Fast and Furious: Free Agency Signings Are Proceeding at a Record Pace

For years, the baseball offseason had a predictable rhythm. When the World Series ended, we’d hit a lull. Around the Winter Meetings, a few Scott Boras clients would sign while he spouted strange, vaguely nautical similes. A few more marquee names would get caught up in Boras’ wake (see what I did there?) and sign as well. Then we’d have a lull around year end, and contract activity would pick up again in the new year.
That pattern hasn’t held even a little bit this winter. As of this writing, 45 of our top 50 free agents have signed, including the entire top 30; many guys who just missed the cut have signed as well. Four years ago, plenty of teams were still looking for free agent help in the first week of January. This year, your options are Johnny Cueto, Jurickson Profar, and then tumbleweeds.
This feels different than previous years of free agency, but I wanted to put some quantitative rigor behind that. I set out to compare this offseason to each previous one. I’ll spend plenty of time going through my methodology below, but first, let’s give the people what they want. This year really is different. Here’s the percentage of all free agents, weighted by previous year WAR, that had signed new deals by December 31 of each offseason since the conclusion of the 2000 season, excluding last year’s lockout weirdness:
The 2022-23 offseason (which I’ll be calling 2023 for simplicity’s sake for the remainder of the article) is tied for the most front-loaded offseason of this millennium. Given that offseasons had been getting progressively slower, that’s a meaningful change. Now, let’s talk about how I got to this conclusion, and come up with a few takeaways about the new landscape of free agency. Read the rest of this entry »