The Rays Are Dollar-Poor, Savvy-Rich

The Rays’ revenue struggles have made them efficient by necessity. (Photo: Bryce Edwards)

“I been shaking two nickels together for a month, trying to get them to mate.” – Raymond Chandler, The Big Sleep

There is only one truly poor team in Major League Baseball, and 29 others that just cosplay as Dickensian street urchins. When the Chicago Cubs weep about how there’s just no money in this baseball thing, it’s impossible to take their statements at face value. When the Tampa Bay Rays do it, I take it a lot more seriously.

“Build it, and nobody will come.” Unlike their cross-state rivals, the Miami Marlins, the Rays have been able to build teams that win consistently. They drew moderately well in their debut season, but a decade of losing, in large part due to an incompetent Chuck LaMar-led front office, got things off to a rocky start. Winning 97 games and an AL pennant in 2008 couldn’t raise the team’s attendance to two million, and winning at least 90 games in five of six years appeared to do nearly nothing to bring fans to the ballpark. Tampa Bay drew fewer fans in 2018 and 2019 than they did in their 68-94, last-place 2016, the team’s worst year since they exorcised the Devil from their nickname.

The Rays have a better TV contract than they did five years ago, but it’s hard to make the typical arguments about investing in their roster when this team sees so little benefit. MLB’s revenue-sharing scheme subsidizes being a low-revenue team rather than being a small-market team that invests. Having demonstrated an ability to build quality teams for nothing — and have seen few financial benefits from winning 95 games instead of 65 — there’s not much of an incentive to build a quality team for something.

The Rays don’t just survive by developing stars cheaply; they have a knack for being able to avoid black holes like the plague. Let’s use a couple of charts from an earlier entry in this series to illustrate the point:

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Above-Averagest Teams, 2008-19
Team Average Deviation From 90 Wins
Cardinals 3.5
Dodgers 6.2
Yankees 6.3
Rays 6.9
Red Sox 8.3
Rangers 8.4
Brewers 9.2
Angels 9.3
Giants 9.3
Braves 9.6
Indians 10.3
Mets 10.7
Blue Jays 10.9
Athletics 11.6
Nationals 11.8
Diamondbacks 12.4
Cubs 12.6
Tigers 12.8
Phillies 13.0
Rockies 14.0
Reds 14.1
White Sox 14.1
Twins 14.2
Mariners 14.7
Pirates 15.3
Royals 16.0
Marlins 16.8
Padres 16.9
Orioles 17.6
Astros 17.8

Replacement-Level Performances, 2008-19
Team PA/TBF WAR
Rays 21282 -45.4
Yankees 22471 -46.7
Cardinals 24220 -54.0
Indians 28238 -59.5
Blue Jays 29600 -59.9
Brewers 29850 -60.4
Athletics 27082 -61.4
Red Sox 25064 -61.5
Dodgers 24830 -64.0
Cubs 27649 -64.1
Twins 33043 -64.6
Nationals 28037 -66.5
Mets 29313 -66.6
Giants 32272 -67.9
Rangers 28176 -68.1
Angels 28560 -69.8
Diamondbacks 31580 -70.8
Tigers 31256 -71.3
Astros 32677 -71.8
Phillies 32365 -73.1
Braves 29945 -74.8
Royals 34948 -77.0
White Sox 32953 -79.0
Reds 33919 -79.1
Padres 35047 -80.0
Orioles 36701 -84.2
Rockies 39341 -85.8
Mariners 38162 -90.6
Pirates 36930 -91.8
Marlins 34707 -92.8

Over the past dozen years, the Rays have an impressive record of consistently winning somewhere around 90 games and despite the low payroll, they’ve received less below-replacement performance than any team in baseball. Short of a change in how MLB’s revenues are distributed among teams, none of this is likely to change, even when the Rays get a new stadium.

The Setup

Going into the 2018 season, the usual disasters were predicted. How could the Rays trade Evan Longoria, Corey Dickerson, Steven Souza Jr., and Jake Odorizzi and be expected to seriously compete? As it turned out, pretty easily. Despite replacing most of the main cast, the new group proved just as competent thanks to names like Mallex Smith, a returning Matt Duffy, and Joey Wendle. Blake Snell’s breaking stuff finally stuck, and he won the Cy Young Award with 21 wins and an ERA under two. Thanks to a few unfortunate Tommy John surgeries, the Rays had trouble fielding an entire rotation, causing the club to make the Opener part of modern baseball vocabulary. While teams had experimented with using their rotations in similar, non-traditional ways in the past, nobody had ever done so to the same extent.

