You Pick: Anthony Rendon or Stephen Strasburg?

The Nationals just won the World Series thanks in large part thanks to stars Anthony Rendon and Stephen Strasburg. The pair were great for Washington in the regular season, combining for 13 wins; in the playoffs, Rendon posted an excellent 146 wRC+ and Strasburg became a playoff immortal.

The pair also earned around $54 million last season, with $10 million of that amount deferred as part of Strasburg’s contract. With both players now free agents, there are sizable holes for the Nationals to fill, both on the field and in their payroll. After running $200 million payrolls in each of the last three seasons, the club has only $132 million in salaries committed for next season, including arbitration estimates and minimum salaried players. When I looked at the teams with the most money to spend next season, I noted the $80 million gap between the Nationals’ 2020 commitments and 2019 payroll, and had this to say about their potential to spend:

The Nationals have a ton of money to spend coming off a World Series victory, and if they are going to get back to the playoffs, they will need to. If the team wanted, they could bring back both Anthony Rendon and Stephen Strasburg and because they stayed under the competitive balance tax amount last season, the penalties for going over next year are lessened. A big spend by the Nationals seems likely, though it won’t do much to change spending overall given where they were last year.

Apparently Nationals owner Mark Lerner disagreed, and said as much last week:

“We really can only afford to have one of those two guys,” Lerner told Donald Dell in an exclusive interview. “They’re huge numbers. We already have a really large payroll to begin with.”

It shouldn’t come as a surprise that Scott Boras, agent to both Rendon and Strasburg, disagreed with Lerner’s statement and responded with his usual flair. We don’t need to dissect Lerner’s statement, but a brief analysis is probably necessary. Lerner is correct that the free agent pair will command large salaries, though even if both were given contracts for $30 million per year, it would represent only $6 million more than they made with the Nationals in 2019. As for the latter part of Lerner’s statement, while the Nationals have had large payrolls in the past and probably still will next season, with only about $130 million committed now, they are very much in the middle of the pack among major league payrolls.

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The Nationals can absolutely afford both players, both in 2020 and in the long term, with Max Scherzer’s salary coming off the books after 2021, Trea Turner not eligible for free agency until after 2022, and Juan Soto under team control through 2024. But what the Nationals can do and what they will do might be two different things.

Though asking Strasburg or Rendon begs for the Why Not Both GIF, if we assume the Nationals will only sign one of Strasburg and Rendon, which player they choose to retain will have significant repercussions for the long-term future of the team. When considering which player the Nationals would be better off re-signing, we should consider the potential contract as well as the Nationals’ current need, and potential alternatives.

While I have an opinion about which player I would rather have if I were Washington, I’m interested in finding out what you, our readers, prefer.

First, here’s the capsule I wrote for Rendon in our Top 50 Free Agents post:

A year ago, Bryce Harper and Manny Machado were the best free agents on the market. Anthony Rendon is better than either. Rendon put up seven wins this season and over the last three years, only Mike Trout (25.2 WAR), Mookie Betts (22.4), and Christian Yelich (20.0) have posted more than Rendon’s 19.9 WAR. Despite being a good defender, his value is not tied to his fielding, with a 145 wRC+ over the last three seasons. Where Rendon has a disadvantage relative to Harper and Machado is his age. Last year’s pair were heading into their age-26 seasons while Rendon will play his new contract in his 30s save for the first few months of the 2020 campaign. The Rockies tacked on seven years and $234 million to lock up Nolan Arenado before he could hit free agency; Arenado is a year younger than Rendon, but it’s hard to look at the two third basemen and not see a lot of similarities.

The median crowdsourced contract for Rendon was seven years and $210 million. (I also wrote on Rendon earlier this offseason.)

As for Strasburg, his median crowdsourced contract projection was five years and $140 million. Here’s Eric Longenhagen’s profile from that piece:

Unless you’ve only discovered baseball within the last few days, you probably don’t need much Strasburg background. His 2019 average fastball velocity was the lowest of his career (94.3, down from 95.2, which was down from several years of 96) but actually climbed over the course of the season. His swinging strike rate on the heater, though, is up two percentage points, from 8% to 10%. Why? Better bat-missing locations, it seems, as Strasburg’s fastball locations have slowly crept toward the northern reaches of the strike zone and above.

