GM Alex Anthopoulos and the Blue Jays have made their deal with former Reds, Brewers, and Rangers closer Francisco Cordero — to a one-year deal worth $4.5 million — official, reports Jon Heyman of CBS.

A successful high-leverage reliever at one point, who struck out more than 25% of batters faced every season between 2003 and 2008, Cordero’s velocity — and with it, his performance — has declined in recent seasons. Last season, with his fastball velocity having dropped to 93.0 mph per PITCHf/x — from 95.0 mph in 2009, for example — Cordero posted his worst strikeout rate (15.3%) since 2000 and second-worst xFIP- (108). His fastball usage from last season — at a career low 37.4%, per PITCHf/x — reflects Cordero’s changed approach.

However, the deal is notable less for the specifics regarding Cordero (about whom Jim Breen wrote last week) and more for what it represents in terms of the Blue Jays’ capacity for rebuilding a bullpen that was entirely gutted by the end of last season after a trade that saw Octavio Dotel, Jason Frasor, and Marc Rzepczynski go to St. Louis and Chicago variously for center fielder Colby Rasmus.

This offseason, Toronto has traded for Sergio Santos (due just $1 million), reacquired Frasor ($3.75 million), signed Darren Oliver ($4.5 million), and now Cordero. That’s almost an entire bullpen for just under $14 million — i.e. only slightly more than what Jonathan Papelbon will be making per annum for the next four years. As Alex Lewin demonstrated in a piece from late November, the risk associated with that sort of long-term reliever contract generally doesn’t merit the potential rewards. The Blue Jays are clearly proceeding with that notion in mind.

Players leave money on the table every year. It’s true! Pitchers, in particular, have been signing away free agency years at below-market prices for a while now.

Consider the most recent big signing, Yu Darvish. He most likely would have made more money had he stayed in Japan for three years and come over as a free agent. Through the arbitration process in Japan, he was due around $27 million over the next three years, and his deal with the Rangers only pays him $25 million over the same time frame. Had he continued his dominance, and come over in three years, it seems likely he would have made more than $30 million over three years. He would have had the leverage of the unrestricted free agent.

But Darvish’ plight resembled that of the arbitration-eligible pitcher here in the states. He could only talk to one team, which should sound familiar. And he probably valued some non-monetary benefits that a long-term contract offered: security and the ability to compete against the best in the world. How prevalent is this sort of give-and-take in the normal process here in the states? How many pitchers have given up free agent years at below the going rate?

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Has it ever happened to you where one number — just one measly stat — throws your mind on a complete tangent, and results in you wasting a half hour of your life? This happens to me more often than I should admit. For instance, I was taking a stroll this morning through the FanGraphs leaderboards when one stat jumped out and lodged itself in my brain. Oh look, Brandon Morrow’s swinging strike rate (11.5%) was the second highest in the majors last season. That’s not even a surprising statistics; I know Morrow is a strikeout ace, and that his ability to get hitters to swing and miss is among the best in the game. But for some reason, the stat wouldn’t leave me alone.

Me: Didn’t Morrow just sign a new contract extension?

Other Me: Yes, that’s right — 3 years, $20 million.

Me: So the Blue Jays must think his ERA will eventually fall in line with his peripherals, right? You don’t make that sort of a commitment to a 4.50 ERA pitcher, and the Blue Jays are smarter than that. Morrow did post a 3.31 SIERA these past two seasons…

Other Me: They must. But Morrow’s problems have largely stemmed from an inability to strand runners on base (<70% LOB% over past two years).  Could this possibly be a pitch selection problem? Or maybe Morrow isn’t able to go to his best whiff pitch when runners are on base, for whatever reason?

Me: For that matter, what is Morrow’s best swing-and-miss pitch?

Other Me: Uhhh…

Just like that, one simple statistic turned into a full-blown investigation.

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Right-hander Francisco Cordero sat on the sideline as every other available closer on the free agent market found employment this winter. On Tuesday afternoon, however, it was reported that the 36-year-old native of the Dominican Republic agreed to a one-year, $4.5M deal with the Toronto Blue Jays.

He is expected to serve as the set-up man for the newly-acquired Sergio Santos, which will be the first year in a non-closer role for Cordero since he set-up for Ugueth Urbina for half of the 2003 season. Dave Cameron adroitly illustrated why Cordero was left on the outside of the closer’s market looking in — mostly due to a troubling decline in the ability to miss bats over the past few years — in this article.

It’s beneficial for the Blue Jays that Cordero will not be relied upon to be the team’s closer, because that declining strikeout rate was not the only red flag raised in 2011. The vast chasm between his 2.45 ERA and 4.02 FIP last season has been well-documented, but the other major concern stems from what appears to be a huge improvement from last year: his walk rate.