The Rays won 90 games, and the Opener experiment worked well enough that they had no problem with trading former ace Chris Archer to the Pittsburgh Pirates for Tyler Glasnow, Austin Meadows, and Shane Baz. After sitting at 53-53 at the trade deadline, the Rays found two or three new gears, going 37-19 over the rest of the season. Glasnow contributed to the Rays immediately, as his command issues disappeared almost instantly with a more aggressive, less nibbly approach on the mound. Tommy Pham was also acquired in a surprise pickup after his relationship with the Cardinals became strained (at least allegedly).

Rather than simply batten down the hatches for 2019 and go with the roster that won 90 games in 2018, the team once again approached the offseason aggressively. Naturally, these moves involved bargain shopping and thrift storing rather than big-ticket free agents.

The team started the winter by picking up Oliver Drake on waivers. Already a veteran of six major league teams, Drake’s 4.59 career ERA was well above his 3.59 FIP, something the Rays bet wouldn’t continue. The presence of Pham and Meadows made Smith expendable, and the Rays sent him to Seattle for three players, including catcher Mike Zunino. Yandy Díaz and Cole Sulser were acquired for Jake Bauers. The Rays even spent a bit of money, landing Charlie Morton on a two-year deal for $30 million and Avisaíl García on a cheap, one-year contract. Drake was briefly lost on waivers to the Blue Jays, so the Rays sent money to acquire him for the second time in the same offseason.

The Projection

ZiPS was not completely sold on the Rays entering 2019, projecting the team to fall back to an 84-78 record. While it would be an easy excuse to blame ZiPS not knowing just how to deal with the whole Opener thing, it liked the team’s pitching enough that it didn’t really matter how it was used. Snell, Morton, and Glasnow were all projected to be excellent, and a whopping 16 pitchers in the organization were projected to have an ERA+ above 100 if on the parent club.

Where ZiPS was worried was the offensive upside. Only Pham and Kevin Kiermaier projected above the two-win line. And where the computer was a believer in his trade-mate Glasnow, it was still a skeptic concerning Meadows.

The Results

The Rays didn’t wait until August to start beating up the league. After taking three of four games from the Astros to begin the season, they seized sole control of first place in the AL East. April in Tampa was a humiliating experience for Pirates fans, as Glasnow went 5-0 with a 1.75 ERA through the end of the month, walking only one batter per start while Meadows hit .351/.422/.676. Morton pitched almost as well as Glasnow, and while his surprising streak of finding more velocity every year finally snapped, his already excellent curve reached elite status.

And as it turned out, the offense was sufficient. Given the strength of the pitching, even with Snell not matching his 2018 breakout, a 102 wRC+ from the lineup was enough for the Rays to win 96 games. Even losing Glasnow for much of the season due to injury wasn’t enough to keep the team from leading the AL in ERA and allowing the fewest home runs in baseball in a year during which home runs defined baseball. The Rays rolled over the A’s in the Wild Card game before falling to the Houston Astros in five games in the ALDS.

What Comes Next?

There’s little reason to expect any kind of shift in how the Rays are run. Their offseason has been a quiet one so far, with the only big move a trade that sent Pham to the Padres for Hunter Renfroe. Pham’s ability to play center field wasn’t essential thanks to a healthy Kiermaier, and the team’s model for success requires the Rays squeezing every last bit of value from their players. García is gone, but ZiPS gave the recently signed Yoshitomo Tsutsugo a nearly identical 2020 projection.

The Rays may become less reliant on Openers in the near future with Brendan McKay not far from claiming a full-time spot in the rotation and the (hopeful) return of the nearly forgotten Brent Honeywell. Remember, the Opener was a strategy for Tampa out of necessity more than grand design. The organization can’t succeed without an excellent farm system, and in the final 2019 rankings on THE BOARD, the Rays ranked in first place despite trading Jesús Sánchez (along with Ryne Stanek) to the Marlins for Nick Anderson and Trevor Richards.

2020 ZiPS Projection – Austin Meadows

The suspicions ZiPS had about Meadows coming into 2019 were largely warranted by his record. Before he exploded for the Durham Bulls after the 2018 trade, he had hit .279/.318/.394 for Triple-A Indianapolis. His injury-riddled 2017 was no better, featuring a .250/.311/.359 line in Indy. No doubt, his long history of injuries contributed to these disappointing performances, but one couldn’t ignore the statistical record entirely.

