It’s a good time to be a pitcher: The market for hurlers has been ablaze with rumors and signings, and we haven’t even reached Thanksgiving. The latest move comes from the White Sox, who have signed reliever Kendall Graveman to a three-year, $24 million deal, per MLB Network’s Jon Heyman. He is already the fifth pitcher to sign a multi-year deal so far this offseason, and the sixth pitcher to come off our Top 50 free agent list, where he was ranked at No. 45.

Graveman spent his mid-20s as a starter for the A’s, posting elite ground-ball rates and minimal strikeouts — a recipe that never quite worked out, as by the time he had Tommy John surgery in 2018, he had a career ERA of 4.38, a FIP of 4.54, and a strikeout rate of only 15%. He returned to the big leagues in 2020 with the Mariners, which is where we first got a glimpse of his new form, with a 3.60 ERA and 3.09 FIP in a month of bullpen work to close out the season.

His successful transition to the ‘pen after struggling as a starter is hardly a new story, yet Graveman and his aversion to whiffs isn’t exactly the prototype you look for when trying to create a great reliever. One of the keys for him, as is often the case, came from tapping into unseen velocity when pitching shorter relief outings; what once was a 93-mph sinker now sat 96 and touched 99.

The velocity carried over into 2021, and with it, newfound run suppression, as he became a dominant closer for the surprising Mariners. By the time the trade deadline rolled around, Graveman had a 0.82 ERA, and while his peripherals (a 2.90 FIP and 3.13 xFIP) may have suggested he was closer to a good reliever than an elite one, it was still clear that the move to the bullpen had turned his career around. The Astros acquired him at the deadline to bolster their bullpen for the playoffs, and while still good, he regressed closer to what his peripherals had said all along, putting up a 3.13 ERA the rest of the way. Read the rest of this entry »

How good was phenom Wander Franco’s rookie season in 2021? So good that it actually compelled the Tampa Bay Rays to spend money. Just before Turkey Day, the team and Franco came to an agreement on a massive deal that could reach 12 years and $223 million.

Shortstop Wander Franco and the Tampa Bay Rays are in agreement on a 12-year contract that guarantees him around $185 million, sources tell ESPN. The deal is worth a maximum of $223 million. It is done, pending small details. The 20-year-old is going to be a Ray for a long time.

— Jeff Passan (@JeffPassan) November 23, 2021

Since this is baseball, this isn’t one of those NFL deals in which someone lands a comma-laden top number but, when you read the finer details, it turns out that a huge chunk of that money is a roster bonus due in four years that will never be paid off. Eleven years and $182 million of Franco’s deal is guaranteed, with the bulk of the rest coming from a $25 million club option for 2033 and a little more in incentives that kick in for finishing the top five in the AL MVP voting starting in 2028.

This deal is the new all-time record for a player with less than a full year of service time; the previous no. 1 was Ronald Acuña Jr.‘s extension worth up to $100 million, an agreement that this one essentially laps. Fernando Tatis Jr.’s contract is a larger one at 14 years and $340 million, but he was also a player who had cleared two years of service time when he signed on the dotted line, giving him more financial leverage over the Padres.

Franco finished “only” third in AL Rookie of the Year voting, but this was largely due to the fact that voters give a heavy penalty to a great player with less playing time, something I have direct experience with. The winner, his teammate Randy Arozarena, bested him in WAR, 3.3 to 2.5, but he needed twice as many games to get that far above replacement level. There was little question Franco was ready, as he hit .313/.372/.583 in 40 games for Triple-A Durham. These weren’t flash Albuquerque or Las Vegas numbers either; ZiPS translated that performance as a .281/.328/.473 line, not all that different from the actual .288/.347/.463 line he put up for Tampa Bay.

In case it already wasn’t clear after years of him being the consensus best prospect in baseball, the ZiPS projection for Franco is also that of a young star.

Obviously, the potential exists for him to hit higher numbers in his peak seasons; bottom-line projections are 50th-percentile projections and will naturally be much less volatile than what actually happens. But when I ran the 2022 projections for all the likely subjects, thanks to Acuña’s ACL injury, the only player that ZiPS projects to accumulate more WAR than Franco over the rest of their respective careers is Juan Soto.

The big question out there: is the contract fair to both parties? After all, one can make the argument that Franco may have earned much more by simply playing his way through baseball’s salary process and hitting free agency after the 2027 season.

