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Rangers Aiming To Drop Beneath Luxury Tax Threshold In 2025

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The Rangers spent lavishly in free agency following the opening of their new stadium, inking Corey Seager (10 years, $325MM), Marcus Semien (seven years, $175MM), Jacob deGrom (five years, $185MM) to mega contracts. They also took on notable salary in trades (Max Scherzer, Jordan Montgomery) and doled out more modest but nevertheless notable guarantees for Jon Gray (four years, $56MM), Nathan Eovaldi (two years, $34MM) and Andrew Heaney (two years, $28MM), among others. Generally speaking, they were rewarded. Texas won the 2023 World Series — the first in franchise history.

The sheer magnitude of those expenditures added up, however, resulting in the Rangers paying the luxury tax both in 2023 and 2024. Texas has spent aggressively at times in the past, but not to this extent. As they face the potential of a third straight season as a luxury tax payor, Evan Grant of the Dallas Morning News writes that one of owner Ray Davis’ top priorities this winter — perhaps even his No. 1 priority — is to duck under the $241MM luxury threshold in order to reset the team’s penalty level.

For those unfamiliar or simply in need of a refresher, the luxury tax is calculated based on the combined average annual salaries of the players on a team’s roster (plus player benefits and a mandatory payment into the league’s pre-arbitration bonus pool). The tax threshold climbs every season — at predetermined levels stipulated in the collective bargaining agreement — and carries escalating penalties for teams that cross the tax barrier in consecutive seasons.

First-time offenders pay a 20% tax on the first $20MM by which they exceed the threshold. They’re then taxed at a 32% rate for the next $20MM. If they cross into the third tier of penalty, that results in a 62.5% tax on the next $20MM and sees the team’s top pick in the following year’s draft dropped by 10 spots. Exceeding the tax threshold by more than $60MM results in being taxed at 80% or any dollars spent thereafter.

That’s just for first-time offenders, however. Each of those penalty levels increases by at least 10% for a team that crosses the tax line in a second season. For a club crossing the tax threshold in a third straight year, the penalties become more burdensome: 50% for the first $20MM, 62% for the next $20MM, 95% for the next $20MM (plus the same draft pick penalty) and 110% for any dollars thereafter. That’s the set of potential penalties the Rangers would be facing if they cross the tax line again in 2025.

To this point, the Rangers’ penalties they’ve paid have been light, relatively speaking. They paid just $1.8MM for their first year of penalty in 2023. This year’s total has not yet been determined, but RosterResource estimates they were a bit more than $13MM north of 2024’s first-tier threshold of $237MM. At a 30% tax hit as a second-time payor, they’d be looking at roughly $4MM in penalties based on that number.

In theory, the 50% tax isn’t all that daunting, so long as the club only modestly exceeds the threshold once again. But the Rangers have quite a bit of work to do this winter, with as many as 10 players reaching free agency — pending option decisions on Nathan Eovaldi ($20MM player option), David Robertson ($7MM mutual option) and Andrew Chafin ($6.5MM club option). Eovaldi is all but certain to decline his option, as he can command something close to (perhaps even above) that same salary on a multi-year deal. Robertson will turn down his end of that mutual option after a strong season. Chafin’s is a borderline call, but if Texas wants to be conscious about its spending levels, that will probably be bought out for $500K.

At present, RosterResource projects nearly $189MM of luxury commitments already in place for the 2025 season — $52MM shy of next year’s $241MM threshold. That ostensibly leaves a fair bit of wiggle room — at least until considering the fact that the Rangers are losing three starters (Eovaldi, Scherzer, Heaney), their three top relievers (Robertson, Kirby Yates, Jose Leclerc) and several role players. They’ll not only need to remake a significant portion of the pitching staff but also look for ways to augment an offense that was among the game’s best in ’23 before growing stagnant in ’24.

Young has already called re-signing Eovaldi and/or Heaney “a priority” this offseason. Eovaldi, in particular, would eat up a significant portion of the funds available to the club this offseason. In a separate mailbag column, Grant suggests that if another team were interested in taking on the remaining year and $13MM of Jon Gray’s contract, the Rangers would pursue such an opportunity and could conceivably reallocate some of those funds to a reunion with Eovaldi.

Gray has performed reasonably well since signing in Texas but has been injured each season and watched his strikeout rate drop in consecutive years. The 32-year-old righty (33 next month) made only 19 starts this season and pitched to a serviceable 4.47 ERA with a 19.6% strikeout rate, 6.4% walk rate and 40.1% ground-ball rate. In three seasons with Texas, the hard-throwing former No. 3 overall pick carries a 4.16 ERA in 387 1/3 innings. His contract is hardly an albatross, but there also isn’t much (if any) surplus value on the deal.

Speculatively speaking, the Rangers could look to free up money in other ways if they feel crunched. Righty Dane Dunning’s projected $4.4MM salary (via MLBTR contributor Matt Swartz) makes him a potential non-tender or trade candidate after a rough season. Leody Taveras ($4.3MM projection) also had a tough year and could be moved with younger outfielders Wyatt Langford and Evan Carter both in the majors now (and hopefully healthier in 2025). Nathaniel Lowe’s $10.7MM projection isn’t unreasonable, but Texas could hypothetically move him and turn first base over to a prospect like Justin Foscue or Dustin Harris (or a cheaper first base option in free agency, such as Carlos Santana). It’d be hard to sell low on Adolis Garcia coming off a down season, and Grant suggests such a scenario isn’t likely.

Any of those trades would only open further holes, though the Rangers have the type of MLB-ready young players (Langford, Carter, Foscue, Harris) to try to address them internally. They also have some young arms on which they could lean in the rotation — Kumar Rocker, Jack Leiter — but Leiter struggled in 2024 and Rocker will be on an innings limit in 2025 as he continues working back from Tommy John surgery. The need in the bullpen is arguably more acute, and the in-house options aren’t exactly plentiful.

It’ll be a challenging offseason for president of baseball operations Chris Young. The Rangers should have some money to spend, but the number of holes are as daunting as they are surprising for a team that’s just 12 months removed from hoisting a World Series trophy.

