The hot stove will not cool down around the holidays. While the rest of us plan on celebrating the Thanksgiving holiday with our loved ones, front office executives around baseball have lost the plot. The movement on the trade market – most notably by the New York Mets, which send Brandon Nimmo to the Rangers on Sunday – has created new landing spots for some of the game's top free agents like Cody Bellinger and Kyle Tucker.
And we haven't even gotten to stars like Kyle Schwarber and Pete Alonso, or a trio of Japanese difference-makers who hope to change the game like Shohei Ohtani and Yoshinobu Yamamoto before them. Here's everything you've missed so far.
What we know so far about MLB free agency
MLB non-tender deadline
The MLB non-tender deadline came and went. Essentially, this can be explained quite easily – teams with players under club control must decide whether to bring said stars backs, or let them enter free agency. This offseason, three intriguing players entered the free-agent market in Adolis Garcia, Jonah Heim and Evan Phillips.
MLB qualifying offer deadline
Thanks to the qualifying offer deadline passing, we do know some players will remain with their current teams on one-year contracts. Here's a complete list of players who accepted their $22 million deals.
Player | Position | Team |
|---|---|---|
Trent Grisham | OF | Yankees |
Gleyber Torres | 2B | Tigers |
Brandon Woodruff | SP | Brewers |
Shota Imanaga | SP | Cubs |
None of these QO decisions were a major surprise, as there was some doubt any would receive a higher AAV on the open market. However, by accepting one-year deals, it does mean that the likes of Grisham, Torres, Woodruff and Imanaga will be free agents again next season. Essentially, they are betting on bounce-back years in 2026.
Nine other players were offered qualifying offers, but unsurprisingly declined them to test the open market. This list includes players like Kyle Tucker, Bo Bichette, Dylan Cease and Kyle Schwarber, among others.
Latest MLB free agent signings
Free agency is in its infancy. However, we've already gotten some major signings to speak of. Acting quickly isn't always in the best interest of top free agents, as their market should only grow with each passing day. For Dylan Cease, though, he didn't have to wait long for the Toronto Blue Jays to hand him a deal right near the top of the starting pitcher market. And for Josh Naylor,the opportunity to stay put in Seattle (which came one game away from the World Series) was too appetizing to pass up.
Blue Jays sign righty Dylan Cease to seven-year, $210 million deal
The first huge splash of free agency came when we least expected it, as the Blue Jays came out of nowhere to land the ace they were looking for on the night before Thanksgiving. Even with Shane Bieber opting in for next season, rotation help was at the top of Toronto's offseason to-do list, with Max Scherzer and Chris Bassitt off to free agency and Jose Berrios coming off a nightmarish finish to 2025. We also knew they'd have money to spend, especially coming off of a run to the World Series.
And sure enough, Ross Atkins was willing to swing very, very big, jumping the market by shelling out seven years and a $30 million AAV for arguably the best pitcher on the market. Cease's 4.55 ERA last year doesn't look overly impressive, but he still missed bats at an elite rate and is a year removed from a top-five Cy Young finish. He's an innings-eater, and his stuff is well worth betting on for a team with championship aspirations.
Yankees re-sign relief pitcher Ryan Yarbrough
The Yankees have far bigger bullpen decisions to make, but keeping Ryan Yarbrough around does give them some flexibility early this winter. Yarbrough had a 4.36 ERA in 19 appearances in 2025. He was far better a season prior, when he had a 3.19 ERA with the Dodgers and Blue Jays across 44 appearances. If the Yankees get that version of Yarbrough next year, Brian Cashman will be thrilled.
James McCann stays with the Diamondbacks on a one-year, $2.75 million deal
Gabriel Moreno is Arizona's starting catcher, but don't sleep on James McCann. In 42 games with the Diamondbacks last season, McCann had a 1.0 bWAR and .754 OPS, which was easily his best offensive season since the COVID-19 shortened 2020 campaign. McCann's signing will be slept on – and rightly so, it's not like the D'Backs traded for Adley Rutschman – but he was one of the best backstops available in a rough free-agency class at the position.
Raisel Iglesias re-signs with the Braves on a one-year, $16 million deal
It's a bit surprising that Iglesias didn't opt to try and secure a multi-year offer, given his age (35) and how good he was amid a lost Braves season in 2025. But $16 million for a year's worth of worth is also nothing to sneeze at, and he gets to stay in a city he's comfortable on a team that still has a very real chance of bouncing back into NL pennant contention next season.
Atlanta needs more or less a full bullpen overhaul to make that happen, and bringing Iglesias back is a great first step in that direction. He's a proven back-end option, but don't be surprised if the Braves are also in the mix for not just one but multiple high-leverage arms as the winter rolls on.
Josh Naylor re-signs with Mariners on five-year, $92.5 million deal
The Mariners knew just how important Naylor was to their World Series pursuit. The first baseman spent only 54 games with the Mariners, but had a 2.2 bWAR over that span at a position that doesn't easily accumulate that statistic. Minus Pete Alonso and Cody Bellinger, there weren't a lot of free agents who were more valuable at his position than Naylor.
The fit in Seattle always made sense. After acquiring the former Guardians and Diamondbacks star at the trade deadline, the Mariners acted quickly to keep a key member of their ALCS core around. This is a team that hadn't won a playoff series in nearly 30 years prior to this season. With Naylor, there should be more where that came from.
