Geraldo Perdomo is not leaving Arizona any time soon. On Monday night, Mike Rodriguez reported that the Diamondbacks and their switch-hitting shortstop had agreed to a contract extension, which is for four years and $45 million, includes a club option for a fifth season, and starts in 2026, according to ESPN’s Jeff Passan. The 25-year-old Perdomo has just over three years of big league service time, so the deal will buy out his final two arbitration seasons and at least the first two years after he would’ve reached free agency. Perdomo was an All-Star in 2023, and he put up 2.0 WAR in 2024 despite an April knee injury that limited him to 98 games. He’s now set to spend the entirety of his 20s providing the Diamondbacks with a throwback blend of solid shortstop defense and an absolute refusal to swing the bat.

Perdomo got a cup of coffee in 2021 and played his first full season in 2022, running a 59 wRC+ that limited him to just 0.3 WAR. In 2023, he earned an All-Star nod on the back of a torrid, BABIP-fueled start that saw him with a 200 wRC+ on May 3. He quickly came back to earth, but ended up running a 117 wRC+ in the first half and a 74 wRC+ in the second half, for an overall mark of 98 and 2.3 WAR. Perdomo missed just over two months due to a torn meniscus in 2024, but he put up a 101 wRC+ and his second straight two-win season. Essentially, he’s been a bit better than league average for two seasons now, and that was enough to convince Arizona to lock him down for the entirety of his prime. Perdomo and the Diamondbacks had already avoided arbitration by agreeing on a $2.55 million salary for 2025, and the new deal will add a $5 million signing bonus to that. He’ll receive a $5 million salary in 2026, then $8 million in 2027, $11 million in 2028, and $13 million in 2029. The Diamondbacks also have a $15 million club option for 2030, with a $3 million buyout should they choose not to exercise it. There are also incentives for a top-10 finish in the MVP voting.

That’s a pretty big commitment, even bigger when you consider the fact that the Diamondbacks have shortstop Jordan Lawlar, whom Eric Longenhagen just ranked our 14th overall prospect. Let’s talk about why the Diamondbacks feel Perdomo is worth extending, even if it means blocking the best prospect in their system.

Personally, I think Perdomo is one of the most fascinating players in the game. He came up as a glove-first shortstop prospect, and he certainly looks the part, but the advanced defensive metrics have been split on his performance for his entire career.

For his first two seasons, DRS thought he was costing the Diamondbacks runs. Then in 2024, the season when he missed time due to a major leg injury, it thought he was one of the best shortstops in baseball. Statcast has pretty much seen him as neutral throughout his three-year career, while DRP thinks he’s been great with the exception of 2023. Clearly, though, the Diamondbacks believe in his defense.

On offense, Perdomo is just plain weird. I know I summarized his overall offensive performance earlier, and those numbers are pretty standard – he’s been right around league average for two straight seasons – but it’s important to understand how he got to those numbers. For starters, Perdomo cannot stop bunting. Over the past three seasons, Perdomo has laid down 66 bunts, the most in baseball. His 33 sac bunts are also the most in the game; only three other players have even reached 20. His 15 bunt hits rank eighth, but among the 61 players with at least six bunt hits over that period, his 23.8% bunt hit rate ranks dead last. Even more damning, he leads baseball with 52 foul bunts. According to Baseball Savant, those fouls have cost the Diamondbacks four runs. That’s the worst number in baseball.

The bunting is genuinely a problem, but it fits perfectly with Perdomo’s overall approach at the plate, because that approach could be best summed up as “Try with all your might to avoid swinging.” Perdomo is one of the most passive players in all of baseball. Our database goes back to 2002, and since then, Perdomo’s 39.2% swing rate ranks 48th out of the 1,129 batters with at least 1,000 plate appearances. That puts him in the fifth percentile. Over the past three seasons, it’s the sixth-lowest mark in the game. Perdomo is the exact kind of player whom Robert Orr’s SEAGER metric was built to expose. In 2024, SEAGER had him in the 77th percentile in terms of selectivity, but it put him in the second percentile in terms of taking hittable pitches. In other words, Perdomo’s unwillingness to swing at strikes is way more extreme than his ability to lay off balls.

Keep in mind that SEAGER was meant to assess a player’s ability to do damage, and, well, that’s just not Perdomo’s game. He runs some of the lowest contact quality numbers in baseball. However, he makes tons of contact. Not only that, but over the past two seasons, he’s run a foul rate of nearly 43%, one of the higher marks in the game. It’s nearly impossible to get him to swing and miss, even when he swings and doesn’t put the ball in play. So even though pitchers attack the zone like crazy, he runs excellent walk and strikeout rates. If I’m making it sound like every single part of Perdomo’s game is at one extreme or another, well, yeah, that’s pretty much how it is. His Baseball Savant sliders are either bright red or bright blue. He’s all patience, no power. He’s the rare player who runs an incredible squared-up rate but an unimpressive line drive rate. Because Perdomo puts tons of balls in play, he’ll always have the chance at posting a great BABIP and putting up a three- or four-win season, but unless he decides to try attacking the ball, there’s not much ceiling here.

I am so, so curious to see what it would look like if Perdomo were to start attacking the ball. He’s still young, and I really do think it’s possible that he has the capacity to be more than an average hitter. I’m sure the Diamondbacks remember clearly how well it worked out when he was pulling everything in sight at the beginning of the 2023 season, and maybe they’ll try to help him become that player again. Still, I don’t think we should expect that going forward. I think the Diamondbacks are paying for floor rather than ceiling. However he gets there, if Perdomo keeps performing like a two-win player, the contract will work out well for both sides. If he can remain a solid defender and a league-average bat, he’s a really useful player, even if he pushes Lawlar to third base. In the meantime, we all get to enjoy watching Perdomo live at the extremes in order to perform right at the mean.

