Just as an earthquake can send shockwaves across a region for days, a high-magnitude free agent signing can create ripple effects for other teams around baseball.

On Tuesday, the Yankees agreed to sign Gerrit Cole to the richest pitching contract in history, getting their man for $324 million over nine years. While the top free agent is now officially off the board, the decision-makers in front offices across the league aren’t resting quite yet. In fact, the Yankees began preparing for the reality of signing Cole before the deal was even completed, with Joel Sherman reporting on Monday that the team is “actively” trying to trade J.A. Happ.

Happ is entering the second year of a two-year, $34 million contract, meaning that he will count for $17 million for luxury tax purposes. We currently project the Yankees’ 2020 payroll to be approximately $250 million, already putting them above the $208 million tax threshold. Even if the Yankees clear Happ’s salary in a trade, Cole still puts them well above the threshold, but at that point, it’s more than worth it. For New York, the key isn’t as much getting below the tax as it is getting below $248 million. For every dollar spent up to $248 million, the tax is solely monetary. Beyond that point, however, a team’s highest draft selection is moved down 10 slots. That’s why the Yankees (or any team) can blow pretty far past the tax without having to worry about impacting anything other than their owner’s checkbook. Read the rest of this entry »

The following article is part of Jay Jaffe’s ongoing look at the candidates on the BBWAA 2020 Hall of Fame ballot. Originally written for the 2013 election at SI.com, it has been updated to reflect recent voting results as well as additional research. For a detailed introduction to this year’s ballot, and other candidates in the series, use the tool above; an introduction to JAWS can be found here. For a tentative schedule, and a chance to fill out a Hall of Fame ballot for our crowdsourcing project, see here. All WAR figures refer to the Baseball-Reference version unless otherwise indicated.

Roger Clemens has a reasonable claim as the greatest pitcher of all time. Cy Young, Christy Mathewson, Walter Johnson, and Grover Cleveland Alexander spent all or most of their careers in the dead-ball era, before the home run was a real threat, and pitched while the color line was still in effect, barring some of the game’s most talented players from participating. Sandy Koufax and Tom Seaver pitched when scoring levels were much lower and pitchers held a greater advantage. Koufax and 2015 inductees Randy Johnson and Pedro Martinez didn’t sustain their greatness for nearly as long. Greg Maddux didn’t dominate hitters to nearly the same extent.

Clemens, meanwhile, spent 24 years in the majors and racked up a record seven Cy Young awards, not to mention an MVP award. He won 354 games, led his leagues in the Triple Crown categories (wins, strikeouts, and ERA) a total of 16 times, and helped his teams to six pennants and a pair of world championships.

Alas, whatever claim “The Rocket” may have on such an exalted title is clouded by suspicions that he used performance-enhancing drugs. When those suspicions came to light in the Mitchell Report in 2007, Clemens took the otherwise unprecedented step of challenging the findings during a Congressional hearing, but nearly painted himself into a legal corner; he was subject to a high-profile trial for six counts of perjury, obstruction of justice, and making false statements to Congress. After a mistrial in 2011, he was acquitted on all counts the following year. But despite the verdicts, the specter of PEDs won’t leave Clemens’ case anytime soon, even given that in March 2015, he settled the defamation lawsuit filed by former personal trainer Brian McNamee for an unspecified amount.

Amid the ongoing Hall of Fame-related debates over hitters connected to PEDs — most prominently Barry Bonds, Mark McGwire, and Sammy Sosa — it’s worth remembering that the chemical arms race involved pitchers as well, leveling the playing field a lot more than some critics of the aforementioned sluggers would admit. The voters certainly haven’t forgotten that when it comes to Clemens, whose share of the vote has approximated that of Bonds. Clemens debuted with 37.6% of the vote in 2013 and only in 2016 began making significant headway, climbing to 45.2% thanks largely to the Hall’s purge of voters more than 10 years removed from covering the game. Like Bonds, he surged above 50% — a historically significant marker towards future election — in 2017, benefiting from voters rethinking their positions in the wake of the election of Bud Selig. The former commissioner’s roles in the late-1980s collusion scandal and in presiding over the proliferation of PEDs within the game dwarf the impact of individual PED users and call into question the so-called “character clause.”

