Most of the top MLB free agents are off the board. Most of the top trade candidates, headlined by Freddy Peralta and MacKenzie Gore, have recently found new homes. And while free agency is not over (Framber Valdez, Zac Gallen and Eugenio Suarez are among the many players who remain unsigned), it’s fair to say some teams and players have already emerged as the clear winners of the MLB offseason. For some, winning meant cashing in; for others, it meant reshaping a roster. Here my top nine.
Los Angeles Dodgers
Any list of winners has to begin with the Dodgers, who are coming off their second consecutive World Series victory and have since added Kyle Tucker and Edwin Diaz. Their roster building has led to many fans calling for a salary cap. One team owner source even told The Athletic's Evan Drellich that owners pushing for a salary cap is a “100 percent certainty."
I still have my doubts about a salary cap actually being implemented in MLB. Still, what the Dodgers have done is unique and capitalized on Shohei Ohtani’s greatness and marketability. And it has them as heavy favorites to repeat once again as World Series champions.
New York Mets
After losing Pete Alonso, Edwin Diaz, Jeff McNeil and Brandon Nimmo, David Stearns heard it. The criticism in Queens was loud.
He’s since added Bo Bichette, Marcus Semien, Luis Robert Jr., Devin Williams and Freddy Peralta. He knew his team needed a makeover and put his fingerprints all over the roster. Losing Diaz hurt, and that felt like a mistake. But otherwise, I love what Stearns has done, especially getting Bichette and Peralta. They feel like a team ready to make noise in the National League.
Kyle Tucker, Bo Bichette and Cody Bellinger
Let’s focus on the most recent stars to sign: Kyle Tucker, Bo Bichette and Cody Bellinger. Tucker received $60 million per season, with a $1 million salary in 2026 and $64 million signing bonus. He has opt outs in 2028 and 2029 and only $30 million of the contract is deferred. It’s an incredible deal for the player and sets him up to make $120 million in the first two years of the contract before opting out in 2028 to test the free agent market again.
Bichette signed a three-year, $126 million contract. With a $5 million buyout, he can receive $47 million this season before potentially opting out after this season to test the free agent market again. Bichette, only 27, is set up for another massive payday and will also have a prime opportunity to compete for a World Series with the Mets. Win-win.
Bellinger signed a five-year, $162.6 million contract and is set to earn $85 million in the first two years and can opt-out after the second season. In 2024, he signed a three-year, $80 million contract with the Chicago Cubs. He earned $60 million in the first two seasons before opting out this winter. If he opts out after the second season of his newest contract, he’d have earned $145 million over four years. If he doesn’t opt out and plays all five seasons of this contract, he’d have earned $205 million across seven seasons. Pretty, pretty good.
Toronto Blue Jays
Not getting Kyle Tucker and watching Bo Bichette leave in free agency hurts. But let’s not lose sight of what the Blue Jays have done in free agency. They’ve signed Dylan Cease to a seven-year contract, Kazuma Okamoto to a four-year contract and added Tyler Rogers and Cody Ponce on three-year contracts.
There’s always an opportunity for the Blue Jays to do more in free agency. But still, they are set to be a force in the American League.
Baltimore Orioles
I’ve been highly critical of the Orioles’ lack of aggression in recent years, and this offseason has been a totally different story. They tried, and failed, for Kyle Schwarber. They immediately signed Pete Alonso to a five-year contract and traded for Taylor Ward. They added Ryan Helsley and Andrew Kittredge to the bullpen. They traded for Shane Baz and re-signed Zach Eflin to bolster the rotation.
The Orioles have gotten a lot better this winter and still may not be done adding in free agency. Folks with the team are optimistic about what’s to come and they have every right to be.
Chicago Cubs
For years, the talk surrounding the Chicago Cubs has been how they are a big-market franchise who operates like a small-market team. That narrative has shifted this offseason.
They signed Alex Bregman to a massive five-year contract. They traded for Edward Cabrera to bolster the rotation, and Shota Imanaga accepted the qualifying offer to stay in Chicago. They signed Hunter Harvey, Phil Maton, Caleb Thielbar, Hoby Milner and Jacob Webb to upgrade the bullpen. One thing to note: The Cubs’ pitching development, headlined by Tyler Zombro, has been something numerous agents and players have noticed, especially with Brad Keller turning a minor-league deal into a two-year, $20 million contract.
J.T. Realmuto
J.T. Realmuto admitted that being in Philadelphia was his top choice in free agency. But with the Phillies being close to signing Bo Bichette, it appeared that Realmuto was set to have a new home in 2026. Then Bichette stunningly signed with the Mets, and talks with Realmuto quickly accelerated.
The terms: a three-year, $45 million contract that can reach $60 million. A few baseball people reached out after the signing broke and noted that it was a strong deal for Realmuto, a future Hall of Fame catcher coming off a season in which he hit .257/.315/.384 with 12 home runs and 52 RBI. But one league source predicted: “I think he outplays it. We’ll see.”
Pittsburgh Pirates
The Pirates made it clear that they had money to spend this winter and have since added Ryan O’Hearn on a two-year, $29 million contract, the teams’ first multi-year free-agent contract since Ivan Nova in 2016. They acquired Brandon Lowe and Jake Magnum in a three-team trade with the Rays and Astros. They added Gregory Soto on a one-year deal to address the bullpen. And they added Jhostynxon Garcia in a trade with the Red Sox.
To be clear, there is still more work to be done. The Pirates need another bat. They could use starting pitching depth and another bullpen arm. But this has been a strong offseason, and paired with Paul Skenes and that pitching staff, they now seem to have an offense that can legitimately fight for a playoff berth.
Chicago White Sox
The White Sox are not yet a postseason threat, but I like what they’re building. They signed Munetaka Murakami to a two-year contract. They have also added Seranthony Dominguez and Anthony Kay on two-year contracts, while adding Sean Newcomb on a one-year deal.
They just acquired Luisangel Acuna in a trade that sent Luis Robert Jr. to the New York Mets. There’s plenty of work to be done, but this offseason, paired with the Garrett Crochet return — something general manager Chris Getz told me at the GM Meetings he’s incredibly excited about — should have White Sox fans optimistic about what’s to come.