Are there any Oakland Athletics fans reading this? If so, don’t worry, your team is doing its usual nonsense, there’s nothing to see here. You’re lucky they left, don’t feel so bad, those last few years can’t take away all the good times. You can go ahead and skip this one, great article, hooray. Now that that group is gone, and we’re left with Sacramentonians, new A’s fans, more general fans of the sport, and perhaps Vegas residents, let me say this: The A’s signing Brent Rooker to a five-year, $60 million extension is awesome, and I love it.

Rooker was a rare bright spot on a dismal 2023 A’s squad. Then he was downright excellent on the green-shoots-of-hope 2024 team, compiling 5.1 WAR, even with the punishing positional adjustment that comes from DHing, thanks to a scorching .293/.365/.562 batting line. That line is even better than you might think, coming as it did in the cavernous Coliseum, and it didn’t look fluky.

Rooker hits the stuffing out of the ball. He finished eighth in barrels per batted ball in 2024, just ahead of certifiably enormous guys Oneil Cruz, Kyle Schwarber, and Marcell Ozuna. He also elevates the ball more frequently than any of that crew. The two are intertwined, obviously, but any time you’re hitting rockets like the 2024 versions of Schwarber and Ozuna, you’re doing something right. You could hardly do better from scratch if you were trying to come up with an ideal power hitter; a vicious swing (78th-percentile bat speed) that frequently puts the ball in play at profitable launch angles (86th-percentile sweet spot rate) means plenty of barrels (97th percentile) and 39 homers even in a park that suppresses righty power mightily. Read the rest of this entry »

It’s always nice when something works out perfectly, right away. At the trade deadline, the Dodgers insinuated themselves into a three-way deal with the White Sox and Cardinals, acquiring Michael Kopech and Tommy Edman in exchange for infielder Miguel Vargas and a smattering of minor leaguers. Edman, who hadn’t played an inning all year to that point because of a wrist injury, was of little use to the Cardinals and zero use to the White Sox, so Los Angeles was able to acquire him on the cheap.

The wrist healed; the former Stanford standout debuted in late August, posted a 98 wRC+ in 37 regular-season games, then played every inning of the Dodgers’ successful World Series run. He started games at both center field and shortstop, hit .328/.354/.508 with five stolen bases in 16 appearances, and went home with NLCS MVP honors.

So you’d understand why both sides would want to run it back. On Friday night, the Dodgers announced that they and the 29-year-old Edman had agreed to a contract extension. This five-year, $72 million deal supersedes the final year of Edman’s previous two-year contract, worth $9.5 million. Should this partnership continue to bear fruit through the end of the decade, the Dodgers have a $13 million club option for 2030 as well. Read the rest of this entry »

Excuse us while we adjust our Top 50 Free Agents list. Coming off their first postseason appearance since 2015, the Royals have decided to keep the band together. On Sunday, the team announced that Michael Wacha has signed a three-year contract with a club option for a fourth year. Royals starters ran a 3.55 ERA in 2024, second only to the Mariners. Their 16.7 WAR trailed only the Braves. Now that Wacha is locked up long-term, Kansas City is set to return eight of the nine pitchers who started a game for the team during the 2024 season, led by ace Cole Ragans, Seth Lugo, and Wacha. The only exception is midseason acquisition Michael Lorenzen, who has entered free agency.

Wacha joined the Royals as a free agent before the 2024 season, inking a two-year, $32-million deal with a player opt-out. After running a 3.35 ERA and putting up a career-high 3.3 WAR, he was all but certain to exercise that opt-out. Instead, the 33-year-old is set to stay in Kansas City through at least 2027, his age-35 season. He’s also guaranteed to roughly double his career earnings to this point. The deal guarantees Wacha a minimum of $51 million and could be worth as much as $72 million. According to Mark Feinsand, Wacha will earn $18 million in the first two years. In 2027, he’ll have a base salary of $14 million, with performance bonuses that could push it to $18 million. If the Royals exercise their 2028 option, Wacha’s salary will feature the same 14/18 structure. If they decline the option, they’ll pay him a $1 million buyout. As Anne Rogers reported, five of the 10 largest contracts in franchise history now belong to players on the current roster. Wacha joins Lugo, Bobby Witt Jr., and Salvador Perez, who appears on the list twice thanks to two separate extensions, in that club.

The 2025 season will be the first since 2019 in which Wacha doesn’t pitch for a new team. He came up in 2013 and pitched for the Cardinals until 2019, then signed a succession of one-year deals with the Mets, Rays, and Red Sox. In 2023, Wacha signed with San Diego on a convoluted one-year deal that featured a club option for two more years (which the Padres declined), and player options for three more years (which Wacha declined). Read the rest of this entry »

At this time last year, the Phillies faced a good deal of long-term uncertainty about their rotation. Aaron Nola was a free agent after the season, Zack Wheeler would follow a year later, and the only pitcher with a guaranteed contract past the 2024 season was Taijuan Walker. This time around, their rotation once again leads the league in WAR, but much of that future angst has been alleviated. The Phillies re-signed Nola and extended Wheeler during the offseason, and now they’ve locked up left-hander Cristopher Sánchez, a 2023 sensation who has remained one this season, for at least four more years, with two club options that could keep him around the through 2030 season.

The 27-year-old Sánchez, whom the Phillies acquired in a trade with the Tampa Bay Rays for Curtis Mead back in 2019, has a 2.67 ERA/2.49 FIP over 15 starts this season. That’s good for 2.6 WAR, fourth best among National League pitchers. Sánchez will receive a guaranteed $22.5 million over the next four seasons, buying out all of his possible years of arbitration, plus a $2 million signing bonus. Not bad for someone who had just one full year of service time entering 2024. The two club options come with a $1 million buyout each for 2029 and ’30, bringing the minimum value of the deal to $22.5 million. If the Phillies pick up those two options, for $14 million and $15 million, respectively, and if Sánchez secures top-10 finishes in the Cy Young voting during those option years, his salaries could increase to $16 million for 2029 and $19 million for ’30. That puts the maximum total value of the extension at $56.5 million over six years.