To that question, I’m in the “yes” camp. The Rays have a great deal of financial leverage with Franco two seasons away from his first arbitration year, assuming that he would achieve Super Two status after the 2023 season at two years, 104 days of service time. But by the same token, I don’t expect the Rays to pay him as if he were a free agent, either. What I personally like to see is a contract that reflects the risks that both parties take in a long-term deal without being grossly weighted in one direction or the other. Call it actuarial fetishism, but a contract like Ozzie Albies‘ seven-year, $35 million contract offends me as an analyst in a way that this deal does not.

I’m not sure why I haven’t built this into the standard ZiPS model (I probably will after this ZiPS season is over), but I constructed a small simulation for how much Franco could make going year-to-year and then signing a mega-deal relative to what he will actually get. In the 50th-percentile projection, with near-minimum salaries in 2022 and ’23, arbitration projections, and free-agent contract projections, ZiPS estimates $297 million over the next 12 years. This is well above the $223 million he can max out at, but that’s not the whole story, either. The upside isn’t tremendously high, with the 90th-percentile projection going up to $360 million. Franco could figure out how to pitch like Jacob deGrom this offseason, and he’ll still get relatively paltry sums of money for the next few years; arbitration awards don’t scale up linearly for superstars. And the downside is significant. His 10th-percentile result ends up with him making less than $20 million over his career, and in 35% of the simulations, he falls short of $182 million. By comparison, at the time of their signings, Acuña falls short of his guaranteed deal only 17% of the time, and Albies does worse only 9% of the time. Another natural comparison is when the Rays signed Evan Longoria a week into his major league career to a contract worth a guaranteed $17.5 million over six years; ZiPS only had him doing worse than that contract in 11% of the simulations.

The future is a very uncertain thing, as demonstrated by the very weak 2021 seasons from Cody Bellinger and Gleyber Torres. Those young stars would probably be better off right now if they had signed $150 million contracts after their rookie campaigns. Since every Mets fan is born with a genetic catalog of tales of sadness and loss, ask someone in Queens their feelings about Gregg Jefferies, who put up an OPS over 1.000 as a 19-year-old for Double-A Tidewater and a .961 OPS in his first cup of coffee before settling into a respectable, but disappointing, 20-WAR career.

No matter what happens with Franco, he’s basically a fifth of the way to becoming a billionaire before the taxman gets involved. The Rays leveraged their position — as you expect people to do in salary negotiations — but not in a grotesque way. If I were an agent and Franco were my client, I’d raise no fuss about him taking this deal. He’s one of baseball’s bright young stars, one MLB would be wise to market around, and now he can afford an entourage worthy of his abilities. Thumbs up all around from me.

Even coming off of a 107-win season and the NL West title, the Giants found themselves in a rather difficult position entering this offseason. A starting rotation worth a combined 16.5 WAR last season — good for fifth highest in the majors — found itself at risk of losing four mainstays who combined for 610.2 of the 831.1 innings that it logged last season: Kevin Gausman (192 IP), Anthony DeSclafani (167.2), Alex Wood (138.2), and Johnny Cueto (114.2). On Monday, the team brought two of those hurlers back into the fold, striking a three-year, $36 million agreement with DeScalafani and a two-year contract worth more than $10 million annually with Wood. Within one hour, the Giants brought back 40% of their 2021 starting rotation and solidified a potential weak point.

As with most of their teammates, DeSclafani and Wood had near-career years in black and orange last season, and they cashed in with nice new contracts before the calendar hit December. The former came in at No. 36 on our top 50 free agents list, with Ben Clemens projecting a two-year, $20 million contract and the median FanGraphs reader estimating two years and $19.5 million. Clearly, the Giants had to go an extra year to get that done. Wood, meanwhile, was unranked on our list, though Ben noted that he had considered slotting him at No. 50, and that the crowdsourced projection had him earning a three-year, $33 million deal. Read the rest of this entry »

Joe Gray Jr. possesses some of the best raw talent in the Milwaukee Brewers system. A second-round pick in the 2018 draft out of Hattiesburg (Mississippi) High School, the 21-year-old outfielder is coming off a season where he slashed .252/.355/.499 between Low-A Carolina and High-A Wisconsin. Augmenting those numbers were 23 stolen bases, 22 doubles, nine triples, and 20 home runs in 479 plate appearances. Called “a high-risk/reward prospect” by Eric Longenhagen earlier this summer, Gray Jr. capped off his 2021 campaign by competing in the Arizona Fall League with the Salt River Rafters.

