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There are 6,000 or so minor-league baseball players at any given moment. By definition, meanwhile, there are only 100 minor-league ballplayers on any given top-100 prospect list. That means there are also around 6,000 minor leaguers not on top-100 lists — all 6,000 of them still intent on reaching the major leagues.

And many of them do reach the majors. For half-a-dozen years, Carson Cistulli has highlighted a number of prospects who failed to make a top-100 list by means of his Fringe Five series, and some of those players — like Mookie Betts and Jose Ramirez — have gone on to become stars. There should be little doubt that prospects outside the standard top-100 lists have value. Determining how much value, however, is a different and more involved question.

When I attempted to determine a value for prospects who’d appeared on top-100 lists, I was working with a relatively small pool of players. Even 15 years’ worth of lists equates to 1,500 players at most. Attempting to determine the value for every prospect, meanwhile, would appear to be a much larger task. Does one look at the roughly 90,000 minor-league seasons over the same period? That seems daunting. Looking at Baseball America’s team-level prospects lists, which feature 10 players per organization, would provide a more manageable 200 prospects per season outside the top-100 list, but that wouldn’t quite get us where we need to be, either.

And yet, as I’ve noted, these prospects have value. On THE BOARD, for example, there are currently 689 prospects with grades (a) of at least 40 but (b) less than 50 (the lowest grade earned by players on a top-100 lists, typically). It’s these prospects in whom I’m interested. What follows represents my attempt to place a value on them, as well.

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Today, I’ve published a pair of posts in which I attempt to estimate the present-day value of prospects, both in terms of WAR and dollars. With that work complete, the logical next step is to turn away from the value of specific prospects and towards farm systems as a whole.

One can get a sense of the stronger and weaker systems just by eyeballing the rankings produced by Eric Longenhagen and Kiley McDaniel. What the prospect-valuation data allows us to do, however, is to place a figure on baseball’s top-800 or so prospects, creating a more objective ranking based on the grades assessed to each player here at FanGraphs.

These rankings provide a current snapshot of the farm systems before Longenhagen and McDaniel embark on their winter-long reveal of team prospect rankings. (The first post in their offseason series will appear this week.) As noted, the methodology for valuing prospects based on their grades is explained in my last two posts on the subjects:

• An Update to Prospect Valuation
• Putting a Dollar Value on Prospects Outside the Top 100

Keep in mind, these values are based on the current CBA, where players receive a minimum salary for roughly three years and then have three (or four) years of arbitration before reaching free agency after six full MLB seasons. Players are generally underpaid compared to their value on the field during these seasons, which is what creates the high present-day values and partially justifies the high value placed by teams on prospects when executing trades.

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Over the years, a good deal of effort has been put into determining the value of prospects. Victor Wang, Scott McKinney (updated here), Kevin Creagh and Steve DiMiceli together, and Jeff Zimmerman have all published work on the subject, roughly in that order.

The reasoning behind such efforts is fairly obvious: teams trade prospects for proven players all the time. Finding an objective way to evaluate those trades is useful to better understanding how the sport operates. Indeed, FanGraphs has benefited from those prospect-valuation studies on multiple occasions.

With another year having passed, I’ve attempted to build on the work of others and produce updated valuations of my own. Previous efforts have been very helpful in the process, while the input of prospect analysts Eric Longenhagen and Kiley McDaniel has helped me find results that would be most useful.

In building this study, I set out with the following aims:

• To separate players into as many useful tiers as possible without creating unnecessary distinctions.
• To use as much data as possible so long as it was useful and likely still relevant today.
• To make the valuations as forward-looking as possible.
• To recognize that player development is not linear and that players appearing on prospect lists vary from major-league-ready to raw, Rookie-level talents.

To those various ends, here are some of the parameters of this study:

1. Baseball America’s top-100 lists from 1996 to 2010 serve as the foundation for prospect grades.
When I started the study, I looked at the lists dating back to 1990, separating out position players from pitchers and organizing by year. I found that the evaluations from the earlier part of the 90s — especially those for pitchers — had considerably worse outcomes than those that came after. I debated whether or not to throw out the data. Eventually, though, I decided that since 15 years of prospect numbers were showing decidedly different results, and that there was considerable turmoil occurring within the sport during that time — expansion, a strike, and a lockout — it seemed reasonable to toss the earlier years and go with the assumption that the 1996-2010 lists more accurately represented prospect evaluation today and going forward than the rankings of 25 years ago.

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Does Shohei Ohtani’s success portend more two-way players in MLB? Opinions vary, albeit with the bears clearly outnumbering the bulls — at least in terms of expected production. While a certain amount of copy-catting seems inevitable, the presumptive American League rookie of the year paired a .925 OPS with a 3.31 ERA and a 10.95 strikeout rate. He was dominant on both sides of the ball in a way that’s unlikely to be replicated by anyone other than himself.

