The title of this post serves is a warning, but not an absolute one. There’s a price at which just about any player becomes palatable. If Edwin Encarnacion were available to a team for just $1 this offseason, that team should sign him. For a number of reasons, Edwin Encarnacion will not be available for $1 this offseason. For a number of reasons, Edwin Encarnacion is going to earn much more than that. For a number of reasons, he’s likely to be overpaid for the services he’ll render.
Encarnacion, 33, just finished a season in which he hit 42 home runs and produced four wins above replacement. That matches very well with his last five seasons, during which he has averaged 39 homers and four wins above replacement. A standard decline from that level of production should make Encarnacion a very valuable player in this year’s free-agent class, but there are major warning signs.
In his piece on free-agent landmines, Dave Cameron wrote that Encarnacion was unlikely to be worth $100 million ($90 million in salary plus the value of the draft pick) unless he defies the aging process. How do we estimate Encarnacion’s worth? A couple ways, actually.
Let’s begin with a simple way — namely, by applying a standard aging curve to Encarnacion’s current 2017 projection. Encarnacion has been a steady four-win player for half a decade. If we were to see some decline, we might expect him to produce just a 3.5 WAR next season. Our current projections for Encarnacion estimate that he’ll record only a 2.3 WAR next season, however.
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