If you’ve been wondering just how slow this offseason has been, Travis Sawchik has the answer for you: it is the slowest ever. Writing about the glacial pace of the market, Sawchik addressed both the short-term problem — that too many players need to find jobs — and hinted at possible longer-term issues caused by the current collective bargaining agreement, as well.

Whether the current issues will persist in subsequent years is a good question. Next winter, when Bryce Harper signs for $400 million or something, ownership’s reluctance to spend on the current free-agent class might seem like a distant memory. It is possible that a few of next offseason’s signings, however, will simply paper over issues that are likely to endure for the next half-decade.

One of the prominent theories regarding this slow winter has been that teams are saving up for a run at free agency next winter. That might help explain why, even after all of the current free agents find homes, total league-wide payroll in 2018 is likely to be comparable to 2017’s mark. The theory is that teams could be avoiding major commitments this year to save up for a bonanza next year. Perhaps that’s hypothesis will bear fruit. In order to make up for next offseason to compensate for this winter’s relative lack of activity, two conditions need to be met. First, next year’s crop of free agents will need to be composed of much better players and, second, teams will have to spend well beyond current levels.

Let’s start with the players involved. Harper and Manny Machado headline next year’s free-agent class. There’s really nobody close to those two this year. With each set to turn just 26 years old in 2019, both Harper and Machado seem likely to double the highest guarantee of any player this winter. After that pair, we find Charlie Blackmon, Josh Donaldson, Clayton Kershaw (who has an opt-out), and Dallas Keuchel. Blackmon and Donaldson are a little bit older than their free-agent peers, but both have been excellent in recent seasons.

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I probably don’t need to rehash here the stuff we’ve been writing all winter instead of writing about free-agent signings. We all know the market has been remarkably slow. We all know the theories behind the slowness. Most of those theories are probably correct to some extent.

What’s curious to me — and what prompted this article — is that, even after all of the free agents sign, there is a very real possibility that total payroll might actually decrease from a year ago. That’s pretty rare and the implications much worse than I had anticipated.

Near the beginning of the offseason, I took a pretty simple look at how much teams might be willing to spend in free agency. To get those numbers, I took Opening Day payrolls from last season and added 5% to every team — that is, roughly the observed rate of annual inflation of the game over the last few decades. With those numbers, I looked at current team commitments, including arbitration estimates, to get a sense of how much room every team had to spend.

This graph was created with payroll numbers from Cot’s Contracts:

Three months later, that graph is a bit outdated. The market has been slow, yes, but teams have nevertheless made some moves affecting payroll.

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On this year’s Hall of Fame ballot, four former players saw at least a 10-point increase in their voting share over the previous year. Vladimir Guerrero sailed into the Hall of Fame, Edgar Martinez solidified his status as a near-lock for next year, and Mike Mussina looks like a strong candidate for the 2020 class, if not the 2019 one.

Larry Walker, on the other hand, needs a lot of help. He received just 34.1% of the vote this year, leaving just two more cycles for him to reach the 75% threshold required for election. It’s not just that Walker needs some help to get elected: he wants it, too. And, most importantly, he deserves it.

Paul Swydan previously made a good case for Walker’s inclusion in the Hall, comparing him very favorably to Vladimir Guerrero. Here, though, I’d like to directly address a few points that still seem to cause confusion.

He Wasn’t Just Good Because of Coors Field

A lot of the arguments for Larry Walker’s inclusion in the Hall — including on sites like this one — are based on his very impressive 68.7 WAR. That figure ranks 66th all-time among position players and 39th since Jackie Robinson broke the color barrier. His WAR is sixth in that time among right fielders, just behind Reggie Jackson and ahead of every other right fielder you can think of except for a handful of all-time greats in Hank Aaron, Roberto Clemente, Al Kaline, and Frank Robinson

Walker doesn’t lack for impressive numbers by traditional measures. He has a lifetime .313 batting average, for instance, behind only Clemente, Vlad Guerrero, Tony Gwynn, Stan Musial, and Ted Williams among outfielders who’ve recorded at least 8,000 plate appearances over the last 70 years.

Walker also fares well by counting stats. He hit a lot of home runs, a ton of doubles, and stole over 200 bases. The list of players with more doubles, triples, homers, and stolen bases is a pretty small group, composed of just Aaron, Carlos Beltran, Barry Bonds, Andre Dawson, and Willie Mays. He won an MVP award in 1997, receiving more than three-quarters of the first-place votes from the writers. He also has seven Gold Gloves, five All-Star appearances, three Silver Sluggers. He earned at least one vote for MVP in eight different seasons.