Young: Rangers Will Prioritize Pitching, Explore Reunions With Eovaldi, Heaney

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The Rangers went from the top of the MLB mountain to missing the playoffs in the span of one season, due in no small part to an offense that sputtered throughout the season. Adolis Garcia and Jonah Heim were among the regulars who struggled at the plate, while Texas was plagued by injuries to Corey Seager, Josh Jung and Evan Carter, among others. As Evan Grant of the Dallas Morning News points out, the Rangers floundered against four-seam fastballs in particular.

Be that as it may, president of baseball operations Chris Young’s end-of-season press conference struck an optimistic tone regarding the in-house hitters the Rangers currently possess. “The biggest remedy, in my opinion, is improving the guys we currently have,” Young said (via Grant). The recently extended Rangers baseball ops leader called internal improvements to the lineup a “heavy priority” heading into next season.

With regard to outside additions, those will come more on the pitching side of the roster. MLB.com’s Kennedi Landri writes that Young specifically mentioned that he’d like to retain impending free agents Nathan Eovaldi and Andrew Heaney. Eovaldi triggered a $20MM player option this season when he reached a combined 300 innings between 2023-24, but he’s widely expected to decline that in favor of a return to the market (barring a hypothetical extension from his current club). Heaney exercised a player option following the 2023 season and returned to make 31 solid starts in this year’s rotation.

“As far as Evo and Andrew go, those are priorities for us,” said Young. “We love those guys. They helped us win a World Series. We would love to bring those guys back, and we’re going to explore every way we can to make that happen.”

Entering the 2025 season, Texas won’t be short on rotation options. Jacob deGrom should be the Opening Day starter now that he’s recovered from Tommy John surgery, though counting on him for a full slate of 30-plus starts doesn’t feel realistic when he hasn’t reached that total since 2019. He’ll be joined by Jon Gray, Tyler Mahle (also in his first full season post-Tommy John) and some combination of Dane Dunning, Cody Bradford, Kumar Rocker and Jack Leiter. With deGrom and Mahle both facing workload concerns and the bulk of the team’s other options yet to pitch a full season in a big league rotation, it’s understandable that the Rangers feel it not just prudent but pivotal to fortify the starting staff.

Reunions with Eovaldi and/or Heaney won’t come cheaply, however. Eovaldi’s two-year, $34MM deal proved to be a bargain, even as incentives ballooned his guarantee to a total of $38.5MM over his two years. He signed that deal coming off an injury-shortened year with the Red Sox, who’d issued him a qualifying offer and thus tied him to draft pick compensation. Now healthy and unencumbered by the weight of a QO, he should be able to top that $34MM guarantee even though he’s two years older than during his last trip to the open market.

Heaney, similarly, was coming off a season of just 72 2/3 innings with the Dodgers. He hasn’t looked as dominant in Texas as he did during that abbreviated run with L.A., but he just gave the Rangers a combined 307 1/3 innings of 4.22 ERA ball with more promising strikeout and walk rates of 23.2% and 7.6%, respectively. He could find another two-year deal in the market, and it’s possible that would come with a larger guarantee than the $25MM term on his last pact.

The extent to which Texas will be able to spend in free agency is not yet clear. RosterResource pegs them with about $148MM worth of 2025 commitments, and that’s not including arbitration raises for Dunning, Heim, Sborz, Nathaniel Lowe and Leody Taveras — a group that MLBTR contributor Matt Swartz projects for a combined $25.5MM. Add in a slate of league-minimum players, and Texas is looking at around $185MM in total projected salary for next year’s 26-man roster. That’s $40MM shy of where they opened the 2024 season, so there’s clearly some room to spend, but that $40MM could dry up quickly if the Rangers are intent not only on adding at least one starter, but also on replacing effectively their entire late-inning relief corps.

To say Texas is likely to be active in the bullpen market would be putting things mildly. Kirby Yates, David Robertson, Jose Leclerc and Jose Urena — their top four relievers by innings pitched — are all free agents. Deadline acquisition Andrew Chafin has a $6.5MM club option ($500K buyout) that is not a lock to be exercised. Robertson has a $7MM mutual option ($1.5MM buyout) and will very likely decline his end of it. Yates, Robertson, Leclerc, Chafin and Josh Sborz — who missed most of the season due to shoulder problems — were the team’s go-to options in high-leverage spots.

Young didn’t comment on what level of increase will or won’t be possible. He plans to meet with majority owner Ray Davis in the near future to outline a spending plan. While Young avoided any firm declarations on payroll, he spoke about uncertainty regarding the team’s endeavors to create a proprietary regional sports network and pledged to build a “very good roster with whatever resources we have.”

On the surface, that’s a far cry from his Aug. 2021 comments wherein he pledged to be “very active” in free agency — and then followed through with blockbuster signings of Seager and Marcus Semien. More context on the Rangers’ potential spending figures to come to light as the onset of free agency draws nearer, but given the team’s current financial obligations and needs up and down the pitching staff, it’s hardly a shock that Young is prioritizing arms and hoping to see a talented core of hitters rebound at the plate next season.

Nathan Eovaldi Unlocks 2025 Player Option

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Nathan Eovaldi completed four innings in tonight’s start against Toronto. That was the necessary cutoff to vest a $20MM player option for next season.

Eovaldi signed with the Rangers over the 2022-23 offseason on a two-year, $34MM guarantee. He collected a $2MM signing bonus and respective $16MM salaries during the first two years. To unlock the option, Eovaldi needed to throw a combined 300 innings over the two seasons. He has now done just that, reaching 156 frames this season after throwing 144 innings during his first campaign in Texas.

As MLBTR’s Steve Adams explored yesterday, there’s a good chance the righty gets to free agency in either case. Eovaldi has had a strong two-year run in Arlington. He worked to a 3.63 ERA last season. He carried a 3.67 mark into today’s start, although the Jays tagged him for seven runs tonight. Eovaldi has fanned more than 24% of opposing hitters while keeping the ball on the ground at a near-49% clip. A consistently excellent strike-thrower, he’s walking fewer than 6% of batters faced.

Eovaldi still looks like a quality #3 arm, one whom teams could comfortably tab for a playoff start. He pitched very well during the Rangers’ World Series run, working to a 2.95 ERA at more than six innings per start over six appearances. Eovaldi’s fastball checks in at nearly 96 MPH on average. He remains one of the harder-throwing starters in the majors even as he approaches his 35th birthday.

The primary knock against Eovaldi throughout his career has been his injury history. While he has ten seasons with 100+ innings pitched, he has had a few significant arm issues. Eovaldi has undergone Tommy John surgery twice. He missed time with back and shoulder problems in 2022 with the Red Sox — perhaps the biggest reason he was limited to two guaranteed years as a free agent.

