Kiley McDanielNov 6, 2025, 07:00 AM ETCloseESPN MLB Insider Kiley McDaniel covers MLB prospects, the MLB Draft and more, including trades and free agency. Has worked for three MLB teams. Co-author of Author of ‘Future Value’ Follow on X
The MLB offseason is officially here! As free agency kicks off at 5 p.m. ET on Thursday, it’s time to rank the 2025-26 free agent class and predict how much money each player will get.
The qualifying offer is a notable piece of this puzzle — a team can offer a pending free agent a one-year, $22.025 million deal that he can accept, or the team gets compensation if he signs elsewhere — and I see 10 players who should be offered the QO (I added an asterisk to their projected contracts). That happens to be every free agent projected for over $50 million who is eligible to get the QO, and one player who seems to be borderline: Lucas Giolito.
Here are last year’s projections to get a feel for how I did. One measure is to compare my projections with the actual contracts. There were 124 players I projected to get big league deals who did sign one — I projected $3.58 billion in guarantees and those players received $3.44 billion in guarantees.
I project overall spending this winter at a hair over $3.5 billion. That’s almost exactly where last winter’s spending landed, though I projected $3.78 billion for it at the time, suggesting overall spending could be down a bit this offseason. Shane Bieber and Jack Flaherty opting into their contracts was a bit surprising and ticked this winter’s projected spending down a little over $100 million.
Tucker has been very consistent (he has the 11th-best WAR and is the ninth-best hitter in baseball since 2021) and has been lauded since early in his high school career for his pretty left-handed swing and big power, going fifth in the 2015 draft. That’s the kind of long track record and consistency (read: high floor, low bust potential) teams look for when they’re making giant investments.
Bellinger is an average defensive center fielder who is above average in a corner-outfield spot and solid at first base, as well. His wide base of skills and versatility give him a high floor, and the adjustability of changing his offensive approach in the big leagues suggests he’ll age well.
There aren’t many potential core position players in this class, but Bellinger still being young for a free agent while fitting well at four positions should give him a robust market. I see five or six years here, and I think he’ll clear $150 million.
Imai likely gets the biggest deal of any foreign professional this winter and is more of a solid No. 2 or No. 3 starter with some risk to get there than a potential ace, but his age and the lack of a qualifying offer will help bring up the amount teams are willing to pay for him. Imai will be subject to the posting system; the posting fee for this projected contract would be just over $22 million, paid to his NPB club, for an all-in cost of just over $157 million ($26.2M AAV).
Every team would love to land a steady midrotation starter on a deal where half of it will take place in his 20s. If I miss this projection by $25 million or more, it’ll probably be because he got more money, not less.
Cease has been a reliable front-line starter for the past five seasons, making at least 32 starts each year and ranking fourth in that span in pitcher WAR, ahead of Tarik Skubal, Max Fried and Valdez. He tends to underperform his peripherals a bit, but that spiked this year, when he posted a 4.55 ERA while his ERA estimators were in the mid-3s.
I see five years at roughly $30 million AAV as the neighborhood he should land in, but comparable starting pitching options and the (likely) qualifying offer being tied to him might dampen his market a bit from there.
Then, Bichette bounced back in 2025, performing at or just above his 2023 levels at the plate, but now his defense became more of an issue. His defensive metrics were the worst of his career, showing way below-average range at shortstop, something that could be pretty easily solved by moving him to second or third base. Bichette is the youngest of the MLB veteran free agents (a few potential NPB veterans are the only younger players) projected to land over $75 million.
There’s also a chance Bichette’s market takes a turn similar to Bregman’s last winter, toward a shorter term with opt-outs (two or three years, roughly a $30 million AAV) if he doesn’t get the giant guarantee he’s looking for. This has a real chance to happen because Bichette could hit the market in his 20s next winter, and a full, healthy 2026, maybe even with better defense, would really help his case for a big long-term deal.
In 2025, however, Alonso put up his best offensive numbers since his rookie season, and one key underlying metric (xwOBA) was the best of his career. What changed? His strikeout rate was down and his power numbers were up, which both would be affected by the shortening of his swing length. The shortness of his swing was in the 74th percentile (ranked 58th) this season after being in the 51st percentile (ranked 104th) last season, among qualified hitters.
Suarez is fascinating: His fastball velocity has slipped from 93.4 mph to 92.0 to 91.2 over the past three seasons, but his ERA has gone from 4.18 to 3.46 to 3.20 and his WAR has gone from 2.4 to 3.4 to 4.0. Velocity obviously isn’t everything, but (potentially) betting nine figures and five years on Suarez’s future means teams would like to see key metrics either be steady or improving, not regressing.