If you didn’t see Sánchez coming, you’re definitely not alone. Mead went on to become one of Tampa Bay’s top prospects – he was still ranked fourth in the Rays’ system and 32nd overall in our preseason prospects rankings – while Sánchez came back from the COVID layoff struggling against Triple-A hitters. Changeup pitchers with command issues generally aren’t highly regarded, and neither Sánchez’s cup of coffee in 2021 nor his larger carafe in 2022 suggested a pitcher who would become a key part of a top rotation a year later. The Phillies certainly weren’t confident in him entering 2023; he had lost weight over the offseason, and the team intended to give him only a single spot start in April after a White Sox doubleheader messed up the rotation’s rest days. From a story from last August by Matt Gelb of The Athletic:

Rob Thomson was transparent with Sánchez: This was one start, and one start only. Sánchez, who had missed most of spring training with various injuries, later said he appreciated the manager’s honesty. He knew where he stood.

Before the call ended, Brian Kaplan had a question. He is the team’s assistant pitching coach and director of pitching development. The Phillies had outlined an offseason plan for Sánchez, a lanky lefty from the Dominican Republic, and it went haywire. Sánchez was supposed to add bulk. But a long illness sapped him of strength. He lost more than 15 pounds. It compromised him in the spring when he failed to make an impression while the Phillies scrambled to fill the back of their rotation.

In truth, Sánchez didn’t dominate for Lehigh Valley last year, either, but he did accomplish one goal the team set out for him; by the summer, he had gained 25 pounds. That coincided with a small window of opportunity to grab the fifth spot in the rotation. The Phillies had used Matt Strahm in the role early in the season, but they were worried about his innings count. Dylan Covey had gotten a couple starts but was bombed by the Braves in his most recent one, and Bailey Falter, who had been in the rotation earlier, was in the minors and out with a neck injury. So Sánchez got the nod on June 17 against the A’s; he went four scoreless innings and allowed one hit. His tumbling changeup — which looks like the world’s least erratic forkball — clicked, and he never gave the Phillies a reason to boot him from the rotation. Even the acquisition of Michael Lorenzen didn’t cost him his job. The Phillies happily went with a six-man rotation rather than deprive themselves of Sánchez’s services.

Over the first half of this season, Sánchez has proven that his performance last year was no fluke. He’s now been up for a full calendar year, throwing 175 1/3 innings with 157 strikeouts with a 3.08 ERA across 31 starts. He surely won’t continue his rate of home run avoidance (just one allowed this season), but even if his home run rate were to regress heavily toward the mean and cause his ERA to jump to the low 3.00s, he’d still worthy of his rotation spot.

So, what’s the projection look like? Suffice it to say, ZiPS was not very excited about him coming into 2023.

That’s not disastrous; with those numbers, he would’ve been a competent spot starter/long reliever. But it wasn’t even a shadow of what he’s accomplished in the last year. So let’s spin up his current, much sunnier projection. How sunny? Let’s just say Tom Glavine pops up in the top 10 on his comps list and leave it at that.

Most teams would be ecstatic to have this projection from their no. 2 starter. From your no. 4, this is like waking up one morning and finding out that your garden hose somehow makes its own IPA. Based on these numbers, ZiPS projects Sánchez to be worth $27.3 million over the four-year extension, making this a decent value from the point of view of the Phils. The deal becomes even better for Philadelphia when you look at the option years; ZiPS projects Sánchez’s value for 2029 and ’30 to be worth a combined $41 million in free agency, $11 million more than the base value of those years if the Phillies pick up his options.

That leaves Ranger Suárez as the only key member of the rotation who might not be around long term. He’s set to hit free agency after the 2025 season, and considering his excellence this year, he probably won’t come cheap if the Phillies try to extend him; a six-year deal would cost them $135 million, according to ZiPS. Having Sánchez around until the end of the decade at such a generous rate could provide Philadelphia the flexibility to dole out more money to keep Suárez.

Before we go, I’ve been looking for an excuse to project the Phillies rotation, so I’m not letting this opportunity slip away! Using the innings allocation in our depth charts, ZiPS currently projects Phillies starting pitchers to accumulate 8.6 more WAR over the rest of the season, which would give their starters a combined 22.7 WAR for the entire 2024 campaign. Here’s how that compares to the best starting staffs in the five-man rotation era, which I’m somewhat arbitrarily starting in 1980:

That’s quite rarified air. Based on these projections, the Phillies would finish the season with baseball’s best rotation in more than a decade, since the 2013 Tigers. And with the Sánchez extension coming on the heels of the deals for Nola and Wheeler, Philadelphia has the chance to keep this party going for several more years.

A month after signing starting pitcher Brayan Bello to a six-year extension, the Boston Red Sox are at it again, this time extending rookie center fielder Ceddanne Rafaela on an eight-year deal worth $50 million. If Rafaela sticks in the majors long enough this season to earn a year of service time, this extension will prolong his free agent eligibility for two years; either way, he’ll be paid a guaranteed salary through the 2031 season.

How you feel about Rafaela comes down to just what you think about his defense. Eric Longenhagen and Tess Taruskin rated Rafaela as the only prospect on THE BOARD last year with a 70 present value for defense and the only one with a future value of 80. They were hardly alone in their praise for his glove, either, as other outlets such as Baseball Prospectus and MLB Pipeline also gave complimentary reviews to his leathercraft.