Eovaldi has gone on the injured list in both seasons with the Rangers. He missed over a month with a forearm strain last year and lost a couple weeks to a groin strain this past May. The forearm injury could be a concern for some teams because of the previous Tommy John surgeries, but he has looked no worse for wear in the year-plus since that IL placement.

Eovaldi has received a qualifying offer in his career. That makes him ineligible for another QO, so Texas could not tie him to draft compensation if he decides to test the market. He would probably at least secure another two-year deal that pays him something close to $20MM on an annual basis. That’d presumably be preferable to the one-year player option, although Eovaldi is a Houston native who might prefer to stay in his home state. The option also provides insurance in case he suffers an injury in either of his final two starts of the season.

The rotation looks like an offseason priority for newly-extended baseball operations president Chris Young. Jacob deGrom is back at the top of the staff. They’ll hope for a healthy season from Tyler Mahle. Kumar Rocker debuted last week and could battle for a rotation spot. That’s also true of Rocker’s college teammate Jack Leiter, though he’s been hit hard in his first seven MLB appearances. Jon Gray should return from a season-ending foot injury in the fourth year of his free agent deal. Cody Bradford has pitched well in a swing role.

That’s a high-variance group. deGrom, Mahle and Rocker recently returned from Tommy John recoveries. Leiter, Rocker and Bradford (to a lesser extent) are light on big league experience. Max Scherzer, Andrew Heaney and José Ureña are headed to free agency. Eovaldi still seems likely to join them. Texas could try to bring Eovaldi back on another multi-year deal and should look for at least one outside acquisition even if they retain him.

Image courtesy of USA Today Sports.

Nathan Eovaldi Approaching Vesting Player Option Threshold

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During the 2022-23 offseason, then-free-agent righty Nathan Eovaldi inked a two-year, $34MM contract with the Rangers. The contract contained a provision for a vesting player option that would give Eovaldi say over his fate for the 2025 season, provided he stayed largely healthy over the course of the contract’s first two seasons. With a combined 300 innings pitched between 2023-24, Eovaldi gains a player option valued at $20MM for the 2025 campaign. The veteran right-hander’s most recent start brought him to 296 innings between the two seasons combined. He’ll trigger the vesting player option if he completes at least four innings in his next start, which is slated to come tomorrow when the Rangers host the Blue Jays. All but two of Eovaldi’s 26 starts this year have lasted at least four innings.

There’s a strong likelihood that Eovaldi will unlock that option tomorrow versus Toronto. It should be emphasized that he’s not locking himself into that $20MM salary for the 2025 season, however, but rather gaining the choice to exercise that $20MM option or turn it down in favor of a return to the open market. There’s perhaps some extra incentive for Eovaldi to consider the player option, as a Texas native — he was born and raised in the Houston area — but he should also be able to top that $20MM guarantee in free agency.

Eovaldi, 35 in September, has been a clearly above-average starter in each of his two seasons in Texas. He’s started a combined 51 games and pitched to a 3.65 ERA across his 296 frames with the Rangers, fanning 23.7% of his opponents against a 7% walk rate. Both marks are better than the league average. He’s also upped his ground-ball rate considerably thanks to an uptick in his splitter usage. A hearty 49.8% of the batted balls against Eovaldi have been grounders; he posted a 43.9% grounder rate in his final two seasons with the Red Sox from 2021-22.

Barring a late injury that throws his 2025 outlook into question, there’s a good case to decline that $20MM player option. Recent examples of multi-year free-agent deals for pitchers beginning in their age-35 season aren’t exactly plentiful, as can be seen in MLBTR’s Contract Tracker, but there are a few such cases that underscore the earning power he’ll have.

Back in the 2018-19 offseason, for instance, both J.A. Happ ($34MM) and Charlie Morton ($30MM) inked two-year deal in free agency. Happ had nearly identical numbers in his two prior seasons to those of Eovaldi at present, and he was a year older at the time (to say nothing of the fact that the price of pitching has increased since 2018). Eovaldi also has a steadier track record than he had at the time. Morton, meanwhile, had only just broken out as a high-end starter in his prior two-year run with the Astros — doing so with numbers that resemble Eovaldi’s current Rangers run. Kenta Maeda signed for two years and $24MM with the Tigers just last offseason and did as a 36-year-old coming off a lesser platform showing. Eovaldi clearly has greater earning power than Maeda had.

Generally speaking, few pitchers remain this effective into their mid-30s and return to the market at this time. Many top-tier starters ink contracts of five, six or seven years in length when they reach free agency around age 30 or 31. “Second-tier” free agent starters, as Eovaldi arguably was in his past couple trips to the market, often suffer injuries or begin to lose effectiveness as Father Time chases them down. However, Eovaldi remains a clear playoff-caliber starter, averaging 95.5 mph on his heater and logging better-than-average strikeout, walk and grounder rates while averaging nearly six innings per start.

We’ve certainly seen pitchers in their age-35 seasons or older command contracts worth $20MM or more in terms of annual value, but they’re typically on one-year deals or the type of anomalous contracts reserved for the sport’s elite arms. Justin Verlander has signed extensions and free-agent deals north of this rate in the latter stages of his career, but he’s a future Hall of Famer and three-time Cy Young winner. Max Scherzer’s record-setting three-year, $130MM deal spanned his age-37 through age-39 seasons, but like Verlander he’s a Cooperstown-bound, multi-time Cy Young winner. Eovaldi’s teammate Jacob deGrom signed the most eye-opening of these deals when he landed five years and $185MM from the Rangers, but a healthy deGrom is arguably the best pitcher on the planet.

Eovaldi isn’t going to command that type of premium annual value, but he has a clear case for another multi-year deal and could take aim at a contract paying him an annual salary in the $20MM vicinity (give or take a couple million). He’s an unusual case when it comes to getting a third bite at the free-agent apple in his mid-30s at a time when he hasn’t lost much, if any, of his effectiveness. Recent mid-rotation starters who could return to the market in their own mid-30s (e.g. Jameson Taillon, Michael Wacha, Marcus Stroman, Jon Gray) will surely be watching closely to see how the market treats Eovaldi this offseason.

What Would It Take For The Rangers To Duck Under The Luxury Tax Line?

