The start of spring training keeps getting closer and closer, and yet this MLB offseason remains frustratingly stuck in the mud. When will the dizzying number of big names still available in this free agent market start to move? And will any team sitting on a desirable trade candidate ever start being realistic about their asking price?
The latest Hot Stove rumors don't offer a ton of optimism that a blockbuster move is around the corner. But we do have updates on a potential Freddy Peralta deal, as well as the Philadelphia Phillies freezing out a key free agent and where the Boston Red Sox go from here.
Mets stand out as the clear frontrunner for Freddy Peralta
With just one (very cost-effective) year remaining before he hits free agency and the Milwaukee Brewers always looking to stay one step ahead when it comes to roster management, rumors around a potential Freddy Peralta trade refuse to die down. There's just one problem: The Brewers remain among the foremost threats to the Los Angeles Dodgers in the NL, and Ken Rosenthal and Will Sammon of The Athletic report that Milwaukee will ask for an MLB-ready replacement for Peralta in any potential deal.
That's a tough needle to thread, especially for a player who could bolt next offseason. But one suitor in particular could check every box: the New York Mets, who "might be in the best position to part with a prized young arm – and they can do it without offering top prospect Nolan McLean."
McLean is darn near untouchable, as well he should be based on how great he looked in his first taste of MLB action last year. But in Jonah Tong and Brandon Sproat, New York has other young, cost-controlled arms who have already held their own in the Majors (albeit in a limited sample size). Other teams linked to Peralta either don't have the upside pieces or don't have the depth to be comfortable paying Milwaukee's asking price. With the Mets looking to upgrade their rotation without committing to a long-term deal on a player in their 30s, a deal could make sense for both sides.
Time to worry about Phillies-JT Realmuto reunion?
Realmuto returning to Philly in free agency has long been considered something of a foregone conclusion. There isn't another catcher on the market who has his sort of two-way ceiling, but his age and slow statistical decline figures to limit his market — and keep him squarely in the price range of a Phillies team in World Series-or-bust mode.
Recently, though, the calculus may have changed. Jon Heyman of the New York Post reports that the two sides remain in a standoff, and the Phils might not be willing to wait forever for Realmuto to come off his asking price. Having already shelled out $150 million to keep Kyle Schwarber around, Philadelphia is now being linked to another big-name target in infielder Bo Bichette. If they land Bichette as well, will there still be money left for Realmuto? Will he be willing to take more if it means leaving Philly behind, and will Philly be willing to accept a downgrade behind the plate in order to trim some payroll?
As things stand, Philly's internal options at catcher are Rafael Marchán and Garrett Stubbs, neither of whom inspire a ton of confidence. The top remaining options via free agency (Victor Caratini, Jonah Heim) and the trade market (Minnesota's Ryan Jeffers, Cincy's Tyler Stephenson) aren't in Realmuto's league.
Red Sox on the hunt for lefty relievers
Having already made big swings for another starter (Sonny Gray) and a much-needed corner bat (Willson Contreras), the Red Sox have turned their attention to building out a bullpen that could still very much use some more depth. That's especially true when it comes to lefties, as MassLive reports that the club's sole non-Aroldis Chapman option in that department, veteran Justin Wilson, is considering retirement if he doesn't get the contract with a contender that he seeks.
With Chapman locked into the ninth inning, Boston doesn't currently have a great plan in place for how to deal with big lefty bats in the AL East like Gunnar Henderson, Jazz Chisholm Jr. and Ben Rice. Youngsters Connelly Early and Payton Tolle could factor in depending on how the rotation battle shakes out this spring, but you'd like at least one more option, with names like Danny Coulombe, Andrew Chafin and Taylor Rogers available.
Padres 'unlikely' to move Mason Miller, but something has to give
Even after bringing back Michael King, the San Diego Padres feel at least one starting pitcher short of real NL contention. King and Joe Musgrove are both injury risks, Yu Darvish is already done for the 2026 season and there isn't much of any reliable depth behind them after AJ Preller's deadline spending spree. The problem? San Diego's payroll situation remains murky amid ownership strife, meaning Preller will likely have to give up something to get the rotation upgrade he seeks.
Other teams have been praying that something would be star reliever Mason Miller, inarguably the Padres' most valuable trade asset. But according to MLB.com's AJ Cassavell, a Miller deal "remains very unlikely," though Cassavell does caution that no one is ever untouchable with Preller at the helm. Still, given the price San Diego paid to get him last summer and Miller's years of cost control remaining, the return would have to be massive, and it's unlikely that any team will be willing to meet it.
Which begs the question: Now what? The Padres have other movable relievers in Jeremiah Estrada and Adrian Morejon, but with Robert Suarez moving on this offseason and Jason Adam returning from serious injury, that would really test the team's depth. Is Preller willing to turn his team's biggest strength into a potential liability? And if not, how will he manage to field a postseason-caliber rotation in 2026?