Welcome to the middle of the 2025 MLB season. We’ve already passed the natural halfway point (1,215 games) and are nearing the symbolic version of midseason (the All-Star break). Either way, we’ve seen more regular-season baseball in 2025 than we’ll get the rest of the way.

With that in mind, let’s wade into this month’s Stock Watch by taking a retrospective spin around the majors. As usual, we’ll slot teams according to the current competitive hierarchy and see how the picture has changed since we last convened. In addition, we’ll note the dominant storyline that has emerged for each club and hand out first-half MVP awards for all 30 teams.

Should we name those awards? The Stockies? No? OK, fine. Let’s just get to it.

Win average: 101.4 (Last month: 97.9, 3rd)
In the playoffs: 99.7% (Last: 97.2%)
Champions: 24.0% (Last: 16.2%)

First-half storyline: The Dodgers spent the first few months of the season proving the adage that you can’t have too much pitching. A team with an overstuffed pitching depth chart entering the spring has not just endured an avalanche of injuries to the staff, but many of those who have pitched have underachieved. And yet, because the offense has beaten its projection by nearly 100 park-neutral runs per 162 games, the Dodgers are doing just fine, thank you. And the worst of the injury spate has to be behind them at this point. Right?

First-half MVP: Shohei Ohtani (145 AXE, 1st on Dodgers, 3rd in MLB). Ohtani’s OPS is over 1.000 for the third season in a row. He’s on pace to top his career-high 54 homers from last season and score more than 150 runs. He has recently returned to the mound but looks fantastic. Just wait until we see this two-way act on an October stage.

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Win average: 97.9 (Last: 99.6, 1st)
In the playoffs: 99.8% (Last: 99.3%)
Champions: 14.4% (Last: 15.6%)

First-half storyline: It’s the year of the Tiger. Detroit has broken out in a stunning way, and it’s thrilling to watch. If the season ended today, the Tigers’ Pythagorean winning percentage would be one of the five best in franchise history, behind only historic teams from 1909 (Ty Cobb), 1934-35 (Hank Greenberg) and 1968 (Denny McLain). It would be ahead of 1984 (Kirk Gibson). Yes, it’s that kind of season for the Tigers.

First-half MVP: Tarik Skubal (138 AXE, 1st on Tigers, 6th in MLB). Skubal has gone to a place that few pitchers reach. He’s in the top four of the AL in wins (1st), ERA (4th) and strikeouts (2nd). Given his trajectory, it’s possible Skubal will win his second straight pitching Triple Crown. The only pitchers to do that in back-to-back seasons: Grover Alexander (1915-16), Lefty Grove (1930-31) and Sandy Koufax (1965-66).

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Win average: 96.1 (Last: 97.3, 4th)
In the playoffs: 97.2% (Last: 96.7%)
Champions: 12.6% (Last: 12.3%)

First-half storyline: An offensive explosion. The Cubs’ offense figured to be better after the offseason acquisition of Kyle Tucker. Tucker has been as advertised, but Chicago has gotten production up and down the lineup and is on pace to beat its park-neutral run forecast by 102 runs. The Cubs’ 121 team OPS+ so far is their best since — hold on to your hat — 1884.

First-half MVP: (tie) Kyle Tucker, Pete Crow-Armstrong (139 AXE, 1st and 2nd on Cubs, 4th and 5th in MLB). Tucker has a minuscule AXE edge when you go into decimals, but it’s fitting that these dynamic outfielders are co-MVPs when we round off. Again, it has been more than these two. The Cubs’ total of seven players with a 110 AXE or better is tied for second in the majors. Six of them are hitters.