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Fans can say what they will about the Jays efforts in attracting big ticket free agents but there aren’t many organizations in baseball that can match Toronto’s dedication to scouting and player development. Since taking over the general manager’s role, Alex Anthopoulos has rejuvenated the minor league system – through trades, the draft and international free agency – and the the efforts are about to bear fruit with numerous prospects nearing graduation.

1. Anthony Gose, OF
BORN: Aug. 10, 1990
EXPERIENCE: 4 seasons
ACQUIRED: 2008 2nd round, California HS (by Phillies)
2010-11 TOP 30 RANKING: 11th

Gose narrowly edges d’Arnaud for top spot on the Jays list because of his potential as a four-tool player (The hit tool is the only non-plus). The outfielder has an exciting mix of speed, power, arm strength and overall center-field defense that is hard to find. Previously more of a singles hitter, the Jays player development staff had Gose focus more on driving the ball at double-A in 2011 and his ISO rate rose form .122 with the Phillies organization in ’10 to .161. Gose struggles to make consistent contact and posted a strikeout rate of 26% in ’11. His willingness to take walks (10.6 BB%) helps to make up for the low batting average and allowed him to attempt 84 stolen bases (He was successful 69 times). I’ve been cautious with my rankings of Gose in the past but I’m becoming a believer as he continues to show improvements as he climbs the minor league ladder.

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Brandon Morrow is set to sign a three-year, $20 million contract extension with the Toronto Blue Jays. The deal reportedly includes a $10 million option or a $1 million buyout in 2015. While we don’t have the particulars of the deal at this point — including how much Morrow could make in each of his three seasons — it’s sure to create some arguments among fans.

In Morrow’s two seasons with the Blue Jays, his 4.62 ERA has been below-average among American League starters. Yet Morrow’s FIP and xFIP during the same time indicate that he should be one of the league’s better ones. As a result, many stat analysts have predicted a major improvement from Morrow. But until his ERA matches up with his advanced stats, Morrow is going to remain a frustrating player.

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It really seems as if Manny Ramirez wants to play in the major leagues in 2012. He’s had a rough go of it since last April, having a brief and ineffective stint with the Tampa Bay Rays that ended when he retired to avoid the ignominy of a 100-game suspension for a positive PED test. Yes, Manny brings baggage, and he will be 40 in May. However, despite the way things ended in 2011, Ramirez has a long record of impressive offensive production. It is hard to say which teams might actually be interested, but what teams even have a place for him? Not many, and league-wide interest (understandably) seems tepid so far. But if we scour the league, some possibilities do appear.

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On Monday night, the Nippon Ham Fighters announced they would accept the Texas Rangers’ $51.7M bid for 25-year-old right hander Yu Darvish. The decision ended a months-long rumorfest concerning Japan’s best pitcher last season — and put on full display the oddity that is the Nippon Professional Baseball posting system.

Much digital ink has spilled in service to the tricky nature of the MLB-NPB player transfer process. It stinks of inefficiencies; it dances around yet-fully-realized moral hazards; and it is, quite possibly and quite rightly, nearing its demise.
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When Alex Anthopoulos and the Toronto Blue Jays acquired center fielder Colby Rasmus for Edwin Jackson, Octavio Dotel, and Marc Rzepczynski just before the Trade Deadline last summer, the blogosphere and Twitterverse were exploding with praise for Toronto.

Anthopoulos parted with relatively little to acquire a young center fielder who was worth 4.3 WAR in the previous season at only 24 years old. His .366 wOBA was the third best in baseball by a center fielder, which was only bested by Josh Hamilton and Carlos Gonzalez. Rasmus also had three-and-a-half years remaining under team control, which only augmented his value as a baseball asset.

The trade was an unequivocal win for our amiable neighbors north of the border. Toronto’s stat-friendly, new-age general manager hoodwinked his backward counterpart in St. Louis, and frankly, it wasn’t even close.

At least, that was what was supposed to happen.

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Barely two months after signing Sergio Santos to a three-year extension worth a guaranteed $8.25 million, the Chicago White Sox have traded him to the Toronto Blue Jays in exchange for pitching prospect Nestor Molina. Eno Sarris has you covered from the White Sox perspective, so let’s look at the deal through the scope of Alex Anthopoulos and the Toronto Blue Jays.

Last winter, the Jays acquired the tandem of Jon Rauch and Frank Francisco to handle the late inning duties. Rauch was largely disappointing in his 52 innings of work, managing a 5.26 FIP. His 12.9% HR/FB was well above his career average, but a 4.56 xFIP shows that he was mediocre even if his home-run rate was a bit fluky.

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