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The 2023 Angels entered the trade deadline as something of a long-shot contender but nevertheless embarked on an aggressive win-now push. In an effort both to break their postseason drought and perhaps to show impending free agent Shohei Ohtani a commitment to winning, the Halos went out and acquired Lucas Giolito, Reynaldo Lopez, C.J. Cron, Randal Grichuk and Dominic Leone. It was a valiant, if not desperate effort, and it fell short almost immediately. By mid-August, the Angels were buried in the standings with virtually no hope of climbing back into contention. With the former August trade waiver system no longer in place, GM Perry Minasian and his staff waved the white flag in a new and more drastic way: they put more than one quarter of the roster on outright waivers.

By placing Giolito, Lopez, Cron, Grichuk, Leone, Matt Moore, Hunter Renfroe and Tyler Anderson on waivers, the Angels positioned themselves to A) save an enormous amount of money, B) potentially dip back under the luxury tax threshold (they succeeded), and C) impact several postseason races ... just not in the way they originally envisioned. For those who don't recall, the Guardians claimed Giolito, Lopez and Moore. Renfroe was claimed by the Reds. Leone went to the Mariners. Grichuk and Anderson were not claimed.

Last week, MLBTR's Darragh McDonald previewed a handful of veterans who could hit waivers in just this fashion later this month. Since Darragh wrote that piece, one team has emerged as an even likelier candidate to go down this road; as the Astros have gone on an eight-game winning streak and the Mariners have kept in arm's reach, the Rangers have fallen to a daunting 10 games back in the AL West and 10.5 back in the Wild Card hunt. FanGraphs gives the Rangers a 0.6% chance of reaching the postseason. Baseball Prospectus' PECOTA is more bullish ... at 2.4%. Texas isn't mathematically eliminated, but they're not far off.

As Darragh noted last week and as both Ken Rosenthal of The Athletic and Jon Becker of FanGraphs have explored this week, there's an argument that the Rangers should jettison some of their impending free agents and cut back costs. In his column, Becker looked at how much money the Rangers would save by placing their impending free agents on waivers two days before the Aug. 31 postseason eligibility deadline. Rosenthal noted within his column that there's no clear path to dipping under the luxury tax for the Rangers, "so their only motivation would be to save on salary."

Technically that's true, but it's also not impossible for the Rangers to duck under the threshold without placing their entire roster on waivers for the taking. While sneaking under the tax threshold is a tall order, it could potentially be done without completely decimating next season's roster. Let's take a look at how they could get there and at what type of benefits they'd receive for doing so.

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West Notes: Eovaldi, Scherzer, Gurriel, Musgrove, Graveman

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The Rangers are heading to Boston for a series with the Red Sox beginning tomorrow, but Nathan Eovaldi and Max Scherzer are both going to Texas for injury-related checkups, GM Chris Young told the Associated Press and other reporters.  Eovaldi left his start Saturday after three innings due to tightness in his left side, though the meeting with team doctor Keith Meister is seen as precautionary since Eovaldi “thinks he can pitch through” the issue, Young said.  “He’s so important to us that we’re not sure we want to push him.  We may end up pushing him back or skipping a start.  We don’t think it’s an IL at this point, but we will clearly decide that once he sees Dr. Meister.”

Scherzer was placed on the 15-day injured list on July 31 due to right shoulder fatigue, and Young said the veteran “just hasn’t turned the corner with his shoulder.  Our hope is that maybe we get back and explore some other diagnostic measures and get him back on the mound.  But I don’t know what the timetable is going to be.”  Between this IL stint and an extended absence at the start of the season while recovering from back surgery and a nerve issue in his thumb, Scherzer has pitched only 39 1/3 innings over eight starts.

More will be known about both pitchers’ situations after the tests are complete, but there is clear cause for concern given how both Eovaldi and Scherzer have checkered injury histories.  For Scherzer in particular, his situation is worrisome given how much time he has already missed, and whether or not his abnormal ramp-up this year simply kept him from being fully ready to pitch.  If either Scherzer or Eovaldi are revealed to have more serious issues, it could put the rest of their seasons in jeopardy, as the Rangers might consider shutdowns if the team continues to fall back in the playoff race.

Some other notes from both the AL and NL West divisions…

  • Lourdes Gurriel Jr. left the Diamondbacks’ 12-5 win over the Phillies today due to left hamstring tightness, but manager Torey Lovullo downplayed the injury in postgame comments to MLB.com and other media.  Lovullo said the removal was precautionary and that Gurriel is day-to-day, plus the outfielder isn’t even being sent for any tests at this time.  Gurriel is hitting .269/.302/.414 with 14 homers over 453 plate appearances as the team’s regular left fielder, translating to a 98 wRC+ in the first season of the three-year, $42MM contract he signed to rejoin the D’Backs last offseason.
  • The Padres will be activating Joe Musgrove from the 60-day injured list to start tomorrow’s game against the Pirates, after bone spurs in his right elbow cost him about two and a half months on the shelf.  Talking with Kevin Acee of the San Diego Union-Tribune, Musgrove made changes to his mechanics and delivery in order to help manage the injury.  “The spur is going to be there, the structure of the elbow is not going to change unless I get an operation,” Musgrove said.  “So [I’m] trying to find a way to be able to throw and still execute and still have good stuff.  Hopefully it will alleviate some of the stress on the elbow is kind of the goal….I felt great in this build back.”  Between this injury and a previous elbow-related stint on the IL, Musgrove has thrown only 49 1/3 innings this season, with a shaky 5.66 ERA.
  • Kendall Graveman wasn’t expected to pitch in 2024 after a shoulder surgery last January, but his hopes at an in-season comeback gained some momentum Saturday when he threw a 10-pitch bullpen session.  Astros manager Joe Espada told reporters (including Matt Kawahara of the San Diego Union-Tribune) that Graveman hit 86-87mph in his first time throwing off a mound since the surgery.  As Kawahara notes, there might simply be not enough time left in the season for Graveman to get fully ramped up and then complete a minor league rehab assignment, but that won’t stop the veteran from trying.