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Win average: 94.7 (Last: 89.5, 6th)
In the playoffs: 98.5% (Last: 83.4%)
Champions: 8.9% (Last: 4.2%)

First-half storyline: The window is open. Those (yes, me) who were heralding the imminent demise of the Astros’ dynasty now look like Cassandras. Despite the loss of Kyle Tucker, an injury-riddled half for Yordan Alvarez, a so-so start for Jose Altuve, lackluster production from key signee Christian Walker and the loss of the orange juice theme of its ballpark, Houston once again sits in the catbird seat of the AL West. The pitching — Hunter Brown and the game’s best bullpen — is the main reason, but the Tucker trade (getting Isaac Paredes and Cam Smith from the Cubs) has worked out swimmingly.

First-half MVP: Jeremy Pena (137 AXE, 1st on Astros, 8th in MLB). Pena recently hit the injured list because of a fractured rib. Given the way Houston has responded to adversity to date, the Astros probably won’t lose a game while he’s out. That’s nothing against Pena, who, in his age-27 season, has been baseball’s best shortstop this season.

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Win average: 93.5 (Last: 88.6, 8th)
In the playoffs: 93.8% (Last: 65.0%)
Champions: 7.6% (Last: 3.0%)

First-half storyline: They are up in arms in Philadelphia. According to AXE, three of the top six NL starters and four of the top 11 are members of Philadelphia’s rotation … and no one in that quartet is named Aaron Nola. Zack Wheeler, co-front-runner for NL Cy Young with Paul Skenes, leads the way, but Cristopher Sanchez, Ranger Suarez and Jesus Luzardo have been excellent. Mick Abel and Taijuan Walker have chipped in. If Nola can get healthy and productive, and if Andrew Painter is anything close to advertised, the Phillies will feature baseball’s best and deepest rotation.

First-half MVP: Zack Wheeler (138 AXE, 1st on Phillies, 7th in MLB). At 35, Wheeler has flashed career-best levels in ERA+, FIP, WHIP and SO/9. If Wheeler doesn’t land his first Cy Young Award, it will be because someone like Skenes takes it from him, not because he doesn’t earn it.

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Win average: 92.4 (Last: 97.3, 5th)
In the playoffs: 95.8% (Last: 98.0%)
Champions: 12.8% (Last: 18.6%)

First-half storyline: Improv time in the Bronx. The Yankees’ run profile is almost exactly on target with the preseason projection, yet this season has not followed the script. The pitching has mostly held up despite Gerrit Cole‘s season-ending injury and Devin Williams‘ mysterious inconsistencies. The hitting has found its level around Aaron Judge despite Juan Soto‘s departure and that Giancarlo Stanton‘s first homer didn’t happen until July 2. Yet, as things began to ebb in June, the outcome of this Yankees story is very hard to foresee now.

First-half MVP: Aaron Judge (159 AXE, 1st on Yankees, 1st in MLB). Despite a temporary recent downtick that now seems to be over, Judge is hitting .363/.470/.735 and is on pace for 12 WAR while playing every Yankees game so far. Don’t take this guy for granted, baseball fans — even those of you who don’t like the Yankees — because this is incredibly special.

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Win average: 89.4 (Last: 98.2, 2nd)
In the playoffs: 75.7% (Last: 97.7%)
Champions: 3.2% (Last: 13.5%)

First-half storyline: Peaked too soon? The Mets got off to a roaring start but slumped miserably over the second half of June. Through June 12, New York was 45-24 and owned baseball’s best ERA, mostly thanks to an MLB-low 2.79 mark from the rotation. New York dropped 14 of 18 after that while posting the worst rotation ERA (5.93), bullpen ERA (6.53) and, of course, overall ERA (6.24) during that span. Injuries have played a big part in the plunge, but a team built on depth — which the Mets are — should hold up better than this. July is a really big month for this team.

First-half MVP: Pete Alonso (129 AXE, 1st on Mets, 18th in MLB). It’s a good thing the Mets paid Alonso during the winter. They’ve gotten the hottest version of the Polar Bear yet, one who suddenly discovered the joys of the line drive. Still, that Alonso lands in this slot rather than Juan Soto or Francisco Lindor (both 126 AXE) is a bit of an upset and, perhaps, an omen of happy regression from here.