Meadows hasn’t established a Cal Ripken Jr.-esque health record by any means, but 2019 did go a long way towards wiping out the performance questions. ZiPS isn’t projecting a great deal of growth, or a streak of 650 plate appearance seasons, but it is sold on Meadows being an above-average contributor for a long time. He’ll be a big plus to the Rays and, after his salary increases, the team that will probably acquire him.

ZiPS Projection – Austin Meadows
Year BA OBP SLG AB R H 2B 3B HR RBI BB SO SB OPS+ DR WAR
2020 .269 .334 .496 506 73 136 30 5 25 80 46 120 14 122 5 3.1
2021 .267 .336 .500 490 71 131 29 5 25 79 47 119 13 124 4 3.1
2022 .263 .332 .497 487 71 128 29 5 25 78 47 123 13 122 4 2.9
2023 .259 .330 .487 474 68 123 28 4 24 75 46 120 11 119 4 2.6
2024 .260 .331 .492 461 67 120 27 4 24 73 46 113 10 121 3 2.6





Dan Szymborski is a senior writer for FanGraphs and the developer of the ZiPS projection system. He was a writer for ESPN.com from 2010-2018, a regular guest on a number of radio shows and podcasts, and a voting BBWAA member. He also maintains a terrible Twitter account at @DSzymborski.

53 Comments
Oldest
Newest Most Voted
pintobeane
6 years ago

Great rundown, as always, Dan!

One edit, from “The Results” section:
The Rays didn’t wait until August to start beating up the league. After taking three of four games from the Astros to *begin* the season, they seized sole control of first place in the AL East.

Dave Stewart
6 years ago
Reply to  Dan Szymborski

Dumb ass is 2 word’s.

Ruben Amaro Jr.
6 years ago
Reply to  Dave Stewart

You aren’t supposed to hypenate plurals, dumbass.

Pwn Shop
6 years ago

Hypenate? Even hyphenate is incorrect.

Dave Stewart
6 years ago
Reply to  Pwn Shop

The dumb ass need’s a spell checker.

dl80Member since 2026
6 years ago

There is an argument to be made that baseball just can’t succeed in Florida (at least in terms of attendance). There are too many snowbirds whose allegiance is to the Yankees, Red Sox, etc. and there are far too many other things to spend 3.5 hours on during the summer. I’m just never going to be a believer that baseball has a long-term future in Florida.

JimMember since 2016
6 years ago
Reply to  dl80

Makes sense to me. And I’ve lived in Florida for 20 years.

dukewinslowMember since 2020
6 years ago
Reply to  Jim

there are tons of tax advantages to having a team in Florida, in addition to the on paper giant market. It’s cheaper to lose money for a long time hoping things will turn around.

dukewinslowMember since 2020
6 years ago
Reply to  dl80

well, pro sports more generally have this problem. They keep trying to put teams there, maybe one will stick.

Lanidrac
6 years ago
Reply to  dukewinslow

Yeah, but baseball has it worst due to the season’s timing. At least the snowbirds are actually there during the majority of football, basketball, and hockey seasons to perhaps attend a few games.

Lanidrac
6 years ago
Reply to  dl80

It’s not just the snowbirds’ allegiance to other teams. They aren’t actually physically there to attend games during most of the season!

Baron Samedi
6 years ago

“dollar poor” what a load

Baron Samedi
6 years ago
Reply to  Dan Szymborski

Baseball owners are not poor, Daniel.

Baron Samedi
6 years ago
Reply to  Dan Szymborski

How do you know what the Rays’ revenue actually is?

TrevorCap
6 years ago
Reply to  Baron Samedi

“Forbes-estimated’ might give you a clue, Baroniel.

Baron Samedi
6 years ago
Reply to  TrevorCap

Except it doesn’t do that at all.

Baron Samedi
6 years ago
Reply to  Dan Szymborski

Daniel, your deference to your corporate overlords is strange coming from a too-many-cat-owning socialist.

We both know that every single MLB team could easily double their player payroll while continuing to generate obscene profits.

dukewinslowMember since 2020
6 years ago
Reply to  Baron Samedi

wait we do? In GAAP terms?

Dominikk85Member since 2020
6 years ago
Reply to  Dan Szymborski

The rays are actually poor and can’t support a great payroll. However I question why mlb allows that and doesn’t force a relocation. Maybe mlb should institute a minimim revenue and if you can’t hit that goal in some years you get relocated.

Mlb for example should find a way to resolve that territorial rights thing with the giants. Make the giants give up the territorial rights for san jose in exchange for a financial compensation.

