If you’ve read any of the dozens of articles over the years trying to create a framework for player asset values (putting a dollar amount on a player’s value), you’re aware of the biggest weakness of this genre of article. Take a star player, run him through a marginal-value analysis, and you’ll be disappointed in what it says about his trade value. Before we jump into the Gerrit Cole and Andrew McCutchen trades, follow me down a thought-experiment rabbit hole.

Clayton Kershaw is the best pitcher in baseball and Steamer projects him as a six-win player next year. Using the roughly $9-10 million at which a win is currently valued on the open market, Kershaw is likely to produce something between $50 and $60 million of value next year; let’s call it $55 million. Would multiple teams bid that amount for his services on a one year deal? Probably yes, because there’s some surplus value at that salary for which the formula fails to account. It doesn’t consider, for example, either extreme payrolls (i.e. the Dodgers’ on one hand, the A’s on the other) or more critical spots on the win curve (moving an 87-win team to a 93-win team is worth far more revenue-wise than 65 to 71).

So what would the A’s bid? They had an $86 million payroll last year, and they obviously wouldn’t give nearly two-thirds of it to one player. Oakland’s value for Kershaw would likely be whatever the maximum is that they would pay for any player, but that number is much lower than what the Dodgers would spend, maybe $20 million. Granted, these are extreme cases, but it illustrates the limitations of using a one-size-fits-all dollar-per-win calculator in specific instances, even if it works fine in aggregate.

More Granular Valuation

I point all that out to illustrate the fact that players aren’t worth the same to every team. Kershaw’s value, on which we all basically agree, varies by $30-40 million from the A’s to the Dodgers on just a one-year deal. So wouldn’t it follow that the A’s and Dodgers would value other players differently, too?

Read the rest of this entry »

The Giants have acquired outfielder Andrew McCutchen in exchange for Kyle Crick and Bryan Reynolds. Below are the KATOH projections for Pittsburgh’s newest prospects.

Read the rest of this entry »

Earlier in the offseason, the Giants came ever so close to trading for Giancarlo Stanton. Stanton has been one of the most important players in the Marlins’ admittedly limited history, but all that got in the way was a well-earned no-trade clause. Which is what ultimately took Stanton to the Yankees, instead of the Giants or the Cardinals.

Shortly after that all went down, the Giants traded for Evan Longoria. Longoria has been the most important player in the Rays’ admittedly limited history, but, well, the Rays are the Rays, and Longoria is both increasingly old and increasingly expensive. The commitment meant that Longoria had to go, and the Giants were there to welcome him with open arms.

And now the Giants have traded for Andrew McCutchen. McCutchen has been one of the most important players in the Pirates’ far less limited history, one of the keys to the franchise’s recent return to relevance, but where Longoria’s deal was too big for a smaller-market operation, McCutchen’s was too small. With just one year left, McCutchen all but forced the Pirates’ hand, and the Giants, again, were there. The agreement, as it is:

Giants get

• Andrew McCutchen
• $2.5 million

Pirates get

• Kyle Crick
• Bryan Reynolds
• $0.5 million in international-pool money

For the third time, the Giants targeted the face of another ballclub. For the third time, they reached an agreement. For the second time, a move has been actually made. Because of who McCutchen is and has been, this is an impact transaction, one that’s sure to have widespread consequences. The reality of trading or trading for McCutchen is complex. It’s also quite simple. The Pirates aren’t good enough to keep a 31-year-old staring ahead to free agency. And the Giants are trying to return to the playoffs before the inevitable reckoning. McCutchen gives them something they just didn’t have.

Read the rest of this entry »

The Astros have acquired right-hander Gerrit Cole (for real this time) from the Pirates in exchange for Michael Feliz, Joe Musgrove, and prospects Jason Martin and Colin Moran. Below are the KATOH projections for the latter two of those players.

Note that WAR figures account for each player’s first six major-league seasons. KATOH denotes the stats-only version of the projection system, while KATOH+ denotes the methodology that includes a player’s prospect rankings.

*****

Colin Moran, 3B (Profile)
KATOH: 3.0 WAR
KATOH+: 2.8 WAR

The Marlins made Moran the sixth-overall pick back in 2013, but his stock has cratered since. His bat never developed the way scouts thought it would, culminating in a paltry .259/.329/.368 line in 2016. He showed signs of life last year, however, hitting .308/.373/.543 in his second crack at Triple-A. For the first time as a professional, he hit for power — largely by upping his fly-ball rate by 10 percentage points — while simultaneously cutting eight points off of his strikeout rate.

Read the rest of this entry »

After a couple false starts earlier in the week, the Houston Astros finally acquired right-hander Gerrit Cole from the Pittsburgh Pirates last night. As Travis Sawchik notes, the deal makes sense for both teams: the re-tooling Pirates get a collection of useful players, all within close proximity to the majors; the Astros, meanwhile, receive two years of a pitcher with a great arm and history of success. It’s mutually beneficial.

There’s a third party that might benefit from the deal, however, and that’s Cole himself. He might be worth more in Houston than anywhere else.

As a major leaguer, Cole has been either good or really good in each of his five seasons. There’s always this sense, however, that the former No. 1 pick could be great. Earlier this week, Travis Sawchik proposed one way that Cole could perhaps unlock the remaining upside in his 27-year-old arm –namely, by throwing his fastball less. In this way, his move to the Astros represent an opportunity: not only is Cole’s secondary stuff ready for more action, but his new team is uniquely suited to help this adjustment along.