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Win average: 88.2 (Last: 85.6, 12th)
In the playoffs: 82.4% (Last: 56.9%)
Champions: 4.5% (Last: 2.0%)

First-half storyline: Major offense in a minor venue. The Rays dropped to a season-low five games under .500 on May 20 and proceeded to win 27 of 40 behind a surging offense. The Rays scored 20 more runs than any other team during the spree, as they joined division rival Toronto in bearing down on the Yankees for the AL East lead. As usual, the Rays are doing it with a roster of players casual fans might be pressed to identify. Tampa Bay might be playing in a minor league venue, but the Rays’ way continues to flourish in the majors.

First-half MVP: Jonathan Aranda (123 AXE, 1st on Rays, 42nd in MLB). Well, something clicked for Aranda, a 27-year-old first baseman who entered 2025 as a career .222 hitter. He has tacked on nearly 100 points to that mark this season with excellent secondary skills. His 123 AXE is tops among AL primary first basemen, including All-Star starter Vladimir Guerrero Jr.

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Win average: 87.5 (Last: 84.8, 13th)
In the playoffs: 61.7% (Last: 34.5%)
Champions: 2.1% (Last: 0.9%)

First-half storyline: More than enough good. No, that’s not bad syntax, it’s how the 2025 Brewers are built. Yet, Milwaukee is in the thick of postseason contention and it’s not because of any star-level breakouts, not even from super-talented Jackson Chourio. Instead, the Brewers have 18 players in the 100-to-119 AXE range, second most in baseball behind St. Louis. No greatness, just lots of goodness.

First-half MVP: Brice Turang (119 AXE, 1st on Brewers, 65th in MLB). Turang is again flashing Gold Glove defense at second base and stealing bags when he gets on base, which he has been doing more than ever. His OBP is fueled by a .288 batting average, which, in turn, is fueled by a .363 BABIP. Fluke? There might be some regression in store, but the improvements are real. Turang’s line drive rate is 3% better than the league average, and his hard-hit rate has jumped by 16.3% over last season. Turang has tacked on 4.6 mph to his 2024 average exit velocity.

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Win average: 86.9 (Last: 84.3, 15th)
In the playoffs: 72.7% (Last: 46.2%)
Champions: 1.8% (Last: 1.0%)

First-half storyline: Staying afloat. The Blue Jays are even in the AL East standings with the Yankees shortly after July began despite the run differential of a middle-of-the-pack team. The Jays have gotten little from key signee Anthony Santander. Vladimir Guerrero Jr. has been very good but not great. Same for Bo Bichette. The key high-leverage relievers (Jeff Hoffman and Chad Green) have been coughing up too many homers. And yet, here the Jays are … and some of these problems might regress in the right direction. Or maybe the run differential is more of who the Jays are than the record. This is why we play 162-game seasons, to sort out stuff like this.

First-half MVP: Ernie Clement (119 AXE, 2nd on Blue Jays, 63rd in MLB). Guerrero leads the Jays in AXE (121), but we’re going to shine a light on the surprising Clement. Not that this is a race we track, but he has to be the front-runner for the AL Gold Glove at the utility player position. At the plate, he has made the most of his high-contact style. The defense, in particular, underscores a big factor in Toronto’s success: MLB-best defensive metrics.

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Win average: 85.6 (Last: 84.5, 14th)
In the playoffs: 66.5% (Last: 51.1%)
Champions: 2.4% (Last: 1.9%)

First-half storyline: Rotation injuries. The Mariners have mostly spread out their injuries, but their core-five starting rotation has not been whole this season. Given that knowledge at the beginning of the season, you would not expect Seattle to be where it is, which is in position to land a wild-card slot if the season ended now. And that rotation has a good chance of getting whole as the season progresses.

First-half MVP: Cal Raleigh (149 AXE, 1st on Mariners, 2nd in MLB). Entering the season, Raleigh had a good case to be considered baseball’s best catcher. And, sure, he has hit a lot of homers the past couple of years. But could anyone have envisioned this? This is more than a breakout. This is a player on pace to shatter Mickey Mantle’s record for single-season homers by a switch-hitter (54 in 1961). And he’s a Gold Glove catcher.

