The Rays and infielder Ha-Seong Kim have reportedly agreed to a two-year, $29MM contract which allows him to opt out after the first season. He will make $13MM this year with $2MM worth of incentives also available. The full details of the bonuses haven’t been reported but they are based on plate appearances and start at 325. If he forgoes the opt-out opportunity, he’ll make $16MM in 2026. The club has a full 40-man roster and will need to make a corresponding move when this becomes official.
Kim’s free agency has been one of the more difficult ones to project on account of his uncertain health status. In August of last year, while with the Padres, he injured his right shoulder while diving back into first base on a pickoff attempt. He underwent surgery late in September to repair the labrum in that shoulder. His agent, Scott Boras, has since suggested that Kim could be back on the field by April. Padres president of baseball operations A.J. Preller gave a more nebulous and less optimistic answer of “May, June, July.”
Prior to that injury, there was an argument for Kim securing a four- or five-year deal, perhaps approaching nine figures. But the injury to his throwing shoulder made that harder to see. Though he’s a solid hitter, a big part of his appeal as a player is his defense. He has played most of his career at shortstop but also has significant time at second and third base with strong marks at all three spots. If he comes back from surgery with diminished arm strength and is less viable on the left side of the diamond, that would cut into his value.
As such, it seemed likely that he would sign a deal that allowed him to return to free agency next year, either on a one-year deal or a two-year pact with an opt-out. That would give him the chance to potentially return, prove his health and sign another contract with the injury in the rear-view mirror.
At the start of the offseason, MLBTR predicted Kim for a straight one-year pact with a $12MM guarantee, though with the caveat he could follow players like Rhys Hoskins and Michael Conforto in securing a two-year pact with an opt-out. Hoskins got $34MM from the Brewers and Conforto $36MM from the Giants. Both are represented by Boras and Kim switched his representation to that agency in October, shortly after his injury.
The situations aren’t completely analogous. Both Hoskins and Conforto signed their deals after missing an entire season but were set to be healthy as those deals began. Kim, however, seems likely to start the season on the injured list. Kim’s guarantee comes in a bit below those guys, perhaps a reflection of the slightly different timeline.
That makes this an interesting gamble for the Rays. If Kim’s injury lingers towards the longer end of Preller’s timeline, it’s possible that they are going to be paying him $13MM for just half a season. If Kim doesn’t immediately get back in form, he could then forego his opt-out and stick around for 2026 with an even higher salary. For what it’s worth, both Hoskins and Conforto had tepid results in the first years of their respective deals and did not use their opt-outs.
The upside for the Rays is that they could get a really strong player for a relatively modest price. Kim struggled at the plate in 2021, his first season after coming over from Korea, but has been above average in each of the three seasons since then. He stepped to plate 1,678 times over the 2022 to 2024 campaigns, with his 11% walk rate and 17.9% strikeout rate both a few ticks better than average. While not a huge power threat, he got to double-digit homers in each of those campaigns, hitting 39 overall. His combined batting line of .250/.336/.385 led to a wRC+ of 106.
As mentioned, Kim is a strong defender at multiple positions. He also stole 72 bases over the past three years. Putting it all together, FanGraphs has considered him to be roughly a four-win player. He was credited with 3.6 fWAR in 2022 and 4.2 the year after. Last year, the injury limited him to just 121 games, so his fWAR tally came in a bit lighter at 2.6.
The Rays have some question marks at shortstop. Wander Franco was supposed to be the long-term answer there but he hasn’t played since August of 2023, when heinous allegations of sexual abuse against minors emerged. The legal process is still playing out on those charges but it would be surprising if he ever returns to the majors.
Players like Taylor Walls, José Caballero and Osleivis Basabe are on the roster but each of them have posted lackluster offensive numbers in their respective careers thus far. Prospect Carson Williams is probably the new shortstop of the future but he might still need some more time in the minors. He’s still not yet 22 years old, with that birthday coming up in June, and spent all of last year at Double-A. He did get into four Triple-A games late in 2023 but the Rays might want to send him there for a slightly longer stint before giving him his major league debut.
For the Rays, ideally, Kim can return relatively early in the year and play like his old self. Junior Caminero seems likely to take over the third base job this year, with Brandon Lowe and Yandy Díaz the projected regulars on the other side of the infield. That could give them a formidable infield for the majority of the season.
If that plan comes to fruition, Kim would likely opt-out and head back to free agency. He would be leaving $16MM on the table but would be looking for a larger guarantee on a multi-year deal. The Rays could then issue him a qualifying offer, which would probably be around $22MM or so. The QO was $21.05MM this offseason but usually goes up over time due to salaries increasing. The QO number is calculated by averaging out the salaries of the 125 highest-paid players in the league. That could allow the Rays to recoup draft pick compensation and then perhaps hand over the shortstop job to Williams.
There are other less-ideal outcomes on the other end of the spectrum. It’s possible Kim doesn’t return until the second half. Or he returns at some point but his arm strength isn’t quite what it was, making him an imperfect shortstop solution. Or perhaps Williams seizes the job before Kim gets back, leaving him as something of a high-priced utility guy. In those or other imperfect scenarios, the odds of him staying for 2026 would increase. That would naturally be an underwater deal at that point, since he would have walked away otherwise.
That wouldn’t necessarily be the end of the world, depending on the specifics. The Cubs got an okay-but-not-great season out of Cody Bellinger in 2024, then saw him forego an opt-out opportunity. They were still able to dump most of the remainder of the contract on the Yankees. The Brewers, however, are seemingly stuck with Hoskins after his mediocre season. That has perhaps been part of the reason why they don’t have a lot of financial wiggle room this winter.
The Rays are a low-spending club, far more like the Brewers than the Cubs or the Giants. Kim’s $13MM salary will actually make him the highest-paid player on the team. Though they’ve given out some big extensions over the years, this is the third-largest guarantee they’ve given to a free agent, behind the $40MM they gave Zach Eflin and the $30MM they gave Charlie Morton.
It’s unclear exactly what sort of payroll parameters they have for 2025. Cot’s Baseball Contracts had them at $99MM on Opening Day last year. They ended up moving some players making notable salaries at the deadline, such as Eflin, Randy Arozarena and Isaac Paredes. This offseason, they flipped Jeffrey Springs to the Athletics but then signed Danny Jansen and now Kim.
RosterResource now projects them for a $90MM payroll this year. That’s a bit below 2024 but they also might have extra financial concerns apart from player salaries. Due to the hurricane damage to Tropicana Field, they are going to be playing the 2025 season at George M. Steinbrenner Field in Tampa, Florida. That’s normally the home of the Tampa Tarpons, the Single-A affiliate of the Yankees. That is presumably leading to some unexpected moving costs and perhaps less ticket revenue for the upcoming season. Their plans for next year and beyond are murky as well.
It’s an interesting gambit for the club to take with its limited resources. For clubs still looking for middle infield help, Alex Bregman is a potential option due to his reported willingness to play second base. Apart from him, Jose Iglesias, Paul DeJong and Brendan Rodgers are some of the notable free agents.
Jeff Passan of ESPN first reported the two-year deal, $29MM guarantee and opt-out. Marc Topkin of the Tampa Bay Times first reported the specific annual breakdown and the incentives. Jon Heyman of The New York Post reported that the bonuses start at 325 plate appearances.