Ben Lindbergh and Meg Rowley banter about a flurry of transactions and a three-team-trade dilemma, then break down the J.T. Realmuto, Bo Bichette, and Kyle Tucker deals, plus talk of baseball economics and Emmanuel Clase’s roosters.

Audio intro: Moon Hound, “Effectively Wild Theme”
Audio outro: Nate Emerson, “Effectively Wild Theme”

Link to FG post on Castro
Link to MLBTR on three-team trade
Link to Passan on Tucker
Link to Passan on three-team trade
Link to two buttons meme
Link to Passan meme
Link to FG post on Realmuto
Link to FG post on Bichette
Link to FG post on Tucker
Link to Ben on Tucker
Link to Cohen tweet 1
Link to Cohen tweet 2
Link to FG quarter-zips
Link to over/under draft results
Link to Ben on free agency
Link to Passan on free agency
Link to offseason FA spending
Link to bad Tucker swing
Link to Ben on Yordan’s slump
Link to Roberts comments
Link to owner floor proposal
Link to floor proposal analysis
Link to Walker comment
Link to champion complacency
Link to FA fits episode
Link to team hitter age
Link to team OF WAR
Link to MLB execs poll
Link to Tucker persona story
Link to Tucker cWPA
Link to Teoscar in RF
Link to Teoscar in LF
Link to team depth chart projections
Link to team payrolls page
Link to Dodgers CBT tax spending
Link to 2006 team payrolls
Link to 2005 team payrolls
Link to 2003 Onion headline
Link to Kershaw WBC news
Link to Clase roosters story
Link to more on Clase roosters
Link to quotes about Clase

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Finally, the stars aligned to get us back on the Friday Matrix Reloaded schedule, and boy did they align! Nos. 1, 2, 8, and 9 on Ben Clemens’ Top 50 Free Agents list signed since we last checked in, leaving just two of the top 10 remaining. We also saw a three-team trade reported about a minute after our top free agent signed, and some two-teamers of significance, too.

As always, you can find the colorful Offseason Matrices spreadsheet here. Let’s get into the events of the last 11 days.

Read the rest of this entry »

Well, that’s a relief. On Friday afternoon, the Phillies, spurned by Bo Bichette, got swept up in the tidal wave of hot stove transactions, agreeing to a three-year, $45 million deal (plus $15 million in incentives) to keep J.T. Realmuto in Philadelphia, according to Ken Rosenthal and Matt Gelb of The Athletic. You may have your qualms about rebounding from a rejection by signing a catcher three years into his decline phase for another three years, but consider what other options the Phillies had, and then consider how weird it would have felt to watch Realmuto playing in another uniform after all this time. It’s probably too many years, and that’s not great, but look at everything else that’s going on in the world right now and realize how much nicer it is to spend a moment thinking about something that’s merely not great.

Before we dive into the here and now, let’s take this chance to remind ourselves just how special a career Realmuto has had. He debuted with the Marlins in 2014 and blossomed into a star in 2017, combining excellent defense with a great bat and an exquisite baserunning prowess unbefitting a backstop. (He currently ranks 23rd all-time among catchers with 104 stolen bases. If we limit ourselves to 1901 and later, he moves up to 11th.) Such things were never meant for Miami. In February 2019, after he’d put up two four-win seasons and earned an All-Star nod and a Silver Slugger, the Marlins traded him to Philadelphia for a blockbuster package that netted them 2.0 total WAR and $250,000 in international bonus pool money. Realmuto got even better the next season.

From 2017 to 2022, Realmuto wasn’t just the best catcher in baseball; there was an ocean between him and the rest of the competition. He led all catchers with 28.2 WAR. Yasmani Grandal, in second place, had just 19.6. Of the 207 catchers who played during that stretch, Grandal and future Hall of Famer Buster Posey were the only ones whose WAR total Realmuto didn’t double. Over that stretch, he tops our leaderboards at the plate, on the basepaths, and on defense, and nobody else is even close. Realmuto has earned two Gold Gloves, two Silver Sluggers, three All-Star nods, and MVP votes in two seasons. He has a career 104 wRC+ in the playoffs. It’s great that the Phillies have held onto him. He’ll reach 200 career home runs in Philadelphia. He’s the team’s longest-tenured position player, ahead of Bryce Harper by roughly a month and trailing only Aaron Nola on the pitching side. He’s a grinder, the heart of a Phillies team that has been at the top of the league for years now. Still, you know the problem as well as I do.