While prospect writers have occasionally missed on the eventual defensive performance of prospects – Gregory Polanco comes to mind – Rafaela certainly hasn’t shown anything in his limited time in the majors that refutes these views. Measuring minor league defense, as opposed to viewing it, is fraught with obvious peril, but the defensive estimates that ZiPS uses for minor leaguers also love his glove. ZiPS uses a Total Zone-esque measure from Gameday hit locations, similar to Sean Smith’s methodology from nearly 15 years ago. Yes, we’d prefer to have something like OAA or DRS or even UZR for minor leaguers publicly available, but we don’t, so we have to generally be more conservative about conclusions drawn from the data. But for what it’s worth, these estimates, which I call zDEF, had Rafaela as an elite defensive center fielder in the minors in 2023.

Incidentally, zDEF had Rafaela at +3 as a shortstop total for his minor league career, so if the circumstances warranted it, it wouldn’t necessarily be the craziest thing to see him follow in the footsteps of another former Red Sox prospect, Mookie Betts, and move back to shortstop at some point, though that certainly is not why Boston signed Rafaela long term.

Let’s run the eight-year ZiPS for Rafaela.

All told, ZiPS would happily offer him an eight-year, $67 million — $17 million more than what the Red Sox gave him.

One thing to take into consideration: So long as Rafaela’s glove is excellent, he doesn’t need to take a big offensive step forward to be worth his contract. ZiPS has Rafaela hitting for a skosh more power, enough to get his OPS+ and wRC+ into the 100 range during his peak years, but not sufficient to make him a superstar. As a result, his projections keep him in the solidly above-average territory – he’ll likely have an All-Star appearance or two during an up year – but comfortably below star status. These offensive numbers make him slightly better offensively than the inevitable comp given for him, Jackie Bradley Jr., who put up a 93 OPS+ over parts of eight seasons in Boston and was a few runs better defensively than Rafaela’s projections. Suffice it to say, if ZiPS’s natural conservatism with minor league defensive numbers ends up lowballing Rafaela, he’d be a steal at this price and put up WAR numbers in the range of Kevin Kiermaier’s best years.

As an offensive player, Rafaela remains a work in progress. In nine games this season entering Tuesday, he’s hitting .233/.286/.400 with two triples and an 85 wRC+. He’s actually gotten better at making contact, going from a 69% contact rate at Triple-A last year to 73% in the majors so far. Admittedly, this improvement has come in a small sample — he’s made just 124 big league plate appearances combined between his 2023 late-season debut (72.1% contact in 89 PA) and this year (76.3% in his 35 PA) — but it is still encouraging.

That said, he remains far too aggressive at the plate, especially when you consider his specific profile as a hitter. Unlike his teammate Rafael Devers, who also swings at a pretty high rate of pitches out of the zone, Rafaela doesn’t hit the ball particularly hard; Devers has power to spare, so even though he doesn’t make as much hard contact on pitches out of the zone — his average exit velocity drops to 85.5 mph, down from 94.9 mph on in-zone pitches — he can still do damage. Rafaela doesn’t have that luxury. Instead, he is a speedster (ranking 28th in sprint speed this season among 202 qualified players) who plays his home games at Fenway Park, one of baseball’s best parks for batting average. He should be incentivized to have a more contact-oriented game than most other batters. His contact skills appear to be improving, but he won’t get the most out of his game if he keeps chasing pitches that’s he unlikely to hit.

The Betts trade and the departure of Xander Bogaerts are still, rightfully, pain points for Boston fans. But since then, the Red Sox seem to be making a better effort to retain the players they develop, first with the Devers extension in January 2023 and now with Bello and Rafaela. Ultimately, winning is the only thing that will make things better in Boston. Keeping Rafaela in town should be an important step toward that.

Mookie Betts, Shohei Ohtani, and Yoshinobu Yamamoto walk into the Dodgers clubhouse in 2032, where… they’re greeted by Will Smith. There’s no punchline to this setup because it’s not joke, as the All-Star receiver has joined those other three Dodgers in inking a deal that’s at least a decade long. On Wednesday, the day before his 29th birthday, Smith agreed to a 10-year, $140 million extension.

Smith has already helped the Dodgers win a World Series and established himself as one of the game’s preeminent catchers. He’s second in WAR among catchers since 2019, the year he debuted, with his 15.8 WAR trailing only the 19.8 WAR of J.T. Realmuto, who took nearly 500 more plate appearances over that same stretch. He’s tops among all catchers for the 2021–23 stretch with 12.9 WAR, a span over which he and Realmuto (who had 12.6 WAR) had nearly identical PA totals. Though he still had one more year after this one before becoming eligible for free agency, he and the Dodgers had wanted to hammer out a long-term deal for a while, so much so that according to MLB.com’s Juan Toribo, the two sides had engaged in extension discussions “each of the last few seasons.”

Smith is coming off an admittedly uneven season. Though his 119 wRC+ was the lowest mark of his five-year career, he posted his second-highest WAR (4.4). He hit .261/.359/.438 with 19 homers in 554 plate appearances, but tailed off after a hot start:

Smith made his first All-Star team (!) on the strength of that first half, but even then, all wasn’t quite well. On April 12, he suffered a concussion when a foul ball hit his mask and missed two weeks of action. Three days after returning, on April 30, he was hit by a Jake Woodford sinker. He suffered a broken rib and an oblique strain but played through them, and doing so created some bad habits with regards to his mechanics. From a September 22 piece by Jack Harris in the Los Angeles Times:

Instead of his typically smooth, compact inside-out swing, Smith said his bat path has been too “out to in” lately, leading to more whiffs and mis-hits on pitches he used to crush.

He said his front side is opening up too much, causing him to cut across the ball instead of driving it with his easy pop.

… Added [manager Dave] Roberts: “There was probably a little bit of guarding [the injury] initially after. And then when you’re talking about the rib, the oblique, that sort of dovetails into some changed mechanics.”

