Over the years, a good deal of effort has been put into determining the value of prospects. Victor Wang, Scott McKinney (updated here), Kevin Creagh and Steve DiMiceli together, and Jeff Zimmerman have all published work on the subject, roughly in that order.

The reasoning behind such efforts is fairly obvious: teams trade prospects for proven players all the time. Finding an objective way to evaluate those trades is useful to better understanding how the sport operates. Indeed, FanGraphs has benefited from those prospect-valuation studies on multiple occasions.

With another year having passed, I’ve attempted to build on the work of others and produce updated valuations of my own. Previous efforts have been very helpful in the process, while the input of prospect analysts Eric Longenhagen and Kiley McDaniel has helped me find results that would be most useful.

In building this study, I set out with the following aims:

• To separate players into as many useful tiers as possible without creating unnecessary distinctions.
• To use as much data as possible so long as it was useful and likely still relevant today.
• To make the valuations as forward-looking as possible.
• To recognize that player development is not linear and that players appearing on prospect lists vary from major-league-ready to raw, Rookie-level talents.

To those various ends, here are some of the parameters of this study:

1. Baseball America’s top-100 lists from 1996 to 2010 serve as the foundation for prospect grades.
When I started the study, I looked at the lists dating back to 1990, separating out position players from pitchers and organizing by year. I found that the evaluations from the earlier part of the 90s — especially those for pitchers — had considerably worse outcomes than those that came after. I debated whether or not to throw out the data. Eventually, though, I decided that since 15 years of prospect numbers were showing decidedly different results, and that there was considerable turmoil occurring within the sport during that time — expansion, a strike, and a lockout — it seemed reasonable to toss the earlier years and go with the assumption that the 1996-2010 lists more accurately represented prospect evaluation today and going forward than the rankings of 25 years ago.

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Does Shohei Ohtani’s success portend more two-way players in MLB? Opinions vary, albeit with the bears clearly outnumbering the bulls — at least in terms of expected production. While a certain amount of copy-catting seems inevitable, the presumptive American League rookie of the year paired a .925 OPS with a 3.31 ERA and a 10.95 strikeout rate. He was dominant on both sides of the ball in a way that’s unlikely to be replicated by anyone other than himself.

A pair of former two-way players I spoke to this season are among the skeptics. Which isn’t to say they hate the idea. Nor do they feel the Brendan McKays of the world don’t deserve every opportunity to show they can follow in Ohtani’s footsteps (hopefully without elbow surgery being part of the equation).

Steven Brault created a bit of a buzz by going his first 33 big-league plate appearances without striking out. On the heels of that eye-opening accomplishment, I asked the Pittsburgh Pirates left-hander for his opinion on why a player should, and shouldn’t, be able to play both ways at the highest level.

“The reason you should is that you’re good enough,” responded Brault, who’d excelled as a two-way player at Division II Regis University. “If you’re a good enough hitter, and a good enough pitcher, it stands to reason that your team would want you to do both. The reason you shouldn’t is that you can’t play every day. That’s been the case with Ohtani. On the days he pitched he didn’t hit, and on the day before he didn’t hit. Same for the day after. They had to make sure his body was ready to pitch. Read the rest of this entry »

I decided while working on the Top 50 Free Agents post that it would make sense to also write up the top trade target on the market. Since new Mets GM Brodie Van Wagenen said the team plans to compete in 2019, it seems like Jacob deGrom and Noah Syndergaard are unlikely to be dealt — or, at least not during the offseason. That points to J.T. Realmuto as the clear top trade target in the league (and No. 24 in July’s Trade Value Rankings) — and that’s before nearly half the questions in my chat on Wednesday were asking me how much it would cost for various teams to trade for Realmuto.

I could approach this from an insider-y perspective and tell you what teams are telling me the price probably is, but that approach is limited in a few ways. First off, I’m not sure anyone really knows what the price is: the Marlins have turned down strong offers for a year now and still seem inclined to try to extend Realmuto, even thoughhis agent said he’s not having it. Since Miami has this one major asset left to move in its rebuild, they may act irrationally, but the market pieces may be falling into place for someone to pay a price that justified this delay.