Clemens’ march towards Cooperstown has stalled somewhat in the two years since, as he’s added just 5.4% to reach 59.5%. Whether or not the open letter from Hall of Fame Vice Chairman Joe Morgan pleading with voters not to honor players connected to steroids had an impact, the end result is time run off the clock. He still has a shot at reaching 75% before his eligibility runs out in 2022, but like Bonds, needs to regain momentum.

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Last night, Gerrit Cole signed a record-breaking contract with the Yankees. Jay Jaffe broke down the signing, and mentioned one important part: the contract includes a player option after five years. In a contract as lengthy and lucrative as Cole’s, an opt out might seem like mere ornamentation. That’s not the case, though: as Stephen Strasburg’s earlier contract shows, sometimes the market in the future is simply better for a pitcher than we think. With that in mind, I took a stab at valuing the player option.

We use two player projection systems here at FanGraphs, and I ran both of them through the option pricing tool, as well as a hybrid. First, let’s take a look at the most optimistic: Steamer projects Cole for 6.3 WAR this year. From there, I applied a standard 0.5 WAR/year aging penalty and ran the numbers. You can read the methodology here, but as a quick refresher, I take an aging-inclusive projection, then bump each year by a random, normally distributed number to account for fluctuations in talent level.

The bumps persist year-to-year; if Cole improves to a 7 WAR projection for 2021, his mean projection for 2022 would be 6.5 WAR after the aging penalty, and I then apply another random talent bump to that projection. I do the same thing with the cost of a win in free agency; it generally trends upward, but jumps around, and the jumps persist year-to-year. Read the rest of this entry »

Last winter, as Manny Machado and Bryce Harper became the first free agents to reach the $300 million plateau, the Yankees kept their powder dry, deciding both that they had enough depth at those players’ respective positions and enough money spent beyond the Competitive Balance Tax threshold. Despite a considerably more glaring need in their rotation, they bypassed the market’s top free agent pitcher, Patrick Corbin, as well, unwilling to go to a sixth year to secure his services, which ended up selling for $140 million to the Nationals. On Tuesday, the Yankees spent the money they had been squirreling away, agreeing to a nine-year, $324 million contract with 29-year-old righty Gerrit Cole.

The Yankees reportedly outbid the Dodgers, Angels, and multiple mystery teams (possibly the Astros and Giants) for Cole, a pitcher whom they have coveted since selecting him in the first round of the 2008 draft (28th overall), only to lose out to his commitment to attend UCLA. Three year later, he was the first overall pick by the Pirates, for whom he pitched from 2013-17 and helped to two Wild Card berths, before being traded to the Astros for four players in January 2018, just two and a half months after Houston had won its first World Series.

In Houston, Cole reconfigured his arsenal, scrapping his sinker and relying more upon his four-seamer and breaking balls, and ascending into elite territory. Over the past two seasons, only Jacob deGrom and Max Scherzer have outdone his 13.4 WAR and his 2.67 FIP, while only deGrom and Justin Verlander have bettered his 2.68 ERA; no starter in that span has outdone his 37.3% strikeout rate. In 2019, Cole set a record for an ERA qualifier by striking out 39.9% of all hitters while also leading the AL with 326 strikeouts, a 2.50 ERA, a 2.64 FIP, and 7.4 WAR. Not only was he poised to hit the market at the apex of his value to date, he was positioned to hit a trifecta unseen since the winter of 1974-75, when Cy Young winner Catfish Hunter of the three-time defending world champion A’s was suddenly declared a free agent after owner Charlie Finley failed to make deferred annuity payments in a timely fashion as stipulated by his contract. Read the rest of this entry »

As first reported by Jon Heyman of MLB Network, the New York Yankees have signed Gerrit Cole to a nine-year, $324 million contract. That’s $36 million per season, making it both the most money and the highest average annual value a pitcher has ever earned, eclipsing the $35 million AAV contract Stephen Strasburg inked yesterday.