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Win average: 85.6 (Last: 88.4, 9th)
In the playoffs: 41.3% (Last: 62.0%)
Champions: 1.1% (Last: 1.9%)

First-half storyline: Covering the holes. Entering the season, the Padres figured to have some glaring lineup holes, and that has been the case. But San Diego has stayed in contention behind the star power of Fernando Tatis Jr. and Manny Machado, and the work of a deep and dominant bullpen. As for those holes? We’ve got a month until the trade deadline.

First-half MVP: Fernando Tatis Jr. (131 AXE, 1st on Padres, 15th in MLB). Post-suspension Tatis still operates at a lower level than pre-suspension Tatis. Before missing the 2022 season, Tatis had a 160 OPS+ and averaged 8 bWAR per 162 games. Since coming back, he’s at 118 OPS and 5.7 bWAR per 162 games. But Tatis is still really good, and always has that ability to be great stashed in his hip pocket.

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Win average: 85.5 (Last: 85.7, 11th)
In the playoffs: 43.2% (Last: 42.1%)
Champions: 1.0% (Last: 1.1%)

First-half storyline: One fast transition. In retrospect, we might have overreacted to the Cardinals’ offseason rhetoric about 2025 being about positioning for the front office transfer of power to Chaim Bloom. The Cardinals took a passive approach to player acquisition and caught plenty of heat for it. They also removed obstacles in front of a number of their in-house talents, and that has paid off in a big way so far this season.

First-half MVP: Sonny Gray (118 AXE, 1st on Cardinals, 76th in MLB). Like Milwaukee, the Cardinals have succeeded thanks to a depth of solid performances rather than any breakouts. Some of those solid performers are key to St. Louis’ future: Matthew Liberatore, Victor Scott II, Masyn Winn. But the veteran Gray, who might have been dealt if not for his contract’s no-trade clause, has led the way.

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Win average: 84.4 (Last: 89.1, 7th)
In the playoffs: 35.5% (Last: 67.0%)
Champions: 1.2% (Last: 2.4%)

First-half storyline: Buster’s breakout followed by a bust-out? Under first-time exec Buster Posey, the Giants exploded out of the gate. Then, they bolstered a lineup light on power with the season’s biggest trade to date, bringing in the suddenly positionally flexible Rafael Devers. Yet, the Giants have since slumped, winning just five of Devers’ first 10 appearances with the team. Where that leaves Posey and the Giants is unclear, but it’s nothing a Devers power spree and a few wins wouldn’t fix.

First-half MVP: Logan Webb (126 AXE, 1st on Giants, 26th in MLB). Webb was already established as the closest thing to a durable, top-of-the-rotation starter as we can hope to get in today’s game. This season, he has amped up the run prevention as well, posting a career-high and NL-best 2.32 FIP while again leading the circuit in innings. Alas, on the heels of two straight top-10 Cy Young finishes, as of now, it looks like Webb will have to get even stingier if he is to overtake Paul Skenes and Zack Wheeler in the awards race.

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Win average: 82.5 (Last: 79.0, 22nd)
In the playoffs: 19.4% (Last: 8.4%)
Champions: 0.4% (Last: 0.2%)

First-half storyline: Rambling rotation. The Reds’ game score winning percentage (.612) is the best in the National League and second overall behind the Yankees. This has happened despite Hunter Greene‘s injury and tepid debuts by exciting prospects Chase Petty and Chase Burns. Andrew Abbott has been as hot as any pitcher in baseball, and the trio of Nick Lodolo, Brady Singer and Nick Martinez has been consistently productive. This has a chance to be a very exciting group down the stretch.

First-half MVP: Elly De La Cruz (127 AXE, 1st on Reds, 25th in MLB). De La Cruz is on pace for 34 homers and 41 steals while soaring past 100 runs and 100 RBIs. His OPS+ has risen to 125 on the strength of improving strikeout rates. It kind of feels like he can do more, too. But that might always be the case for De La Cruz, no matter what his numbers look like, simply because he’s such a marvel to watch on the field.