Latest On Rangers’ Rotation, Trade Possibilities

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The Rangers have patched together their rotation for much of the season as they anticipate the returns of veterans Max Scherzer, Tyler Mahle and Jacob deGrom. Scherzer has already returned. Mahle is set to make his fifth minor league rehab start today and should make his Rangers debut before long. It’ll be a bit longer before deGrom makes it back, but he tossed a 40-pitch bullpen just yesterday, per Jeff Wilson of RangersToday.com. Left-hander Cody Bradford is on a minor league rehab assignment and expected to return soon, though Evan Grant of the Dallas Morning News writes that he’ll work out of the bullpen upon his return. Texas reinstated righty Dane Dunning from the injured list earlier today, too. He’s in the ’pen for now but could move back to a starting role depending on how the next week goes.

What once was a starting pitching hodgepodge looks increasingly enviable. If Mahle is cleared to return after today’s start, he’ll join Scherzer, Nathan Eovaldi, Jon Gray, Michael Lorenzen, Andrew Heaney and Dunning as viable rotation options, with Bradford in the bullpen and deGrom looming on the horizon. That’s nine MLB-caliber starters, to say nothing of veteran starter Jose Ureña (who started six games but is in the bullpen presently).

With so many options suddenly at their fingertips, there’s been plenty of speculation about the Rangers trading from that stockpile of arms — even as they narrow the deficit in the postseason hunt. Texas has won four straight games. The Mariners have lost three straight. The Rangers now sit only three games back of the first-place Astros in the West and are just 5.5 games out in the Wild Card hunt. They’re not going to operate as a pure seller, but Ken Rosenthal of The Athletic suggests that Lorenzen or perhaps even Gray could be moved before Tuesday’s trade deadline.

Lorenzen, 32, signed with the Rangers on a one-year, $4.5MM deal in spring training. It was a bargain price for a veteran righty coming off a solid season, and he’s proven to be well worth the investment. He’s pitched 97 innings over the course of 17 starts and turned in a 3.53 ERA. Lorenzen’s 18.5% strikeout rate and 11.6% walk rate both leave plenty to be desired and point to some likely ERA regression, but he’s been precisely the type of veteran rotation stabilizer the Rangers hoped to be acquiring when signing him.

As of deadline day, Lorenzen will have just $1.5MM of that base salary yet to be paid out. He’s already picked up $800K of innings-based incentives and will get another $200K when he reaches 100 innings, likely in his next start. Assuming that comes with the Rangers — he’s their probable starter Saturday — a new team would be on the hook for the remaining portion of his base and additional incentives he’d unlock by reaching 120 innings ($300K), 140 innings ($350K), 160 innings ($400K) and 180 innings ($450K). He’s on pace to barely reach that final milestone.

At most, a team adding Lorenzen would pay around $1.5MM in base salary and an additional $1.5MM worth of incentives. If Lorenzen is pitching well enough to reach that 180-inning mark, it’d be considered money well spent. If nothing else, a budget-conscious team looking to add a stable starter (e.g. Twins, Guardians) could view Lorenzen as an affordable option.

Gray would be a more surprising trade candidate. He’s in the third season of a four-year, $56MM contract that’s paying $13MM both this year and next. Thus far, he’s posted 94 innings of 3.73 ERA ball on the season. While Gray’s 19.7% strikeout rate is the lowest of his career (aside from the shortened 2020 season), his 5.8% walk rate is a career-best mark. He’s still averaging 95 mph with his heater, while his opponents’ chase rate and swinging-strike rate are roughly in line with his 2022-23 marks.

Rosenthal also cites a pair of names the Rangers would prefer to hang onto even as they ponder trading from their rotation depth: Eovaldi and Heaney. The former is well on his way to vesting a $20MM player option for the 2025 season. That option would decrease his trade value — a new team would be stuck with the $20MM in the event of a major, post-trade injury. Beyond that, Eovaldi has been one of the team’s best arms this season, notching a 3.31 ERA, 24.6% strikeout rate and 6.1% walk rate in 106 innings. He’d likely be ticketed for their playoff rotation, should they get there. And, even if they don’t, the Rangers might simply hope Eovaldi stays healthy and enjoys pitching in his home state enough that he’d pick up that player option for the 2025 season.

As for Heaney, he’s turned things around after a shaky first season in Texas. The veteran southpaw boasts a 3.60 ERA, 23.5% strikeout rate and 6.8% walk rate in exactly 100 innings. He’s a free agent at season’s end, so one would imagine he’s an on-paper trade candidate in this scenario where Texas deals from its excess. However, the Rangers don’t have an established left-hander in their bullpen. Brock Burke was excellent in 2022 but took a step back in ’23 and was optioned earlier this season after being shelled through 9 2/3 innings. Rookie Jacob Latz has a solid 3.68 ERA in 36 2/3 innings, but he’s walked 13.5% of his opponents. Bradford could possibly fill that role, but he’s yet to return from a stress reaction in his ribcage.

Heaney has experience pitching both as a starter and reliever, including during his time with Texas. He’s throwing well right now but would likely be pushed out of a theoretical postseason rotation. In that setting, he could slide into the bullpen and match up against tough lefties and/or provide multiple innings in long relief.

2024-25 Player Option/Opt-Out Preview: June Edition

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We’re two months into the 2024 season, meaning more than a third of the schedule has already elapsed. While there are still plenty of games remaining, there are enough in the books to affect the market of the upcoming free agent class.

That’s particularly true for players who can opt out of their current contracts. Player ages are for the 2025 season.

  • Cody Bellinger (29): Can opt out of final two years and $52.5MM on three-year guarantee

Bellinger didn’t find the $200MM+ offer he was seeking last winter. As with a few other high-profile Boras Corporation clients (more on them in a minute), he pivoted to a short-term deal that allowed him to return to free agency next winter. Bellinger is arguably out to the best start of the bunch and seems on track to head back to the open market. He can earn a salary of $27.5MM in 2025 or take a $2.5MM buyout. If he decides to stay with the Cubs, he’ll then get to choose between a $25MM salary for 2026 or a $5MM buyout.

The lefty-hitting center fielder has a .265/.325/.459 line with eight homers over 203 plate appearances. His 15.8% strikeout rate and 7.9% walk percentage are on par with last year’s levels. Bellinger is again succeeding despite a below-average 33.8% hard contact rate. He’s not performing at quite the same pace he did in 2023, but the overall profile remains the same: good contact skills with the ability to play center field and mediocre batted ball metrics.

