When Yoenis Cespedes suits up in April, he will very likely be playing for his fifth team in just over a 20-month period. His last 211 games have been split between four clubs. Some might try to use this as a reason to undervalue Cespedes in free agency and argue that three, perhaps four, teams have given up on him of late. Those arguments tend to miss the point, as the Oakland Athletics are prone to trade anyone, the Boston Red Sox desperately needed pitching last season while also possessing a surplus of outfielders, the Detroit Tigers fell out of the playoff race, and the New York Mets are merely prone to some unusual spending limits. The market for outfielders has been slow to develop, but with Jason Heyward off the board, we should begin to see Cespedes’ market gain some clarity.

Cespedes has certainly had an unusual couple of years, although his career as a whole has hardly been typical. Most recently with the Mets, Cespedes came to the United States from Cuba and signed a four year, $36 million contract with Oakland that would make him a free agent at the end of those four seasons. Cespedes hit well almost immediately, putting up a .292/.356/.505 line along with a 136 wRC+ in his first 540 plate appearances.

In the following two seasons, Cespedes could not reproduce the 8% walk rate of his initial season, his BABIP dropped a bit, and he settled in for two seasons of slightly above-average offense with above-average defense in left field, totaling 5.7 WAR over two seasons — with the A’s for a year and a half and then half a season with the Red Sox. Last season was Cespedes’ best season since 2012: he hit .291/.328/.542 for a 135 wRC+ that included 17 home runs in just 51 games following his trade from the Tigers to the Mets. That production led, in no small way, to the Mets’ appearance in the postseason.

In trying to determine what Cespedes will look like over the next five to seven years of a new contract, finding comps using career numbers is unlikely to yield great results. Based on how Cespedes performed at age 26 with the A’s, he was clearly ready for major league baseball. Due to the constraints of Cuba’s emigration laws, however, he was denied the opportunity to play against the game’s best players. As a result, his career numbers are unique. Focusing specifically on the most recent three years, however, we can find some interesting comparable players.

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With the title of this post, I have given myself an admittedly difficult task, given most comments about this trade since it went down. Arizona traded two top-100 prospects, including one player in the top 25 (at least), as well as a proven major league outfielder in exchange for a somewhat inconsistent pitcher, albeit one coming off a three-win season and with three more years of control. For the most part, everybody is beating up on the Diamondbacks — and for good reason: we don’t know the internal valuations the Diamondbacks possess on their own players and players outside their organization, but there is a general consensus that whatever those valuations are, they do not match up the rest of baseball. As a result, they have undersold their assets compared to the rest of the market. If we take out the external valuations of players like Dansby Swanson, Aaron Blair, and Ender Inciarte, can we make a case that, internally, the decision might have been sound?

What I am trying to get at is this: the trade value on the open market for Dansby Swanson, Aaron Blair, and Ender Inciarte is much greater than one Shelby Miller, but if you are the Diamondbacks and presented one choice and one choice only, how do we get to a spot where you choose Shelby Miller over Dansby Swanson, Aaron Blair, and Ender Inciarte?

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Zack Greinke is one of the best pitchers in major league baseball, and as a result, he had no shortage of suitors before ultimately signing a contract in excess of $200 million. In addition to money, the Diamondbacks also surrendered their first-round pick next year, the 13th overall selection. While it would not be quite true to say that Greinke cost “only money,” the Diamondbacks did not give up a single active player in order to acquire Greinke.

Cole Hamels, both the same age as Greinke and roughly as effective over the course of his career, was traded over the summer. Hamels’ cost was not “only money,” as the Texas Rangers gave up six players, including three high-end prospects (and Matt Harrison’s contract), for Jake Diekman and the opportunity to pay Cole Hamels around $100 million over the next four years. While the costs come in different forms, we can compare the two to see how the trade market this past summer compared to this offseason’s free agent market for Greinke.