Then Oakland goes to san jose and the rays to montreal and you have eliminated the two most problematic markets in mlb. Also stop thinking about expansion until all teams have a decent market, we certainly don’t need more markets who can’t support 100M payrolls.

sadtromboneMember since 2020
6 years ago
Reply to  Dan Szymborski

I would also argue that the Marlins are, in fact, poor. Unlike the Rays, however, this is largely the fault of their previous owner, who got a new stadium, used the team as his own personal piggy bank, and repeatedly traded all of the good players to save money.

I actually would like to see the Rays move into that nice stadium in Miami, to give the fans down there something worthwhile. I don’t care what happens to the Marlins…they can go play in Anchorage.

Baron Samedi
6 years ago
Reply to  sadtrombone

I wish I was as poor as literal billionaires

Sandy Kazmir
6 years ago
Reply to  Dan Szymborski

It’s always astonishing to see the surprise when the team with by far the lowest revenue also has the lowest payroll. Especially when fixed costs remain relatively similar to other clubs, oh, and at the same time there is public pressure for the team to pay at least 2/3rds of the costs of a new stadium.

EltnegMember since 2020
6 years ago

I find the Rays’ approach mildly distasteful, in part because we don’t actually know what their books look like and also because I think there’s a case to be made that nakedly treating your players like assets to be flipped the moment they stop delivering 4000% returns can harm teams and MLB as a whole over the long run, but they’re consistent winners so I can’t ever do anything more than grouse about how they offend my aesthetic sensibilities. Here’s to another 90-win season and Xavier Edwards developing into a star who’ll be flipped for two top-100 prospects before he hits arbitration..

Baron Samedi
6 years ago
Reply to  Eltneg

we know that they aren’t, by any stretch of the imagination, “poor”

Lanidrac
6 years ago
Reply to  Eltneg

It’s still a much better system than what the Marlins do.

oozyalbies1
6 years ago
Reply to  Lanidrac

Not a high bar

mike sixelMember since 2016
6 years ago

The fascinating thing is that, try as they might, no other team has broken the Ray’s code and replicated their success without spending. It’s truly amazing, and I hope it stays when they move out here to Portland…..

Baron Samedi
6 years ago
Reply to  mike sixel

so many inaccuracies in so few words… well done sir

Baron Samedi
6 years ago
Reply to  Baron Samedi

Imagine if Rays supporters invested as much time, energy and money into supporting “their” team as they did down voting any hint of criticism…

phila317Member since 2026
6 years ago
Reply to  Baron Samedi

its adorable how many “rays supporters” you think there are… its just a bunch of people out here who can see that what youre saying is dumb. do some research, admit to yourself youre wrong, and then move on with your life.

Baron Samedi
6 years ago
Reply to  phila317

“wrong” about?

gettwobrute79Member since 2026
6 years ago
Reply to  Baron Samedi

How do you really feel about their financial situation?

Lanidrac
6 years ago
Reply to  mike sixel

The Athletics have done a pretty good job of it the last few years.

phealy48
6 years ago

The only confusing thing I see about this article is Meadows’ strong defensive ZiPS projections. He has poor fielding stats in his short MLB career and it’s not even an Urshela situation where the eye test makes one think that the stats are wrong.

Baron Samedi
6 years ago

The only thing special or unique about the Rays is that they can operate in an environment without any concerns for fan excitement because they don’t have any fans.

florida ron
6 years ago

I always see comments that baseball won’t work in Tampa. Go to a game at the stadium. It takes an hour to drive there from Tampa suburbs and it’s like watching a ballgame in a giant funeral parlor. Horrific stadium.
The Lighting play in a great arena in downtown Tampa and sell out 19,000 every game. The Ray’s would draw well in a modern conveniently located ballpark.

carterMember since 2020
6 years ago
Reply to  florida ron

It’s almost like location is important

ThrasiusMember since 2016
6 years ago
Reply to  carter

What’s that saying about real estate?

Sandy Kazmir
6 years ago
Reply to  florida ron

It’s almost as if the Lightning don’t play home series for 6-9 days in a row. Realistically, how many games does a good fan go to on a typical homestand? 1? Maybe 2? Bolts fans are more able to go to virtually every home game without being accused of spousal neglect.

oozyalbies1
6 years ago
Reply to  Sandy Kazmir

The Lightning may not play 81 home games, but it’s not as if they’re the Bucs. They play 41.

Drawing the way they do for 41 games a year (IN THE NHL IN THE SOUTH) does somewhat provide a POC for a healthy market. The fact that they about average a sell out at 19k fans also is a display that there’s excess, unfulfilled demand out there.

