Archive for Free Agency

Our 2025 Free Agent Tracker is now live! There are currently close to 200 players on the list; more will be added following the postseason as decisions are made on 2025 options and teams begin to clear space on their 40-man rosters. The tracker will be regularly updated throughout the offseason as qualifying offers are made and accepted or rejected, and as free agents find their new homes.

You can filter by status (signed/unsigned), previous team, and signing team, and export the data for your own analysis. You can also sort by a player’s handedness, age, and 2024 WAR. Shortly after the postseason ends, projected 2025 WAR will be available, will the results of our annual contract crowdsourcing project, which include median contract total, years, and average annual value estimates. Read the rest of this entry »

This slow offseason has many fans and teams already looking toward — and maybe salivating over — next year’s free-agent class. The star power available next season is incredible. Josh Donaldson, Bryce Harper, and Manny Machado are among the top-nine position players on our Depth Chart Projections. All three will be free agents in November. With Charlie Blackmon, A.J. Pollock, Brian Dozier, Clayton Kershaw, Daniel Murphy, and Andrew McCutchen also set to hit the market, the class boasts quality depth, as well.

Those are certainly some impressive names. Notably, however, almost all of them belong to position players. While next year’s free-agent class could be unrivaled in terms of overall talent, it’s possible that the glow of the top hitters has obscured how lopsided that class is likely to be. Kershaw is great, but there’s only one of him. Multiple teams, meanwhile, will be searching for pitching upgrades next winter. A preliminary glance at things reveals that their options could be limited.

Before getting to next year’s crop of pitchers, let’s perform a brief refresher on the one wrapping up. We had Yu Darvish at the top of the class, with Jake Arrieta a rung below followed by Lance Lynn, Alex Cobb, Tyler Chatwood, Jhoulys Chacin, and Jaime Garcia. This year’s group of free-agent starting pitchers lacked both firepower and quality depth, an unexpected development considering how things looked heading into last season. In December 2016, I naively believed in this year’s crop of starters. The projections backed me up, too: at that time, three pitchers appeared likely to produce four-win seasons, six to top three wins, and eight pitchers total to put up at least 2.5 WAR. By November, only Yu Darvish hit free agency with a season above 2.5 WAR, and even he missed his projection by a full win.

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In a time that has been marked by the emergence of “super teams,” the Chicago Cubs of the last three years are one of the few clubs worthy of that description. They’ve averaged 97 regular-season wins, won two division titles, advanced to the National League Championship Series three times, and quite famously claimed a World Series title in 2016.

In that context, last season might be regarded as a disappointment. They won “only” 92 games during the regular season and then failed to get back to the World Series, losing in five games to the Dodgers. Much of the Cubs’ lack of success — which, admittedly, is a relative term in this case — has been attributed to a hangover effect from the long and satisfying World Series run. The Cubs were projected for 96 wins at the beginning of the 2017 season. Despite adding Jose Quintana at the deadline, the club finished four games under that mark.

As presently constructed, Chicago remains both excellent and flawed. Projected once again to cross the 90-win threshold, the Cubs’ roster nevertheless features some questions. Yu Darvish is the answer to the most prominent of those — namely, the club’s rotation depth.

Travis Sawchik argued three months ago that the Cubs are the best fit for the best pitcher on the market. Since that time, the team has signed Tyler Chatwood to fill a spot in the rotation. That seems promising.

At the same time, though, the Cardinals have made some moves on the margins and put themselves within striking distance. Entering Last season, for example, the Cubs featured a 10-game cushion over the Cardinals in our projections. As of today, however, Chicago’s projected lead over the St. Louis is just four games. The Cardinals got better, adding Marcell Ozuna to bolster their outfield.

As the forecasts suggest, the Cubs remain in a better position than the Cardinals. All things being equal, that’s good for Chicago. There are some warning signs, though.

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Two years ago, Max Scherzer and Jon Lester signed deals worth a total of $365 million between them, agreements which would keep both players employed into their age-36 seasons. The accepted wisdom, dating back at least as far as Mike Hampton and Barry Zito, is that signing free-agent starting pitchers to massive contracts into their 30s is a poor idea. If early returns are any indication, last season’s deal for Zack Greinke is unlikely to serve as evidence to the contrary. David Price’s injury scare, meanwhile, provides another reminder of the risks inherent to long-term agreements with pitchers.

Not all such commitments are doomed, however. We’re just entering the third year of the contracts signed by Scherzer and Lester, for example, and so far those deals look quite good.