A pair of former two-way players I spoke to this season are among the skeptics. Which isn’t to say they hate the idea. Nor do they feel the Brendan McKays of the world don’t deserve every opportunity to show they can follow in Ohtani’s footsteps (hopefully without elbow surgery being part of the equation).

Steven Brault created a bit of a buzz by going his first 33 big-league plate appearances without striking out. On the heels of that eye-opening accomplishment, I asked the Pittsburgh Pirates left-hander for his opinion on why a player should, and shouldn’t, be able to play both ways at the highest level.

“The reason you should is that you’re good enough,” responded Brault, who’d excelled as a two-way player at Division II Regis University. “If you’re a good enough hitter, and a good enough pitcher, it stands to reason that your team would want you to do both. The reason you shouldn’t is that you can’t play every day. That’s been the case with Ohtani. On the days he pitched he didn’t hit, and on the day before he didn’t hit. Same for the day after. They had to make sure his body was ready to pitch. Read the rest of this entry »

Ben Lindbergh and Jeff Sullivan banter about a Carter Capps-like cricket bowler, another Scott Boras nautical analogy, the latest Mariners-Rays trade (this time involving Mike Zunino, Guillermo Heredia, and Mallex Smith), how fans felt about the 2018 season, and a Twitter kerfuffle caused by comments made by Bill James, then (31:19) bring on former major leaguer F.P. Santangelo to discuss the ins and outs of sign-stealing and pitch-tipping, peeking at the catcher, headsets on the field, playing with Barry Bonds, his memories of the Expos and thoughts on Montreal as a baseball city, playing several positions, getting hit by a high number of pitches, career longevity, and more.

Audio intro: The Avett Brothers, "Signs"
Audio interstitial: The Thrills, "Don’t Steal Our Sun"
Audio outro: Dave Clark & Friends, "Signs"

Link to cricket delivery
Link to Jeff’s post on the Mariners-Rays trade
Link to Jeff’s post about fan sentiment

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This post is part of a series concerning the 2019 Today’s Game Era Committee ballot, covering executives, managers and long-retired players whose candidacies will be voted upon at the Winter Meetings in Las Vegas on December 9. Use the tool above to read the introduction and other installments. For an introduction to JAWS, see here. Several profiles in this series are adapted from work previously published at SI.com and Baseball Prospectus. All WAR figures refer to the Baseball-Reference version unless otherwise indicated.

Kirk Gibson’s walkoff home run off Dennis Eckersley may be the year’s most enduring highlight, but Orel Hershiser owned 1988 the way Babe Ruth owned 1927, or Roger Maris 1961, or Denny McLain 1968. That year, the Dodgers’ wiry righty set a still-standing record with 59 consecutive scoreless innings, surpassing that of Don Drysdale. After his 23 wins, 15 complete games, eight shutouts, 267 innings, and 7.2 WAR all led the NL, he won MVP honors in both the NLCS and World Series while helping a banged-up Dodgers squad upset the heavily favored Mets and A’s. Not only was he the unanimous winner of the NL Cy Young Award, he netted the year’s Sports Illustrated Sportsman of the Year and Associated Press Male Athlete of the Year awards, as well. It was a very good year.

Hershiser never equaled those heights again, but who could? Still, he showed incredible tenacity in an 18-year major-league career (1983-2000) bifurcated by a 1990 shoulder injury, ranking as the NL’s most valuable pitcher for a six-year stretch (1984-89) before his injury and reinventing himself after a groundbreaking surgery by Dr. Frank Jobe, best known for his innovation in saving Tommy John’s career. Hershiser actually won more games and pitched in more World Series after the injury than before (105 and two, compared to 99 and one), living up to the nickname “The Bulldog,” which manager Tommy Lasorda had originally bestowed upon him as a rookie to inspire him to pitch more aggressively.

Drafted by the Dodgers in the 17th round out of Bowling Green in 1979, Hershiser made his major \[league debut on September 1, 1983. After pitching eight games in relief that year and spending most of the first three months of the 1984 season in the bullpen, he tossed a complete game against the Cubs on June 29, allowing one run and setting off a 33.2-inning scoreless streak that included three complete-game shutouts, two of them two-hit, nine-strikeout efforts. He finished third in the league with a 2.66 ERA in 189.2 innings, and came in third in the NL Rookie of the Year vote behind Dwight Gooden and Juan Samuel. Armed with a new split-fingered fastball to complement a sinker that would become legendary, he made even bigger waves by going 19-3 with a 2.03 ERA (again third in the league) and finishing third in the Cy Young vote (Gooden won that, too).

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