Particularly with the Dodgers’ awareness of his slump, the team probably should have dialed Smith’s workload back a bit more than it did; he matched his 2022 total of 106 starts behind the plate but DHed only 14 times, compared to 25 the year before. He had enough success in ironing out his mechanics that he went 5-for-12 with a double and a triple in the Dodgers’ three-and-out Division Series loss to the Diamondbacks, and he’s off to a 6-for-14 start this year, so there’s no reason to think he’s permanently broken.

As for the contract, it’s the longest ever for a catcher, surpassing the eight-year extensions of Joe Mauer, Buster Posey, and Keibert Ruiz, who came up in the Dodgers’ system, generally a level behind Smith, before being traded to the Nationals in the Max Scherzer blockbuster in 2021. Smith’s deal isn’t nearly as lucrative as either the Mauer or Posey ones for $184 million and $167 million — and that’s without adjusting for inflation, as both of those were signed more than a decade ago. In terms of unadjusted average annual value, Smith’s $14 million a year ranks just 12th among catchers historically and fourth currently, according to Cot’s Contracts. On an annual basis, that $14 million average comes to only about 60% of the $23.1 million that Realmuto, the game’s highest-paid catcher, is making.

That AAV requires adjustment, however, because as with the Ohtani and Betts deals — and those of Freddie Freeman and Teoscar Hernández, so long as we’re on the subject of the Dodgers — a significant amount of the money is deferred. In his case, it’s $50 million, with the team paying out $5 million a year from 2034–43. That reduces the AAV of Smith’s deal to $12.24 million for Competitive Balance Tax purposes, about 53% of what Realmuto (who himself deferred half of his $20 million 2021 salary) is making.

Structure-wise, according to MLB.com’s Mark Feinsand, Smith will receive a $30 million signing bonus — half payable on November 15, the other half on January 15 — and be paid $13.55 million this year (replacing the one-year, $8.55 million contract he signed in January), then $13 million a year for 2025–27, $9.5 million for ’28-32, and $9.95 million for ’33. That’s a cool breeze running through Guggenheim Baseball Management’s bank account; in 2028, Betts will be taking home more than three times as much ($30 million), and Yamamoto nearly that ($26 million). While he doesn’t have explicit no-trade protection, he’ll reach 10-and-5 status in mid-2028, and his contract has one other provision that protects him: If he’s traded, the deferred money becomes payable in season, meaning that the acquiring team will take a larger CBT hit unless the two sides agree to a similar arrangement.

Even given the length of the deal, ZiPS is surprisingly optimistic about Smith. Via Dan Szymborski:

That’s 23.9 WAR over the life of the contract, with 17.1 WAR in the first half of the deal, a very strong return. In fact, the ZiPS suggested contract for this projection is $164 million over 10 years, but once the deferred money is accounted for, the Dodgers are paying him the equivalent of about 75% of that in present value. This is a very good deal for them, and if it seems like Smith is getting the short end here, it’s just that the two sides have figured out a mutually advantageous way of structuring the payments. To these eyes, the way it makes the most sense is to think of that signing bonus and the higher salaries of the first four years as one deal that without deferrals averages out to $20.6 million a year over the next four years (which would be the second-highest AAV for a catcher, surpassing Salvador Perez’s $20.5 million), and then about $9.6 million per year for the last six, a little less than the $10.15 million James McCann is making as a well-compensated backup.

Particularly in the wake of the Ohtani contract, I’ve seen complaints that the Dodgers’ penchant for using deferred money is somehow a subversion of the Competitive Balance Tax system — as if that were sacrosanct — and therefore bad for baseball. I don’t find this notion particularly convincing. The league and the owners knew exactly what they were doing when they designed this system; as former MLBPA executive subcommittee member Collin McHugh told The Athletic recently, “They’re better at finding loopholes in the system because that is their job, to maximize profit” for the 30 owners. Does anyone out there actually think that even the most miserly of the multimillionaires and billionaires who own teams got filthy rich without understanding the time value of money and the advantages, tax-related and otherwise, of spreading out large payments? The concept permeates our society; not all of us are fortunate enough to have socked away money for retirement, but at some point, most of us have been encouraged to participate in a pension plan, 401k, or IRA that provides tax advantages and spreads out our income to compensate for lesser earnings down the road.

As for the players and owners, in December the Wall Street Journal’s Linsdey Adler and Richard Rubin reported that the owners have proposed limits on the amount of salary that can be deferred, with one 2021 proposal including a full ban, but the MLB Players Association rejected the idea. Understandably, they have no incentive to give up that right without receiving major concessions in return. Maybe they’d agree to forgo deferrals if the owners were to allow players to reach eligibility for arbitration and/or free agency more quickly, but we all know that’s not happening anytime soon.

Anyway, it’s not like the Dodgers, who now have $915.5 million worth of deferrals on their books for the salaries of Betts, Freeman, Hernández, Ohtani, and Smith, are doing this while avoiding paying the CBT. They’re well past the fourth-tier threshold of $297 million, and figure to be paying taxes annually for the foreseeable future, with increasingly steeper penalties and the risk of an inflexible roster; it’s hardly inconceivable that some of these contracts could go south and cause the Dodgers headaches down the road. As for Smith, he’s now got a handsome deal that rewards him for his place as part of the team’s foundation, with protection from the cumulative impact of so many innings behind the plate. Good for him, and good for the Dodgers.

Up until now, the Rockies had made very little noise this offseason. After agreeing to extensions with Germán Márquez and Charlie Blackmon just before the 2023 season wrapped up, Colorado spent a mere $3.5 million on major league free agent deals in the six months since, the fewest of any team in the majors. Yet, at the tail end of a long, quiet winter, the Rockies finally made headlines, when on Sunday they signed 22-year-old Ezequiel Tovar to a long-term contract extension. The deal, which begins right away, will pay Tovar $63.5 million over the next seven years. After that, the Rockies have a $20.5 million team option for 2031, the shortstop’s age-29 season.

