Free-agent left-hander Blake Snell and the Los Angeles Dodgers have agreed to a five-year, $182 million contract, sources told ESPN on Tuesday night.

The deal, which is pending a physical, includes no opt-outs, some deferred money and a $52 million signing bonus, sources said.

For the Dodgers, Snell gives the World Series champions a frontline starter for their title defense next season after they survived October by depending heavily on their bullpen with just three healthy starters. For Snell, the pact marks a much quicker and satisfying conclusion to his second stint as a free agent.

The $182 million contract is the third largest for a left-handed pitcher in major league history based on total value, behind only David Price‘s with the Boston Red Sox in 2015 ($217 million) and Clayton Kershaw‘s with the Dodgers in 2014 ($215M).

And for the Dodgers, it’s another massive deal for a free agent. They’ve now handed out five contracts worth at least $100 million since the start of the 2023-24 offseason — the same number as the rest of MLB combined.

Snell, a two-time Cy Young Award winner, opted out of the final season of his two-year, $62 million deal with the San Francisco Giants on Nov. 1 to become a free agent for the second straight offseason.

He joins the Giants’ archrival in Southern California and a rotation that is, on paper, loaded for 2025. As it stands, the Dodgers boast Snell, Shohei Ohtani, Yoshinobu Yamamoto and Tyler Glasnow plus Dustin May, Tony Gonsolin, Bobby Miller and Kershaw — should he re-sign with the club, as expected — as options to round out the group. The Dodgers are also among the leading contenders to sign Japanese star right-hander Roki Sasaki, who is expected to be posted this winter.

Snell was the National League’s Cy Young Award winner with the San Diego Padres in 2023 — five years after winning the American League honor with the Tampa Bay Rays — but his market never materialized to his liking. Concerns about inconsistent strike-throwing prompted his offers to fall short of the six-year, $162 million contract previously obtained by another power lefty in Carlos Rodon.

He instead joined the Giants in late March, missing most of spring training and struggling mightily at the start of the 2024 season. Six starts in, Snell held a 9.51 ERA and was headed to the injured list for a second time with a groin strain. When he returned, Snell performed like one of the game’s best pitchers to finish at 5-3 with a 3.12 ERA and 145 strikeouts (and just 44 walks) in 104 innings over 20 starts, making his decision to opt out a no-brainer.

In 14 starts from early July to late September, the 31-year-old left-hander posted a 1.23 ERA with 114 strikeouts and 30 walks in 80⅓ innings. On Aug. 2, he threw a no-hitter against the Cincinnati Reds. In eight other instances, he completed at least six innings and allowed no more than two runs.

He was sidelined between April 19 and May 22 by a strained left adductor and between June 2 and July 9 by a strained left groin.

Snell took the league by storm with the Rays in 2018, leading the majors with 21 wins and pacing the AL with a 1.89 ERA. He was solid over the ensuing four years, continually missing bats at an elite level, but his ERA jumped to 3.85 during that stretch.

Overall, he is 76-58 with a 3.19 ERA in nine MLB seasons.

The only pitcher in the majors over the past two seasons with at least 250 innings and a lower ERA than Snell is the Detroit Tigers‘ Tarik Skubal.

Snell’s $36.4 million average salary would rank as the fifth-highest among active deals next year behind Ohtani ($70 million), Philadelphia Phillies pitcher Zack Wheeler ($42 million), New York Yankees outfielder Aaron Judge ($40 million) and Texas Rangers right-hander Jacob deGrom ($37 million).

The Dodgers are currently +400 favorites to win the 2025 World Series at ESPN BET. There has not been a repeat World Series champion since the Yankees won three straight titles from 1998 to 2000. It’s the longest drought without a repeat champion in MLB history.

ESPN’s Alden Gonzalez, ESPN Research and The Associated Press contributed to this report.

What’s the value of a win?

This isn’t a rhetorical question. It’s something the committee should be asking on a weekly basis. We tend to discuss win-loss records in concrete terms, then debate résumés in subjective ones, and that’s where fans, pundits and, especially, the committee run into trouble.

For example, when a reporter asked Curt Cignetti if his Indiana Hoosiers still belonged in the playoff after a blowout loss to Ohio State, he responded with a mix of befuddlement and indignation. How could a team with a 10-1 record in the Big Ten not be in the playoff?