The Los Angeles Dodgers prioritized Cole Hamels at the trade deadline, but subsequently missed out by refusing to part with their best prospects. The team then prioritized bringing Greinke back, only to be outbid by division rival Arizona. The cost for both players was high, and it is difficult to say whether the Dodgers made a mistake passing on both players, but we should be able to compare the costs for both to see if the Dodgers could have kept a comparable pitcher for less than the amount Greinke received in free agency.

As far as comparisons go, Greinke did have a better year in 2015, but their cumulative WAR graphs (shown below) reveal two remarkably similar careers in terms of value.

In addition, both players are projected to do well next season. By Steamer, Greinke is set for a 4.2 WAR while Hamels comes in a bit behind at 3.6 WAR for the 2016 season. Using those projections as the baseline for future production, we can get an estimate for their value over the next few years. With deferrals, Greinke’s deal turns out to be $194.5 million over six seasons, per Ken Rosenthal. Given the consistency of both Greinke and Hamels, for the purposes of this analysis, we will assume the players will age well.

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In Major League Baseball, the market tends to correct itself as clubs gain greater knowledge of players and their value. If aging players are less successful, the market for that group might slow a bit. Bullpen arms become more or less desirable depending on their scarcity. Increased revenues tend to move everyone up the pay scale. It is important to understand how and when to make adjustments in value as run-scoring environments, finances, and aging patterns change.

That is all well and good for those who run organizations and those who follow the game closely, but the arbitration process is much less nuanced. The non-tendering of contracts to Pedro Alvarez and Chris Carter, along with the trade of Mark Trumbo, are all the result of a failure to adjust — within the arbitration process, specifically — as the market slowly corrects for the overpayment of defensively- (and sometimes offensively-) limited home run hitters whose overall effectiveness has dimmed.

The arbitration process tends to favor the traditional stats that place like FanGraphs have tried to de-emphasize. Closers get big paydays in arbitratio, regardless of overall performance. As a result, the St. Louis Cardinals opted to let Steve Cishek go instead of moving to arbitration where he would receive a salary of around $7 million. Home runs and RBI tend to get paid as well, causing an overpayment for those players who rack up those numbers, but have big deficiencies in other areas.

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With the non-tender deadline approaching on Wednesday, deals for arbitration-eligible players were going to be much more likely than the big free-agent contract we saw the Boston Red Sox hand David Price on Tuesday. Teams, especially small-market teams like the San Diego Padres and Oakland Athletics, have a tendency to move around players whose production on the field is becoming less valuable relative to the increasing expense (due to arbitration) of employing those players. The A’s and Padres completed a four-player deal on Wednesday. Not surprisingly, three of the four players were arbitration-eligible. The Padres will receive starter-turned-reliever Drew Pomeranz and minor-leaguer Jose Torres while the A’s will receive first baseman Yonder Alonso and lefty reliever Marc Rzepczynski.

The motivations for both clubs are fairly transparent. Last season, the Padres attempted an experiment that involved putting Wil Myers in center field and putting Matt Kemp and Justin Upton alongside him. The experiment did not go well. Myers, who had been a right fielder, was ill-equipped to handle center field. Placing the poor defense of Matt Kemp next to him did not help matters. The Padres have apparently seen the error of their ways and will not attempt a similar alignment next season. Myers recently said he would prefer to play first base, and this trade will allow him to do so and leave the Padres open to pursuing a new center fielder while they spend a few years waiting for Manuel Margot.

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Alex Gordon has been a really good, perhaps slightly underrated, player over the last five seasons for the Kansas City Royals. An untimely injury limited his role during this most recent regular season, but he was a big part of the club’s playoff runs each of the past two seasons and played a major role in Kansas City’s first World Series title in 30 years. Thanks to a team-friendly contract extension after his breakout 2011 season, the Royals have paid him just $37.5 million over the last four years, including two potential years of free agency. Although Gordon, heading into his age-32 season, is not reaching free agency at an ideal age, given his production he is still likely to receive a deal totaling around $100 million. The question for the Royals and the rest of the league is, will he be worth that kind of money into his mid-30s?