Across three offseasons at the helm for Colorado, general manager Bill Schmidt has largely avoided multi-year free agent deals, with one notable exception: Kris Bryant and the seven-year, $182 million pact he signed before the 2022 season. Over the past two winters, the Rockies are one of only three teams not to have signed a single multi-year free agent deal; the other two clubs, the Pirates and Orioles, have outspent Colorado by totals of $37.71 million and $10.13 million, respectively. However, free agency isn’t the only way for teams to keep players around for longer periods of time. Under Schmidt, the Rockies have signed eight players to multi-year extensions; only the Braves have extended more players on multi-year deals in that span. Atlanta has gotten far more extension attention, but this is how Colorado operates, too.

Even so, the Tovar deal represents a different approach for the Rockies because it is the first time that Schmidt has extended a player with fewer than four years of service. It’s also the longest extension the Rockies have awarded since February 2019, when they signed Nolan Arenado to an eight-year, $260 million deal that began in 2020. Moreover, while we have started to see more and more pre-arb players signing long-term extensions around the majors, many of those players either are stars or have star potential. Perhaps the only good comp for Tovar’s extension is the eight-year, $50 million deal Keibert Ruiz signed with the Nationals after putting up a 91 wRC+ and 1.8 WAR in 2022, his first full season. Then again, even Ruiz arguably had a higher ceiling at the time. Tovar might be in a class of his own when it comes to low-ceiling, high-floor youngsters signing lucrative long-term deals.

Entering the 2023 season, Eric Longenhagen and Tess Taruskin ranked Tovar no. 41 on our Top 100 Prospects list, describing him as “a fantastic defensive shortstop” with “poor plate discipline” that “somewhat undermines his excellent bat-to-ball skill.” One year later, Tovar is no longer a prospect, but that remains the prevailing report. He finished his debut season with the lowest walk rate and the second-highest O-Swing% among qualified NL batters. He also finished with 16 OAA and 13 DRS; the only shortstop to outpace him in both metrics was Dansby Swanson. Despite his 70 wRC+, worst among qualified NL hitters, Tovar finished his rookie season with 1.6 WAR. That’s hardly star-level performance, but a 1.6-WAR player is still a big league regular.

Let’s get the bad stuff out of the way first: Tovar’s offensive numbers last season were pitiful. One of the only areas in which he was above average was batting average, and Coors Field likely inflated that number. His plate discipline was dreadful, as expected, but so were his contact skills, which came as something of a surprise. Tovar ranked 66th out of 72 qualified NL hitters in contact rate, and he wasn’t just whiffing on pitches outside the zone. While his O-Contact% was poor, his Z-Contact% also came in below league average.

On the bright side, when he did manage to put the ball in play, Tovar showed flashes of his promising hit tool. His .378 xwOBAcon was a few ticks above league average, thanks to his line drive tendencies. He ranked in the 71st percentile in Baseball Savant’s Sweet-Spot% and finished seventh among qualified NL players in line drive rate. If he can make more contact, especially on pitches in the strike zone, his offensive numbers will improve even if he never adds a lick of discipline to his game. If he can improve his plate discipline, then all the better. For what it’s worth, he significantly improved his walk rate during his final season in the minor leagues, prompting his Double-A manager, Chris Denorfia, to rave about Tovar’s growth. “He’s made this developmental jump,” Denorfia told David Laurila in 2022. “Something clicked to where he’s recognizing situations where pitchers are going to try to get him to chase.” Plate discipline is a different animal in the majors than in the minors, but still, it’s worth acknowledging that this is a skill he has successfully improved in the past.

Tovar also showed off 69th-percentile sprint speed in 2023. He won’t ever be a weapon on the basepaths, but with speed like that, he should be a better base runner than his numbers last year would suggest; he went 11-for-16 on stolen base attempts and was worth -0.6 BsR. Long story short, this is a player with much more offensive potential than we saw last season, and he has a strong enough glove to allow him to nurse his growing pains at the highest level while still contributing positive value to his club.

Courtesy of Dan Szymborski, here is what the ZiPS projections envision for Tovar over the next eight years:

With projections like that, ZiPS would give Tovar $92 million over seven years. That’s more than he’ll make even if the Rockies pick up his team option for an eighth year.

With all that in mind, it’s easy to see why the Rockies offered Tovar a long-term extension. We’ve already seen his floor, and it’s rather sturdy — he can be a valuable player even if he’s the worst hitter in the league. The Rockies could do a heck of a lot worse than pay $9 million per year for seven seasons of a 1.5-win shortstop. What’s more, it won’t take much for this deal to pay dividends in Colorado. If Tovar’s hit tool progresses against big league pitching, he would blossom into an above-average shortstop throughout his twenties.

As for Tovar, his youth has gifted him the rare opportunity to cash in now without giving up the chance to sign another long-term deal. His $63.5 million guarantee is more than the vast majority of players will earn in their careers, yet he can still reach free agency before his 30th birthday. If Colorado picks up its club option, Tovar will have to wait another year to test the open market. Yet, if the Rockies are comfortable paying $20.5 million for his services (even the Rockies, and even in 2031 dollars), that suggests Tovar will be playing well enough to cash in on the free agent market at 30 years old. The two or three free agent years he is losing aren’t nothing, especially for a glove-first player. Still, Tovar had to sacrifice something for lifelong financial security, and it’s not difficult to understand why he made that choice.

Ultimately, this is a rock solid move for both sides. The Rockies are betting they secured three additional years with an excellent shortstop at price tag well below market value. If that doesn’t work out, they’re only slightly overpaying one of the better defensive players in baseball. Meanwhile, Tovar gets to work out his kinks at the MLB level without ever having to worry about money, and if everything goes according to plan, he can still sign a lucrative free agent deal in the 2030s. Now, both sides can get to work on what they need to do next: Tovar will try to improve his plate discipline, while the Rockies will look to acquire, develop, and yes, extend the stars who can help them escape the NL West basement.