Cole’s deal fits a pattern we’ve seen this offseason where free agents — particularly big ticket signees — have earned more money than we anticipated at the outset of the winter. As has been the case for most contracts signed by players on our Top 50 Free Agents list, Cole signed for both more years and more money than we projected. Kiley McDaniel forecast that he’d sign a seven-year deal for $242 million ($34.5 million AAV), while our crowdsourcing effort estimated seven years and $224 million ($32 million AAV).

If any pitcher could command that kind of deal, it’s Cole, who is the consensus best pitcher in baseball. Though he narrowly lost out on the Cy Young to former teammate Justin Verlander, the 29-year-old’s dominant performance down the stretch and in October established him as a unique force to be reckoned with throughout the playoffs, and ensured he’d be the top free agent on the market this winter. Read the rest of this entry »

The following article is part of Jay Jaffe’s ongoing look at the candidates on the BBWAA 2020 Hall of Fame ballot. For a detailed introduction to this year’s ballot, and other candidates in the series, use the tool above; an introduction to JAWS can be found here. For a tentative schedule and a chance to fill out a Hall of Fame ballot for our crowdsourcing project, see here. All WAR figures refer to the Baseball-Reference version unless otherwise indicated.

Bobby Abreu could do just about everything. A five-tool player with dazzling speed, a sweet left-handed stroke, and enough power to win a Home Run Derby, he was also one of the game’s most patient, disciplined hitters, able to wear down a pitcher and unafraid to hit with two strikes. While routinely reaching traditional seasonal plateaus — a .300 batting average (six times), 20 homers (nine times), 30 steals (six times), 100 runs scored and batted in (eight times apiece) — he was nonetheless a stathead favorite for his ability to take a walk (100 or more eight years in a row) and his high on-base percentages (.400 or better eight times). And he was durable, playing 151 games or more in 13 straight seasons. “To me, Bobby’s Tony Gwynn with power,” said Phillies hitting coach Hal McRae in 1999.

“Bobby was way ahead of his time [with] regards to working pitchers,” said his former manager Larry Bowa when presenting him for induction into the Phillies Wall of Fame earlier this year. “In an era when guys were swinging for the fences, Bobby never strayed from his game. Because of his speed, a walk would turn into a double. He was cool under pressure, and always in control of his at-bats. He was the best combination of power, speed, and patience at the plate.” Read the rest of this entry »

The following article is part of Jay Jaffe’s ongoing look at the candidates on the BBWAA 2020 Hall of Fame ballot. Originally written for the 2015 election at SI.com, it has been updated to reflect recent voting results as well as additional research. For a detailed introduction to this year’s ballot, and other candidates in the series, use the tool above; an introduction to JAWS can be found here. For a tentative schedule and a chance to fill out a Hall of Fame ballot for our crowdsourcing project, see here. All WAR figures refer to the Baseball-Reference version unless otherwise indicated.

Wherever Gary Sheffield went, he made noise, both with his bat and his voice. For the better part of two decades, he ranked among the game’s most dangerous hitters, a slugger with a keen batting eye and a penchant for contact that belied his quick, violent swing. For even longer than that, he was one of the game’s most outspoken players, unafraid to speak up when he felt he was being wronged and unwilling to endure a situation that wasn’t to his liking. He was a polarizing player, and hardly one for the faint of heart.

At the plate, Sheffield was viscerally impressive like few others. With his bat twitching back and forth like the tail of a tiger waiting to pounce, he was pure menace in the batter’s box. He won a batting title, launched over 500 home runs — 14 seasons with at least 20 and eight with at least 30 — and put many a third base coach in peril with some of the most terrifying foul balls anyone has ever seen. For as violent as his swing may have been, it was hardly wild; not until his late thirties did he strike out more than 80 times in a season, and in his prime, he walked far more often than he struck out. Read the rest of this entry »

The following article is part of Jay Jaffe’s ongoing look at the candidates on the BBWAA 2020 Hall of Fame ballot. For a detailed introduction to this year’s ballot, and other candidates in the series, use the tool above; an introduction to JAWS can be found here. For a tentative schedule and a chance to fill out a Hall of Fame ballot for our crowdsourcing project, see here. All WAR figures refer to the Baseball-Reference version unless otherwise indicated.