To which any critic might rightfully argue that Indiana’s one loss — by 23 to the only SP+ top-30 team on their schedule — said more about the Hoosiers than the 10 wins did.

On the other hand, there’s Big 12 commissioner Brett Yormark, who this week suggested it would be an outrage if a Group of 5 champion eclipsed his conference for the final playoff bye (which might actually be the least of his problems). He rattled off his fair share of data points — strength of schedule, margin of victory, advanced metrics — that make a clear-cut case for the Big 12. The only problem? The Big 12 champ might have as many as two more losses than the Group of 5’s representative.

Or, more succinctly: The Big Ten thinks its teams are best, because they’ve lost fewer games, while the SEC thinks its teams are best, because they’ve played a tougher schedule.

So, which is it?

Let’s apply some math.

If we use the Football Power Index’s pregame win expectation, we can get an approximate “degree of difficulty” on each win.

Indiana, to Cignetti’s point, might not have beaten great teams, but winning is still hard. The odds, by the FPI, of winning all 10 of the Hoosiers’ victories come out to about 12%.

Compare that with Texas. The Longhorns have had a particularly soft schedule, too, and like Indiana, they were overmatched in their one serious test (against Georgia). Using those same FPI odds, the chances Texas would’ve won the 10 games it has are actually pretty good — 42.4%, or a little less than a coin flip.

So by that logic, Indiana’s 10-1 record is far more impressive than Texas’ 10-1 record.

Of course, those pregame win projections also account for an important variable: team quality. Indiana’s odds were lower because the FPI innately understands that Texas is a better team, in terms of talent, than Indiana.

So what if we just go by strength of schedule?

That’s tricky, too. Indiana’s schedule strength entering last week stood at an embarrassing 106th nationally. Then the Hoosiers played Ohio State, and its strength of schedule jumped to No. 51. So did the Hoosiers’ record get any more impressive as a result? Of course not! They won their 10 games against the 106th-best schedule and lost a game against, effectively, the No. 1 toughest schedule of Week 13 (though certainly Texas A&M, Ole Miss and Alabama might quibble with that analysis).

This is where ESPN’s strength-of-record metric is helpful. It accounts for both opponent strength and the actual outcome. It suggests Texas (at No. 5) is ahead of Indiana (at No. 7). But what does that actually mean? The answer is not much. If we look at the raw numbers on strength of record, Texas’ score is only about 3% better than Indiana’s. The difference is negligible — and that’s before we remember that opponent quality is both subjective and an independent variable. In other words, Texas doesn’t control how good its opponents are. Is it the Longhorns’ fault Michigan, last season’s national champ, isn’t very good in 2024? Is it Texas’ fault that, in a conference with a dozen solid teams, the SEC office handed out a schedule that featured just two genuinely good opponents? Texas is the same team regardless who it plays, we’d just have a better gauge of how good that team is if it had played a few more quality opponents. Strength of schedule is a measure of certainty not quality.

Or, perhaps a better example: SMU has wins against Louisville and Pitt and a close loss to BYU. Three weeks ago, BYU and Pitt were undefeated and Louisville was a top-25 team. That’s a strong résumé (not that the committee noticed). But BYU has lost two straight, Pitt has dropped three in a row and Louisville delivered one of the most inexplicably disastrous losses in recent college football history against Stanford. Suddenly SMU — through absolutely no fault of its own — has a much less impressive résumé, long after the games in question were actually played.

Let’s get back to our central question then: What is a win worth?

In nearly every other sport the answer is simple. A win is worth a win, or at least a non-loss. But in college football, it’s all debatable, which is why we have a committee.

The problem, of course, is the committee debates are secret and its explanations are often paradoxical. Rankings often seem less about a genuine appreciation for what a team has done than a speculative assumption about what it might do in a hypothetical future or alternate timeline, and this season, more than any in recent memory, that seems a fool’s errand.