All three of Strasburg, Gerrit Cole, and Anthony Rendon are represented by Scott Boras, and there’s probably a way to sequence the order in which they sign that maximizes the money they each get, especially Cole. Clayton Kershaw re-upped with the Dodgers for three years and $31 million as a 31-year-old coming off a year when he had some back issues. Strasburg’s not showing quite as much age, and should do better, setting a nice, high AAV bar for Cole.

So now I leave it to you. Based on the crowdsourced contract projection, which player would you rather have if you were the Nationals?





Craig Edwards can be found on twitter @craigjedwards.

41 Comments
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Rational FanMember since 2025
6 years ago

Rendon if it were me.

I think Strasburg is the riskiest FA of this entire signing period; after the workload of this past season, it wouldn’t be shocking to see a down year from Stras based on how other arms have bounced back the year following their first deep post-season run.

Stras is going to get paid based on what his ceiling is, but he has fallen short of that ceiling due to injury time and time again. Rendon on the other hand won’t require as long of a commitment – possibly – and has been a beacon of consistency ever since the nagging injuries got him his first few years.

Ryan21
6 years ago
Reply to  Rational Fan

“Rendon on the other hand won’t require as long of a commitment.” But isn’t the premise of this article that Rendon will sign for 7 years and Strasburg will sign for 5 years? I’m guessing the results of the crowdsourcing would change significantly if we changed the parameters of the hypothetical contracts.

Regardless, I agree with you that Rendon’s consistency suggests that a long-term commitment wouldn’t be a terrible idea. Here’s a list of the age 34 through 36 3B seasons so far this millennium:

https://www.fangraphs.com/leaders.aspx?pos=3b&stats=bat&lg=all&qual=y&type=8&season=2019&month=0&season1=2000&ind=1&team=0&rost=0&age=34,36&filter=&players=0&startdate=&enddate=

So, even if Rendon does require 7 years, it seems there’s plenty of reason to expect that he could be worth 30 million or so in AAV even towards the end of the contract (to say nothing of any surplus value earlier in the deal).

Rational FanMember since 2025
6 years ago
Reply to  Ryan21

Yeah, I’m taking Rendon at his word here – in that he doesn’t want to play into his late 30’s. He implied he wanted to retire by 35 years old, so I’m working on that assumption that he takes a 5 year payday and then calls it quits.

dukewinslowMember since 2020
6 years ago
Reply to  Rational Fan

I agree with the broad point that he’ll retire when he said he’d retire with one caveat- if he starts approaching HoF milestones, I think he might delay retirement (and if he’s producing 3 WAR or whatever at that point, good for him and the team paying him).

sadtromboneMember since 2020
6 years ago

I think the question is whether you want to make another championship run next year and get right up to the tax line without going over it. If you want to do that, then you should sign Rendon and then try to sign Ryu to a (relatively) short deal. Rendon will hold his value for longer, and that seems like a better solution than signing Strasburg and then making a run at Donaldson. If you want to reset a bit and let the kids play-and I don’t know why you would do that, but maybe they want to improve the depth a bit–then I’d sign Strasburg, plunk Carter Kieboom down at third base, and try to get Cesar Hernandez to play 2nd base.

Also, I don’t know that it changes my answer, but if Rendon is really looking for a shorter deal, we’re looking at a higher AAV, maybe with some deferred payments (I don’t know how that gets calculated for luxury tax purposes) but probably for the same guarantee. And if Gerrit Cole is getting $245M, I think it’s probably fair to speculate that Strasburg is going to get about $35M more than that.

sadtromboneMember since 2020
6 years ago
Reply to  sadtrombone

The more I think about it, the more I think Door #1 (Rendon, and then try to fill the pitching elsewhere). Stronger team that way, by quite a lot. It’s just such better value, it’s hard to see what benefit of having better depth would do for them in the latter scenario. And if Carter Kieboom can’t handle 2B, I think they can deal with that later.