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Win average: 82.4 (Last: 81.2, 18th)
In the playoffs: 20.9% (Last: 16.1%)
Champions: 0.5% (Last: 0.4%)

First-half storyline: Not what we signed up for. The D-backs appeared positioned to possibly challenge the Dodgers in the NL West, thanks largely to a stacked starting rotation bolstered by the high-dollar signing of Corbin Burnes. Burnes’ season ended after 11 starts, while Zac Gallen, Brandon Pfaadt and Eduardo Rodriguez are on the wrong side of 5.00 ERAs. The bullpen, weakened by injuries to A.J. Puk and Justin Martinez, has been even worse. Too often, Arizona has had to outscore the opposition.

First-half MVP: Eugenio Suarez (124 AXE, 3rd on Diamondbacks, 37th in MLB). Suarez is a hair behind Corbin Carroll (126) and Ketel Marte (125) on the AXE leaderboard, but his potent power bat has perhaps been more crucial to Arizona’s ability to hang around .500. Carroll and Marte have given the Snakes about what they expected — which is considerable — but Suarez has outstripped his projection and helped to shore up shortfalls elsewhere on the roster. From 2021 to 2024, Suarez averaged 2.4 bWAR per season; this year, he’s already at 2.5.

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Win average: 81.1 (Last: 79.6, 21st)
In the playoffs: 27.3% (Last: 18.4%)
Champions: 0.5% (Last: 0.3%)

First-half storyline: Complete lack of an attack. Two years after riding a dynamic offense to a championship, the Rangers have morphed into an all-pitch, no-hit team despite a lineup with many of the same players. And the positions that have turned over have tended to go to promising prospects such as Josh Jung (recently demoted), Wyatt Langford and Evan Carter. In 2023, the Rangers’ 4.77 home-scoring average ranked sixth in the majors. This season, their 3.76 mark ranks 27th.

First-half MVP: Jacob deGrom (128 AXE, 1st on Rangers, 20th in MLB). On the bright side, deGrom is back and he’s still very much Jacob deGrom … and seemingly getting better with each outing. In general, the rotation has been a bright spot for Texas, whose top three performers by AXE are deGrom, Nathan Eovaldi and Tyler Mahle.

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Win average: 80.0 (Last: 79.8, 20th)
In the playoffs: 11.2% (Last: 12.6%)
Champions: 0.4% (Last: 0.4%)

First-half storyline: What happened? Last season, the Braves figured prominently into our preseason coverage when we wondered whether it was they or the Dodgers who would emerge as baseball’s power team. Once again, the forecasts were high on Atlanta’s chance to have a bounce-back season and return to the top of a competitive NL East. A couple of days ago, the Braves slipped behind the Marlins in the standings. When you look at an IL that includes Chris Sale and Spencer Schwellenbach, it’s a dispiriting season in Cobb County.

First-half MVP: Matt Olson (125 AXE, 1st on Braves, 34th in MLB). Olson hasn’t produced at the level he flashed in 2023, when he mashed 54 homers and put up 7.5 bWAR. But he has produced and he has also been there, which is more than you can say about most of Atlanta’s other key players. Olson still hasn’t missed a game since joining the Braves as Freddie Freeman‘s replacement in 2022.

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Win average: 79.8 (Last: 80.0, 19th)
In the playoffs: 17.8% (Last: 20.3%)
Champions: 0.3% (Last: 0.5%)

First-half storyline: It’s not about who’s here, but who is not. When you look at the roster of the 2018 champion Red Sox and how many of the key players are still star-level players for other teams, this is going to cast a pall over Fenway Park until a new group emerges to win at a high level. Any hopes of that cloud lifting because of the passage of time were dashed when Boston traded Rafael Devers.

