The Limits of Prospect Lists

We’re right in the thick of prospect ranking season right now, with all of the national prospect writers feverishly emailing scouts their top 100 lists and making adjustments with plans to unveil them in the next couple weeks or so.  I’ll hold the details of what and when we’ll be putting up our list, but it will likely be well over 100 players. I’m nothing if not wordy.

Undermining Team Prospect Lists

An interesting thing I’ve noticed while balancing the individual team list research with the overall big list research is how team lists change after I’ve posted them. The reasons I give FVs to players is to categorize them, guessing where I’ll put them in a top 100, to save some time. It’s inevitable, then, that some player I call a 50 FV on his team list will end up being ranked ahead of a that I call a 55 FV on his team’s list. This is expected and part of the reason I’ll be continually updating the team lists (more on this at a later date), so that discrepancy in the team list will be fixed after the big list goes up.

When I write a team list, I talk to 3-5 people with the club, then more from outside the club. I massage the data into a list and usually feel pretty good about it. When I combine all these team lists into a big list, I feel pretty good about it and then I send it to scouts and execs from every team and when I get replies, I start feeling less good about it.

I know that I can’t run all 30 lists by every person I know in baseball, which is why new information comes out in the large-scale blasts to dozens of people that I’ve only talked to in depth about a handful of organizations each.  I’m offered new information that would shuffle a list, I repeat that info/potential new ranking to a few more people and realize I’m a little closer to the “correct” answer than when I wrote the team list.

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I realized this before I started list season, though I’m not sure all of the readers do. These lists are not only fluid when games are being played (reports come in, players get injured, etc.) but also in the offseason as the search for the “truth” comes more into focus, especially with a list like the Mets.

Behind #1 RHP Noah Syndergaard, there were 9 players ranking from 55 down to a 45/50 borderline (which I’ve now started calling 45+, to differentiate it from more ordinary 45s). That’s a lot of tightly-packed players that changed order a few times after I wrote the list.

Some Mets fans were outraged I didn’t put LHP Steven Matz #2 on my Mets list, as other publications had, instead ranking him 7th. He’s moved up a couple spots after surveying a larger swath of the industry since I posted the list (but still isn’t 2nd). The compelling information I’m getting that changes some rankings is sometimes medical or just industry-wide preferences being slightly different than I had expected, but often is trade-related (and always not for print).

“We talked to a club and asked for x prospect, they said no and countered with y prospect, which we turned down and then moved on.”  I don’t know which team had aborted trade talks with another, so sometimes unexpected sources have real insight into a rival team’s thinking, like when prospects x and y are in reverse order than what I expected. I can then go back through my notes and see hints in phrasing from the org that has the prospects in question, indicating this preference that I may have missed when writing the list.

Call this an in-advance mea culpa for when my top prospect list comes out and some names are shuffled from where I’ve had them before. I promise I’ll keep changing my rankings as information dictates and the players will change once the season starts, so try not to get too attached to any specific ranking, especially when my grades present the players as pretty close in talent.  This is in keeping with my tradition of being a wet blanket to readers who prefer hot takes and never-changing, ultra-confident opinions.

Ranking The Organizations

Since I have the 45+ FV and higher players identified for every org, it’s been challenging trying to rank the orgs themselves (though I have a tentative 1-30 ranking). There may technically be a more objective way to handle this than I currently am, but my system is using a huge grid of each team and the players they have by each FV.  Here’s two hypothetical systems, but I’ve included the names of real prospects to give a better representation of what I’m talking about. Which top of a system would you take?

FV Org A Org B
65 Lucas Giolito, RHP
60
55 Eddie Butler, RHP
David Dahl, CF
Ryan McMahon, 3B
50 Trea Turner, SS Erick Fedde, RHP
Pierce Johnson, RHP Brandon Nimmo, RF
Touki Toussaint, RHP

Since the way I do my list is based on trade value, the question is: could you get Giolito for Butler, Dahl, McMahon and Toussaint? My inclination is to say you could, but do you think the Nats in real life would make that deal?  If Washington says no, would the motivation be because they’re afraid Giolito could become an 80 FV and make them look bad, or because he’s the type of prospect that fits their market/payroll and overall strategy the best?

