Top of the Order: Previewing the Qualifying Offer Decisions

Welcome back to Top of the Order, where every Tuesday and Friday I’ll be starting your baseball day with some news, notes, and thoughts about the game we love.

Tight playoff races, milestone and award chases, and looking ahead to the offseason — these are the things I love about September baseball. One of the first decisions to be made after the World Series is determining who will receive qualifying offers, which currently projects to be valued at $21.2 million.

As a quick reminder before we continue, the qualifying offer is set at a price of the mean average annual value of the 125 highest-AAV players in the league. Once it’s offered to a player, he has 10 days to decide whether to accept or decline the offer. If the player accepts, he’s locked into 2025 at that salary, though he can always negotiate a contract extension that may override the qualifying offer. If the player declines and signs with a new team, his new team will forfeit at least one 2025 draft pick, and his old team will receive exactly one ’25 draft pick.

With less than three weeks left in the regular season, let’s run through which pending free agents could be getting qualifying offers come November.

Locks to Receive Qualifying Offers

These decisions are all straightforward. Juan Soto, Corbin Burnes, Alex Bregman, Max Fried, Willy Adames, Pete Alonso, Anthony Santander, Jurickson Profar, Teoscar Hernández, and Sean Manaea (once he exercises his opt out) are all having seasons somewhere between strong and elite. They’re all sure to reject the offer in favor of longer-term deals.

Likely to Receive, Plausible to Accept

Paul Goldschmidt is a tough act to follow, but Christian Walker has done well since taking over for him after the Diamondbacks traded Goldschmidt to the Cardinals in December 2018. Walker has been especially great the last three years, with 10.9 WAR, a 122 wRC+, and excellent defense at first base. He’s not spectacular, but he’s very good, and if the Diamondbacks are fine with running a record payroll again, they’d be wise to keep him around.

Walker’s got one big drawback, though: his age. Next year will be his age-34 season, and while he’d certainly like to earn a multi-year deal in free agency, the qualifying offer might tamp down his market to the point that accepting it would net him more money in 2025. He also might not want to risk rejecting it, hanging out on the open market for months, and then having to sign a prove-it deal. He’s a core member of a team that went to the World Series last year, is almost certainly going to return to the playoffs again this season, and is built to contend next year, too. Additionally, he seems comfortable in the desert. For all of these reasons, he is probably the player most likely to return to his team on a qualifying offer.

Likely to Receive, Likely to Reject

Tyler O’Neill has popped 30 home runs in his best and healthiest season since 2021, with his wRC+ just one point away from tying that career year. On the surface, that makes him seem like a slam dunk to receive the qualifying offer, and a slam dunk to reject it. He’s entering his age-30 season, and coming off his strong performance this year, he could look to get a three- or four-year deal on the open market. The one thing that gives me pause, though, is O’Neill’s injury history and how that might influence teams’ willingness to offer him a multi-year deal worth an average annual value of roughly $20 million. Understanding this, if the Red Sox give O’Neill the qualifying offer, he could decide it’s in his best interest to accept it. Meanwhile, Boston might not want to pay him $22.1 million next year, instead opting to use that money to bolster other areas of its roster. I still think the Red Sox will extend him a qualifying offer, and that he will turn it down, but it’s not a sure thing.

There’s an argument to be made that Michael Wacha is having the best season of his career; it’s definitely his healthiest since 2017. Provided he avoids injury the rest of the way, he’ll eschew his $16 million player option in favor of hitting the open market once again, leaving the Royals with a tough decision. On the one hand, this version of Wacha is worth $22.1 million; on the other, the injury concerns don’t just go away just because he’s been mostly healthy this year. As unlikely as Wacha would be to accept, the Royals might also prefer to eliminate any chance that he’d do so and instead allocate that money to lengthen their lineup. Having a rotation anchored by Cole Ragans and Seth Lugo would make losing Wacha an easier pill to swallow.

Total Toss-Ups

If Ha-Seong Kim had reached free agency before this season instead of after it, he probably would have earned a deal of at least $100 million following his 4.3 WAR, 110 wRC+ campaign in 2023. But right shoulder inflammation could keep him on the sidelines for the rest of the season, and his run values as a hitter, fielder, and baserunner have all gone down considerably in 2024. That said, even in this down year, he’s put up 2.6 WAR and is still only 28; that is probably worth $22.1 million. However, considering the Padres have a glut of infielders already, they may not want to give Kim the option to accept a qualifying offer.

Luis Severino is having his healthiest season since 2018, when he put up 5.4 WAR across 191 1/3 innings, made the All-Star team, and received Cy Young votes as the ace of the Yankees. But he’s a completely different pitcher now than he was then. His velocity is still there, but he no longer has the swing-and-miss stuff to anchor a rotation. Even with the Mets expected to lose two other starters to free agency, I don’t think they’d want to pay him the salary of a no. 2 starter when, at this point, he profiles more like a no. 3 or 4.

There may be no starter in the league more enigmatic than Nick Pivetta. The stuff has always been great, but the command has been … less so. I’m of the opinion that he’d do surprisingly well on the open market, and in my head I’m comparing him to Yusei Kikuchi, who got three years and $36 million from the Blue Jays coming off a similarly uneven (and probably worse) few years. But the Red Sox already have Brayan Bello, Tanner Houck, Kutter Crawford, and Lucas Giolito (assuming he recovers well from internal brace surgery) locked into next year’s rotation, and they may invest the $22.1 million elsewhere.

Unlikely to Receive

For other teams, I’d say that it would be a no-brainer to extend Shane Bieber a qualifying offer, but $22.1 million is a lot of money for the Guardians. If Bieber were to accept it, he could represent 20% or more of their payroll for 2025, and he might not be available until the second half of the season anyway after undergoing Tommy John surgery in April. Considering his track record and how well he pitched in his first couple starts of the season, a multi-year deal at a lower average annual value — with the cash backloaded pretty heavily — should be easy for Bieber to secure.

There aren’t any pending free agent relievers with the pedigree of Josh Hader, who was an obvious qualifying offer recipient and rejector last offseason. Clay Holmes started his season pitching like he’d end up receiving one, but he’s lost his closer job and has probably worn out his welcome in New York, frankly. On the other side of the coin is Jeff Hoffman, who’s been nothing short of excellent for two seasons in Philadelphia. But he’s entering his age-32 season and doesn’t have nearly the track record of other relievers who have received qualifying offers in the past. I’d be shocked if he gets one.

Ineligible to Receive

As a reminder, players who’ve appeared for multiple teams in the same season are ineligible to be tendered a qualifying offer. That eliminates Kikuchi and Jack Flaherty. Also ineligible are players who’ve received one in the past, so that rules out Joc Pederson, Max Scherzer, Nathan Eovaldi (assuming he declines his player option), Cody Bellinger (ditto), and, should he opt out, Gerrit Cole.