The Worst Transactions of the 2014 Off-Season
On Wednsesday, I gave my thoughts on the 10 moves from this past off-season that I liked the most. Today, we’ll look at the other side, and cover the 10 moves that most made me scratch my head.
On Wednsesday, I gave my thoughts on the 10 moves from this past off-season that I liked the most. Today, we’ll look at the other side, and cover the 10 moves that most made me scratch my head.
At this rate, every person in the metro Atlanta area will receive a long term deal from the Braves before the end of spring training. Their extension spree continued today with a seven year, $58 million deal for shortstop Andrelton Simmons that will keep him locked up through his age-30 season while also providing some new benchmarks for both inexperienced players and defensive specialists.
For the Braves, this deal is very similar to the contracts they’ve already agreed to with Freddie Freeman, Julio Teheran, and Craig Kimbrel. In each case, they prioritized locking up the player’s prime years for the right to not be on the hook for the age at which we expect their skills to begin to deteriorate. For reference:
Extension season continued today, with the Reds announcing the six year, $105 million contract for Homer Bailey that’s been rumored for the better part of the last week or so. Jeff already wrote up Bailey’s 2013 improvements, and there’s no question he was a significantly better pitcher last year than he had been previously. If those improvements are real and sustainable, Bailey won’t have any problem justifying this extension, and he certainly would have landed a much larger deal as a free agent next winter. There’s certainly upside here if he continues to pitch as he did last year.
That said, it’s also a pretty big bet on what amounts to one year’s performance at this level, and we can’t ignore what Bailey was before 2013 in projecting what he’ll do going forward. Using forecasts that account for multiple years of performance, Steamer projects Bailey as a +2.5 WAR pitcher in 2014, while ZIPS is a little more optimistic, coming in at +3.5 WAR. The always optimistic FANS projections are agree more with ZIPS, but they’ve generally been 15-20% too high across on the board — rose colored glasses and all that — and if you adjust all the FANS projections down to a more reasonable baseline, Bailey would come out at +2.9 WAR. I think it’s fair to say that Bailey is roughly a +3 WAR pitcher at the moment.
But this winter, we’ve seen a bunch of +3 WAR starters hit the free agent market, and none of them got anywhere close to $105 million over six years. One could certainly make the case that Bailey is more attractive than pitchers like Matt Garza (health concerns), Ubaldo Jimenez (lack of consistency), Ervin Santana (ditto), and Ricky Nolasco (ERA/FIP differentials), each of whom have signed — or in Santana’s case, are likely to sign — for roughly 4/$50M. The Reds essentially bought five of Bailey’s free agent years for an AAV of $19 million per season, while similar-if-not-quite-as-attractive actual free agents were only able to command $12 or $13 million per year with one fewer guaranteed year. Even if you prefer Bailey to these free agents — I do too, for the record — I’m not sure how to justify the gap at $6-$7 million per season, plus an extra guaranteed year, especially considering Bailey wasn’t actually a free agent yet.
Yes, there are still free agents on the market, but with Spring Training officially underway, I think it’s fair to say that the off-season is over. From November through the first half of February, we’ve seen over $2.2 billion handed out in free agent contracts, and that doesn’t even account for the big money being thrown around in contract extensions for players who weren’t yet up for open bidding. We also saw several notable trades, with some big names and big contracts changing cities over the winter.
So, let’s go ahead and do a little recapping, starting off with my 10 favorite moves of the last three and a half months. This is the third year I’ve done this here on FanGraphs, with the 2012 list working out a little better (in retrospect) than the 2013 version, which included praise for deals like the Melky Cabrera and Scott Baker signings. We’ll aim for better results this year.
11:44 |
: The queue is now open, so get your questions in.
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12:00 |
: Probably going to start 5-10 minutes late today, but we’ll run long in order to make it up to you.
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12:14 |
: Sorry guys, just a few more minutes.
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12:15 | : Okay, just pushed out my list of the best moves of the off-season, so let’s get this thing started. And you can read that here, if you’re interested. |
12:16 |
Is there a way to assign a dollar value to a players fielding versatility? For example how much more valuable is Bonifacio over an identical hitting mono-positional player? |
12:17 |
: I think the value shows up in the fact that these guys have MLB jobs at all. If a guy like Bonifacio only played one position and hit like he did last year, he’d probably be a Triple-A lifer.
