the base threshold, while the three biggest spenders blew beyond every surcharge marker. The only source of CBT intrigue late in the season concerned the Cubs and Blue Jays, both of whom were hovering right around the tax line.

When it became clear that neither team would make the playoffs, they each attempted to dip below $237MM by shedding money via waivers. The Cubs were unsuccessful and landed around $239.9MM; Toronto dropped just below $234MM. The tax impact for the Cubs is negligible — a $570K bill is less than the cost of one player on a league minimum salary — but it places a higher penalty for signing qualified free agents and could incentivize them to stay under the threshold in 2025 to reset their status. Six of the nine payors made the postseason. Texas, San Francisco, and Chicago were the exceptions.

Last year, a then-record eight teams surpassed the CBT threshold. The Padres are the only team that was above the line in 2023 and got below it this year. San Diego finished with an approximate $228MM mark that ranked 11th in the majors — behind the nine payors and the Blue Jays. The Red Sox, Diamondbacks, Cardinals, and Angels were the other teams above the median in payroll. On the other side of the equation, the five bottom spenders were as follows: Athletics ($84MM), Rays ($107MM), Tigers ($110MM), Marlins ($122MM), and Pirates ($123MM).

The teams that exceeded the threshold have until January 21 to pay MLB. The first $3.5MM will be used to fund player benefits. Half the remaining money goes to players’ retirement accounts, while the other half is used for revenue sharing distribution from MLB to teams. Next year’s base threshold climbs to $241MM.

Mets Meet With Roki Sasaki

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December 20: The Cubs are going to be meeting with Sasaki today, reports Bruce Levine of 670 The Score.

December 19: The Mets had a meeting with Roki Sasaki on Thursday, reports Andy Martino of SNY. They’re the second team that has been publicly revealed to meet with the NPB star. Yankees general manager Brian Cashman told reporters (including MLB.com’s Bryan Hoch) on Wednesday that Sasaki had scheduled an in-person meeting with the club. It’s not clear when that will take place.

Virtually every team would love to land Sasaki. It stands to reason that most, if not all, clubs have at least prepared a pitch they can make to the 23-year-old righty. Sasaki and his representatives at Wasserman presumably don’t intend to meet with every team over the next few weeks, though.

Agent Joel Wolfe spoke with media (including MLBTR’s Tim Dierkes and Steve Adams) at the Winter Meetings. Wolfe indicated that Sasaki would speak with teams in person at a central location in the United States throughout this week. He’s slated to return to Japan for the holidays but could come back to the U.S. to view the cities of the finalists thereafter.

This is only the first run of presentations. Many people consider the Dodgers or (to a lesser extent) the Padres to be the favorites, though Wolfe vehemently denied last month that there was any kind of handshake agreement with Los Angeles already in place. Wolfe suggested at the Winter Meetings that Sasaki could benefit from landing in a city that doesn’t have a large media contingent, though he stressed that was solely his opinion and that he and Sasaki had yet to discuss that in great detail.

Sasaki’s posting window opened on December 9. He must sign with an MLB team by January 23 but cannot sign until after next year’s international amateur period opens on January 15. He could reach an unofficial verbal agreement before that point, however. Sasaki’s bonus will be hard capped by MLB’s amateur signing limitations.

Teams can acquire up to 60% of their bonus allotment via trade. Those trades cannot begin until the 15th. Sasaki’s maximum potential bonus would be $12.0888MM. He’ll likely sign for a fair bit less than that, since it’d require a team with the highest initial pool (one of Milwaukee, Seattle, Tampa Bay, Minnesota, Miami, Cincinnati, Detroit, or the Athletics) to trade for the maximum amount and commit their entire pool to Sasaki. The Yankees and Mets each have just under $6.2616MM in their starting pool. If they traded for 60% more space, they’d be able to offer just over $10MM.

Christian Walker Reportedly Seeking Four-Year Deal

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Christian Walker has been a popular target in free agency thus far in the offseason, drawing interest not only from the incumbent Diamondbacks but also the Yankees, Mariners, Astros and Nationals, among other clubs. ESPN’s Jeff Passan writes that interested teams have been unwilling to extend their offers beyond three years but that Walker’s camp “would love to get a fourth year.”