Gordon has hardly gone unnoticed as one of the best, if not the best, player on the two-time American League champion and reigning World Series titleholder. However, due to the way he’s produced his value — including above-average defense in an outfield corner — it’s possible that Gordon is slightly underrated heading into free agency. Over the last five seasons, he has been one of the very best players in baseball, as evidenced by the WAR leader chart below.

The next five players on that list are Josh Donaldson, Dustin Pedroia, Jason Heyward, Evan Longoria, and Giancarlo Stanton. Gordon has put up a well-above average 123 wRC+ during that time after struggling from 2007 to 2010 as he adjusted to major league pitching following just one full season in the minors. Alex Gordon and Jason Heyward’s name have come up together this offseason as similar players for good reason.

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If you were glancing at baseball news around the internet recently, you might have come across some announcements from MLB Commissioner Rob Manfred. A Forbes‘ article features a headline, for example, that reads “Manfred Announces 3-Year Deal With FOX To Have MLB Games Streamed In-Market“. At MLB’s own website one finds “Streaming deal a huge leap forward for MLB, fans“. Viewing the headlines alone, we might conclude, or at least be hopeful, that this is a really big deal — that MLB is finally getting rid of its blackout policy on MLB.tv, allowing fans to watch their local team without subscribing to an expensive cable television package. Unfortunately, that’s not what’s happening. In-market streaming is a small step towards making baseball more accessible to fans, but does not deal with the principal blackout problems that prevent getting MLB games any way you want them.

In-market streaming, in the iteration announced yesterday, is helpful to fans provided they already pay for a cable service broadcasting their team’s local games. As the Forbes article indicates, the deal is with FOX-owned cable affiliates. Half of the league is broadcast on a cable network owned by FOX, with the other half spread out between other owners like Comcast, Time Warner and DirecTV. While the other networks could reach a deal with MLB, Manfred’s announcement relates exclusively to the FOX-owned properties. In the chart below, the column on the left features the teams whose broadcasts are affected as a result of this agreement, while the column on the right shows teams whose rights are not managed by FOX and are therefore not part of this announcement.

15 Teams With In-Market Streaming for 2016

With In-Market Streaming	Without In-Market Streaming
Atlanta Braves	New York Mets
Cincinnati Reds	Philadelphia Phillies
Cleveland Indians	Chicago Cubs
Texas Rangers	Chicago White Sox
Detroit Tigers	Pittsburgh Pirates
Kansas City Royals	Houston Astros
Los Angeles Angels	Los Angeles Dodgers
Miami Marlins	Seattle Mariners
Milwaukee Brewers	San Francisco Giants
Minnesota Twins	Oaland Athletics
New York Yankees	Washington Nationals
Arizona Diamondbacks	Baltimore Orioles
San Diego Padres	Colorado Rockies
St. Louis Cardinals	Boston Red Sox
Tampa Bay Rays	Toronto Blue Jays

SOURCE: MLB.com

Depending on the cable provider, one might be able to stream games through portable devices if also signed into a home wifi that has also been purchased from the same provider, for example. For the fifteen teams part of this agreement, cable subscribers should have significantly more viewing options. Prior to this agreement, a fan, even if he or she were a cable subscriber and even if he or she paid for MLB.tv, would still be unable to watch games on a cell phone or tablet while located in the home market — nor could could one watch games at the doctor’s office, friend’s home, or while commuting on the train or bus. MLB.tv blacked out the games on own its platform, nor was the local cable provider was providing its own options.

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Chris Davis is a man of prodigious strength. His efforts, or sometimes lack thereof, have been chronicled by FanGraphs multiple times. Since Davis’ first season with the Baltimore Orioles in 2012, he leads all of major league baseball with 159 home runs and only Edwin Encarnacion is even within 20 home runs of him. Just 10 players are within 50 home runs of Davis over the last four years, which means even if Davis had hit zero home runs in 2015 instead of 47, he would rank in the top 10 over the last four years. As power has become increasingly rare over the past decade, Davis made a great comeback after a disappointing 2014 and is set to get paid in free agency this winter. Looking for comparable players, we can attempt to find out how much that great power is worth as Davis heads into his 30s.