Ideally, we’d have a dollar amount asset value for every player to make these computations easier, but it’s near impossible to capture everything in one number for any complicated decision. The problem with basing the lists on trade value is some prospects may never be traded for reasons other than pure value.  So, the tiebreaker of, “would this team do this deal?” may not apply in the most high profile cases.

The other aspect is something that isn’t captured by this rankings grid. For instance, Johnson may be a soft 50 for me and Fedde, Nimmo and Toussaint could all be strong 50s for me, further muddying the waters. Or maybe I’ve only seen Turner play poorly, but other scouts love him, so I think of him as more of a 45, but the industry has him higher, thus the 50 grade.

None of those things in the above paragraph are true but the concepts come up often. There’s obviously limitations of this grid or a general list-based or FV-based approach.  It’s turning my brain to mush and I want you people to solve my problems, so what would you do with decisions like this?





Kiley McDaniel has worked as an executive and scout, most recently for the Atlanta Braves, also for the New York Yankees, Baltimore Orioles and Pittsburgh Pirates. He's written for ESPN, Fox Sports and Baseball Prospectus. Follow him on twitter.

41 Comments
Oldest
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Jordan Gohncock
11 years ago

What does “FV” stand for?

Andrew
11 years ago

Future value

Slacker George
11 years ago
Reply to  Andrew

It also stands for “Favreaus”, as in: “how many Rudy’s is one Iron Man worth?”

Sir Spicious
11 years ago
Reply to  Slacker George

This comment is so money and you don’t even know it.

TheBillsFly
11 years ago

I would assume either Fair or Future Value, and given the context it is used, I would further assume it’s simply Fair Value

RC
11 years ago
Reply to  TheBillsFly

If you take a look at the pages of any of the prospects listed above, you’ll see that the number for “Future Value” is listed right after the tools. That’s what is meant by FV in these discussions.

anon
11 years ago
Reply to  RC

I understand it’s labeled Future Value but they literally mean the same thing from a finance sense so maybe you could do some reading before you jump down some FG anon’s throat.

Smurf
11 years ago

Frosty Virginity

Vlad
11 years ago

I usually prefer a system that has their talents concentrated to play in AA/AAA the upcoming year. There’s a perception bias with new draft picks in short season/Low A because they haven’t failed yet.

Every shortstop in Rookie League can stick…until they get to High A and they don’t have the actions, outgrow the position, or can’t hit a proper slider.

I don’t know how exactly, but perhaps if you put a weighting factor onto each prospect based on their proximity to the majors. I know FV captures some of that, but probably not as much as it should.

senor_mike
11 years ago
Reply to  Vlad

I think Kiley tries to encapsulate that by also sticking a 1>5 ‘risk’ rating on each prospect (5 being highest), and generally it appears that all guys he rates at A+ or below have a risk of 3 or higher.

Simon
11 years ago
Reply to  Vlad

Well, obviously. The only problem with that is that the ones who haven’t failed at AA yet are more valuable than the ones who have tried and failed. The ones that have done well at AA are the ones right at the top of the lists. There are very few systems with lots of elite prospects in AA/AAA.

hoffmms
11 years ago

I wouldn’t turn your brain to mush over it. You’re putting your best foot forward, and as a fan doing research, that’s all I can ask for. I think its important for you not to conform to other publications. Who’s to say your rankings are any better/worse than Baseball Prospectus, Baseball America, or even ESPN? It’s all opinion and subject to different perspectives. It is up to me, the viewer, to take all the available information out there and make my own conscious decisions about the prospects.

hoffmms
11 years ago

Also, providing a risk rating could help you weed through prospects with similar FV.

Player A is a 55 but he has a low risk rating, having established baselines in HiA and double A and likely to achieve his projected ceilings

Player B is a 55 but has a high risk rating, being a recent draft pick with limited history and 1 year of short season ball, his projection carries more risk as a less proven ballplayer.

Therefore, you could conclude that player A is more deserving of a higher ranking.

Forgive me if you already do this…

Pirates Hurdles
11 years ago
Reply to  hoffmms

He does on each team write up.