Widespread interest in Walker is only logical. He’s been among the most underrated players in the sport for several seasons. The 33-year-old slugger’s .251/.335/.468 slash from 2024 is a near mirror image of the broader .253/.332/.464 line he carries in nearly 3200 plate appearances dating back to 2019. At the time, it would’ve seemed utterly nonsensical to think that the Diamondbacks would be able to successfully replace perennial All-Star Paul Goldschmidt with a journeyman waiver claim, but Arizona did just that and has been rewarded handsomely.

Not only has Walker been consistently productive at the plate — 13% better than average overall, including 20% better over the past three seasons — he’s emerged as one of the game’s best defenders at his position. Walker has won three straight Gold Gloves for his work at first base. Walker’s 33 Defensive Runs Saved over the past three seasons lead all big league first baseman by a wide margin. Matt Olson is second, at 27. Statcast is even more bullish, crediting Walker with 39 Outs Above Average — nearly double that of second-ranked Carlos Santana (20). He’s made only eight errors since 2022.

Quietly excellent as Walker has been, however, a four-year deal is a lofty ask when considering his age. He’ll turn 34 in March. As shown in MLBTR’s Contract Tracker, only four position players in the past decade have secured a four-year deal beginning in their age-34 season or later: Josh Donaldson (four years, $92MM with the Twins), Ben Zobrist (four years, $56MM with the Cubs), Nelson Cruz (four years, $57MM with the Mariners) and Victor Martinez (four years, $68MM with the Tigers. Donaldson’s deal, now almost five years old, is the most recent of the bunch. Of the four, only Cruz’s contract played out well.

Suffice it to say, four years would break any recent precedent for a position player of this age. Speculatively speaking, he could go the route some other veterans have in the past to secure the additional years they seek on longer-term deals: throw in (in this instance) the fourth year at a discounted rate. General expectations for Walker have been that he’ll command something in the vicinity of $20MM per year. If he were to tack on a fourth year at, say, $8-10MM, that’d get him his fourth season and also lower the luxury-tax hit for the signing club. For many of Walker’s reported suitors, that won’t be a factor, as they’re not CBT payors anyhow. For a team like the Yankees or Astros, it could prove significant.

Walker’s asking price is likely one of the reasons that the Yankees “appear increasingly likely to go with a more inexpensive option at first base,” as reported by Ken Rosenthal of The Athletic. The others include the qualifying offer that’d cost them an additional two draft picks (after already punting two for Max Fried) and the plethora of options available on the free agent market  (Santana, Justin Turner, Goldschmidt) and trade market (Josh Naylor, Yandy Diaz, Nathaniel Lowe).

Latest On Nolan Arenado

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The potential for a Nolan Arenado trade has been one of the most persistent storylines of the 2024-25 offseason, and Arenado surged into the spotlight yesterday when it was reported that he invoked his no-trade clause to quash a deal that would’ve sent him to the Astros.

Further details on the matter, unsurprisingly, have continued to leak out today and presumably will in the days and weeks ahead. Derrick Goold of the St. Louis Post-Dispatch reports that while Arenado vetoed the potential deal to Houston, the Cardinals and Astros will continue to negotiate and an eventual deal remains possible. Of further note, while there’s been plenty of talk regarding the number of teams to which Arenado would approve a trade, Goold suggests that the third baseman has not at any point submitted a formal list of such teams to the Cardinals. Around five teams have spoken with the Cardinals about a trade, per the report.

The lack of a firm list could potentially be due to the fact that Arenado’s willingness to approve a trade to another club is context-dependent. Agent Joel Wolfe made clear at last week’s Winter Meetings that Arenado’s goal is to land with a clear win-now team that will continue to pursue a World Series title for the balance of the three years remaining on his contract. A team’s offseason dealings can impact the perception of whether they’re a true long-term contender.