While it’s a major blow that Lucas Giolito is likely to be out for at least the entire 2024 season due to a double whammy of elbow injuries, the Red Sox are making efforts to stabilize their already-thin rotation for the longer term. On Thursday, righty Brayan Bello agreed to a six-year, $55 million extension with a $21 million club option for his seventh season. In a well-timed touch, the formal announcement of the deal is expected on Saturday before the Red Sox play the first of two exhibition games against the Rays in Santo Domingo, Dominican Republic, where Bello will be surrounded by family and friends.

The guaranteed portion of Bello’s contract covers the 2024–29 seasons, the last of which would have been his first year of free agent eligibility. The total value of the deal is the second-largest ever for a pre-arbitration pitcher, just surpassing Hunter Greene’s six-year, $53 million extension, which he signed last April with comparable service time and which also includes a club option. Spencer Strider’s similarly structured deal, which came in at $75 million for six years plus a club option, is the record. (Hat tips to ESPN’s McDaniel and the Boston Globe’s Alex Speier for those comps).

The 24-year-old Bello, whom the Red Sox signed out of the Dominican Republic on July 2, 2017 for a bonus of just $28,000, solidified his spot in the majors last year after debuting in mid-2022. Last spring training he was pencilled in as the team’s sixth starter behind Corey Kluber, Nick Pivetta, Chris Sale, James Paxton, and Garrett Whitlock, and he began the season on the injured list recovering from a bout of elbow inflammation. But as injuries and/or ineffectiveness took hold of each member of the planned starting five, he moved up in the pecking order; after making his first start of the year on April 17, he remained in the rotation for the rest of the season, though he was briefly optioned following his second start before an injury to Whitlock brought him back for good. Bello’s 28 starts and 157 innings — the most by a homegrown Red Sox starter since Clay Buchholz in 2014 — both led the staff, while none of the aforementioned five made more than 23 starts or totaled more than 107.2 innings in the rotation.

In terms of run prevention, Bello was unremarkable, with final numbers straddling league average: a 4.24 ERA (93 ERA-) and 4.54 FIP (105 FIP-). However, those numbers are inflated by a pair of bad starts at each end of the season, in which he allowed 20 runs, 10 walks, and six homers across 16.1 innings. Even with his bad season-opening starts against the Angels and Brewers, he was much stronger in the first half than the second, when his home run rate more than doubled and his strikeout and walk rates inched in the wrong directions:

Perhaps not surprisingly given that he set a career high in innings (163, including a rehab start at Triple-A Worcester, up from 154.2 between the majors and minors in 2022), Bello wore down late in the year. Via the Boston Globe’s Julian McWilliams:

Fatigue and heavy legs began to set in. His slider didn’t quite have the sharp break to deter hitters from his two dominant pitches. His four-seam fastball played more as a show-me pitch, but Bello had difficulty locating it above the zone where opponents couldn’t do damage.

While Bello’s sinker/changeup combo turned heads, he’s far from a finished product, as the numbers attest. His sinker, which averaged 95 mph, kept righties at bay (.245 AVG, .381 SLG, 19.3% whiff), but not lefties (.341 AVG, .537 SLG, 8.2% whiff), which helped to account for one of the largest platoon splits for any righty pitcher:

As you can see, this was a particular problem for Red Sox starters, with Houck — who ranked third on the team with 21 starts, helping to fill the void left by so many injuries — having an even larger split than Bello, and Pivetta cracking the top 20, too.

Meanwhile, Bello’s signature changeup befuddled hitters, who managed just a .196 average and .291 slugging percentage against the pitch while whiffing on 38.7% of their swings. Less effective were his slider and four-seamer, with batters posting a .304 AVG and .457 SLG against the former and a .310 AVG and .646 SLG against the latter, which averaged 95.5 mph but just 2,083 rpm, placing him in the fifth percentile for spin rate.

Bello and the Red Sox are quite aware that his arsenal needs refinement, with chief baseball officer Craig Breslow telling reporters on Wednesday, “We still think that his best years are ahead of him. We recognize some opportunities to further optimize the repertoire and we’re super excited about having him.” The pitcher spent the offseason working on elevating his four-seamer above the zone to change the eye level of hitters and get more chases outside the strike zone. He also threw a few sessions under the watchful eye of Hall of Famer and Red Sox special assistant Pedro Martinez, who offered Bello pointers on sharpening his slider with a different grip. To improve his stamina, he worked to strengthen his legs, not that we haven’t heard that one before.

Via Dan Szymborski, here’s a look at Bello’s ZiPS projection percentiles for 2024:

As for the extension, it’s literally pretty much right on the money according to Dan’s model:

The ZiPS contract recommendation for the first six years of that deal is $50 million, so while the Red Sox see him as a potential no. 1 starter, Bello doesn’t have to be much better than average to match that valuation. He could wind up delivering a whole lot more value if he approaches his ceiling, but as a hard-throwing young hurler who’s years away from what he hopes will be his biggest payday, he’s got protection if things go south.

For the Red Sox, this is a positive move following a dreary and disappointing winter. Despite chairman Tom Werner’s assertion that the team would go “full throttle” in its efforts to improve after dismissing chief baseball officer Chaim Bloom, Boston has signed just two free agents to major league deals, Giolito (two years, $38.5 million) and Liam Hendriks (two years, $10 million). The former may be headed for Tommy John surgery, while the latter is expected to miss most or all of the season recovering from his own August 2023 Tommy John procedure. The team did make some trades, most notably dealing away Alex Verdugo, acquiring Tyler O’Neill, and swapping Sale for Vaughn Grissom, but that’s hardly a radical makeover for a team that has missed the playoffs in four of the past five seasons and projects to finish last in the AL East for the third straight year.