It could set up another winter where Bellinger’s exit velocities are the subject of plenty of debate. Perhaps his camp will need to lower their asking price in the early stages of his free agency, but the initial decision to opt out would be a straightforward one if he continues at this pace. He’d still be fairly young for a free agent at 29. Now two seasons removed from his dismal 2021-22 production, he also wouldn’t be saddled with a qualifying offer. Bellinger received the QO last winter, so he cannot receive another in his career.

  • Matt Chapman (32): Can opt out of final two years and $36MM on three-year guarantee

Chapman also settled for a short-term deal after a tough finish to the 2023 season. The defensive stalwart inked a three-year, $54MM contract with the Giants early in Spring Training. He has a $17MM player option for next season and an $18MM player option for the ’26 campaign if he doesn’t take the first opt-out. There’s a $1MM buyout on a mutual option for 2027 as well.

Over 60 games in San Francisco, he’s hitting .238/.307/.411 with eight home runs. That’s slightly better than average production in this season’s diminished run environment. By measure of wRC+, Chapman has been nine percentage points better than average at the plate — right in line with his usual level. He’s putting the ball in play more than he ever had before, but he’s sacrificing a few walks and some of his typically huge exit velocities to do so. While this would probably be enough for Chapman to head back to free agency in search of a three- or four-year deal, it’s not likely to result in the nine-figure contract that seemingly wasn’t on the table last offseason.

  • Gerrit Cole (34): Can opt out of final four years and $144MM on nine-year guarantee; team can override by exercising a $36MM option for 2029 if Cole declines his end

As recently as a few months ago, this decision looked preordained. Cole, coming off a Cy Young win and probably the best pitcher in baseball, would trigger the opt-out — only for the Yankees to override it by exercising a $36MM option for 2029. Boras suggested as much in a chat with USA Today’s Bob Nightengale in December.

His status has at least been somewhat complicated by elbow inflammation that arose during Spring Training. Cole has spent the entire season on the 60-day injured list; he’ll begin a minor league rehab stint tonight. If he looks like his typical self in the second half, this’ll probably be an easy call for Cole and the Yankees alike. If he struggles or, more worryingly, battles any other elbow concerns, he’d need to more seriously consider hanging onto the final four years and $144MM on his record free agent deal.

  • Nathan Eovaldi (35): Conditional $20MM option if Eovaldi reaches 156 innings pitched or based on Cy Young/All-Star results

Eovaldi’s $34MM deal with the Rangers contained a conditional option for 2025 that went into effect if he threw at least 300 innings in the first two seasons. He logged 144 frames a year ago, meaning he needed 156 this season. Eovaldi lost three weeks to a groin strain. He has made nine starts and thrown 50 innings so far, leaving him 106 shy of the vesting threshold. With another 18-20 turns through the rotation, it’s still doable, but any other injuries would essentially rule it out.

He could also kick in the option with a top-five finish in Cy Young balloting or a top seven Cy Young finish and an All-Star selection. While he’s pitching very well, the Cy Young provision only comes into play if he falls short of 156 innings. Placing that high without reaching 156 frames is a tall task.

Even if he were to vest the option, Eovaldi may well prefer to head back to free agency in search of a multi-year deal. While he’ll be 35, he still looks the part of an upper mid-rotation starter. Eovaldi has followed up a 3.63 ERA during his first season in Arlington with a 2.70 mark to this point. His fastball is sitting around 96 MPH and he has punched out more than 26% of opposing hitters with a ground-ball rate north of 50%. There’ll always be lingering durability questions given his age and two previous Tommy John surgeries, yet on talent, Eovaldi is one of the better pitchers who could be available.

  • Wilmer Flores (33): $3.5MM player option; team can override by exercising an $8.5MM option if Flores declines his end

In September 2022, the Giants signed Flores to a $16.5MM extension. He has a $3.5MM option for next season; if he declines, the Giants could keep him around by picking up an $8.5MM salary. Flores had arguably the best year of his career in 2023, drilling a personal-high 23 homers with a .284/.355/.509 slash line. The pendulum has swung in the opposite direction this season. He has only one longball with a .207/.276/.283 mark in 163 trips to the plate. Flores’ strikeout and walk profile haven’t changed, but his contact quality has plummeted.

A full season of replacement level production would make it likely that Flores takes the $3.5MM salary. There’s still time for him to find his power stroke, though.

Giolito is likely to take a $19MM salary from the Red Sox next year. The typically durable right-hander suffered a UCL injury during his second Spring Training appearance with Boston. He underwent an internal brace procedure and will miss the entire season. While he could be ready for the start of next season, he’d be hard-pressed to match a $19MM salary coming off the elbow procedure.

Opting in would trigger a conditional team/mutual option for the 2026 season, though. If Giolito doesn’t top 140 innings next year, the Sox would have a $14MM option (with a $1.5MM buyout) for ’26. Giolito would convert that to a $19MM mutual option by reaching the 140-inning plateau.

  • Mitch Haniger (34): Can opt out of final year and $15.5MM on three-year guarantee

The Giants signed Haniger to a three-year, $43.5MM free agent deal two winters back. That allowed him to opt out of the final season’s $15.5MM salary. Haniger’s time in the Bay Area was a disappointment. A broken arm limited him to 61 games and he didn’t hit well when healthy. San Francisco dealt him back to the Mariners last offseason in a change-of-scenery swap involving Robbie Ray and Anthony DeSclafani.

Haniger is the only member of that trio who has played in 2024. (Ray is still recovering from Tommy John surgery, while DeSclafani was flipped to the Twins and ultimately required elbow surgery himself.) The veteran outfielder hasn’t hit in his return to the Pacific Northwest. He carries a .221/.282/.349 line with six homers and a strikeout rate approaching 28% in 213 plate appearances. He’s trending towards sticking around.

  • Rhys Hoskins (32): Can opt out of final year and $18MM on two-year guarantee

Hoskins inked a two-year, $34MM deal with the Brewers after losing all of 2023 to an ACL tear. He landed in a favorable hitting environment in Milwaukee with a chance to prove he was back to his typical offensive form. Hoskins has done just that over the season’s first two months, connecting on 10 homers with a .243/.345/.486 line through 168 trips. He’s well on his way to opting out and would be one of the top offensive players in next year’s free agent class. The Brewers could make him a qualifying offer.

The Dodgers brought back the future Hall of Famer, who is rehabbing from an offseason shoulder procedure. His deal contains a 2025 player option with a $5MM base value and significant escalators. It’d jump to $7MM if he makes six starts this season, $3MM apiece for each of his seventh through ninth start, and another $4MM if he starts 10 games. Performance bonuses could push his 2025 salary as high as $25MM.