First-half MVP: Garrett Crochet (134 AXE, 1st on Red Sox, 11th in MLB). Crochet pitched this well last season for the White Sox, his first full season as a big league starting pitcher. But it wasn’t quite a full season because Chicago tamped down his usage in advance of dealing him for maximum return. Trading for Crochet for a valuable combination of prospects was a bit of a leap of faith by Craig Breslow. Well, you can quibble with a lot of things that have happened in Boston, but so far, the Crochet trade is not one of them.

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Win average: 79.7 (Last: 87.2, 10th)
In the playoffs: 18.0% (Last: 68.8%)
Champions: 0.3% (Last: 2.9%)

First-half storyline: Close, but no cigar. The Twins are another team whose park-neutral runs and runs allowed paces are on track to meet forecasts. Their record, however, is not. Why? Look no further than the Twins’ 8-15 record in one-run games. An optimist would suggest that this should even out. The problem is that it’s probably already too late for the Twins in the division race, and they are but one of a legion of teams in the AL’s middle wondering if they are really playoff contenders.

First-half MVP: Byron Buxton (130 AXE, 1st on Twins, 16th in MLB). Buxton is on pace to play in 130 games. That might not sound too impressive, but if he were to get there, it would be the most games he has played in since 2017. A healthy (or mostly healthy) Buxton is something to behold. He has already topped his 2024 totals in homers and steals and is close in bWAR, even though he has appeared in only 69 games. (He played in 102 last season.) Let us all take a moment to knock on wood.

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Win average: 77.3 (Last: 81.9, 16th)
In the playoffs: 8.5% (Last: 28.5%)
Champions: 0.1% (Last: 0.4%)

First-half storyline: Could really use Josh Naylor. The Guardians’ position player roster this season is dominated by below-replacement performances. You can understand the desire to open things up for power prospect Kyle Manzardo, who has been up and down. But Naylor was a foundational producer for a team that was a couple of wins shy of the World Series in 2024. The lineup needed him a lot more than the rotation needed Slade Cecconi, who has been fine over eight starts. You can’t help but wonder if Cleveland, owner of baseball’s oldest title drought, will ever stop pushing things down the line.

First-half MVP: Jose Ramirez (128 AXE, 1st on Guardians, 24th in MLB). Who else? Ramirez is on target to do what he does every year, across the board. His isolated power is down a touch, but Ramirez remains more than capable of going on a binge to clear that up. This is another season to boost Ramirez’s future Hall of Fame case.

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Win average: 76.3 (Last: 73.2, 23rd)
In the playoffs: 6.2% (Last: 2.7%)
Champions: 0.0% (Last: 0.0%)

First-half storyline: Bittersweet surprise. The Angels are a mild surprise because they appeared, at various junctures, like a team about to slide back into the basement. But the 2025 Angels have been fairly resilient despite another Mike Trout injury and lack of superstar production, Ron Washington’s season-ending health issue and widespread bullpen woes, aside from closer Kenley Jansen. It’s to their credit that they’ve stayed close to .500, and there have been some positive developments on the roster. That doesn’t make them contenders.

First-half MVP: Yusei Kikuchi (117 AXE, 1st on Angels, 80th in MLB). The Angels’ rotation has been solid and a big reason the team has stayed competitive. The addition of Kikuchi has been the biggest upgrade. The 34-year-old lefty has mostly retained the gains he made after being traded from Toronto to Houston last season, save for an uptick in walks. He’s not an ace, but he has given the Halos a consistent presence in a rotation that, over the years, has lacked stability.

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Win average: 76.2 (Last: 81.3, 17th)
In the playoffs: 5.9% (Last: 25.7%)
Champions: 0.1% (Last: 0.5%)

First-half storyline: Oh no, there’s no O. The Royals have been an above-average team in most areas of what helps a team win: defense, baserunning, starting rotation and bullpen. It has all been undermined by wretched hitting. Kansas City has averaged 3.77 runs per game on the road, ranking 25th. That’s bad! But it looks explosive compared with what the Royals have done at the K: 2.84 runs per game. That’s not only last in the majors, but it’s not even close to the second-worst mark (3.58 by Cleveland). If you watch the Royals regularly, hopefully you’ve been wearing a hat because otherwise watching this team hit has likely caused you to pull out all your hair.