To find historical comps for Davis, first I looked for players from 1960 through 2008 who’d produced a similar number of wins in a similar time framce — in this case, between 10 and 20 WAR through their age-29 seasons. As this is not an incredibly high bar, there were more than 300 players in resulting pool. To further narrow sample, I looked for players who fit a similar offensive profile, so within 10 points of Davis’ 121 wRC+ mark and at least a .200 isolated slugging (Davis’ is .251). This narrowed down the list to 42 players. Limiting the list only to players within 25% of Davis’ 3,512 plate appearances left just 31 players. Davis is coming off 47 home runs, a 147 wRC+, and a 5.6 WAR. Eliminating all players with a wRC+ below 125 or under 400 PA in their age-29 seasons left 15 players, many of whom appear very Chris Davis-like.

Chris Davis Comps Through Age 29

Name	PA	HR	ISO	wRC+	Off	Def	WAR
Lee May	3716	176	0.214	127	107.9	-58.2	19.6
Kirk Gibson	3104	126	0.205	128	112.9	-31.8	19.1
Trot Nixon	2739	106	0.218	122	77.9	-1.4	16.8
Carl Everett	2726	103	0.202	117	63.0	19.2	16.4
Tino Martinez	3495	157	0.211	115	67.4	-19.1	16.4
Cliff Floyd	3556	132	0.209	121	107.4	-54.8	16.3
Ryan Klesko	3369	165	0.242	128	120.8	-61.3	16.0
Jason Bay	3259	149	0.234	130	141.4	-88.2	15.9
Frank Howard	3445	162	0.210	127	108.2	-77.1	15.4
David Ortiz	3584	177	0.252	129	116.9	-89.3	14.9
Bobby Higginson	3434	134	0.208	118	80.9	-60.3	13.5
Dave Kingman	3385	204	0.252	115	55.4	-44.8	13.2
Pat Burrell	4145	188.0	0.221	117	73.1	-78.5	12.9
Tony Clark	3212	156	0.225	117	67.8	-61.8	11.5
Jay Buhner	2944	129	0.215	122	73.4	-69.3	10.2
AVERAGE	3341	151	0.221	122	91.6	-51.8	15.2
Chris Davis	3512	203	0.251	121	86.8	-67.6	14.5

Davis comes up a little bit higher in terms of power, but in offensive value, he is right around the midpoint of the group. In a comparison Scott Boras is likely to love, Davis’ career through age-29 looks a lot like David Ortiz’. Nor is it just through age 29 where the comparison exists. As only players with good age-29 seasons were included in the group, here are the above players’ age-29 seasons, among which group Davis compares favorably.

Chris Davis Comps at Age 29

Name	PA	HR	ISO	wRC+	Off	Def	WAR
Tino Martinez	685	44	0.281	141	35.9	-5.9	5.3
David Ortiz	713	47	0.304	157	45.7	-17	5.3
Trot Nixon	513	28	0.272	152	33.6	-0.2	5.0
Carl Everett	561	34	0.286	135	27.1	3.3	4.7
Bobby Higginson	679	30	0.238	131	30.5	-8.5	4.3
Cliff Floyd	609	28	0.244	139	35.0	-18.4	3.7
Kirk Gibson	521	28	0.224	136	27.3	-9.5	3.6
Ryan Klesko	590	26	0.233	135	29.2	-13.7	3.2
Jason Bay	670	31	0.236	133	32.8	-24.8	3.0
Lee May	647	29	0.206	137	26.6	-24.0	3.0
Jay Buhner	436	21	0.263	138	21.5	-10.6	2.5
Frank Howard	549	18	0.164	127	16.4	-10.4	2.3
Dave Kingman	448	28	0.276	131	14.5	-8.8	2.2
Tony Clark	497	16	0.194	125	15.3	-14.7	1.7
Pat Burrell	567	29	0.245	126	14.6	-18.1	1.5
AVERAGE	579	29	0.244	136	27.1	-12.1	3.4
Chris Davis	670	47	0.300	147	36.3	-5.5	5.6

While Davis’ age-29 season puts him even with some great seasons by David Ortiz and Tino Martinez, his inconsistent past, including a 2014 season in which he hit just .196/.300/.404, keep his comps on a more terrestrial level. The end of 2014 resulted in a 25-game suspension for Davis after he tested positive for Adderall twice. He had a therapeutic use exemption for the drug prior to 2013, but did not have one for either 2013 or 2014 when he was suspended. He gained an exemption this past season for a different drug to treat his attention-deficit hyperactivity disorder, so the matter is unlikely to cause trouble again.