It’s not 2022 anymore, and Realmuto has got so, so many miles on his knees. He has caught at least 125 games seven different times, and led the league in innings caught in three of the last four seasons. He ranks seventh in innings caught since 2002. Two of the guys ahead of him played through their age-39 seasons. One is a manager now.

Realmuto started looking human in 2023, and he missed a couple months due to a meniscectomy in 2024. Over the past three years, he’s run a perfectly average 100 wRC+. That’s still plenty good for a catcher, but it dropped to 94 in 2025, and advanced numbers like DRC+ have him even lower. Although he hit the ball just about as hard as ever, his bat speed took a very scary dive from the 70th percentile in 2024 to the 47th in 2025, and his barrel rate followed suit. Realmuto once feasted on four-seamers, but over the past three seasons, he’s put up negative run values against them. He started struggling with cutters in 2024 and sinkers in 2025, meaning he now struggles against any kind of fastball.

He has combined this weaker bat with poor framing numbers, and despite still possessing plenty of speed, he’s even started to take on water in the baserunning department. Put it together, and Realmuto has recorded almost exactly 2.0 WAR in each of the past three seasons. Despite all the doom and gloom I just laid on you, that’s not just a useful player, it’s an above-average catcher.

It makes Realmuto the best option behind the plate on the Phillies roster, ahead of Rafael Marchán and Garrett Stubbs. Likewise, it made Realmuto the top-ranked catcher on our Top 50 Free Agents list, where he came in at 30th overall. Wouldn’t you rather have him than Danny Jansen or Victor Caratini, who ranked 38th and 39th? In 2025, you definitely would, but projections pegged Realmuto for a two-year deal with an average annual value of $13 million. Instead, he’s making $15 million for an extra year, which will be, once again, the age-37 season of the guy who already ranks seventh in innings caught this century. Still, there was no better catcher on the trading block, and unless the Tyrell Corporation has started manufacturing them while I wasn’t paying attention, we’ve now exhausted all the ways by which a baseball team can get its hands on a baseball player.

Everything makes sense here. The Phillies are a win-now team that’s already above the highest luxury tax threshold. It’s hard to blame them for holding onto the best catcher available to them, especially when he’s a guy they love – a guy they and their fans are capable of appreciating far more deeply than anybody else is – for a year and a few million dollars more than would be ideal. Three years is not forever, and Realmuto now has an excellent chance at ending his career as a Phillie. It’ll be OK. Try to enjoy your weekend.

The stove is piping hot, my friends.

Just over 12 hours after Kyle Tucker’s bombshell signing with the Dodgers, Bo Bichette is also on the move. To the New York Mets, on a three-year, $126 million contract with opt-outs after each of the first two seasons. A shortstop throughout his career to this point, Bichette is expected to play third base for the Mets, who have a pretty solid incumbent shortstop already.

Bichette and the Dodgers had been in discussions over a short-term, high-AAV deal like the one Tucker ultimately signed, but Bichette, like most free agents, seemed to be interested in a contract with more term and overall value, but a lower annual salary. Back in August, I made a case for Bichette to cash in by pitching him as Trea Turner, but slow. And when America went to bed on Thursday, the smart money was on Bichette signing with the Phillies, who had already invested $300 million in Original Recipe Turner.

The Mets were reeling from Tucker’s rejection, amidst mortifying vagueposting from Steve Cohen. (Seriously, if you’re worth more than $500 million, you should not be allowed on social media.) But credit to Cohen and David Stearns, who suddenly found themselves with $220 million earmarked for Tucker, and no Tucker to spend that money on. They not only grabbed the next-best bat left on the market, in so doing they put a finger in the eye of their division rival. Read the rest of this entry »

The following article is part of Jay Jaffe’s ongoing look at the candidates on the BBWAA 2026 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, see here. All WAR figures refer to the Baseball Reference version unless otherwise indicated.

Daniel Murphy was not a home run hitter. Over the course of a 12-year major league career that was interrupted by knee injuries, he reached double digits in just seven seasons, topping 20 homers just twice. Like Howie Kendrick — another Jacksonville-born second baseman debuting on this Hall of Fame ballot, one who even played on the same team as Murphy in 2017–18 — the lefty-swinging, righty-throwing Murphy was known for his exceptional bat-to-ball ability. And like Kendrick, he went on a memorable, power-driven October run and won NLCS MVP honors. In 2015, he set a record by homering in six straight postseason games, carrying the Mets to their first pennant in 15 years. While it didn’t culminate in a championship, it earned him an indelible spot in postseason history; without that run, he probably wouldn’t even be on this ballot.