Read the rest of this entry »

Gerrit Cole was reportedly traded to the Astros earlier this week. I wrote about that hypothetical move in greater length here and why Cole might fit well with Houston.

I wrote earlier this offseason that the Pirates ought to trade Cole. The Pirates are re-tooling to some degree, while the Astros are a World Series contender that has been motivated to find a starting pitcher. It makes sense for both parties.

Read the rest of this entry »

Gerrit Cole is reportedly on the verge of joining the Astros:

Or… maybe he’s not:

In any case, it sounds like a deal will get done eventually:

Unless it doesn’t:

While something may or may not be imminent, such a trade would not be surprising: the Pirates have decided to retool at some level and Cole’s name has come up all offseason, first connected to the Yankees (though the Yankees were apparently unwilling to part with Gleyber Torres). The Astros are a top AL contender, the sort team looking to consolidate its position.

The possible return is not yet clear, though the Astros possess the sort of high-end prospects which the Pirates currently lack in their system. So, on the surface, this potential trade makes a lot of sense. A club headed for a rebuild sells two years of control of a top-of-the-rotation arm to a contender.

Read the rest of this entry »

Below is an analysis of the prospects in the Pittsburgh Pirates farm system. Scouting reports are compiled with information provided by industry sources as well as from my own observations. The KATOH (stats-only) statistical projections, probable-outcome graphs, and (further down) Mahalanobis comps have been provided by Chris Mitchell. For more information on the 20-80 scouting scale by which all of my prospect content is governed you can click here. For further explanation of the merits and drawbacks of Future Value, read this. *This post was updated with prospects acquired in various offseason trades (McCutchen, Cole) after its initial publication*

60 FV Prospects

Aside from a May back injury that sidelined him for a month, Keller had a successful 2017 and reached Double-A in August. He struck out 116 hitters in 116 innings, against just 32 walks, while continuing his career-long avoidance of the home run. He has surrendered just 13 homers in 317 career innings. The foundation of Keller’s profile is grounded in his fastball and fastball command. He was throwing only in the upper 80s the fall before his senior year of high school, but Keller’s velocity began to increase as the draft approached, and it has continued to do so. His fastball now sits 93-96 and touches 97.

Read the rest of this entry »

Dick Enberg died on Thursday, at the age 82, in La Jolla, California. His roots were in Michigan. Born in Mount Clemens, Enberg lived on a farm in Amada and attended college in Mount Pleasant. He went on to cultivate an inimitable broadcast style and become known to sports fans everywhere.

To say that Enberg reached the pinnacle of the profession would be an understatement. He called some of the biggest games in college basketball history, several Super Bowls, and more than two dozen Wimbledons. As the voice of the California Angels, and later the San Diego Padres, he was behind the microphone for nine no-hitters. Two years ago, the Baseball Hall of Fame honored him with the Ford C. Frick Award for broadcasting excellence.

Enberg was reportedly as good of a person as he was a broadcaster and based on my brief interactions with him that’s certainly true. When I first met Enberg, we spoke of our shared Finnish heritage and small town Michigan upbringings. He couldn’t have been more congenial. I recall walking away impressed that a legend could be so humble.

It is by no means hyperbolic to call Enberg a legend. Here is what two of the best broadcasters in the business had to say when I asked them about his passing.

Len Kasper, Chicago Cubs: “I was very saddened to see the news. Dick was one of the first big time national sportscasters I remember hearing as a kid. I took a special interest in his work because he went to Central Michigan University, just a few miles from where I grew up. I was fortunate to get to know him a little bit when he joined the Padres TV booth and we had several great conversations. The word iconic gets thrown around lazily in our business, but if Dick Enberg wasn’t an iconic broadcaster, I don’t know who was. I will throw out one other thing. His tennis work was totally underrated. I watched a ton of it in the ‘80s and ‘90s and he was the #1 voice of THAT sport too! He did everything! Versatile, knowledgeable, understated, he had everything you’d want in a national broadcaster.” Read the rest of this entry »

Some teams have fairly clear decisions when it comes to adding or dismantling. The White Sox faced a pretty clear decision to tear down. The Orioles appear to be coming to grips with reality. The Marlins might as well tear it all down at this point. The Yankees were wise to begin adding at the deadline and continuing to add this offseason. The Cardinals look like a team that should add and are trying to do just that this winter.

The more challenging places are teams at a sort of crossroads, those teams that are in the middle of the pack. Those teams that might be able to compete in 2018 but might be better off planning for 2019. There are fewer of these teams as the sport appears to be becoming one more of Haves and Have Nots, but they are out there.

In the NL there are teams like the Pirates (81-81 projected record), Giants (80-82) and Mets (80-82), in which case you can make an argument that all three could buy, sell, or hold. The Giants seem interested in adding. The Mets seem to be more in a holding pattern … and the Pirates? The Pirates seem to be leaning toward selling, they are at least exploring the markets for Andrew McCutchen and Gerrit Cole.

I argued earlier in the summer that the Pirates should be soft sellers, but then last month I wrote they ought to also keep McCutchen for his final year given what might be a modest return. (After all, Pittsburgh, McCutchen named his newborn son ‘Steel’). So while I’ve had some trouble deciding what exactly the Pirates ought to do, perhaps it’s time to commit more fully to selling. Read the rest of this entry »