No other player, not even 2019 Hall of Fame inductee Mariano Rivera — the first player ever elected unanimously by the writers — typified the Yankees’ late-1990s resurgence and evolution into a dynasty more than Derek Jeter. A 1992 first-round pick out of Kalamazoo, Michigan, the 6-foot-3 shortstop seemed not only to be built for stardom but engineered to withstand the spotlight’s glare. Famously instilled with a level-headedness by his parents, who during his childhood made him sign code-of-conduct contracts, he pulled off the remarkable feat of simultaneously exuding a cocky charisma and an off-the-charts baseball IQ while remaining completely enigmatic even in the country’s largest media market. Not only did he avoid mental mistakes on the field, he ably evaded virtually every controversy that surrounded the Yankees; by the time he turned 29 years old, he had been named team captain. During his two decades in pinstripes, he played a pivotal role for 16 playoff teams, seven pennant winners, and five champions. Not until he was 34, deep into his 14th season, did he play a game in which his team had been mathematically eliminated from postseason contention.

With an inside-out swing that yielded consistently high batting averages and on-base percentages, Jeter was a hit machine, an ideal table-setter among the Bronx Bombers. In 15 of his 18 full seasons, he collected at least 179 hits, and 13 times, he scored at least 100 runs. He did both with such consistency and longevity that he ranks sixth all-time in hits (3,465) — not just more than any other shortstop, but more than any other infielder — and 11th in runs scored (1,923). Though he had less power than Alex Rodriguez and Nomar Garciaparra, the pair with whom he formed the “Holy Trinity” of shortstops, he was fully capable of hitting a well-timed home run. In fact, his 20 postseason homers are third all-time, yet one of the rare October (and November, ahem) records that he does not hold. He wasn’t without flaws, of course. Though his strong arm, sure hands, and low error totals helped him pass the eye tests of casual fans, broadcasters, and even the opposing managers who bestowed five Gold Gloves upon him, his defensive metrics are brutal. Even so, they’re outweighed by contributions in every other aspect of the game.

Thanks to his 3,000-plus hits and his collection of championship rings, Jeter will have no trouble gaining first-ballot entry to the Hall of Fame. With the precedent of non-unanimity finally broken, the primary suspense of this cycle is whether he’ll match Rivera by receiving the full 100% from the writers. Secondarily, and more frustratingly, the possibility exists that his presence on the ballot will overshadow other worthy candidates. Either way, he’ll be standing on the dais in Cooperstown next summer. Read the rest of this entry »

The following article is part of Jay Jaffe’s ongoing look at the candidates on the BBWAA 2020 Hall of Fame ballot. Originally written for the 2019 election, it has been updated to reflect recent voting results as well as additional research. For a detailed introduction to this year’s ballot, and other candidates in the series, use the tool above; an introduction to JAWS can be found here. For a tentative schedule and a chance to fill out a Hall of Fame ballot for our crowdsourcing project, see here. All WAR figures refer to the Baseball-Reference version unless otherwise indicated.

As much as Derek Jeter, Jorge Posada, Mariano Rivera, and Bernie Williams, Andy Pettitte was a pillar of the Joe Torre-era Yankees dynasty. The tall Texan lefty played such a vital role on 13 pinstriped playoff teams and seven pennant winners — plus another trip to the World Series during his three-year run with Houston — that he holds several major postseason records. In fact, no pitcher ever started more potential series clinchers, both in the World Series and the postseason as a whole.