It’s likely Kershaw will exercise the option regardless of where the specific value winds up. He has been throwing but has yet to begin a rehab stint. A return relatively early in the season’s second half — which would give him a chance to get to 10 starts — is still in play.

Manaea opted out of a $12.5MM salary last winter and landed a two-year, $28MM pact from the Mets. He’s been a rare bright spot in a dismal season in Queens. Over 11 starts, the southpaw has tossed 57 innings of 3.63 ERA ball. He has a solid 23.2% strikeout rate behind an 11.2% swinging strike percentage. Manaea’s 9.9% walk rate is a personal high, but he’s looked the part of a decent mid-rotation starter.

If he continues at this pace, he’d likely forego next year’s $13.5MM salary and hit the market for a third straight winter. Manaea will be heading into his age-33 campaign and could look for a two- or three-year pact (potentially the final multi-year deal of his career). Even if wouldn’t dramatically improve on his annual salary, pitchers like Seth Lugo and Michael Wacha have gotten multi-year deals in their mid-30s for mid-rotation work.

Cincinnati guaranteed Martinez $26MM over two seasons — $14MM this year with a $12MM option for 2025. That investment made it appear the Reds would give him an extended look in the rotation. They’ve instead kept him in the swing role which he played for most of his time with the Padres. Martinez has started five of 13 games, posting a 4.20 ERA across 49 1/3 innings. He has a microscopic 0.76 ERA from the bullpen but has been rocked for a 7.36 mark out of the rotation.

On the surface, Martinez’s production doesn’t seem all that eye-catching. It’s not too dissimilar to Manaea’s work in a swing role with the Giants in 2023, though. Manaea turned in a 4.44 ERA while starting 10 of 37 games with San Francisco. He declined a $12.5MM player option and found a multi-year deal with a team willing to give him a rotation spot. Martinez (like Manaea, a Boras Corp. client) has opted out of multi-year commitments from San Diego in each of the last two offseasons. He’d probably do the same next winter if his performance doesn’t dramatically turn.

Montgomery agreed to terms with the Diamondbacks just days before the start of the regular season. He landed a $25MM salary for this year and a conditional player option for 2025. The condition — making 10 MLB starts — would only not come into play if the southpaw suffered a significant injury. Montgomery is already two starts away from vesting the option. Its value would escalate to $25MM if he gets to 23 starts.

The 31-year-old certainly anticipated declining that option and trying his hand again in free agency. He’s been hit hard through his first eight starts in the desert, though. Montgomery has been tagged for a 5.48 earned run average across 44 1/3 innings. While he’s still showing good control, his strikeout rate has plummeted seven points to a poor 14.4% rate. His four-seam and sinker are each averaging less than 92 MPH after sitting around 93.5 MPH last season. Perhaps Montgomery is still shaking off rust related to his delayed start to the year, yet his early performance could make the option decision tougher than he expected.

The Reds signed Pagán to a two-year, $16MM contract with the ability to collect a $250K buyout in lieu of an $8MM salary next season. It was an odd fit considering Cincinnati’s hitter-friendly home park and Pagán’s longstanding trouble with the longball. His first 21 appearances as a Red have been fine. He owns a 4.19 ERA across 19 1/3 innings. The righty has a customarily strong 30.5% strikeout rate against an 8.5% walk percentage. He has surrendered four homers.

Pagán, who is currently on the 15-day injured list with triceps tightness, has performed about as the Reds probably anticipated. This one can still go either way, but an $8MM salary for his age-34 season feels about right for his market value.

  • Wandy Peralta (33): Can opt out of final three years and $12.65MM on four-year guarantee

The Padres surprisingly signed Peralta to a four-year deal as a means of reducing the contract’s luxury tax hit. The veteran southpaw has been effective, turning in a 2.66 ERA across 23 2/3 innings. Peralta doesn’t miss many bats, but he’s an excellent ground-ball specialist (55.6% this season, 53.1% for his career). Even though he’s pitching well, it’d be somewhat surprising to see him walk away from another three years and almost $13MM covering his age 33-35 seasons.

  • Robbie Ray (33): Can opt out of final two years and $50MM on five-year guarantee

Ray’s five-year, $115MM contract with the Mariners allowed him to bypass the final two seasons valued at $25MM annually. Ray had a solid, if not overwhelming, first season in Seattle. His elbow gave out after one start in year two. Ray underwent Tommy John surgery in May 2023. The Mariners offloaded the final three years of his contract in the Haniger trade with the Giants.

The former AL Cy Young winner is targeting a return around the All-Star Break. He has been throwing from a mound and could head on a rehab stint in the coming days. Odds are against an opt-out right now, but a dominant second half could change the calculus.

The Royals signed Renfroe to a surprisingly strong two-year, $13MM deal. The righty-hitting outfielder was coming off a middling .233/.297/.416 showing between the Angels and Reds a year ago. He has had a very rough start to his Kansas City tenure, hitting .178/.256/.309 with only four homers in 168 plate appearances. It’d take a major reversal in the season’s final few months for him to forego a $7.5MM salary.

The Giants jumped in late on Chapman and even later to grab the defending NL Cy Young winner. Snell signed a two-year, $62MM guarantee two weeks before Opening Day. The hope for everyone involved was that he’d collect the first $32MM and pitch well enough to pass on next season’s $30MM option.

Snell’s first two months in the Bay Area couldn’t have gone much worse. He has battled groin issues throughout the season. Snell lost around a month with an adductor (groin) strain between April and May. He went back on the 15-day IL last night. He has taken the ball six times and been rocked for a 9.51 ERA over 23 2/3 innings. Needless to say, he’ll need a much better final four months to go back to free agency.

The Renfroe deal wasn’t the only surprising two-year pact with an opt-out that the Royals signed last winter. They signed Stratton, a generally solid middle reliever, to an $8MM deal containing a $4.5MM option for next season. The right-hander was coming off a 3.92 ERA performance across 82 2/3 innings out of the St. Louis and Texas bullpens.

He hasn’t been as effective for the Royals, allowing 5.76 earned runs per nine through 25 frames. Stratton’s strikeout rate is down a few points to 21.7%, but the much bigger issue is an uncharacteristic inability to find the zone. He has walked almost 16% of batters faced, more than doubling last season’s rate.