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The Chicago Cubs are located within the third-largest media market in the country, have a base of rabid fans supporting the team even in lean years, and — despite having closed the bleachers for much of the early part of the 2015 season — have received greater attendances at Wrigley Field since 2011, in part due to the team’s playoff run this year. While the team has started to have tremendous success on the field, they are moving forward slowly with payroll due to renovations around the ballpark, investments in rooftop bleachers, debt incurred by the Ricketts family when they bought the team, and a below-market television contract that runs out after four more seasons.

That the Cubs are interested in starting their own cable network in Chicago is not a secret. The team’s deal with Comcast runs out after 2019, and they have been setting the stage for an exit. The Chicago Cubs have a long history of airing games locally on WGN, which also found its way on to most cable packages around the country. The Tribune Company owned WGN as well as the Chicago Cubs, and the baseball team provided the company with relatively inexpensive programming that provided a big help to the bottom line.

The television industry, and in particular the sports television industry, have changed over time, rending the broadcast of games on WGN less beneficial. Regional sports networks began swooping up the rights to local baseball games, putting more and more games on cable. The regional sports networks gained much of their revenue from subscriber fees as opposed to traditional advertising, and cable providers felt these stations were necessary to give to subscribers as part of the basic cable bundle. This meant that the Tribune Comany airing games on WGN, while a cable channel to those outside of Chicago, was not maximizing revenue by putting games over the air in Chicago.

In 2004, Comcast Sportsnet Chicago (CSN Chicago) was formed. At the time the Tribune Company still owned the Cubs. CSN Chicago’s ownership was split between the local clubs. Right now, the split is 20% each to the owners of the Cubs, White Sox, Bulls, and Blackhawks, with the remaining 20% to NBC/Universal. Jerry Reinsdorf has the biggest share at 40%, as he owns both the Bulls and White Sox. The Cubs kept about half of their games on WGN, but opted out of that contract when it was up after the 2014 season. The Cubs negotiated their current contract with WGN and the local ABC affiliate so that they would expire after 2019, the same season as their deal with Comcast.

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By most accounts, Justin Upton has delivered on his promise as a former number-one draft pick and top prospect, hitting 190 home runs and averaging roughly four wins per season since turning 21 years ago. Upton has a rare power-speed combination, he was called up at an early age, he hits for consistent power, and he is still just 28 years old. Yet, not unlike another former first-round pick also hitting free agency, Jason Heyward, Upton is regarded by some as a slight disappointment, if unreasonably so. It is Jason Heyward, with even more youth than Upton to go along with great defense, who is seen as the best position player on the market despite hitting just 13 home runs this past year. Upton’s age, however, should not be dismissed, as he is still younger than most free agents on the market and combines that youth with the promise of considerable power.

Justin Upton will still get paid. Jon Heyman hit a high mark publicly, predicting seven years and $161 million, but FanGraphs crowdsourcing came up with six years, $120 million with Dave Cameron adding an extra year at $20 million to sign with the Yankees. That Upton’s contract is likely to be only the fourth, fifth or perhaps even sixth biggest contract of the offseason speaks to the quality of this free agent class as well as the amount of money that has been added to baseball’s revenues over the past few years.

Six years ago, Matt Holliday signed a seven year, $120 million contract with the St. Louis Cardinals. Since then, nine position players have signed $100 million contracts in free agency and player salaries have increased by 50%. Upton’s six year, $51 million contract served to delay his free agency by two years, but because he debuted at just 19 years old, he is still in position to sign a big long-term contract before the aging process begins his decline.

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