Well, we’ve got our first surprise of the offseason, as right before the deadline to extend qualifying offers, the Rockies announced that they were going to extend that to free agent outfielder Michael Cuddyer. By making the QO, Cuddyer now has a week to determine if he wants to accept a one year, $15.3 million contract, or hit free agency with draft pick compensation attached.
Without the QO, I think Cuddyer likely could have landed a two three year deal, probably in the $10 million per year range. In the Contract Crowdsourcing project, the median forecast was for $18 million over two years, so even if the crowd was a bit low, expectations were somewhere in that range.
Now, though, that contract is basically out the window, as it wouldn’t benefit Cuddyer to accept a second year that only guarantees him $4.7 million more than accepting the qualifying offer. In order to get a deal that would be more valuable than taking the 1/$15M QO, he’s probably going to need to get three years. And ~3/$30M, plus the forfeiture of a draft pick, is a high price to pay for a guy who played in 49 games last year and turns 36 next March.
Now, the market has historically overpaid for power, and as a right-handed hitter with the ability to drive the ball, Cuddyer would likely have commanded a premium in free agency. Especially because he also comes with the reputation as a great clubhouse guy and off-the-field intangibles. But we’re still talking about a guy with a Steamer forecast of +1 WAR next year, and that’s assuming he stays healthy enough to play most of the season.
As a player, Cuddyer isn’t all that different from an older Kendrys Morales, though he does offer a bit more defensive value in that he can theoretically run around the outfield a bit. Last year, Morales bet on this skillset getting paid, turned down the qualifying offer, and found out that the market for good-not-great hitters with limited other skills wasn’t what he thought it would be.
Will Cuddyer turn down a guaranteed $15 million from Colorado in order to find out how much more valuable the league sees him than Morales? I’m guessing no. And if he does take the deal, becoming the first player to accept a qualifying offer, the big question then becomes what the Rockies do with their already crowded outfield.