  • Justin Verlander (42): Conditional $35MM option if Verlander reaches 140 innings pitched

Verlander would unlock a $35MM player option if he throws 140 innings this season. While he was delayed to start the year by shoulder discomfort, he has logged 52 innings in nine starts since his return. Barring another injury, he’ll throw more than 88 innings over the season’s final four months.

At 41, Verlander is still pitching well — a 3.63 ERA with a 22.2% strikeout rate — but he’s not operating at Cy Young form. If he continues at this pace all season, matching a $35MM salary on the open market is unlikely. Verlander seems comfortable in Houston and would probably prefer to stick with the Astros, though that may depend on whether the team plays better before the deadline. Verlander approved a trade from the Mets back to Houston last summer when it became clear that New York wasn’t going to be a legitimate World Series contender during his contract. At 27-34, the Astros need to turn things around quickly to put themselves in position for an eighth straight trip to the ALCS.

Wacha landed in Kansas City on a two-year commitment with matching $16MM salaries and the opportunity to head back to free agency after year one. The veteran righty is pitching well enough to make that a consideration. He owns a 4.24 ERA across 12 starts and 68 innings. That’s a run higher than his ERA of the past two seasons, but the general profile remains the same.

He throws strikes with slightly below-average whiff rates. He has thrown between 120-140 innings in each of the last three seasons and looks on his way to matching or surpassing that in 2024. Opting out in search of another two-year deal in the $30MM range is plausible.

Rangers Place Evan Carter On Injured List; Reinstate Wyatt Langford, Nathan Eovaldi

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The Rangers have reinstated outfielder Wyatt Langford and right-hander Nathan Eovaldi from the injured list, with Eovaldi starting tonight’s contest. In corresponding moves, outfielder Evan Carter lands on the 10-day IL due to back tightness while righty Yerry Rodríguez has been optioned out. Evan Grant of the Dallas Morning News was among those to relay the news prior to the official announcement on X (link one and two).

Carter’s back has been bugging him for a few weeks. Between May 8 and May 18, he only took two plate appearances for the Rangers. He’s been in the lineup more regularly of late but still hasn’t had a hit in about three weeks. It seems like the back problems have contributed to his lackluster results on the year. He was hitting .236/.328/.472 through May 4 but has a batting line of just .053/.100/.053 since then.

Coming into the season, it was possible to envision Texas having two regular players battling each other for the Rookie of the Year crown, but it hasn’t played out that way thus far. Carter’s recent slide has dropped his season-long batting line to .188/.272/361. Langford, meanwhile, hit just .224/.295/.293 through 129 plate appearances before landing on the IL due to a right hamstring strain. Langford will now get a chance to improve his numbers while Carter takes some time to rest up and get healthy for later in the season.

Injuries have also been a key storyline for the Texas rotation all year long. They knew long ago that Jacob deGrom and Tyler Mahle would be on the IL for the first half, as each of them underwent Tommy John surgery in the middle of last season. Then Max Scherzer required back surgery in the offseason. There was a time when it seemed like he could come back in mid-May but he has been delayed by thumb soreness and his timeline is still up in the air.

Since the season started, the Rangers have also seen Eovaldi, Jon Gray, Dane Dunning, Michael Lorenzen and Cody Bradford miss time on the injured list. All that has left Andrew Heaney as the only consistent member of the rotation this year.

Some of those IL stints have now ended, including Eovaldi’s today, so the rotation currently consists of him, Heaney, Dunning, Lorenzen and José Ureña. The club used Gerson Garabito for a spot start on Sunday and it seemed he could stick around for now as a long reliever.

The various injuries up and down the roster have seemingly prevented the defending champions from charging out of the gate this year, as they are currently 25-29 on the season. But the American League West is surprisingly weak so far this year, as the Astros are also struggling. The Rangers are second to the Mariners, just 3.5 games back and still very much in it.

Getting Eovaldi back on the mound is obviously helpful, as he had a 2.61 ERA prior to hitting the IL with a groin strain and had a 3.63 ERA for the Rangers last year. Langford could slot into the designated hitter role that Adolis García has been in recently, pushing García back to the outfield next to Leody Taveras and a rotation of Ezequiel Durán, Robbie Grossman and Derek Hill, with Carter hopefully jumping back into that mix once he’s healthy.

Rangers Place Nathan Eovaldi On Injured List

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The Rangers announced today that right-hander Nathan Eovaldi has been placed on the 15-day injured list with a right groin strain. Fellow righty Yerry Rodríguez was recalled in a corresponding move.

Eovaldi, 34, started yesterday’s game but departed the game with groin tightness. He seemed unconcerned with the issue after the game, per Jeff Wilson of Rangers Today, though the club scheduled him for an MRI. It seems that a strain was found, though the current severity isn’t publicly known.

Regardless of how long Eovaldi is out, his absence will be a challenge for a Rangers club with plenty of rotation injuries. The club has long known that Jacob deGrom and Tyler Mahle would be out for significant portions of this year, as each underwent Tommy John surgery last year. Max Scherzer then required back surgery in the winter, which meant he was going to start the season on the IL as well. Since the season has started, Cody Bradford has landed on the shelf due to a stress fracture in his rib and now Eovaldi is following that group to the IL.

Subtracting Eovaldi will naturally hurt, as he has a 2.61 earned run average on the year. His absence will be doubly challenging for the club at this time since they are currently in a stretch of playing ten games in nine days, thanks to a scheduled doubleheader in Oakland this coming Wednesday.

For now, they can have Michael Lorenzen, Dane Dunning, Jon Gray and Andrew Heaney start the next four contests. But they will need another starter to take Eovaldi’s spot in the rotation by Tuesday and then someone else for the twin bill the day after.

José Ureña is on the big league roster and has been throwing multi-inning stints out of the bullpen. He could be an option for a start or working as a bulk pitcher as part of a bullpen game. Jack Leiter and Owen White are each on the 40-man roster, though neither had good results in their previous call-ups this year. Scherzer had begun a rehab assignment but has been slowed by some thumb soreness and his timeline is unclear at the moment. Johnny Cueto recently signed a minor league deal but hasn’t yet appeared in official game action. Adrian Sampson and Shaun Anderson are stretched out at Triple-A but neither is on the 40-man roster at the moment.

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