There are those who might dismiss Walker’s accomplishments out of hand simply because of Denver’s thin mountain air. It’s certainly true that, with regard to the counting stats, some mental adjustment is necessary. As for estimates of his overall value, though, such considerations are irrelevant: WAR already penalizes Walker for whatever benefits he received from playing half his games at Coors Field.

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A lot of people are disappointed that Edgar Martinez hasn’t been elected to the Hall of Fame yet — and, by extension, that he wasn’t elected during this most recent round of voting. But there’s good news on this front: Martinez’s chances of making the Hall of Fame have never been better.

Martinez debuted on the ballot eight years ago, garnering 36.2% of the vote. Five years after first becoming eligible for the ballot, though, his case had gained little headway. In fact, by 2014 and -15, he’d actually backslid a little, appearing on just 25.2% and 27.0% of ballots, respectively, in those two seasons. At that point, it appeared as though he had little chance of making the Hall of Fame.

In 2016, Martinez benefit from a healthy bump (to 43%) and then another big bump (to 59%) the next year. And while that improved his overall chances of earning admission, the probability that it would occur this year remained low. Consider: over the last 50 elections, only Ralph Kiner has been elected in one year after receiving less than below 60% of the vote the year before. Martinez will almost surely make it next season after a strong 70% showing this year.

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Congratulations to Vladimir Guerrero, Trevor Hoffman, Chipper Jones, and Jim Thome. That quartet of fine players all received word yesterday that they’d earned a place in baseball’s Hall of Fame, each receiving more than 75% of the BBWAA’s vote.

If you think the day after one year’s results are announced is too early to start thinking about the next year’s ballot, that’s fair. If you believe next year’s ballot is fair game, however, come with me as I consider what might happen next January.

First, a point regarding the sheer number of candidates. No players on this year’s ballot were in their 10th and final year of voting, so nobody was removed due to time constraints. That means that every player who was not elected this year and who also received at least 5% of the vote will be on next year’s ballot. Four players were inducted this year, though. Last year, it was three. The size of those two classes alone helps clear out the logjam of eligible candidates a bit.

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In a time that has been marked by the emergence of “super teams,” the Chicago Cubs of the last three years are one of the few clubs worthy of that description. They’ve averaged 97 regular-season wins, won two division titles, advanced to the National League Championship Series three times, and quite famously claimed a World Series title in 2016.

In that context, last season might be regarded as a disappointment. They won “only” 92 games during the regular season and then failed to get back to the World Series, losing in five games to the Dodgers. Much of the Cubs’ lack of success — which, admittedly, is a relative term in this case — has been attributed to a hangover effect from the long and satisfying World Series run. The Cubs were projected for 96 wins at the beginning of the 2017 season. Despite adding Jose Quintana at the deadline, the club finished four games under that mark.

As presently constructed, Chicago remains both excellent and flawed. Projected once again to cross the 90-win threshold, the Cubs’ roster nevertheless features some questions. Yu Darvish is the answer to the most prominent of those — namely, the club’s rotation depth.

Travis Sawchik argued three months ago that the Cubs are the best fit for the best pitcher on the market. Since that time, the team has signed Tyler Chatwood to fill a spot in the rotation. That seems promising.

At the same time, though, the Cardinals have made some moves on the margins and put themselves within striking distance. Entering Last season, for example, the Cubs featured a 10-game cushion over the Cardinals in our projections. As of today, however, Chicago’s projected lead over the St. Louis is just four games. The Cardinals got better, adding Marcell Ozuna to bolster their outfield.

As the forecasts suggest, the Cubs remain in a better position than the Cardinals. All things being equal, that’s good for Chicago. There are some warning signs, though.

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One of the oft-mentioned reasons for the slow free-agent market this winter is that teams are thinking on the same wavelength when it comes to evaluating players. One of the tenets of this theory is that free agents are bad bets because of the aging process. As players age, especially after 30, they get worse on the field, and teams don’t want to get stuck with those decline years.

There is a whole lot of reason in that explanation for the offseason’s lack of activity. There’s also a little bit of faulty logic regarding the aging process, particularly when it comes to this year’s free-agent class and the two biggest names out there, Eric Hosmer and J.D. Martinez.

The first flaw in this argument is based on a misunderstanding of how clubs are compensating players. All teams — and especially the “smart” ones — know and understand that the final year or years of a free-agent contract are unlikely to be valuable in terms of strict wins-per-dollar calculus. It’s generally accepted that those “out” years are going to be mostly dead weight. Players are typically signed to deals for which the total guarantee is equally distributed over the course of a deal. The team isn’t paying an equal amount every year expecting metronomic production over the life of a contract. They expect to receive a surplus of value in the early years and a deficit in latter years. The hope is that the early years compensate for the latter ones.