Maybe the Rays fail to draw because of the seasonal market, but what data do we really have to back that up? It’s nice outside EVERYWHERE in the summer, after all, and yet people elsewhere make it to the park. Or maybe the laws of common sense and retail are true, and they’d benefit from a more aesthetically pleasing and conveniently located ballpark.

I know I’m not exactly splitting the atom here, but let’s not make excuses for why no one goes to perhaps the worst stadium in sports.

ThrasiusMember since 2016
6 years ago
Reply to  oozyalbies1

Ehh, Florida sucks in the summer. I’d much rather be inside in the AC. Though the winter can be nice when it’s not 85 and 100% humidity. It’s the location. The center of population lives nowhere near it. For example, it’s quicker to get to the Trop and park from downtown Bradenton (across the bay and then the Manatee River to the south) than downtown Tampa.

Baron Samedi
6 years ago
Reply to  florida ron

The Lightning actually retain their good players.

Lanidrac
6 years ago
Reply to  florida ron

A new stadium didn’t help the Marlins draw any better, and the snowbirds are actually there during hockey season to support the Lightning.

Besides, MLB teams (which play more games, to boot) require a lot more than 19,000 per game attendance to be considered a decently drawing team.

Shalesh
6 years ago
Reply to  Lanidrac

The Marlins drew 2.2M in 2012 when the new stadium debuted. The problem is that they’ve won 69, 62, 77, 71, 79, 77, 63, and 57 games in the years since. The bottom really dropped out when they traded Stanton/Yelich/Ozuna and Fernandez died. They went from 77 wins in 2017 to 63 in 2018 and their attendance went from 1.6M to 0.8M. (This wasn’t difficult to look up, by the way.)

Miami is the #7 MSA and Tampa the #18 MSA in the US. Not sure why any intelligent person would want to abandon those to go to the #25 & #28 MSA’s in Las Vegas or Portland. Have stable ownership in Miami and build a modern stadium in Tampa rather than than a dated one in St. Pete and you’ve solved the problem.

People come here crying that MLB is making a terrible mistake by eliminating minor league teams in Montana and then want the MLB to eliminate Major League teams in our 4th largest state.

Lanidrac
6 years ago
Reply to  Shalesh

Anyone can draw decently the first year of a new stadium, and unlike the Marlins most do it for the first few years. 2.2M isn’t that impressive for a new stadium’s first year, anyway. Anywhere outside of Florida could’ve done at least 2.5M if not 3M. As for the years since, they’ve had a few decent teams that have nearly reached a .500 record yet still drawn like they were 100 loss teams. The next Marlins playoff team isn’t going to change anything.

Any intelligent person can tell you that Florida market size doesn’t matter when the people with most of the money don’t actually live there during the summer. How often do you expect poor Cuban immigrants/descendants and retired senior citizens on fixed incomes to attend baseball games?

dukewinslowMember since 2020
6 years ago

so is Blake Snell still a #3 starter? Is he a #1 starter? No one is talking about this yet (I think he’s a #1, because if our job is to evaluate how good guys are in a way that’s useful for YOUR team or whatever, there’s no use to a category that only has like 1 member in a year- this changes if we’re talking about hall of fame candidacy or making comparisons over multiple years).

Lanidrac
6 years ago

I’d love to see what the Rays could do in a market outside of Florida. The Marlins may be stuck there for a while with their recently built (ugly) stadium and a (supposedly) exciting new ownership group, but the Rays should really use their stadium issues as an excuse to leave the state where the people who have most of the money don’t actually live there during the summer. Whether it’s Montreal, Portland, or Vegas, I don’t care, but any of those markets (and probably a few others as well) could support a team better than any city in Florida!

Dominikk85Member since 2020
6 years ago

The rays always find new ways:).

In the early 2010s it looked like the rays lose their edge as other teams closed the gap in data analytics. Fortunately for the rays in the mid of the decade the application of data to player development started and the rays were at the forefront of this too.

Still the rays are really walking a fine line here. Once other teams close the gap in player development it will get tough again and the international draft is also a danger for the rays as they have great competency there too and the draft will level the field.

I’m sure the rays will always work on finding new edges and find a new thing but they also need to always have that edge due to payroll reasons.

Lanidrac
6 years ago
Reply to  Dominikk85

Although, part of the Rays’ success is that when they trade away their more expensive players, they usually manage to get good prospects in return that become among their next wave of quality MLB players. As long as they can continue to properly scout other teams’ prospects, they’ll have something of an edge. Although, it’s admittedly only useful as a supplementary strategy, since most other teams will just keep many of their homegrown stars long-term rather than constantly trading them out.