If forced to succinctly describe the current state of catching in the major leagues, I would say it sucks. I’ll let Mike Petriello to provide some details and point you to the positional leaderboard, but if you just tried to predict which catchers would be worth two-plus wins and remain at catcher primarily for the next five seasons, how many would you have? Realmuto is one, and if you think Willson Contreras and Gary Sanchez may play a lot more first base or get hurt or be inconsistent in this span, it’s possible that there isn’t another one. Being charitable, there’s just a handful, and they all cost a lot or aren’t available.

Putting all of this together, Realmuto offers the age-28 and age-29 seasons of the best long- and short-term catcher in the game, and he’ll cost between $15 million and $20 million for those seasons, depending on how his arbitration salaries work out. You have him long enough to make two runs at a title and get a comp pick at the end, an exclusive negotiating window for an extension, a non-risky length of a deal, and cheap enough salaries that any team can afford it.

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This past season, the Mariners and Rays were separated by exactly one win in the standings. Of the two teams, the Mariners have the larger operating budget, and although the Mariners’ division includes the Astros, the Rays’ division includes the Red Sox and the Yankees. And yet these are two teams that seem to be going in different directions, with the Rays being the club on the rise. The Mariners will have to try desperately to stay afloat while getting next to no reinforcements from an empty farm system. The Rays are young and good and cost-controlled, and their farm is in the upper tier. The differing circumstances have led to a trade — an as-yet unofficial five-player swap, just the latest in a series of agreements between the two teams.

Rays get:

• Mike Zunino
• Guillermo Heredia
• Michael Plassmeyer

Mariners get:

• Mallex Smith
• Jake Fraley

It’s an entertaining trade for all the stat nerds out there, on account of the various extremes. Zunino seldom hits the ball, but when he does, it goes a mile. Heredia and Smith hit the ball far more often, but when they do, it doesn’t go anywhere. Even Plassmeyer and Fraley are coming off eye-opening minor-league seasons. There’s something to dig into, for everybody. Plenty of numbers to be studied.

But the take-home: The Rays are trying to win, and they’ve addressed a position of need. The Mariners are apparently trying to reload, without losing too much, and they’re banking on 2018 results while adding a longer-term player. You can see an argument favoring either side of this, but I find the Rays’ to be more convincing.

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Bryce Harper is a (nearly) unrestricted free agent. He is newly 26 years old. He is projected, by Steamer, to be baseball’s second-best hitter next season. According to reports, he’s already turned down a contract offer worth $300 million. According to MLB Trade Rumors, he might end up with a contract worth more than $400 million. We’ve been anticipating this offseason for a while. Harper has been a household name for longer than I can remember, and as the cherry on top here, he’s represented by Scott Boras. Boras will push for some kind of contract record. I expect he’s going to be successful. Harper’s a core player in the prime of his life, and there’s more money in baseball than ever before.

Earlier this morning, almost by accident, I noticed that Harper was worse than Mitch Haniger in 2018, by 1.1 wins above replacement.

The point is not that Haniger is better than Harper is. Age is on Harper’s side. Talent is on Harper’s side. Track record is on Harper’s side. While I don’t know how much of a believer I am in the concept of measurable ceilings, we sort of know what Harper’s ceiling is, because we saw it in 2015. He was unbelievable. He hasn’t become as consistent as one would like, but Harper hits for power and he draws a boatload of walks. He just played in a career-high 159 games.

The Haniger thing got me looking closer, though. And in Harper’s otherwise good-enough contract season, he raised some questions about his defense. We still don’t focus that much on defense when we’re talking about sluggers. But teams don’t ignore it. Teams interested in Harper will have to figure out what happened.

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The Houston Astros announced Tuesday afternoon that pitcher Lance McCullers was to undergo Tommy John surgery, causing him to miss the entire 2019 season.