AP poll:
No. 5 lost to NIU
6 has multiple losses to 3-loss teams
7 lost to Ark
8 lost to GT
13 lost to Vandy & Okla
14 lost to TxTech & Cincy
15 lost to UF & UK
17 lost to TxTech & Kansas
18 lost to Okla
19 lost to Kansas
20 lost to Auburn
21 lost to Cuse
22 lost to Minn
23 lost…

— 💫🅰️♈️🆔 (@ADavidHaleJoint) November 25, 2024

So here we are. After a weekend of chaos around college football — particularly in the SEC — the committee is throwing ideas against the wall and simply reporting back what stuck.

Which brings us to this week’s Anger Index.

1. The Big 12

Imagine the following scenario: Boise State and Tulane both win out, earning conference championships.

The Big 12’s champion, however, is three-loss Kansas State, three-loss Colorado or even two-loss Iowa State. All of them are currently ranked behind both Tulane (the presumed AAC champ) and Boise State (the presumed Mountain West champ), which could lead us to this eventuality: Two Group of 5 champs get in, and the Big 12 is shut out completely.

This would be a genuine catastrophe for the league, but it’s not a major leap to envision exactly that happening.

But would it be fair?

Yormark certainly doesn’t think so.

“Based on where we sit today, I see no rationale for the Big 12’s champion not getting a first-round bye,” Yormark told Yahoo Sports. “From a strength-of-schedule standpoint, all four of our schools at the top of the standings are ranked ahead of Boise State.”

Well, sure, but the committee isn’t ranking strength of schedule, and right now, everyone but Arizona State sits behind multiple Group of 5 teams.

The problem is the committee seems incredibly concerned with the quality of losses, and in that respect, Boise State (one loss to Oregon) and Tulane (losses to Kansas State and Oklahoma) have far more explainable blemishes than Iowa State (losses to Kansas and Texas Tech), Colorado (losses to Nebraska, Kansas and Kansas State) or even Arizona State (losses to Cincinnati and Texas Tech). The great irony is Kansas State has a pretty clear-cut case to be ahead of Tulane — a 34-27 head-to-head win — but the Wildcats’ loss to Houston looks much worse than, ironically, Tulane’s L to … Kansas State.

For more context on the committee’s willingness to engage in this circular logic, go back to 2014 when the Big 12 was also left out, despite Baylor and TCU knocking on the door.

On the other hand, seeing Coach Prime left out in favor of a team from the American might create enough hot takes to power all the holiday lights in America.

2. Every team with playoff hopes not named Clemson (9-2, No. 12)

Somehow the Tigers, left for dead after a 33-21 loss to Louisville less than a month ago, are now our first team out.

Why is that exactly?

Clemson might have the single thinnest résumé of any team in the top 25 — and worse than a handful of unranked teams, too — when you dig into the numbers.

Clemson’s best win by SP+ came against Virginia Tech, which is ranked No. 31. The Hokies, 5-6 and on the verge of missing a bowl after a loss to Virginia in Week 14, are hardly an indicator that Clemson is capable of greatness.

Clemson’s next best win came against Pitt by four points in a game mired by controversial officiating. That’s the same Pitt currently embroiled in a four-game losing streak. Pitt is the only Power 4 team with a winning record to lose to the Tigers.

The two teams with a pulse that have played Clemson both won handily — Georgia by 31 in the opener and Louisville by 12 on Nov. 2 in Death Valley.

So, what exactly is the rationale for ranking Clemson ahead of, say, Arizona State (three wins better than Virginia Tech), BYU (two), Kansas State (three), Alabama (four), Ole Miss (three) or South Carolina (three)? Iowa State, Arizona State, Texas A&M, South Carolina, BYU and Alabama all have better strength-of-record metrics than the Tigers.

The Gamecocks will at least get a chance to prove the point on the field Saturday in the Palmetto Bowl, and given where the committee has things now, it’s entirely possible that game is a de facto play-in for the playoff.

Whether Clemson belongs in that advantageous position, however, seems a dubious proposition.

Of course, if this is all setting the stage for the committee to deviously jump Alabama over an ACC team in the final poll, then we applaud their willingness to play the long game.

Let’s do a quick blind comparison here.

Team A: 9-2, 1-1 vs. FPI top-40, losses to teams with a combined record of 18-4 by a combined 8 points

Team B: 9-2, 0-2 vs. FPI top-40, losses to teams with a combined record of 14-8 by a combined 22 points

Would it help here if we noted both of these teams are from the Group of 5, but Team A has two wins vs. Power 4 opponents, while Team B has none?