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The Atlanta Braves are in the news yet again, with yet another long term contract for a member of their young core. After already locking up Freddie Freeman and Julio Teheran, the Braves have now committed $42 million to Craig Kimbrel over the next four years, buying out his three arbitration years and his first year of free agency, while also getting an option for his second FA season. Kimbrel is a dominant closer, and on a per batter faced basis, maybe the most dominant pitcher in the sport right now.
In his career, opposing batters have posted a .212 wOBA against Craig Kimbrel. That’s 40 points better than Aroldis Chapman’s .253 wOBA against, and Chapman is probably the only guy who one might think could challenge Kimbrel for the most dominating title. Kimbrel has been essentially the perfect closer, putting up some of the best relief pitcher seasons in baseball history, since he debuted back in 2010. And yet I still wonder whether or not the Braves really needed to sign this contract.
11:57 |
: And boom goes the dynamite.
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11:58 |
: Programming note: I’m not answering any ZiPS spreadsheet release date info. I’m working on getting everyone on the right team, but am not going to commit to which day this week first go will be ready.
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11:58 |
My girlfriend wants me to unfollow you on Twitter because you are a pompous ass (her words not mine). Should I break up with her? |
11:59 |
: Wait, she wants to control your unfollows? She needs to have some serious hotness to put up with that.
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11:59 |
: Teller you followed me because I’m a pompous ass.
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11:59 |
how will you remember the jim hoey era? |
Today, Julio Teheran joined the ever growing ranks of young players to sign long term deals early in their careers, agreeing to a six year contract with the Braves that guarantees him $32.4 million, according to Ken Rosenthal. Because he has just one year of service time, this deal buys out two remaining pre-arb years, three arbitration seasons, and then his first free agent year, while also giving the Braves an option for a second free agent year at just $12 million.
The easy comparison is the Madison Bumgarner deal signed in April of 2012. Because that deal was completed after opening day, it’s officially only a five year extension, but in reality, it covers the same time period as this deal for Teheran, and could be more accurately described as a six year deal since the extension didn’t kick in for 12 months from the signing date. Bumgarner got $35 million in guaranteed money for those six years, and he gave up two free agent years as team options for $12 million. Teheran got a little less in guaranteed money, but also surrendered one fewer free agent year. Regardless, the two deals are very similar, and there’s little question that the Braves used Bumgarner’s contract as something of a template for this Teheran deal.
Speculating about how much money it would take to sign Mike Trout to a long term deal has become something of a sport unto itself. Ever since he broke into the big leagues and almost immediately established himself as the best player in baseball, people have wondered aloud about what kind of deal he could command. The fires were stoked even further when the Angels decided to renew his contract for just $510,000 last year, allowing him to rack up another +10 WAR season and get even closer to free agency. Now, with just four years of team control remaining, the Angels are reportedly hoping to get Trout signed to a long term deal that will keep in Anaheim for the foreseeable future.
So, let’s play the Mike Trout Extension Game again. With Freddie Freeman resetting the extension market for players with three years of service time, we have a new data point to work with anyway, and so we probably need to update our prior estimates to reflect the new reality of extension pricing. So let’s work through the numbers and see what we can come up with.
Derek Jeter announced today that the 2014 season will be his last, bringing an end to a career that will have spanned 20 years. And while Jeter may be most famous in the statistical community as the poster boy for modern defensive metrics, the reality is that even with his lack of range at shortstop, he’s still easily one of the greatest players of all time.
The basic numbers: Among players who have played at least 25% of their games at shortstop — the qualification needed to show up at the position on our leaderboards — Jeter ranks 6th in WAR. Of the five guys ahead of him, three played (at least in part) in the 19th century. One of the others spent nearly as much time at third base as he did at shortstop. Essentially, over the last 100 years, Cal Ripken is the only full time SS we’ve seen that has posted a higher career WAR than Jeter.
So maybe the mainstream media has overrated Jeter over the last 20 years, but if they have, they’ve slightly exaggerated the greatness of one of the greatest players of all time. This isn’t a Ryan Howard or Jack Morris situation, where the narrative has turned an okay player into a superstar based on myth and legend. Jeter is a legitimate legend on his own merits, with no embellishments needed.
We don’t need to do any kind of career retrospective now, since his career is not yet over, but as a member of the community who has often pointed out Jeter’s defensive deficiencies, I will happily point out that even those flaws don’t keep him from being one of the premier players of his generation. Congratulations on a terrific career, sir.