…

Daniel Thomas Murphy was born on April 1, 1985 in Jacksonville, Florida, the oldest of three children of Tom and Sharon Murphy. Tom taught kindergarten while Sharon sold insurance (in one amusing anecdote, an 11-year-old Murphy declared he wanted to be “an insurance person” for his school yearbook). Younger brother Jonathan (b. 1990) was a 19th-round pick by the Twins in 2012 and spent three seasons as an outfielder in their minor league system. Read the rest of this entry »

Our annual preview of free agency doesn’t include projected destinations for free agents. I don’t know if that has always been a site-wide editorial decision, but it’s one I wholeheartedly agree with. Predicting how much money someone will get is hard enough. Predicting which team out of many similar teams will give that money to them is essentially guesswork; sure, matching names to teams has entertainment value, but it’s hard to actually be good at it. Except, if you made me predict where Willi Castro would have signed before this offseason started, I absolutely would have picked the Rockies, and voila: Castro agreed to a two-year, $12.8 million deal with Colorado on Thursday.

The Rockies haven’t been players in free agency for a number of years, though that appears to be changing. Earlier this month, they signed Michael Lorenzen to a $8 million contract, the largest deal they’ve given to a pitcher in the 2020s. Castro’s deal is the biggest guarantee they’ve handed out to a free agent since Charlie Blackmon, and that hardly counts, what with him being a long-time Rockie signing the last deal of his career and all. Really, Castro is the team’s biggest signing since Kris Bryant, which says a lot about how the past few years have gone in Colorado.

What compelled the team to wade into the free agent position player pool – the shallow end, to be sure – for the first time in years? Signing a good major league player, that’s what. Castro is a versatile defender who won’t embarrass you offensively. In 2025 alone, he logged 100 innings at four different positions, plus cameos at shortstop and in center field. He’s not a standout at any of those spots, but the sheer flexibility is inarguably useful. Roster Castro, and you have a nice backup plan nearly everywhere. He’s a switch-hitter, too, so he can shore up any of the positions where you’d really prefer a platoon, regardless of who his platoon partner might be. Read the rest of this entry »

Read the rest of this entry »

I don’t know why, but I’ve spent more time thinking about the Miami Marlins than any other team this winter. It started when the Marlins came to the end of the season with a not-terrible 79-83 record — three games better than the Braves! — with some interesting pieces looking forward.

Then two Marlins showed up on my search for the next Geraldo Perdomo. Then I kind of talked myself into Miami being one lucky free agent signing from competitiveness — just like in 2002. But it turns out they’re not even making a token effort to spend. Then they traded from their surplus of pitchers to beef up their anemic lineup, which seemed like an OK compromise to make at the time even though it thinned out their greatest strength.

But then the Marlins thinned that rotation out even further, shipping Ryan Weathers to the Yankees for four prospects. So now the Marlins are in a position where Janson Junk is back in their presumptive Opening Day rotation. How fortuitous, because I’d been meaning to write about Junk for a while. Read the rest of this entry »

For the 22nd consecutive season, the ZiPS projection system is unleashing a full set of prognostications. For more information on the ZiPS projections, please consult this year’s introduction, as well as MLB’s glossary entry. The team order is selected by lot, and the preantepenultimate team is the Baltimore Orioles.

Batters

Baltimore’s pitching looked to be a problem entering the 2025 season, but the lackluster offense turned what was a good team with a run prevention problem into a losing club. After ranking second in the American League in runs scored in 2024, the O’s dropped to 11th in 2025, and suffice it to say, the pitching didn’t bail them out. A 75-87 record looks bad in a comparatively mild way given some of the clunkers the team has crafted since 1997, but it was one of the biggest O’s letdowns in at least my memory (I’m from Baltimore). But like the Blue Jays going into 2025 or the Yankees going into 2024, people tend to underrate good teams coming off of crappy seasons, sometimes horribly. There’s this belief that the lousy year is some baseline expectation and you have to start counting wins added from that point, which is a very poor way to make projections.

Have the O’s done enough with the offense? If the projections here are accurate, probably. With so many underperformances, some righting of the ship was always going to happen anyway, but the O’s didn’t just wait for the magic of regression to do the job for them. I don’t think the end of the Pete Alonso contract will be pretty, but he’s a legitimate big bat in a way the franchise tried to pretend Ryan Mountcastle was for a long time. Taylor Ward isn’t great, but you know who Taylor Ward is. The O’s are now in a position where they don’t need Coby Mayo or Heston Kjerstad to get back on track, though it would of course be nice. Read the rest of this entry »