MLB Offseason Spending Heats Up With Trio of Big-Money Deals

Major League Baseball’s hot stove period is off to a frothy start this offseason, with much more activity expected in the next several weeks.

This week’s winter meetings concluded with three major deals that helped frame the initial player market and provide a likely path forward for both players and teams. Among the key trio of pacts:

• The Orioles’ $155 million signing of first baseman Pete Alonso, with the five-year pact representing the second-largest player contract in franchise history.
• The Phillies’ $150 million signing of designated hitter Kyle Schwarber, keeping this year’s runner-up for National League Most Valuable Player in Philadelphia, where he’s rooted himself, for another five seasons.
• The Dodgers’ $69 million deal with reliever Edwin Díaz, with the back-to-back defending champions both burnishing their own bullpen and perhaps weakening the Mets, a top rival of Los Angeles and where the pitcher previously played. 

Each of those pacts was above financial levels generally expected for the trio entering the offseason and set various milestones for their age, position, or team. The initial contract movement, particularly Philadelphia’s deal for Schwarber, is now likely to further loosen up what is expected to be a robust offseason—even without the presence of a megastar in free agency, such as Shohei Ohtani in 2023 and Juan Soto last year. 

A large collection of teams, including the low-spending Pirates, that had inquired about Schwarber are now projected to be in on a notable group of free agents still available, including outfielders Kyle Tucker and Cody Bellinger, third baseman Alex Bregman, and shortstop Bo Bichette. 

In addition, a group of Japanese players posted by that country’s Nippon Professional Baseball, including slugger Munetaka Murakami and pitcher Tatsuya Imai, have yet to make their decisions.

Wheeling and Dealing

Beyond that, the trade market is also expected to become active, with the eyes of baseball particularly focused on Detroit. The Tigers are evaluating whether to move ace pitcher Tarik Skubal, winner of the last two American League Cy Young Awards, a year before he hits free agency and is set to receive a blockbuster contract. 

Tigers president of baseball operations Scott Harris said this week there are no “untouchables” on the roster, raising expectations there will be a megadeal involving Skubal.

Yankees GM Brian Cashman, under rising pressure, this week lamented what he saw as a player market moving at a “glacial speed,” but his counterpart at the crosstown Mets said he sees a lot of behind-the-scenes work happening in preparation for deals soon to arrive, particularly trades.

“The trade market, in general, agnostic of position, is pretty active,” Mets president of baseball operations David Stearns said. “I think there’s a lot of chatter, and has been throughout the offseason. Teams in general are maybe a little bit more open and will be creative, to talk about different types of structures than maybe we’ve seen over the past couple of years, at least.”