TanPadreFan
6 years ago
Reply to  sadtrombone

Washington signs Rendon. Strasburg signs with the Padres!
Maybe.

dukewinslowMember since 2020
6 years ago
Reply to  TanPadreFan

I dunno what the Padres payroll constraints are right now, but that makes way too much sense for Strasburg and Padres. The park will hugely help his numbers and he’s FROM there.

dukewinslowMember since 2020
6 years ago
Reply to  sadtrombone

At least this year, there’s more FA starting pitching available than 2nd basemen. So you can get most of the wins (if not more) Strasburg provides elsewhere. The subtext here, however unlikely, is the Strasburg we got last year is the Strasburg you get for the next 5-6 years and were supposed to get when he got drafted out of college- basically Verlander. I think that doesn’t happen for injury related reasons, but it might.

sadtromboneMember since 2020
6 years ago
Reply to  dukewinslow

Because there’s pretty much always a shortage of starting pitchers but not of third basemen, a 5.5-win starting pitcher is arguably just as useful to most teams as a 6.5-win 3rd basemen. It’s weird that it works out that way because by definition it shouldn’t, but there are probably as many teams with replacement level guys in the 5th spot in the rotation than there are teams with a 1 win guy at 3rd base.

Of course, that assumes that Strasburg is going to keep his current level of performance going forward, and I think that’s pretty suspect. Nothing about his performance last year is fluky but even without Strasburg’s past injuries, there’s a lot more downside risk to a pitcher (who is older than Rendon anyway) than there is to an elite position player.

dukewinslowMember since 2020
6 years ago
Reply to  sadtrombone

There has to be an article here on the marginal value of a pitcher win over a position player win, right? My intuition is that you’re correct, but it seems to be an empirically testable question.

It’s a cousin to my point below I guess- we know the marginal value of additional wins is nonlinear- going from 4 to 5 wins is more valuable than going from 2 to 3. The nonlinearity itself might be significantly different between pitchers and position players, and might even have nonlinear effects on playoff EV.

gostros
6 years ago
Reply to  dukewinslow

I personally think that war is way to low for pitchers

RoyalsFan#14321Member since 2024
6 years ago
Reply to  sadtrombone

I’m really curious why this comment is getting down-voted the way it is.

Brewtown_Kev
6 years ago

Probably that perplexing last sentence. Fair to speculate that Strasburg will best Cole’s deal by $35M, to the tune of a total deal approaching $300M? Huh?

sadtromboneMember since 2020
6 years ago
Reply to  Brewtown_Kev

Whoops, that’s not at all what I meant. I figured that Strasburg would best the crowdsource by at least $35M.

But that might explain some things.

EDIT: I did not expect that Strasburg was going to get $245M! No, I really did not!

Dave TMember since 2025
6 years ago
Reply to  sadtrombone

“maybe with some deferred payments (I don’t know how that gets calculated for luxury tax purposes)”

Deferred payments are reflected in contract value using a net present value calculation that’s defined in the CBA.

The most important point is that all the money is still spread over the years that the player is under contract to play. For example, Scherzer’s contract just has luxury tax values for 2015-2021, even though actual deferred payments stretch out to 2028.

Glancing at the CBA, it looks like the defined annual interest rate for the NPV calculation is the federal mid-term rate when the contract is signed. It’s a rate published monthly by the IRS that’s tied to Treasury bond rates and is used for various tax purposes. With low interest rates for the past decade or so, it’s been a pretty low number: for example, is was just under 3% at the start of 2019 and is currently just under 2%.

With that discount rate so low, the difference compared to simple AAV isn’t that big. For example, Scherzer’s 7 / $210 million would be $30 million per year for luxury tax purposes without considering deferrals. Cot’s has it at $28.7 million per year for luxury tax purposes, after taking deferrals into account.

dukewinslowMember since 2020
6 years ago

I personally think that Rendon has a skillset that’s more difficult to replace, and pitchers are inherently risky. I think most people are going the same way, judging from the poll.

However, it seems like 538’s model thinks that Strasburg adds more to the win curve in a way that adds more to more teams’ playoff probability. Under the contracts above, that means he’d provide more value in the immediate term (I can’t imagine they’re modeling hazard effects or anything very complicated year to year, so I’m only going to treat their model as valid for the coming year, and if they are, they need to provide the PD’s under multiple specifications which they never do). I’m personally not sure that Strasburg provides better playoff probability for most teams- but it might be interesting to think why that’s the case over there.

Sonny LMember since 2017
6 years ago

There is something deeply satisfying about the FG banner ads. Simple but wonderful.