Simon
11 years ago
Reply to  hoffmms

It doesn’t just work that way, though, because the younger player would need to have much greater upside to be rated as a 55. If you look through most of the lists of 40FV guys, they’re a mix of guys at the upper levels who likely turn out to be relievers or utility players and guys at the lower levels who could be anything from MLB regulars to insurance salesmen.

Trey Baughn
11 years ago

I like the intuitive, “trade value” ranking method you’ve described and can appreciate the difficulty of sticking to a single list as more and more information comes in about players. To address the issue of “where to draw the line”, why not do something completely different than all other pre-season prospect ranking publications and just manage and update a fluid, ever changing prospect list on FG throughout the entire season? Static “Top 100” prospect lists published in February and July quickly become obsolete; a constantly updated, “real time” Top 100 prospect list, with side notes and inputs about ranking changes, etc. would be something that other publications don’t offer and would further set your work apart from other rankings. In fact, it’s the notes and comments from scouts and teams that are the most interesting thing about prospects, so I could imagine a FG page where these rankings are updated almost on a weekly basis as the MiLB season plays out and as players change hands via trade, etc. To my knowledge no other publication offers that kind of real-time prospect insight, and I’d guess that a more flexible ranking system would continue to drive traffic to FG too. I’ve enjoyed the depth of your prospect breakdowns more than most other publications, and this fluid approach would help your work stand out even more.

Harold
11 years ago
Reply to  Trey Baughn

Not that what we have now is perfect, but there is something to the slow-burn approach of twice a year lists, with the offseason list being the null hypothesis and the mid-season one riffing off it. In the first place, it would be very difficult to keep up with everyone to a robust extent in real time. That’s in part why these lists are most comprehensive in the offseason (and drop once weekly or so). I’m not sure that I’d want what almost has to be a half-assed “real time” prospect list.

But even saying you could accomplish it (what else does Kiley have to do, anyway? And can’t he get an intern or two?), what exactly does a “real time” prospect list mean? Is it any more than adjusting your take on a player based upon small sample sizes? And would we see any genuine movement — more than just slight realignment at the margins — based upon even two or three months of performance that is different from our expectations? Even if it’s not a super small sample size, it still goes against what we had on paper as recently as 2-3 months prior; maybe a certain player is now in the 90s instead of unranked, or another player is in the 50s instead of the 40s, but is that really even worth much to us? And more foundationally, when you’re talking about an attempt to grasp at a player’s true potential talent, is that really something that will fluctuate often enough to warrant even that much movement?

I like this idea, but I think it maybe has more nuance than the gut positive response to it.

Trey Baughn
11 years ago
Reply to  Harold

Mookie Betts didn’t land on many Top 100 prospect lists at all last year and if he were eligible now might be considered a top 10 player. Dilson Herrera may follow a similar path this year. It’s less about the rankings and more about the information between them that comes from scouts, production, and transactions. Unfortunately, when static rankings are released arbitrarily twice a year, those underlying reasons behind the changes are really what matters most. Most publications typically warn not to read too much into the difference between the 40th ranked hitter and the 50th ranked hitter, but it’s precisely that difference that actually warrants a ranking in the first place. Insight into that small but ever changing difference would be interesting to say the least.

Harold
11 years ago
Reply to  Trey Baughn

I guess I’m curious why some combination of longer mid-season lists (Hulet’s was just 25 last July, and 50-75 seems to be the norm elsewhere) and more robust explanations wouldn’t do this job equally well, without the logistical and analytical concerns presented by a “real time” list.

M W
11 years ago
Reply to  Trey Baughn

Mookie Betts was on Baseball America and MLB.Com’s top 100 prospects last year.

anon
11 years ago
Reply to  Harold

I feel like a real-time list would be less accurate as time goes by. At what point do stats become ‘enough’ to raise or lower a prospect on the list? I think there would be a lot of hesitation to move a prospect from the initial ranking as opposed to a virgin list.

tz
11 years ago

1. Don’t sweat the organizational rankings. Different folks prefer different mixes of talent, so you’ll never get it “right” for all the readers.