First-half MVP: Bobby Witt Jr. (134 AXE, 1st on Royals, 12th in MLB). Witt has been terrific. He hasn’t been as terrific as he was in 2024, and somehow, he finished behind Jacob Wilson of the A’s in the All-Star voting. Witt is perhaps a victim of the standards he set in 2024. Witt is still on pace for 56 doubles, 43 steals and more than 7 bWAR. It’s a “down” season most players can only dream of, and it’s certainly not Witt’s fault the Royals’ offense has been so bad.

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Win average: 71.8 (Last: 67.2, 26th)
In the playoffs: 0.3% (Last: 0.1%)
Champions: 0.0% (Last: 0.0%)

First-half storyline: Evil rumors. Low-level buzz that maybe the Pirates should look to trade Paul Skenes didn’t come from the team, so you don’t want to bash Pittsburgh for that. But you kind of do because such suggestions should not be possible. They are only because it feels so unlikely that the Pirates will invest in building a contender around Skenes. But again: If you trade this guy during his second season, what are you building for? Anyway, it hasn’t happened. Skenes has been great; the team has not.

First-half MVP: Paul Skenes (137 AXE, 1st on Pirates, 9th in MLB). Skenes is 41 starts into his career, and his ERA remains under two: 1.99, over 244 innings. His ERA+ is 213. It’s the best ever given a minimum career total of 41 starts. Sure, Skenes might hit rough patches and the number would go up. But he’s got a lot of room for error: second best is Kodai Senga (160 over 43 starts) and third is Jacob deGrom (157 over 235 starts).

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Win average: 71.1 (Last: 69.4, 25th)
In the playoffs: 0.7% (Last: 0.6%)
Champions: 0.0% (Last: 0.0%)

First-half storyline: Thud. Our last preseason Stock Watch pegged the Orioles at 88 wins with a 65% shot at returning to the postseason. That outlook has changed.

First-half MVP: Gunnar Henderson (119 AXE, 1st on Orioles, 70th in MLB). That Henderson would top the Orioles’ AXE leaderboard is no surprise. That he would do so with a 119 mark certainly is — last season, he finished at an MVP-like 150. Henderson has trended upward after a bad April, and there’s nothing really to worry about. Still, his step back is emblematic of Baltimore’s mystifyingly lost season.

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Win average: 69.7 (Last: 62.4, 28th)
In the playoffs: 0.1% (Last: 0.0%)
Champions: 0.0% (Last: 0.0%)

First-half storyline: Bobbing back to the surface. There certainly was no particular reason to think the Marlins would be interesting this season, beyond what might possibly happen around the trade deadline with getting-better-fast starter Sandy Alcantara. Give the Fish and first-year manager Clayton McCullough credit, though, because the Marlins enter our July Stock Watch as one of baseball’s hottest teams. In fact, if you go to windows of “past 50 games,” Miami has split those games, better than division mates Atlanta and Washington, a game worse than the Mets and just four behind the Phillies. At the very least, you can say that despite a bad start and zero expectations, Miami has not thrown in the towel.

First-half MVP: Kyle Stowers (114 AXE, 2nd on Marlins, 108th in MLB). Stowers is behind Otto Lopez (116 AXE) for the Marlins, but we’ll give him a nod for his huge strides at the plate. The former Orioles prospect entered the season with a career slash line of .208/.268/.332 over 117 games. This season, he’s at .286/.360/.520 in 80 games, upping his homer total from six to 21 and more than doubling his RBI count. He’s not a star, but he has been a key part of a team that has been kind of fun to watch lately.