Oh, ugh, Strasburg I guess

RealCarlAllen
6 years ago

I don’t think Rendon signs a smaller deal than Arenado, and I don’t think Strasburg signs a deal worth not much more than Wheeler. Cole will push Machado’s number.

Given the competiveness of this market, Strasburg should push to 7 years (Price got 7/217)

I like Rendon because I think he’ll age better, but Strasburg is going to be much more important, and valuable, for the short term.

RealCarlAllen
6 years ago
Reply to  RealCarlAllen

Just coming back to say hey

Monsignor Martinez
6 years ago

I would rather have Rendon, but I would rather commit to only 5 years for Strasburg than commit to a 7 year deal for Rendon. Both players have risk, but the loss is much greater with a longer contract.

FS54
6 years ago

Mind says Rendon. Heart says Strasburg. Rendon has had quite a few highlights along the way with Nationals but nothing tops Strasburg’s debut and playoff pitching. Rendon has been much more consistent performer and more likely to age better. Personally I think Nationals can bring both of them back.

mike sixelMember since 2016
6 years ago

Rendon is great, but you can draft third baseman. How will you find another Strasburg? Also, that number is way low. I’ll be shocked if he gets less than 180 million. A great pitcher is more valuable in the post season than a great hitter.

Lunch AngleMember since 2016
6 years ago
Reply to  mike sixel

You can draft starting pitching too

mike sixelMember since 2016
6 years ago
Reply to  Lunch Angle

It’s much harder to find elite pitchers than hitters. There are maybe 20 aces on the entire planet at any one time, and getting one is hard.

Monsignor Martinez
6 years ago
Reply to  mike sixel

How many elite 2B/3B can you name? It’s probably a lot less than 20.

Cave Dameron
6 years ago

Gotta go with Rendon here. He’s very underrated so he will probably get a much lower deal, which he will then overperform.

mockcarrMember since 2016
6 years ago

That 5/140 for Strasburg seems much lower than what he will be able to command, so that seems like a way to get better value.

ChiSoxfan2
6 years ago
Reply to  mockcarr

Agreed. I think he’s getting at least $175 million plus. No way Strasburg only gets $22 million more than Wheeler.

stever20Member since 2017
6 years ago

the problem is with the market- Strasburg isn’t getting 5/140. It’s bare minimum now 6/180, and probably well north of that. Rendon may go up as well- but no where near as much and the same length. It’s Rendon IMO and not really close.

Original Greaser Bob
6 years ago

7 for $245…Damn…Cole is going to bankrupt somebody.

stever20Member since 2017
6 years ago

guess free agency is back…

jsolid
6 years ago

Brian Cashman: Hold my beer…

D-WizMember since 2019
6 years ago

Well I guess the Nationals’ brass’ answer is resoundingly “Strasburg”, blowing away the crowdsourced projection in both years and AAV (good for Stras!) – and maybe these numbers lend a (teeny tiny) *little* bit of credence to Lerner’s statements?

sadtromboneMember since 2020
6 years ago
Reply to  D-Wiz

JEEEEZ THAT IS A LOT OF MONEY

I would rather have Rendon than Strasburg, period. I would have considered paying Rendon $245M depending on how long the deal ran but there is zero chance I would do that with Strasburg. That’s like $60M more than I would feel comfortable giving him.

stonepie
6 years ago
Reply to  sadtrombone

agreed, i feel like they may wind up with very similar deals. in that case, give me rendon all day. id be very skeptical of strasburg’s health over the course of 7 years in his 30s

RoyalsFan#14321Member since 2024
6 years ago

Well, at 7/245… I guess we can understand a little better the Nationals believing they can only sign one of these guys…

Jimmie Foxxalorian
6 years ago

Stupefying deal. Wow. Guess it will now be easy to move Price to a ballclub interested in a bargain.

sadtromboneMember since 2020
6 years ago

After I picked my jaw up off the floor, I realized that if the Red Sox want to get below the luxury tax line, they can probably do that by moving Chris Sale.

gostros
6 years ago

Strasburg destroyed his estimate

jfisher6844
6 years ago

Can I pick neither?

$200+ million for a 10 year vet that’s only pitched 200 innings in a season TWICE is pretty steep

$200+ million for a 7year vet that’s only played 150 games TWICE is pretty steep.

(I understand that poll had Strasburg at $140M but reality was the $200M)