Two offseasons ago, Lester and Scherzer represented the only two players to receive a contract of $100 million or more. Eight other players signed for at least $50 million, though. All 10 such contracts are listed below. For each player, I’ve also provided an estimate of the value he would have been expected to provide starting with the time he signed. To calculate this estimated value, I began with each player’s WAR forecast from the 2015 FanGraphs Depth chart projections, started with $7.5 million per win, added 5% inflation per year, and applied a standard aging curve. The rightmost column indicates whether the player in question was expected to outperform or underperform the cost of his contract.

The surplus and deficit figures for individual players vary by quite a bit. Overall, however, the actual contract and value numbers are within 1% of each other.

It might be hard to believe that, at the time, projection systems were calling for Chase Headley to record $100 million in value. Remember, though, that he had averaged more than five wins over the three previous seasons and had just completed a four-WAR year. From this point, it looked like Scherzer, Lester, and Hanley Ramirez signed contracts pretty close to their expected value. The number for Scherzer is probably even closer than what we see above after accounting for his deferrals, as he makes just $15 million per season over the playing life of the contract.

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The 2015-16 free-agent class was big, full of talent and ultimately resulted in seven $100 million contracts — along with another seven worth $50 million or more. This offseason led to more contracts (a total of eight, precisely) in the $50 million to $100 million range; however, among the entire class, only Yoenis Cespedes received more than $100 million.

As Cespedes himself could tell you, a player’s value can change significantly in a season. Despite having aged a year, Cespedes received $35 million more in guarantees this winter than he did last. While Cespedes had a strong 2016, though, many of his free-agent peers who signed big contracts last offseason have proven to be big disappointments.

First, let’s take a quick look at the contracts signed last year. The table below includes not only the actual amounts of the contacts themselves, but also an estimate of the value said player would have been expected to provide starting with the time he signed. To calculate this estimated value, I began with each player’s WAR forecast from last year’s FanGraphs Depth chart projections, started with $8 million per win with 5% inflation, and applied a standard aging curve. The rightmost column indicates whether the player in question was expected to outperform or underperform the cost of his contract.

There’s about a $94 million surplus among these deal. That said, there were also nine qualifying offers made to the players — which attached draft-pick compensation to the signings — while seven of the contracts included opt-out clauses. Those two factors might wipe out any surplus value.

At this time last year, the numbers indicated that Jason Heyward was a colossal bargain, a four-win player just entering his age-26 season. Heyward, as well as Ben Zobrist and Wei-Yin Chen, made Dave Cameron’s free-agent bargain list. Based on the projections, both Justin Upton and Alex Gordon seemed like decent bets to pay off. Cameron wasn’t buying on Upton, however, placing him among the free-agent landmines along with Jordan Zimmermann and Chris Davis.

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With apologies to Pedro Alvarez, just about every decent bat in this winter’s free-agent class has signed. We heard all winter about how the market for the offense-first, defensively limited sluggers was a bad one this offseason, and we saw many players sign contracts for less than expected. This happened to those at the highest levels — like Edwin Encarnacion who took a shorter deal than anticipated — as well as at the lower end, where many players expected to receive multi-year deals had to settle for one-year contracts. There was a general lack of talent among free agents this offseason, but the glut of mediocre options likely played into a depressed market.

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The forces of supply and demand appears to be bringing the offseason to a standstill when it comes to heavy hitters. Not many teams are looking for that type of player, and yet a number of them remain available. Edwin Encarnacion had to take less than he wanted, while Jose Bautista and Mark Trumbo headline a group of bat-first guys still available on the market. It’s a group that also includes Chris Carter, who was non-tendered by the Brewers, as well as Pedro Alvarez, Brandon Moss, and Mike Napoli. The qualifying offer hurts for Bautista and Trumbo, but the real reason Trumbo remains unsigned is that he isn’t worth a multi-year deal, and he probably isn’t even worth the $17.2 million attached to the qualifying offer.

There’s certainly some sort of market for Trumbo and the 47 homers he hit in 2016. As a player, though, he only does one thing really well, and it’s tough for him to compensate for his deficiencies with that one strength. It’s not just that Trumbo is a poor defender and baserunner, it’s that he isn’t even that good on offense. Last season, Trumbo’s on-base percentage was .316, below the league-average mark of .323 for non-pitchers. Sure, his .533 slugging percentage was very good, but it wasn’t among the top 10% of baseball, and when combined with his lackluster OBP, his 123 wRC+ ranked a respectable 40th out of 176 qualified players last season. While respectable, getting such little mileage out of 47 homers is a little disconcerting.