2. For the prospects themselves, I’d build the ranking system up from a stats-based system like KATOH:

http://www.hardballtimes.com/katoh-forecasting-a-hitters-major-league-performance-with-minor-league-stats/

If someone can translate these into an equivalent “stats-only” FV for you, then you can highlight the different “non-stats” factors that go into the overall FV. Once you have this in some sort of database, you can update the “non-stats” factors as new info comes out on a prospect. This would give you the fluid prospect list like Lucky Strikes was describing, and more importantly, would be a great way to leverage all the great stuff you’ve put into the prospect analysis.

Brian
11 years ago

This is some interesting shite. Thanks for taking the time and writing this out dude.

Joseph
11 years ago

You are just apologizing for when you rank the Yankees way too high. 🙂

I’d add all the FVs and then polish it by who has the best asset on top. So let’s say each team’s FV adds up to 300 or whatever but one team’s top prospect in a 65 while the other’s is a 55 I’d use that as the tie breaker if you will.

BipMember since 2016
11 years ago
Reply to  Joseph

If you just add them up, the top of the list is guaranteed to be the system with the most players, regardless of the quality of those players.

Simon
11 years ago
Reply to  Joseph

In that case, I’ll trade you 2 40FV guys for your 80…

Chris Mitchell
11 years ago

For team prospect lists, is there anything wrong with just converting each player’s FV to WAR (http://www.fangraphs.com/blogs/scouting-explained-the-20-80-scouting-scale/) and adding them up? So for your example…

Org A: Giolito (4) + Turner (2) + Johnson (2) = 8 WAR

Org B: Three 55’s (3*2.5) + Three 50’s (3*2) = 13.5 WAR

Its obviously not quite that simple, but I think this is a good starting point at least.

tz
11 years ago
Reply to  Chris Mitchell

I think that’s as good of a starting point as you’re going to get, since value above replacement is the best metric for an organizational total.

Two key tweaks should probably be considered – risk, and expected time to reach the majors.

Chris Mitchell
11 years ago
Reply to  tz

The way I understand it, risk is already baked into the FV ratings:

“The upside line for hitters is the realistic best-case scenario (a notch better than the projected tools, or a 75% projection while the projected tools are a 50% projection) and the Future Value encompasses this upside along with the risk rating for one overall rating number.”

So two 60 FV players might have varying balances of upside and risk. Ie. 75 upside with a lot of risk or 65 upside with minimal risk.

frivoflava29
11 years ago
Reply to  Chris Mitchell

You’re right, he actually mentioned that it’s the reason why he put Jose Fernandez at 70 FV. I don’t think it’s a bad idea overall, definitely a starting point.

cs3
11 years ago
Reply to  Chris Mitchell

That doesnt really work though, because it seems like real GMs would not trade a single 4-5 win player for a pair 2-3 win players.

Jake
11 years ago

First, I wouldn`t worry about rating anything that relates to a team`s specific budget or development plan. Value has to be intrincic to be compared.

I`d go KISS if possible.

How about taking the top ten in each system and average their FV. Then add a point for each 45 or better FV after the tenth-ranked prospect. Teams like the Cubs and Bosox would come in at 60.5. Texas at 59.5. The Reds, an indifferent system, would get a 52.5. Miami`s awful bunch could set an unbeatable record at 44.5.

It would depend some on how you log FV – is that a ceiling, to be viewed in terms of the stated risk, or is it a number that already incorporates the risk profile. If the former, you`d probably need to come up with some way to adjust FV based on risk.

The numbers are just concept – you might prefer to go 20 deep, and change the leftovers bonus. I picked 10 because that should capture most if not all potential regulars in every system, 45 as the FV cutoff because all but a few have at least 10 45 or better prospects, and a 1-point bump for the extras because I did the numbers in my head and my brain doesn`t like decimals.

Not sure I`d be keen on the “would you trade” algorithm. I`m in a deep strat-o-matic keeper league, and there have been years when I would have taken one side of that trade, and years when I would have taken the other side. Depends a lot on where a team is in its building cycle and how many solid assets are in place already.

SKob
11 years ago

When I see different opinions on ranks, I like to throw a + or – in there to make a note that a player is ranked one place, but maybe there were some unfavorable comments, or if there is a real optimistic opinion out there they get a +. Of course, that doesn’t help with the total tally.