Currently Milwaukee’s No. 12 prospect, per The Board, he discussed his development during the penultimate week of AFL action.

———

David Laurila: To start, who are you as a hitter?

Joe Gray Jr.: “I’d say I’m still figuring it out. I’m still young and learning to let my body work how it works and not be restricted. That’s what I’m trying to do right now. But I know what I can do. I’m a guy who can drive the ball when I get a pitch out over the plate. I’ve just got to play to my strengths. As I get older and more experienced, through repetitions and at bats, I know it will come.

“Again, I can’t necessarily put too much into ‘who I am.’ I’m not going to put pressure on myself, trying to make sure I’m down with it tomorrow or even next week. This is my first full season, so I’m still trying to figure myself out.”

Laurila: Can you say a little bit more about learning your body, and not restricting yourself? Your level of athleticism is obviously high. Read the rest of this entry »

Despite having the generational talents of Mike Trout and Shohei Ohtani anchoring their roster, the Angels entered this offseason with plenty of question marks. They’ve squandered the majority of Trout’s early career, making with just one postseason appearance since his debut in 2012 despite spending levels that were in the upper echelons of the majors for most of that time. They started this offseason with a bang, signing Noah Syndergaard to a one-year deal last week. That move comes with its fair share of risk, but the top of their rotation now projects to be much more solid. Yesterday, the Angels started addressing some of the question marks around the fringes of their roster. First, they acquired utility man Tyler Wade from the Yankees for a player to be named later or cash considerations. Then, they signed left-handed reliever Aaron Loup to a two-year, $17 million pact, including a team option for 2024 that includes a $2 million buyout.

Loup’s addition addresses a much bigger need than Wade’s. Raisel Iglesias rejected the Angels’ qualifying offer last week, becoming a free agent and leaving a significant hole in their bullpen. While Loup isn’t quite the reliever Iglesias is, he’s been remarkably effective over the past two seasons. Among all qualified relievers during that period, Loup’s park- and league-adjusted ERA ranks second in baseball, 63% better than league average. He led all qualified relievers in 2021 with a 0.95 ERA. Read the rest of this entry »

Friday’s 40-man roster/Rule 5 Draft protection deadline featured the usual flurry of transactional activity. While christening a new wave of big leaguers, the day’s moves also illuminated a secondary effect of recent farm-building trends, and indicated some shifts in the way teams are thinking about the players they do or don’t decide to protect. As I fly through each team’s additions and subtractions from Friday, I’ll flesh out these concepts where they best apply. I’ve tried to give readers a little scouting note on every player, getting into greater detail for players who aren’t yet on The Board (which is where you’ll want to go for in-depth scouting reports) or whose reports I think have meaningfully changed since they were last updated on The Board. Readers should know that when it comes to examining the reasons teams chose not to protect players on Friday, I’m using informed speculation.

Here’s a quick rundown/refresher for folks who might be new to caring about this particular aspect of roster construction. Deeper teams tend to have more good players than they can roster, and tend to lose the ones toward the bottom of their depth chart to talent-hungry clubs that consider them upgrades to the players currently on their not-so-good roster. Sometimes a team with a good big league roster will also have a large wave of quality prospects approaching the majors, and the combination of the two creates motivation to trade some of those prospects away, or else loose them for nothing via waivers or the Rule 5 Draft. The way the 60-day injured list works also impacts a lot of fringe roster movement.

There are a couple ways teams try to deal with this if they think they have more desirable players than they do roster spots. They either package several of them as part of a trade for one significant big leaguer, or deal them for very young players who are several years from needing to be added to the 40-man. Teams keep 40-man dynamics in mind with every move they make, but the period just before the 40-man/Rule 5 deadline at the end of November is almost entirely driven by them. Teams weigh adding their own prospects to the 40-man against the chances that an unprotected player might be popped in the Rule 5 Draft (and stick on their new team’s roster), as well as who they might otherwise be able to use that roster spot for. It’s a part of the baseball calendar that forces teams to make moves that help us learn about their collective behavior and individual preferences. Read the rest of this entry »

Though this year’s market for catchers is pretty barren, so much so that Pedro Severino was a solid pickup for the Brewers, the 2023 free agent class is much more fertile. Several notable catchers will be available for teams to vie for, including Max Stassi, Willson Contreras, and Mike Zunino. Rather than wait the extra year, however, the Colorado Rockies seem content with their in-house options, last week handing veteran backstop Elias Díaz a three-year extension worth $14.5 million. The contract covers his remaining year of arbitration and two seasons of free agency.

