Reliever Contracts Make Plenty of Sense

Most free agent contracts are relatively easy to predict. Calculate the going rate for a single win, multiply it by the player’s projected wins above replacement over the length of the deal, and the result will come pretty close to the actual contract. This generally holds true for every type of player save one: the humble relief pitcher.
The Mets gave Luke Weaver $22 million for two years. The Tigers gave Kenley Jansen $11 million for his age-38 season. The Reds gave Emilio Pagán two years and $20 million, with the second year a player option. Run all of the reliever contracts signed this offseason through a dollars per win calculation, and they’re almost uniformly going to come out looking like terrible deals.
The sport appears to be smarter than ever, and yet teams keep shelling out gobs of guaranteed money on bullpen arms who hardly ever top 2 WAR. What’s their problem? Well, maybe teams have collectively decided to behave irrationally in one specific market, but I don’t think it’s that. I think teams are behaving as rationally in the reliever market as any other, but they happen to be using a different metric for evaluating reliever deals. The relevant metric, I think, isn’t dollars per win, but something like championship win probability added. Read the rest of this entry »