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Win average: 68.3 (Last: 72.4, 24th)
In the playoffs: 0.0% (Last: 0.7%)
Champions: 0.0% (Last: 0.0%)

First-half storyline: How long is this going to take? If you zero in on the player level, there is plenty on the Nationals’ roster you can point to as a positive sign: James Wood‘s ascension, the play of CJ Abrams and MacKenzie Gore, the presence of touted prospects Dylan Crews and Brady House. The bottom line is that a team that hasn’t sniffed .500 since winning the 2019 championship has a winning percentage worse than what it posted in each of the past two seasons. The Nationals need to make a leap, sooner rather than later.

First-half MVP: James Wood (135 AXE, 1st on Nationals, 10th in MLB). Wood is the real deal, a hyped prospect who manifested his ability as soon as he hit the majors. He’s 165 games in at this point and owns a 144 OPS+, 30 homers, 104 RBIs and 26 steals. His power is somehow both explosive and effortless, and his plate discipline is outstanding for such a young slugger. It should only get better from here.

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Win average: 65.9 (Last: 64.3, 27th)
In the playoffs: 0.0% (Last: 0.1%)
Champions: 0.0% (Last: 0.0%)

First-half storyline: Is it the park or the pitcher? The Athletics teased us with becoming an exciting sleeper wild-card contender. Then they lapsed into a horrifying slump, a 3-24 disaster during which the staff ERA was 7.79. That would be bad in slow-pitch softball. So much for contention. The Athletics have bounced back to an extent, but their season ERA is 5.67, ahead of only the Rockies. And while Sacramento has not been a hospitable place for the pitchers, the A’s can take solace in the fact that their road ERA is also well over five. It’s just not a good pitching staff.

First-half MVP: Jacob Wilson (123 AXE, 1st on Athletics, 44th in MLB). Wilson has fallen off after an exhilarating start that had his batting average at .372 through June 8. But he’s still a gas to watch, and apparently a lot of people have because Wilson will start at shortstop for the AL in the All-Star Game. As good as Wilson has been at the plate so far in the majors, his defensive metrics have been well in the red. Which kind of makes him the bizarro version of his father, Jack.

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Win average: 56.2 (Last: 58.2, 29th)
In the playoffs: 0.0% (Last: 0.0%)
Champions: 0.0% (Last: 0.0%)

First-half storyline: Roster turnover. GM Chris Getz has been a transaction lover as a lead exec, and after the pain of the initial tear-down period, things are starting to feel downright coherent. Some of the prospects have played well in the majors, such as Chase Meidroth and Kyle Teel. The starting rotation has become above average, and that position group has a gaggle of high-upside prospects on the way. The White Sox still lose a lot of games, and the bullpen saves leader is a three-way tie with two. But things have grown considerably less dim than they were at this time last year. Granted, that’s a low bar, but it could be worse.

First-half MVP: Adrian Houser (112 AXE, 1st on White Sox, 132nd in MLB). Houser is our one first-half MVP who didn’t start the season with his team. But he has put up a 1.90 ERA over seven starts after being released by Texas in May. In doing so, he has become someone who might generate interest at the trade deadline. In that way, he’s an avatar for what the White Sox’s modus operandi is at this point: talent accumulation, in every way you can do it.

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Win average: 41.8 (Last: 40.8, 30th)
In the playoffs: 0.0% (Last: 0.0%)
Champions: 0.0% (Last: 0.0%)

First-half storyline: Historic ineptitude. We wish we could put it nicer than that, but the Rockies are on pace to win 36 games and post a run differential of minus-422. And this isn’t a team following any kind of obvious rebuilding scheme, beyond the reality that when you’re this bad, you are by definition rebuilding. Somehow, the fact that the Rockies are still drawing well at the gate makes this even worse. It’s like a Monty Python sketch.

First-half MVP: Hunter Goodman (116 AXE, 1st on Rockies, 94th in MLB). No snark needed here — Goodman has been pretty solid and, at 25, he is young enough that maybe the gains are legit. The best part of Goodman’s first half is that his numbers are actually a lot better away from Coors: .925 road OPS; .790 at home. He’s been good.