Hot stove heat check
Even though only a few players have signed via free agency, there's still plenty of action on the Hot Stove thanks to the MLB GM Meetings, which took place in mid-November. Here's what we know so far.
Heating up
Cody Bellinger
We'll get to Kyle Tucker in a minute here, but Bellinger's been connected to the Mets for quite some time. By trading Brandon Nimmo over the weekend, Steve Cohen made it clear he's ready to spend on the outfield market. Bellinger can play either of the corner spots or even first base should the Mets lose out on Pete Alonso. Scott Boras is a happy man these days.
Bo Bichette, infielder
Despite some concerns about his defense at shortstop, Bichette's market is heating up for teams hopeful to build up the middle. Bichette's bad is enough to earn him a large contract, and teams like the Braves and Tigers could use his services right away. In Atlanta, Bichette would be an ideal replacement for Ha-seong Kim, who is also a free agent. For the Tigers, Bichette could slide to third base while Javier Baez takes the reigns at short. Either way, there are no shortage of teams in on the 27-year-old.
Kyle Tucker, outfielder
Yes, the chaos around Kyle Tucker is just getting started. The New York Mets traded Brandon Nimmo to the Texas Rangers over the weekend, thus creating a void in their outfield that could be filled by one of Tucker or Cody Bellinger. Expect the Mets to be active in that market. Tucker is a player they have long admired from afar.
Pete Alonso, first baseman/designated hitter
With Naylor signing his contract early, the demand for the best first baseman on the open market will only go up. Alonso has been through this before, and the Scott Boras client is also unlikely to sign early this winter. However, he's already garnered some interest from the Mets (duh) and the Boston Red Sox, where he could be paired with Alex Bregman.
Kyle Schwarber, designated hitter
Again, not a huge shocker here. Schwarber is among the most highly coveted free agent bats this winter, and for good reason: He had over 50 home runs last season. While the Phillies remain the favorites to keep him around, expect Kyle from Waltham to get some interest from the Red Sox. The biggest surprise in rumors surrounding Schwarber is the Pittsburgh Pirates' interest. The Pirates are in rarified air, and don't typically spend on players of Schwarber's caliber. Could that change this winter?
Cooling down
Adolis Garcia
Adolis Garcia was non-tendered over the weekend. While the outfield market is barren beyond Bellinger and Tucker, Garvcia is coming off his second subpar season offensively. Someone will take a chance on the former All-Star and World Series hero, surely, but the buzz around his name thus far is...limited. Whoever signs Garcia will have to answer to their fanbase, especially should they overpay.
Alex Bregman
Bregman's market is never truly cool, but the Boston Red Sox are reportedly already considering replacements. That's not good news for Bregman, who thrived in Boston last season. The Red Sox could reportedly show some interest in Bo Bichette and move him around the infield. Bichette is younger than Bregman, and played a big role in the Blue Jays reaching the World Series. I wouldn't consider Bichette an upgrade over Bregman right now, but in the years to come that may prove to be the case, especially if he's able to stay healthy.
Zac Gallen, starting pitcher
Gallen has finished in the top five of NL Cy Young voting on two separate occasions, most recently in 2023. Since then, though, Gallen hasn't looked like the same pitcher. He rebounded well after the trade deadline this season — and the right-hander is willing to bank on that to find a new home — but turning down $22.5 million was a puzzling decision. Maybe the market is desperate, but we would've taken the money.
Teams to watch
New York Mets
The Amazins are at it again. Leave it to Cohen and his president of baseball operations David Stearns to find a way into this free agent spending spree. Whether it be keeping Alonso around, or signing one of Schwarber, Bellinger or Tucker, the Mets are sure to do something noteworthy this winter. We just don't know the fine details yet. Trading Nimmo's contract for Semien was just the first step.
Pittsburgh Pirates
No, I cannot believe I'm writing this. The Pirates either have every MLB insider fooled about their intentions or will actually add $30 million to their payroll this winter. My money is on the former, but Pittsburgh is undoubtedly a team to watch early this winter. They were reportedly in on Naylor, but were ultimately outbid by the Mariners. If they're willing to throw that kind of money around, don't be surprised if they make a big splash or two.
Boston Red Sox
Sure, the Red Sox have a ton of young talent in the pipeline. They also made the postseason this year led by key veteran players like Bregman. The buzz around baseball is that Boston prefers to not just keep Bregman around but add to their lineup as well. Alonso was floated by Passan in his post-GM Meetings notebook. That duo in an already-stacked lineup makes for a devastating one-two punch most AL teams wouldn't be able to compete with. Oh, and what if they trade Jarren Duran?
Baltimore Orioles
Another surprise here. The Orioles took a pretty major step back in 2025, and if they hope to avoid a similar fate in 2026, the time is now for Mike Elias to convince ownership to open their wallets. Enter Alonso, who would thrive at Camden Yards and could immediately slide into a power position in Baltimore's lineup. It won't come cheap, but the O's are a team to watch this winter.
New York Yankees
Grisham accepted his qualifying offer, which means the Yankees don't necessarily have to overpay for Cody Bellinger. As mentioned earlier, what New York chooses to do (or not to do) this winter will have major implications on their World Series window and the AL playoff race in 2026. Which direction Brian Cashman decides to go is up in the air at this point, but Grisham does give them an easy out should they whiff on keeping Bellinger.