For as important as Pettitte was to the “Core Four” (Williams always gets the short end of the stick on that one) that anchored five championships from 1996 to 2009, he seldom made a case as one of the game’s top pitchers. High win totals driven by excellent offensive support helped him finish in the top five of his leagues’ Cy Young voting four times, but only three times did he place among the top 10 in ERA or WAR, and he never ranked higher than sixth in strikeouts. He made just three All-Star teams.

Indeed, Pettitte was more plow horse than racehorse. A sinker- and cutter-driven groundballer whose pickoff move was legendary, he was a championship-level innings-eater, a grinder (his word) rather than a dominator, a pitcher whose strong work ethic, mental preparation, and focus — visually exemplified by his peering in for the sign from the catcher with eyes barely visible underneath the brim of his cap — compensated for his lack of dazzling stuff. Ten times he made at least 32 starts, a mark that’s tied for seventh in the post-1994 strike era. His total of 10 200-inning seasons is tied for fourth in that same span, and his 13 seasons of qualifying for the ERA title with an ERA+ of 100 or better is tied for first with two other lefties, Mark Buehrle and CC Sabathia. He had his ups and downs in the postseason, but only once during his 18-year career (2004, when he underwent season-ending elbow surgery) was he unavailable to pitch once his team made the playoffs.

Even given Pettitte’s 256 career wins, he takes a back seat to two other starters on the ballot (Roger Clemens and Curt Schilling) who were better at missing bats and preventing runs, and who also had plenty of postseason success. Both of those pitchers have reasons why voters might exclude them from their ballots even while finding them statistically qualified, and the same is true for Pettitte, who was named in the 2007 Mitchell Report for having used human growth hormone to recover from an elbow injury. Between those dents and dings and the additional presence of both Roy Halladay and Mike Mussina, who were elected last year, Pettitte received just 9.9% in his ballot debut. In a less crowded field, he could build upon that, at least well enough to persist on the ballot, but he seems unlikely to make much headway towards 75% barring a significant change in the electorate’s attitudes towards PEDs.

About those wins: Regular readers know that I generally avoid dwelling upon pitcher win totals, because in this increasingly specialized era, they owe as much to adequate offensive, defensive, and bullpen support as they do to a pitcher’s own performance. While one needn’t know how many wins Pettitte amassed in a season or a career to appreciate his true value, those totals have affected the popular perception of his career.

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Yesterday, the Yankees traded utility lefty Nestor Cortes Jr. to the Mariners for international bonus pool money. A source indicated to Eric and me that the deal was for $30,000 of pool space (we’re told it’s all Seattle had left in their pool), while others characterized it as being in that range, if not that number exactly.

This move may seem insignificant, but it hints at the motivations and strategies of both clubs. Back in July, the Yankees were one of a couple teams we spotlighted as having a 40-man crunch on their hands (we had Cortes as the last guy to make the roster), so being able to get something in return for him rather than throwing him on waivers because they needed to clear roster spots makes for an easy decision. The price of claiming a player on waivers is $50,000, while we’ve found the return on investment of an international bonus dollar, including operational expenses, is about 300%. Most teams think of bonus pool money as being worth at least double its nominal value, but the Yankees — who consistently trade for extra pool money, with GM Brian Cashman emboldened by their quick returns on high-variance prospects in the international market — likely see it as much more valuable than that. Factor in that given Seattle’s interest, the odds of Cortes passing through waivers was zero, and this makes a ton of sense for New York.

Meanwhile, Seattle is ramping up to compete in 2021 and has open spots on its 40-man roster, so adding an accomplished depth piece with major league experience and remaining minor league options for just a bit over the waiver price, while shifting a little international money into their 40-man roster, fits their competitive posture. Cortes is a 5-foot-11 lefty who sits 88-91 mph and relies mostly on his fastball and slider, but also mixes in a changeup. He’s likely never going to be a role 5, 50 FV or a reliable bulk innings rotation piece, so the Yankees probably figured that one of the prospects recently added to the roster, or a veteran on a minor league deal who won’t need to be added to the 40-man until next season, can fill the same role. Read the rest of this entry »