Suarez’s command is measurably plus and he has two distinct mixes against righties and lefties, both headlined by his sinker, his one pitch that has clearly above-average movement traits on its own; the rest of his arsenal works due to the mix, locations and deception. A team that signs him would be betting that when his velo tails off more toward the end of the deal, his feel will still make him a solid fourth starter given these traits.
There are parallels here with Jordan Montgomery and Eduardo Rodriguez as medium-stuff lefty starters with good feel, bulk innings and postseason experience. They both landed multiyear deals with AAVs in the low 20s, but Suarez is younger than both and arguably had the best platform year, so four — or possibly five — years (and nine figures) seems reasonable.
Gallen regressed a bit this year (4.83 ERA) after a sterling three-year run from 2022 to 2024 (cumulative 3.20 ERA, seventh-best pitcher WAR in baseball). There isn’t a clear explanation, but a lot of it can be chalked up to bad ball-in-play luck after he was largely lucky on balls in play from 2022 to 2024.
Bassitt has been incredibly consistent since he became a full-time starter in 2019, throwing the seventh-most innings (1087⅓) and posting the 24th-best pitcher WAR (16.9) in that span. He’ll turn 37 in February, and his velocity slipped from 92.7 mph in 2024 to 91.4 in 2025, so he is likely limited to a one- or two-year deal. That said, his track record ensures he’ll land an AAV in the $15 million-plus area.
Realmuto has regressed from the heights of his 6.7-WAR season in 2022, settling in as a roughly league-average offensive threat and a slightly negative defensive catcher, mostly due to his framing. That still adds up to an average everyday catcher, probably for another year or two, and the clear best catcher on the market this winter.
Weaver came out of nowhere to transition from a mediocre starter to a dominating reliever in 2024. His fastball velocity slipped and his ERA jumped a bit in 2025, though his peripherals were pretty similar. I think Weaver’s market should be at two or three years and at roughly $10 million per year.
Houser had a good 2025 in large part because mechanical tweaks helped the velocity of his sinker go from 92.5 mph in 2024 to 94.4 in 2025. He profiles as a fourth starter, and those are in enough demand to land him a two-year deal.
Maton is somewhat unusual among elite relievers: He’s throwing a cutter or slower, sweepier curveball 74% of the time and doing it with a big extension from a lower arm slot. He’s a journeyman with a career ERA of 3.98, but his 2025 ERA was 2.79 and it wasn’t fluky, he just seemed to figure out how to tunnel, sequence and locate his stuff. Teams like to stockpile relievers with unique qualities, so I think Maton will get two-year offers, but I can’t rule out a three-year deal.
Iglesias’s numbers regressed a bit in 2025, and his velocity dipped 1 mph, but he’s still a steady late-inning performer who’s probably now just going to have an ERA that starts with a three instead of a one or two. His extensive ninth-inning experience is a nice bonus, and he likely won’t demand a third year due to his age, so he makes a lot of sense as a setup man for a contending club.
Littell is an odd pitcher to evaluate. His two most-used pitches are a cutter and splitter, and they were his worst-performing pitches by run value last year. As you might have guessed from that, Littell succeeds with excellent control, every sort of deception you can think of and durability. He’s younger than most free agents with that kind of profile, so I assume he can land a two-year deal, but he’s the kind of pitcher who plays a smaller role in the playoffs than the regular season.
Ferguson is quite similar to Matz, just less famous and without history as a big league starter. He’s also five years younger, so it wouldn’t shock me if Ferguson actually ended up getting a bigger guarantee or even a third guaranteed year. Continuing to move away from his four-seam fastball and embracing his sinker, cutter and curveball would make him even more similar to Matz and could help his numbers a bit, too.
SS: Amed Rosario, Miguel Rojas, Isiah Kiner-Falefa, Jorge Mateo, Paul DeJong, Jose Iglesias, Orlando Arcia, Wilmer Flores, Coco Montes, Jon Berti
OF: Mike Yastrzemski, Max Kepler, Rob Refsnyder, Cedric Mullins, Lane Thomas, Michael Conforto, Starling Marte, Andrew McCutchen, Randal Grichuk, Miguel Andujar, Tommy Pham, Ryan Ward, Austin Slater, Michael A. Taylor, Dustin Harris, Daz Cameron, Billy McKinney