Katie Woo and Chandler Rome of The Athletic report that, somewhat ironically, the very same move that in some regards paved the way for Houston’s pursuit of Arenado might’ve reduced his willingness to go there: the trade of Kyle Tucker to the Cubs. For a player seeking a perennial win-now atmosphere, a team simultaneously trading its best player and balking at re-signing a franchise cornerstone (Alex Bregman) logically raises some red flags. Woo and Rome write that Arenado wants to further see how the third-base market plays out before making any kind of decision, with Bregman’s eventual landing spot being one potential factor.

If that sounds counterintuitive, consider that Arenado could be viewed as something of a “Plan B” for teams with interest in Bregman. Bregman has been linked to both the Yankees and Red Sox, for instance. Either could hold appeal to Arenado, speculatively speaking, but they may choose not to ramp up their pursuit until Bregman is off the table. Revisiting the talks with Houston could also occur if Bregman signs elsewhere.

MLB.com’s John Denton appeared on 101 ESPN’s BK and Ferrario Show in St. Louis this morning and touched on the Arenado saga as well. He echoed many of the same points made in those reports and in his own reporting in helping break the no-trade development yesterday, but he added the wrinkle that Arenado is still holding out hope for a potential match with the Dodgers.

While Dodgers brass has publicly indicated that Max Muncy will be the team’s third baseman next season, Denton suggested some gamesmanship in those comments and reports that the Dodgers still have some interest in Arenado. It’s hard to see how that’d work with Muncy in the fold, Freddie Freeman at first base and Shohei Ohtani locked in at designated hitter.

Muncy would make a pricey and overqualified bench player. He’s a highly affordable starter at third, owed $12MM this year with a $10MM club option for 2026. Muncy doesn’t have a no-trade clause, but the 2023-24 version of Arenado isn’t a clear upgrade overall — certainly not when Muncy has been the superior hitter. Muncy’s .232/.358/.494 slash in 2024 (135 wRC+) outpaces Arenado’s .272/.325/.394 output (102 wRC+) — higher batting average for Arenado notwithstanding. Those roadblocks aside, Denton feels the Dodgers aren’t entirely out of the question and that Arenado isn’t likely to approve a deal anywhere “until the Dodgers tell him no to his face.”

There were clearly many factors that went into Arenado’s decision to utilize his no-trade provision, but regardless of the specifics, the scratched Houston deal leaves the Cards in limbo. They’d like to open third base playing time for younger players (e.g. Nolan Gorman, perhaps Jordan Walker) and are simultaneously hopeful of scaling back payroll ahead of next year’s player development-focused “reset” year.

Trading Arenado would’ve done just that, particularly with the Astros apparently willing to foot the majority of the bill. Woo and Rome indicate that Houston was willing to cover around $45MM of Arenado’s deal. ESPN’s Jeff Passan hears differently, reporting that the Astros were willing to cover a heftier $59MM of the $74MM remaining on the contract. That’s on top of the $10MM the Rockies are covering under the terms of their prior deal. In essence, it seems the Cardinals would’ve only been on the hook for anywhere from $5-19MM in total — as compared to the $64MM they currently owe Arenado ($12MM of which is deferred). Woo and Rome write that president of baseball operations John Mozeliak is “facing pressure from ownership” to further reduce payroll.

Taking a step further back, Arenado’s various reported reasons for saying no to the Astros — at least for the time being — suggest we may not get resolution on his trade candidacy anytime soon. If Arenado is waiting to see both whether the Dodgers make a serious push and to see where Bregman lands (perhaps opening the door for a match with an AL East contender), then the Cardinals’ hands are tied to an extent. Passan writes that the Houston veto could push the Cards to show willingness to eat more of the contract, thus bringing in additional suitors. Even in that scenario, the ball would be squarely in Arenado’s court, and if he’s willing to wait out several related market factors, this saga could drag on for some time.

In that scenario, the Cardinals might well be forced to look into other ways they could shed some payroll. Steven Matz ($12MM), Erick Fedde ($7.5MM) and Ryan Helsley (projected $6.9MM) are among the other short-term veterans on the roster who don’t hold the same no-trade provisions that Arenado, Sonny Gray, Willson Contreras and Miles Mikolas hold. Both Contreras and Gray have reportedly told the Cardinals that they prefer to stay in St. Louis and do not plan to waive their no-trade rights.

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