Because fate is crueler to pitchers than German fairy tales are to misbehaving children (in some traditions, Santa Claus has sidekicks who actually eat kids), it’s never a surprise to hear of a pitcher going under the knife. It’s true that Tommy John surgeries have a solid success rate, with the majority of pitchers returning to the mound and resuming their careers — mostly where they were left off. The prospect of elbow surgery certainly isn’t as frightening as various shoulder operations, which are sufficiently risky and cruel that none have a pitcher’s name affixed to them. Still, nobody wants to miss a year-plus of their career due to a medical issue. For the Houston Astros, this complicates both their short- and long-term rotation plans.

One of the reasons the Astros were such a dangerous team in 2018 was the depth of the starting rotation. With the additions of both Justin Verlander and then Gerrit Cole in a six-month period, the team had too many starter — something about which nobody in history has ever complained. It gave them the luxury of being able to absorb some nasty surprises. Without the rotation staying healthier than in 2017, the Astros happily used Collin McHugh and Brad Peacock nearly exclusively as relievers, with sexy results.

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The New York Yankees and CC Sabathia reached an Election Night agreement on a one-year, $8 million contract that keeps the big lefty in the middle of the rotation for another year.

All the Yankees hoped Sabathia would do for the team in 2018 was eat 150-175 innings respectably and cut off the downside risk of the team’s rotation so they wouldn’t have to cross the luxury-tax threshold with a free-agent acquisition. That’s precisely what Sabathia did, his late-career mini-renaissance continuing to the tune of a 3.65 ERA and 8.2 K/9 — his most in a healthy season since 2012, the tail end of his ace years.

There’s no question that Sabathia’s day at the top of the rotation has long since turned to night, but there’s little reason to think he can’t continue to do what he’s been doing for the last few years. Surgery on his knee last month was only a minor one and shouldn’t affect his availability.

Fittingly for someone wearing the same uniform as Mariano Rivera, Sabathia pulled his career off the brink in 2014-15 with the addition of a cutter, a pitch initially taught to him by Andy Pettitte in 2014. It essentially replaced his fastball, a pitch that went from touching 95 in his prime to around 90 in recent years. The cutter hasn’t gotten Mariano-esque results, necessarily — he’s allowed a .238 batting average and .382 slugging percentage on the pitch since 2016 — but it gives him a good complement to his slider, which has always been his key pitch.

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Will the Hall of Fame find room for an all-time saves leader in 2019 — besides current leader and first-ballot lock Mariano Rivera, that is? (He’ll headline the BBWAA ballot, to be released on November 19.) I refer instead to Lee Smith, the record holder from April 13, 1993 (when he overtook Jeff Reardon) to September 24, 2006 (when 2018 Hall inductee Trevor Hoffman surpassed him). At first glance, he not only appears to be the most likely ex-player to be elected from among the six on the 2019 Today’s Game Era Committee ballot, which also includes three managers and one owner, but the only one with a path to election. Released on Monday, the ballot, which centers on candidates who made their greatest impact upon Major League Baseball from 1988 onward, is as notable for its omissions as well as its inclusions.

The full slate of candidates alongside Smith includes former outfielders Harold Baines, Albert Belle, and Joe Carter; first baseman Will Clark; starter Orel Hershiser; managers Davey Johnson, Charlie Manuel, and Lou Piniella; and owner George Steinbrenner. Carter and Manuel are the ballot’s only newcomers besides Smith, which is curious because there wasn’t exactly a clamor to elect the rest, who served as bystanders when John Schuerholz and Bud Selig were elected two years ago. Six of the returnees received “fewer than five votes,” a shorthand the Hall typically uses so as not to embarrass any candidate. Piniella received seven votes, still far short of the 12 needed for election from among the panel of 16.

To these eyes, which have been studying the Hall of Fame voting since the 2002 election cycle, Smith isn’t necessarily the best candidate, but it’s not hard to see parallels with 2018 inductee Jack Morris, who was elected by the Modern Baseball Era Committee last December. Both candidates spent a full 15 years on the BBWAA ballot, Morris from 2000 to -14 and Smith from 2003 to -17; the latter was the last player to do so after a 2014 rule change that truncated candidates’ windows of BBWAA eligibility to 10 years. Both built up support slowly until they appeared to be trending towards election, with Morris crossing the all-important 50% threshold in his 11th year of eligibility and Smith in his 10th. The claims of both to a plaque in Cooperstown hinge(d) upon compiling big totals in a stat that’s since been devalued within stathead circles — 254 wins for Morris, 478 saves for Smith — but one that plays better in front of a panel where writers and historians generally constitute just a quarter of the electorate, with executives and Hall of Famers (both players and managers) making up the other three-quarters.