What particularly stands out about this Bello move is that the Red Sox have just one other pre-arb or arb-eligible player signed to an extension (Whitlock), which is a rather scathing indictment of their player development pipeline — though they did lock up Rafael Devers last year as he entered his final year of arb eligibility. This is at least a step in the right direction, and hardly an exorbitant amount of money. It won’t hamper them the way that, say, getting 11 starts from Sale from 2020–22 at a cost of about $71 million did. Which isn’t to say that Bello’s going to be as good as Sale, but let’s also remember that the White Sox (and later the Red Sox) got the best years of the wiry lefty’s career under a five-year, $32.5 million extension (2013–17) that had two club options tacked on.

Indeed, the Red Sox’s failure to develop quality homegrown pitching has been a particularly sore spot that has doomed multiple regimes. Again, it had been nine years since a pitcher they produced — as a draft pick or as an international free agent — threw as many innings in a season as Bello did in 2023. If Red Sox are to compete in the AL East while trying to live with midsized payrolls, they need to grow pitchers from within and hope some of them flourish to the point of being worth building around. They believe Bello can be one of them, and well, it’s a start.

It’s been a while since the Phillies have had to worry about the front of their starting rotation, which over the past four seasons has been anchored by co-aces Zack Wheeler and Aaron Nola, though last year it was uncertain how much longer that stability would continue: Nola became a free agent at the end of last season and Wheeler’s contract was set to expire after the 2024 campaign.

But Philadelphia acted swiftly to keep both pitchers around. After re-signing Nola before Thanksgiving, the Phillies announced on Monday that they had extended Wheeler through the 2027 season. The three-year deal is reportedly worth $126 million, and in terms of its $42 million average annual value, it is the largest extension in baseball history.

Wheeler, who turns 34 in May, has been one of the best starting pitchers in baseball since he joined the Phillies in December 2019 on a five-year, $118 million contract. Over the last four seasons, he leads the majors with 19.3 WAR. If RA9-WAR is more your style, Wheeler has the second highest mark in that span despite pitching in front of what often has been a lackluster Phillies defense behind him. He also ranks fourth among qualified starters in FIP (2.90) and innings (629.1), and 11th in ERA (3.09). Last year, he made 32 starts, allowing a 3.61 ERA and 3.15 FIP over 192 innings, enough for a spicy 5.9 WAR.

It’s hard to overstate the Wheeler’s importance to the Phillies. When he arrived, Philadelphia was better than it had been during its first five years of rebuilding, when it posted a .427 winning percentage from 2013–17, but it was still barely a .500 club. The Phillies remained stuck in neutral for Wheeler’s first two years, but their rotation improved immediately; after ranking 23rd in the majors in starting pitching WAR in 2019, Philadelphia ranked third in ’20 and fourth in ’21, a year in which Wheeler finished second in the NL Cy Young voting.

The Phillies finally broke through in 2022 and made up for lost time. That year, they won the NL pennant and came within two games of winning the World Series, and they were one win away from making a second consecutive World Series appearance last year. Wheeler has been excellent in the playoffs, too: He has a 2.42 ERA and 2.72 FIP over 11 postseason games (10 starts).

Simply, between his regular season and postseason dominance, the Phillies could not afford to risk losing Wheeler in free agency, even if that meant giving him the most lucrative per-year extension ever.

That said, ZiPS expects Wheeler to decline over the next few years, though that is more based on the inherent health risks that come with a pitcher in his mid-30s, rather than his overall ability. The computer would want to pay him about $30 million per season, but this organization, with its talented but aging core, is firmly in win-now mode. The “Stupid Money” Phillies of all teams weren’t going to let a dollars per WAR figure prevent them from extending their best pitcher.

Whether or not the Phillies win the World Series in the next several years, Wheeler and Nola will go down as one of the greatest pitching duos in team history, along with Curt Simmons and Robin Roberts, Steve Carlton and Larry Christenson, and Jim Bunning and Chris Short. Even if both head to different teams at the end of their new contracts, they still project to be in the top 10 of all-time Phillies pitchers.

At least to my eyes, there aren’t any red flags in Wheeler’s profile that the computer didn’t consider. His breakout seasons came with the Mets, but he didn’t become a true ace until he joined the Phillies. With New York, Wheeler relied on a sinker that threatened to take the hands off right-handed hitters, but he lacked the pinpoint command of the pitch that he has found in Philadelphia, where he has also added a sweeper that maddeningly looks a lot like that sinker as it approaches the plate — until it breaks in the opposite direction. With the Phillies, he has become much better at landing his curve just below the bottom of the strike zone, which has helped him against lefties. Wheeler still throws pretty hard, but he also is much more than just a grip-and-rip hurler. That should help him survive and continue to thrive when his velocity dips as he ages.

Just in case you’re not convinced at this point about the consequences of the Phils not having Wheeler, I ran a quick sim of the 2024 season using the ZiPS projections. ZiPS currently projects the Phillies to have a 56.2% chance of going to the playoffs and 14.4% odds to win the NL East. In the simulations that the Phillies fail to get 20 innings from him (about 6.2% of sims), resulting in a lot more innings from Spencer Turnbull and Mick Abel, the Phillies only made the playoffs 37.1% of the time, and their probability to win the division chopped nearly in half, to 7.6%.

With only Matt Strahm and Jeff Hoffman eligible for free agency after 2024, the front office can start addressing their next challenge, putting together enough young talent to transition the franchise to its next core of players without having to endure another interregnum of rebuilding. But, like the threat of a headache after a night of drinking, that’s a tomorrow problem. For today, keeping Wheeler in town keeps the party going.