Pretty easy pick, right? Team A has a clear edge. Only Team A is UNLV, which ranks No. 22 and would be at a disadvantage for a playoff bid, even if it wins out.

Team B is Tulane, which checks in at No. 17.

Heck, UNLV might even have the best case of anyone for jumping the Big 12 by virtue of wins over Kansas and Houston — two teams that have beaten BYU, Colorado, Kansas State and Iowa State.

There are 10 schools from Power 4 conferences with 8-3 records after Week 13. Eight of them are ranked. The two that aren’t are both in the ACC, outside the AP Top 25 and with ample reason to be outraged.

Team A: No. 26 strength of record, best wins vs SP+ Nos. 36 & 52, losses to SP+ Nos. 16, 41 & 55 by a total of 37 points

Team B: No. 31 strength or record, best wins vs SP+ Nos. 31 & 44, losses to SP+ Nos. 8, 13 & 61 by a total of 33 points

Pretty darned close, right? Team B, however, has the better wins and the better losses, so the only thing supporting Team A seems to be a moderately better middle of the résumé.

So, who are they?

Team B is Duke. Team A is Colorado.

Syracuse is admittedly a tougher sell because of w`an ugly loss to Stanford, but the Orange have wins over No. 22 UNLV and a Georgia Tech team that knocked off Miami.

And yet, neither Duke nor Syracuse is ranked.

Does it really matter? Neither would sniff the playoff anyway.

And yet, as Syracuse QB Kyle McCord told ESPN, the recognition is meaningful to a young program with a first-year coach hoping to establish an identity — a story that’s true of Duke, too.

“You want to get that recognition,” McCord said. “That’s one of our goals is to be ranked by the CFP committee.”

And it matters, too, for the other teams making a case for the playoff. Miami faces Syracuse this week. It has already defeated Duke. SMU, still criminally underappreciated by the committee, has a win over Duke, too. When “ranked wins” are a metric — fraught as it might be — it matters.

What could Notre Dame possibly have to quibble with? After all, No. 5 is as good as it gets for the Fighting Irish, who cannot, by rule, earn a first-round bye.

But here’s the problem: They’re outflanked by three Big Ten teams and narrowly ahead of perhaps the most intimidating team in the country in Georgia. And because the first four spots have to go to conference champions, we could be looking at a final ranking that looks something like this: Oregon, Georgia, ACC champion and Big 12 or Group of 5 champion get the byes, with Ohio State, Texas and Penn State next in the pecking order.

That leaves Notre Dame poised precariously on the brink of landing a home game for the playoff.

The odds are still long that the Irish would get pushed beyond the top eight, but stranger things have happened. And it really shouldn’t be a topic for debate. Notre Dame has six wins vs. opponents that are currently 7-4 or better — the most of any team in the country — and is riding a nine-game winning streak in which it outscored the opposition by an average of 33 points per game.

Of course, there’s still that messy incident in Week 2 when the Irish fell to Northern Illinois. If those two played 100 more times, it would surprise no one if Notre Dame won 99 of them. But there’s no ignoring what happened, and for as good as the Irish look today, they also have the worst loss of any playoff contender by a country mile.

It sure would be a shame if that loss kept them from hosting a game in northern Indiana in mid-December.

Also angry: Iowa State, Kansas State, Curt Cignetti, Greg Sankey, anyone going to the grocery store on Wednesday.

The top four stayed the same for the third week in a row in the fourth installment of the College Football Playoff rankings Tuesday night, but a chaotic Saturday brought plenty more changes to the playoff picture.

No. 1 Oregon, No. 2 Ohio State, No. 3 Texas and No. 4 Penn State remain atop the selection committee’s rankings entering the final week of the regular season. Indiana (10-1) dropped five spots to No. 10 following its 38-15 loss at Ohio State but remains in position to earn a CFP bid with a win over Purdue (1-10).

“We viewed Indiana, they played well at times against Ohio State,” Warde Manuel, chair of the CFP committee, said on ESPN’s rankings release show Tuesday night.

“We were impressed with some of the things that Indiana did. And they dropped five, but we still felt that their body of work was strong enough to remain in the top 10.”

