5. New York Yankees
Biggest offseason move so far: Re-signing OF Trent Grisham
Would someone like to inform Brian Cashman that the offseason has begun? New York has every reason to get aggressive as the Aaron Judge/Gerrit Cole era winds down, and yet they've done almost nothing but sit on their hands so far. Judge covers for a multitude of sins, and the base of talent here remains considerable. But the outfield around No. 99 is a huge question mark, as is the rotation given that all of Cole, Carlos Rodon and Clarke Schmidt will start the year on the IL. (And it's not like Max Fried is Mr. Reliable in that department, either.) Whether the Yankees will ever start spending like the Yankees is one of the most pressing questions for the rest of the winter.
4. Philadelphia Phillies
Biggest offseason move so far: Re-signing DH Kyle Schwarber
It feels like the window is slowly closing on this era of the Phillies, but don't write the obituary just yet. There's still lots of talent here, starting in a rotation that features Zack Wheeler, Cristopher Sanchez, Jesus Luzardo and (eventually) Andrew Painter. The likely departure of Ranger Suarez hurts, and the depth isn't what it once was, but that could still be lethal come playoff time. And if Bryce Harper looks a little more like his old self, the heart of this order can still bang — even if it feels one bat short of truly threatening the Dodgers.
3. Milwaukee Brewers
Biggest offseason move so far: Acquiring LHP Angel Zerpa from the Royals
All Milwaukee does is win a bunch of games each regular season, and that should continue in 2025. It remains to be seen what the team is thinking regarding Freddy Peralta, but even if it deals the right-hander, there should be enough pitching in-house among Brandon Woodruff, Jacob Misiorowski, Quinn Priester, Logan Henderson, Chad Patrick and fast risers. The lineup should once again be chock full of athletes who want to make contact and wreak havoc on the bases, just like they did last year. Whether that will be enough come October is a different question. But it's hard to imagine the Brewers taking much of a step back in 2026.
2. Toronto Blue Jays
Biggest offseason move so far: Signing RHP Dylan Cease
The Blue Jays have attacked this offseason the way a team that came two outs away from a World Series title should. The rotation was the biggest question mark, and that's been just about answered after Shane Bieber surprisingly opted in for 2026 and Toronto went out and signed Dylan Cease and Cody Ponce. Of course, this team knows full well how tough it is to actually chase down the Dodgers, and one more big bat feels essential — whether that's a reunion with Bo Bichette or a run at Kyle Tucker. Get that done, and this team sure feels as well-rounded as any outside of L.A.
1. Los Angeles Dodgers
Biggest offseason move so far: Signing RHP Edwin Diaz
Could it be anyone else? The two-time defending champs boast an embarrassment of riches in the starting rotation, plus the best player on the planet in Shohei Ohtani at the top of a star-studded lineup. And they began this offseason by aggressively attacking their Achilles heel from 2025, throwing big money at star closer Edwin Diaz. L.A. might not be seriously in on more big fish like Tucker, but they have the cash and the farm system to do just about anything they want. Even if they prioritize another versatile bench piece and call it a day, though, they're the kings until someone takes the throne from them.