I like adding up the FV numbers of a top 10, but I think bonus points should be awarded for more elite players. Trading two 50’s for a 65 probably still wouldn’t happen because of the idea that a 65 is more likely to not bust and be a regular. So what’s the scale?

Have you ever just played with numbers in an equation to come up with something that passes the eye test? I was just doing this in excel – compute the FV value through a scale. Ideally, I’d like to be basing the scale on something, but this is really a hypothetical. If you calculate – FV / (2/FV) * FV/2000… my reasoning behind all this makes little sense, but I wanted to use some inverse of the players FV ranking to scale the values. Here’s what you get

FV scaled value
50 31.25
55 41.59375
60 54
65 68.65625
70 85.75
75 105.4688
80 128

So 2 50’s is not a 65, but if you told me 2 65’s was worth an 80, I might buy it. But I think with some actual thought, a scaled system would work to compare players, then you could really add up the rankings of the top 10, or everyone above 50, because everyone else doesn’t make that much of a difference.

Alex
11 years ago

There’s no good answer to this because, as you mentioned, people assess and value prospects differently. I think each team needs to be viewed contextually. A team such as the Nationals, given their depth and talent, may be better off in the short-term with fewer prospects who are elite rather than numerous middling prospects. On the other hand, an unnamed rebuilding team comprised largely of quadruple-A talents may benefit more from an abundance of decent prospects than one elite prospect.

jardinero
11 years ago

Kiley, I for one am glad you’re a wet blanket. Kind of crazy to even attempt to rank players, and even crazier to be inflexible. I just like having a sense if a player is an org guy or more. And, if more, how much more might realistically be there. Who cares if someone’s #28 or #82. They’re both good prospects and we’ll see what happens in 2015.

Towelie
11 years ago

If your blanket’s wet, don’t forget to bring a towel!

baubo
11 years ago

I think not having official rankings is more in line with what fangraphs should do. There’s really no point in either talking about organizational top-10s or top-10 farms.

In the hypothetical above, if you think both the right and left side are similar in terms of overall quality, just state that, and add something like “Team B has more quality prospects but Team A has the elite guy.”

In fact, that’s what I love about you breaking prospects by FV/risk factor rather than a straight 1-10. In the end, these are simply “guesses,” educated guesses, but guesses nonetheless. There’s no reason to try to make things look so definitive when it really is quite nebulous field in the first place.

Bread
11 years ago

So, in a Dynasty league…1st pick of amateur draft. Do I go with a Kyle Schwarber or Dalton Pampey over someone like Moncada who’s FV is said to be off the charts? I can keep said player at $2 for 4 seasons.

obsessivegiantscompulsive
11 years ago

Nice post, thanks for sharing your process, helps us better understand what goes into the product.

Stick to you guns regarding both your ratings as well as the fluidity of rankings. It is the reader’s problem if they don’t understand that any list is basically valid at that point in time, based on the information available to the analyst at that point in time, and that once new information comes in, things can and will change. That should be obvious to people, but unfortunately not everyone gets it.

For your top of system question, I always go for the one when there is a much higher prospect where the spread is wide like that and the System B basically has average or slightly above average prospects. People don’t always understand this but teams generally can’t trade for players that great or sign them. So my preference would be for the one with the much better prospect.

But as your focus on trade value acknowledges, teams don’t always have the greatest control over becoming a System A over a System B scenario. Losing teams have a better chance of being a System A, but playoff competitive teams ideal is a System B, where they can trade off those average prospects or insert them into the lineup as cheaper roster parts while paying the core players the big money. So while A > B, most teams who are playoff competitive most seasons tend to hope to be System B, so that they have cheap parts and/or tradable pieces. And if they are lucky enough to have a System A, they’ll probably not be able to find any trading partners because teams will as for the 65 until he graduates to the 25-man roster, and even then, interest will remain strong until he becomes a vet.

Thanks again for sharing.

chifanMember since 2017
11 years ago

i would like to see the big grid, but I am a spreadsheet kind of guy

Steve H
11 years ago

So if in theory, Organization A was offfering

Ricky Nolasco 55 , and Eduardo Nunez 40 , and 9 million dollars over 3 yrs.

and Organization B was willing to accept it for:

Nick Kingham 55/60 FV and an additional C+ prospect

the war exchanged should amount to near the exact same.