Notre Dame replaced the Hoosiers at No. 5 following its 49-14 rout of undefeated Army, which dropped out of the committee’s top 25 this week. Miami (No. 6), Georgia (No. 7), Tennessee (No. 8) and SMU (No. 9) join Indiana in rounding out the top 10.

THE UPDATED CFP TOP 25 HAS DROPPED 👀 pic.twitter.com/p4pom73Np0

— ESPN (@espn) November 27, 2024

Using the current CFP rankings, Oregon (Big Ten), Texas (SEC), Miami (ACC) and No. 11 Boise State (Mountain West) would be the four highest-rated conference champions and would earn first-round byes in the 12-team bracket. No. 16 Arizona State (Big 12) would earn a playoff bid as the fifth-highest-rated conference champion but would be the No. 12 seed and would play a first-round game.

The seedings for the first-round matchups would look like this: No. 12 Arizona State at No. 5 Ohio State; No. 11 Indiana at No. 6 Penn State; No. 10 SMU at No. 7 Notre Dame; and No. 9 Tennessee at No. 8 Georgia.

When asked Saturday whether the Hoosiers still belong in the 12-team field based on their body of work, Indiana coach Curt Cignetti replied, “Is that a serious question? I’m not even going to answer that one. The answer’s so obvious.” The first-year coach then smiled and nodded yes with a wink.

No. 12 Clemson would be the first team left out of the playoff, with the Tigers ranked ahead of three-loss SEC bubble teams Alabama (No. 13), Ole Miss (No. 14) and South Carolina (No. 15). But the ACC landing three teams in the top 12 this week could be an encouraging sign that the conference has an opportunity to earn two bids in the final bracket.

A trio of road upsets Saturday shook up the SEC’s playoff picture. Alabama slid six spots after a stunning 24-3 loss at Oklahoma. Ole Miss dropped five spots after falling 24-17 at Florida. And Texas A&M dropped five spots after losing 43-41 at Auburn in four overtimes. Georgia and Tennessee benefited by moving up three spots each this week.

Arizona State climbed five spots to No. 16, thanks to its 28-23 win over BYU, while Iowa State moved up four spots to No. 18 after a 31-28 victory at Utah. But the committee continues to rank No. 11 Boise State ahead of the Big 12 front-runners, raising the possibility that the Big 12’s eventual champion could miss out on earning a top-four seed and a first-round bye.

The Big 12 currently has a four-way tie atop its standings with the Sun Devils, Cyclones, BYU (No. 19) and Colorado (No. 25) all hoping to play their way into next week’s conference championship game in Arlington, Texas.

Tulane continues to rise into contention for the fifth conference champion bid if Boise State loses again or the Big 12 ends up with a three-loss champ. The Green Wave climbed to No. 17 this week and have won eight in a row since losing to Power 4 foes Kansas State and Oklahoma in nonconference play. They’ll face Memphis on Thursday before playing Army in the AAC championship game Dec. 5.

“It is a balance,” Manuel said. “We have to look at what teams do throughout the season. And obviously as we watch film and take a look at what teams are doing against the opponents they have to face, we see a Tulane team that is really playing great football right now. … They’re really one of the teams that has surged up in our mind as it relates to how they’re playing at this time.”

No. 20 Texas A&M hosts No. 3 Texas on Saturday night, renewing their rivalry game for the first time since 2011, with the winner advancing to the SEC championship game in Atlanta. Missouri (No. 21), UNLV (No. 22), Illinois (No. 23), Kansas State (No. 24) and Colorado round out the top 25.

Eight SEC teams are ranked in the top 25 again this week, along with five Big Ten teams, five Big 12 teams, three ACC teams, two Mountain West teams and one AAC team.

The four first-round games will be played at the home campus of the higher-seeded teams on Dec. 20 and 21. The four quarterfinal games will be staged at the Vrbo Fiesta Bowl, Chick-fil-A Peach Bowl, Rose Bowl presented by Prudential and Allstate Sugar Bowl on Dec. 31 and Jan. 1.

The two semifinal games will take place at the Capital One Orange Bowl and Goodyear Cotton Bowl on Jan. 9 and 10.

The CFP National Championship presented by AT&T is scheduled for Jan. 20 at Mercedes-Benz Stadium in Atlanta.