Teams could, in theory, compensate players a greater amount at the beginning of a contract than at the end, but most clubs choose not to do this because, by spreading the payments out, they get to keep more money in the present, which is more valuable to them. If a team doesn’t want to add, say, a seventh year at $25 million to Eric Hosmer’s offer, it isn’t because they believe he isn’t going to be worth $25 million in that seventh year. It’s because they believe he won’t be worth extra $25 million over the first six years. The value in the seventh year is going to be close to zero in terms of expectations. That’s not the main point I’m trying to make in this post, but it does deserve a mention.

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Earlier this offseason, the Braves and Dodgers conducted a trade that is likely to have little bearing on the 2018 season in terms of on-field results. Los Angeles sent Charlie Culberson, Adrian Gonzalez, Scott Kazmir, and Brandon McCarthy to Atlanta; Atlanta sent Matt Kemp the other way. There was a little money involved, too.

It wasn’t so much the precise identities of the players that were relevant to the deal, however, but rather the manner in which it allowed the clubs to curate their payrolls over the next couple years. The trade permitted the Braves to concentrate more of the salary in just the 2018 season while allowing the Dodgers to spread the money out over the next two years, thus avoiding the luxury tax. For taking on the brunt of the payments now, the Braves received whatever production McCarthy will provide this season and whatever production Culberson will provide over the next few. More importantly, however, they relieved themselves of a large financial obligation in 2019.

It’s hard not to look at that trade and see that the Braves are positioning themselves for a contending run starting in 2019. Perhaps that’s the case. There’s a pretty good argument, however, that they should consider accelerating their timeline. It’s possible, with the right moves, that Atlanta could assemble a winning team a year earlier than expected.

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Major League Baseball’s salary-arbitration process is a pretty ridiculous exercise. A player and team each submit a figure for how much that player should be paid the following season. At some point not long after that, each party argues in defense of their figure, employing an array of statistics that front offices don’t even use for the purposes of evaluation.

If a team’s representatives successfully make their case, then a panel of arbitrators chooses the number they’ve submitted. If the team fails to sufficiently badmouth their own player, then the panel of arbitrators chooses the player’s chosen figure. Even in the best-case scenario — i.e. when the player and team agree to terms before arbitration — they still arrive at that agreement based upon what would would transpire at a hypothetical arbitration hearing. There has to be a better way.

Travis Sawchik recently proposed the introduction of restricted free agency to baseball, an approach that would likely eliminate arbitration, allowing teams to match offers made by other franchises. Like Travis, I would like to see arbitration abolished. Also like Travis, I am concerned about the middle class of players who seem to be shorted in the current system.

I agree that something needs to be done and that restricted free agency represents a better approach than the one currently in place. That said, I do think there might be a better solution, one that doesn’t entirely dismantle the framework of the present system and yet allows players to receive compensation proportional to their talents.

I think the adoption of a new arbitration-type system might benefit from greater use of a mechanism that was first introduced during the 2012-13 offseason — namely, the qualifying offer.

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As of press time, J.D. Martinez, the biggest bat available this offseason, remains unsigned. In any normal offseason, we could chalk this up to Scott Boras slow-playing the market until he gets the deal he wants for his client. Even in this abnormally slow offseason, we probably should still chalk it up to Boras playing his normal games — although holding out until spring training, as has been reported by Jon Heyman, would represent an unusual gambit. Heyman reports that offers are currently in the $120 to $150 million range, with Boras seeking an additional $30 to $60 million on top of that upper figure. As for how much Martinez will be worth over the next five to seven years, there is a wide range of possibilities there, too.

At the beginning of the offseason, when Carson Cistulli crowdsourced deals for the top-50 free agents, respondents were underwhelmed by Martinez, seeing a five-year deal worth $110 million. Looking at projections, that seems reasonable. Generous, even. Steamer projects Martinez for a 130 wRC+ for 2018, right in line with his career average. Take away a few runs from below-average baserunning and a bunch more for subpar defense in a corner-outfield spot, and it turns into a 2.7 WAR at age 30 next season. Now 30, Martinez is more likely than not to be entering the decline phase of his career. Starting with his projected 2.7 WAR for 2018 and adjusting for age-related decline thereafter makes a $100 million contract seem almost outrageous.

Do you know what else seems a bit outrageous, though? Projecting a player with a 148 wRC+ over his last 2,143 plate appearances and a 166 wRC+ at 29 to decline so dramatically at 30 years of age. Dave Cameron believed Martinez would get a contract more representative of his recent performance, predicting six years and $156 million. Martinez is certainly a great hitter now — only Aaron Judge and Mike Trout posted higher wRC+ marks than Martinez last season — but his prospects for future production come with some uncertainty. Martinez hasn’t been a model of health in his career. As he enters his 30s, his risk for injury will only get worse.

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