In so doing, the Rockies have effectively announced their intent to stick with Díaz rather than search for a new everyday catcher; Dom Nuñez will likely occupy a backup role, while Drew Romo, the team’s No. 3 prospect according to our 2021 rankings, is still a couple of years away from his big-league arrival. All things considered, Díaz had himself a solid season. His 1.6 WAR ranked 15th among 30 catchers with at least 300 plate appearances, making him just about a smack-dab average backstop. Assuming Díaz can keep up this level of production, an AAV slightly under $5 million is a green light, more so because of the relative scarcity of reliable alternatives.

But of course, it’s more complicated than that. In 2019, his previous full season, Díaz was one of the worst catchers in the league, with a 61 wRC+ and a negative value in just about every defensive metric; he was non-tendered by the Pirates that offseason. His track record before that isn’t impressive, either – though Díaz accrued 1.8 WAR in 82 games in 2018, his ’17 campaign was disastrous, good (?) for -1.2 WAR. The Rockies are betting that this back-and-forth parkour will stop, and that the Díaz of the present will be who Díaz remains in the future. It’s a bit risky, though. Which version of Díaz is more likely to appear next season, and can we make an educated guess using the numbers? Read the rest of this entry »

Carlos Cortes might be the most-unique player available in the upcoming Rule 5 draft. A 24-year-old multi-positional player whom the New York Mets took in the third round of the 2018 draft out of the University of South Carolina, Cortes is ambidextrous. When stationed at second base, he throws right-handed. When patrolling the outfield, he throws from his natural left side.

The both-ways ability dates back to his formative years in the Orlando area.

“When I was around eight years old, my dad told me that my chances of playing a position would increase if I was able to throw right-handed,” explained Cortes, who currently stands 5-foot-7. “I didn’t really like it at first — he kind of forced me to do it — but by the time I got to high school, I was pretty natural with it. I caught my first couple years, then played second my junior and senior years, as well as in the outfield. I kind of played everywhere.”

Everywhere included the mound. Throwing left-handed, Cortes sat comfortably in the high-80s and became Lake Howell High School’s closer in his final prep season. Then came his collegiate experience. Eschewing the opportunity to sign with the Mets as a 20th-round pick in 2016, Cortes proceeded to play primarily in the outfield with the Gamecocks, putting up a .906 OPS along the way. Read the rest of this entry »

The last time we saw Justin Verlander pitch, he looked like his usual, dominant self. In six innings against Seattle, he allowed only three hits and two runs while striking out seven. As had been the case in his Cy Young season, he was a little dinger-prone, surrendering two blasts to an otherwise overmatched Mariners lineup. But in an Opening Day start played in unusual circumstances, his stuff looked as sharp as ever.

Unfortunately, that last outing was in July of 2020. Within the week, Verlander landed on the injured list with a forearm strain. Two months later, the future Hall of Famer announced that he was undergoing Tommy John surgery. The procedure sidelined him for all of 2021, his last season prior to reaching free agency.

The timing gave the Astros a difficult decision. With no recent performance to evaluate, Houston nonetheless extended their ace a qualifying offer, which forced Verlander to pick between testing a very uncertain free agent market and taking a $10 million pay cut. He ultimately turned down the QO, but not the Astros themselves. In news amusingly broken by his brother Ben, Verlander re-signed with Houston yesterday on a one-year, $25 million deal that includes a $25 million player option for a second year. Read the rest of this entry »

Last week, the FanGraphs staff and I previewed the top 50 free agents on this winter’s market. It takes two to tango, though (pending the development of my experimental one-person tango), which means the teams looking for players matter just as much. Over the course of this week, I’ll preview the needs of each team in baseball. Today, it’s time to preview the NL and AL Central. You can find the 10 teams in the East here and the Central here.

As much as possible, I’ve tried to be realistic. Yes, the Orioles could sign Carlos Correa, Marcus Semien, Freddie Freeman, Starling Marte, Max Scherzer, and Marcus Stroman in pursuit of a playoff berth next year. They not going to sign even one of those players, though, and I’ve focused on what a team should do given real-world budgets. You won’t see the Rays listed as a landing spot for free agents in the market for $100 million contracts, or anything of that sort. As much as possible, this list is what teams might actually do. Let’s get to it. Read the rest of this entry »