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Welcome to FanGraphs’ top-50 free-agent rankings. Dave Cameron has previously been responsible for this annual post. This year, though, I’m leading the charge, with some assistance from my colleagues.

In what follows, I’ve provided contract estimates and rankings of the winter’s top free agents, along with market-focused breakdowns for the top-25 players and one case beyond that. (As for why I’ve provided commentary on only the top 25, you can decide for yourself whether it’s because my take on No. 46 Cody Allen was too hot for the internet or if all the players just kinda seemed the same to me by that point.) Meanwhile, a combination of Craig Edwards, Jay Jaffe, Eric Longenhagen, Meg Rowley, Dan Szymborski, and (in one case) Carson Cistulli have supplied the more player-focused breakdowns designed to provide some context for each player at this current moment in his career.

Note that players are ranked in the order in which I prefer them, in terms of the overall guaranteed money I’d spend on them. Usually, this is very similar to the order of overall contract values as both the crowd and I have projected. In some instances, that’s not the case, however — notably with the first and second players on the list. I explain my rationale where relevant.

Given how slow and frustrating last offseason was for the players, the biggest storyline to follow this winter will be how the market reacts. With the Dodgers and Yankees getting under the luxury tax specifically for this winter, multiple mid-market clubs rumored to be ready to spend, and rare stars in their prime on the market, there are fewer causes for restraint. I wouldn’t expect Harper or Machado to sign quickly, as both their agents and the players union will be focused on precedent-setting across the board and they’ll need to get the lay of the land first. If you’re interested in more notes and rumors, I’ve got a corresponding post up, but I didn’t want to make you scroll any further.

Now let’s get to the list.
– Kiley McDaniel

Kiley’s Take
Has produced roughly as many career wins as Harper and is projected to produce roughly the same number in the near future, but will likely be available for less. That and ability to play shortstop place him first.

Player Notes
Machado’s baserunning antics and related comments cast him as a villain during the Dodgers’ postseason run, but they probably won’t dent his market much. Despite splitting his season between Baltimore and Los Angeles, he set or tied career bests in all three slash stats, wRC+, walk and strikeout rates (9.9% and 14.7%), and homers. Given his age, he could maintain this level for a few years. Meanwhile, playing shortstop full-time for the first time since 2012, his pre-trade metrics were brutal (-7.2 UZR, -18 DRS in 96 games), but improved markedly post-trade (0.8 UZR, 6 DRS in 51 games) thanks to a combination of better positioning by the analytically inclined Dodgers and an emphasis on better anticipating batted balls as opposed just to reacting to them. Expect him to prioritize remaining at short and to receive a massive payday. – JJ

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Brock Burke was nowhere to be found on top-prospect lists when he was featured here at FanGraphs last June. But he did merit our attention. Tampa Bay’s third-round pick in the 2014 draft had one of the lowest ERAs in the minors at the time. While the sample size was small — just nine starts on the season — his dominance was undeniable. He’d begun to put himself on the map.

The southpaw out of Evergreen, Colorado wasn’t nearly as good after a mid-summer promotion from low-A Bowling Green to high-A Charlotte. His ERA as a Stone Crab was exponentially higher than it was as a Hot Rod — a Brobdingnagian 4.64 as opposed to a Lilliputian 1.10.

This year he flip-flopped his ebbs and flows. The 22-year-old lefty started slow, then got on a serious roll after earning a promotion to Double-A Montgomery in July. In nine starts for the Biscuits, Burke put up a 1.95 ERA and punched out 11.9 batters per nine innings. If win-loss records are your cup of tea, six of seven decisions went his way.

He blames this season’s slow start on a confluence of timidity and anger. Read the rest of this entry »