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While the free-agent march of the offseason continues to crawl along — due in no small part to the lack of appealing options — it might be helpful to look ahead to next winter. The starting pitching of next offseason’s free-agent class is set to mark a vast improvement over the present class. This year’s collection of free-agent hitters, meanwhile, seems to be composed mostly of corner outfielders, first basemen, and designated hitter-types, with few up-the-middle options. Next year’s class appears likely to include plenty of bat-first options available, but the group does have a very good catcher, a very good center fielder, and quite a few third baseman from which teams can choose, as well. Ultimately, however, next year’s crop of position players is going to look an awful lot like this one.

One of the reasons next year’s free-agent hitting class will so closely resemble the current one is that a number of players on the market this offseason figure to appear there again next season. Here are the players who’ve agreed to a one-year deal of one sort or another:

That’s already seven players of some relevance. Nor does that include current free agents like Jose Bautista, Brandon Moss, Mike Napoli, Mark Trumbo, and Matt Wieters who could sign one-year deals if a satisfactory market fails to develop for them before the end of this offseason.

The top names in the table above, Carlos Gomez and Neil Walker, will seek to re-establish their value in 2017. Gomez had a good run at the end of this past season with the Rangers, and while many thought he might get a multi-year deal, he opted to go back to Texas to take a run at a bigger paycheck in a year. Neil Walker chose to accept the qualifying offer extended to him by the Mets, largely due to an injury that ended his season in August and hurt his appeal to clubs at the same time. If he has a healthy 2017 season, he should be in line for a solid multi-year deal. If Matt Holliday hits the two-win mark like his projection estimates, he’ll likely be in line for another similar deal, not unlike how Carlos Beltran parlayed a solid season into a nice one-year deal with the Astros. Castillo’s value might dependent on his reputation defensively, while Jay and Moreland will have to outperform expectations to have a real market next year.

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Teams have been less than enthusiastic with this year’s class of free-agent starters. Only two pitchers, Rich Hill and Edinson Volquez, have received multi-year contracts worth more than $10 million per season. Combined, the years and dollars on their contracts equal the same five years and $70 million that Ian Kennedy received from the Kansas City Royals last year, the eighth-highest contract given to a starting pitcher during the 2015-16 offseason.

There’s good reason for the lack of sizable free-agent contracts for starters this winter: the class isn’t particularly good. While some have already begun looking ahead to the monster class of free agents available after the 2018 campaign — one that includes Bryce Harper, Matt Harvey, Clayton Kershaw, Dallas Keuchel, Manny Machado, and David Price — next year’s class should actually be quite strong as well. It might be even stronger than the 2018-19 offseason’s free agents on the pitching side.

The effect of opt-outs in contracts has been rather small thus far. In recent years, Alex Rodriguez and CC Sabathia both opted out of their contracts and then re-signed with the New York Yankees. Zack Greinke opted out of his contract with the Dodgers last winter and cashed in with the Arizona Diamondbacks. Next winter, we’re going to see the first full-fledged offseason during which opt-outs could loom large.

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After Jeremy Hellickson‘s decision to accept his qualifying offer, Bartolo Colon and R.A. Dickey’s respective agreements with the Atlanta Braves, and the Houston Astros’ acquisition of Charlie Morton last week, the starting-pitching market in free agency is pretty well depleted. If two 40-plus-year-old pitchers and two other pitchers who’ve produced a single above-average season between them can deplete a class, it’s probably safe to assume that the class in question is pretty dreadful. Last year, eight pitchers signed contracts guaranteeing at least $70 million; this year, we might not see any.

We can get a decent idea of how little there is out there by looking at the projections. Our Depth Chart projections call for 247 pitchers to record at least five starts next season. Of the top 150 — equivalent to five per team — only seven are free agents currently.

For those clubs in need of a starter, there’s 38-year-old Rich Hill, a half-season of optimism courtesy Ivan Nova, and… zero other pitchers forecast to record an average, two-win season. Generally, free agents will not have youth on their side, as it takes six full years of service time to get to free agency, but this group is particularly long in the tooth. Nova is the only one under 30, while five of seven will play next season at age 33 or older — and that doesn’t even include the aforementioned Colon and Dickey.

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