It’s hot stove season! The 2025-26 MLB offseason is officially here, and we have you covered with grades and analysis for every major signing and trade this winter.

Whether it’s a big-money free agent signing that changes the course of your team’s future or a blockbuster trade, we’ll weigh in with what it all means for next season and beyond.

ESPN MLB experts Bradford Doolittle and David Schoenfield will evaluate each move as it happens, so follow along here — this story will continue to be updated. Check back in for the freshest analysis through the start of spring training.

Related links: Tracker | Top 50 free agents | Fantasy spin

Mets get:
2B Marcus Semien

Rangers get:
OF Brandon Nimmo

Mets grade: C+

One-for-one swaps of quality veterans are rare enough these days that when one lands, and people are familiar with both players, the label “blockbuster” starts to get thrown around in a way that would make Frantic Frank Lane roll his eyes. This deal, which brings Semien to New York for career Met Nimmo, is interesting. It is also a trade involving two post-30 players carrying multiple seasons of pricey contracts. Lackluster would be a better description than blockbuster. The valuations on this deal at Baseball Trade Values illustrate nicely the underwater contracts involved.

For the Mets, it’s important to underscore the fact that Semien is 35 years old. Though he challenged for AL MVP during Texas’ championship season in 2023, his offensive numbers have since headed south, as tends to happen to middle infielders with his expanding chronology. Over the past two seasons, his bat has been just below league average — and while there is plenty of value in being roughly average, it’s still a precarious baseline for a player on the downside of his career. His offensive forecast isn’t as good as that of New York’s heretofore presumed regular at second base, Jeff McNeil, who might still get plenty of run at other positions.

That said, Semien is a much better defender than McNeil. Semien is coming off his second career Gold Glove, an honor backed up by consistently strong fielding metrics that have marked his play at the keystone ever since he moved over from shortstop. Though Semien’s contract features a higher average annual value than Nimmo ($25 million in terms of the luxury tax calculation versus $20.5 million), it’s of shorter duration and the move will cut into New York’s considerable longer-term obligations.

One thing that is head-scratching here: The Mets are pretty deep in high-quality infield prospects, from Luisangel Acuna to Ronny Mauricio to Jett Williams, all of whom carry considerably more upside than Semien at this point.

Rangers grade: C+

If you ignore positional adjustments, Nimmo is a better hitter than Semien and should be a considerable upgrade for Texas in the outfield compared with what the Rangers had been getting from the recently non-tendered Adolis Garcia. He’s not as good a defender as Garcia, especially in arm strength and, in fact, is likelier to play in left in Texas rather than Garcia’s old spot in right. As mentioned, Semien was a Gold Glover at his position and so now, in their effort to remake an offense that needed an overhaul, you worry that the Rangers are putting a dent in their defense.

We’ll see how that shakes out as the offseason unfolds, but for now, we can focus on Nimmo’s bat and the possibility that his numbers could get a bump from the switch in venues. He’s typically hit better on the road than at pitcher-friendly Citi Field, and Globe Life Field, while strangely stingy overall last season, has typically been a solid place to hit for left-handed batters.

The project in Texas is clear. It’s about not just improving the offensive production but also pursuing that goal by shifting the focus of the attack. Nimmo’s power bat is a slim upgrade on Semien and a downgrade from Garcia. But Nimmo is a much better hitter for average than both, and he has the best plate discipline of the trio. These are both traits the Rangers’ offense very much needed.

Nimmo’s contract is a problem, but it’s more of a longer-term issue than it will be in 2026, when he’ll make $5.5 million less than Semien. Texas is looking to reshuffle while reigning in the spending, and this is the kind of deal that aids that agenda. The Rangers can worry about the real downside of Nimmo’s deal later. For now, they can hope that moving to a new vista for the first time will boost Nimmo’s numbers, which have settled a tier below where they were during his Mets prime. — Bradford Doolittle

Orioles get:
LF Taylor Ward

Angels get:
RHP Grayson Rodriguez

Orioles grade: D

The first major trade of last offseason came on Nov. 22, when Cincinnati dealt Jonathan India to Kansas City for Brady Singer. This one leaked on Nov. 18, so we’re getting an earlier start. Given the relatively tepid nature of this year’s free agent class, the hope is that this deal is the vanguard of a coming baseball swap meet. Trades are fun.

Alas, although it was easy to understand the reasoning for both sides in the aforementioned Reds-Royals deal, I’m not sure I get this one so much from the Orioles side. The caveat is that maybe Baltimore’s brass, which obviously knows a lot more about Rodriguez than I do, has good reason to think that Gray-Rod (just made that one up) is not likely to live up to his considerable pre-MLB hype.

I don’t like to get too actuarial about these things, but you kind of have to be in this case because Ward will be a free agent after the 2026 season whereas Rodriguez has four seasons of team control left on his service time clock. Thus, even if Rodriguez is likely to need an adjustment period this season as he attempts to come back from the injuries that cost him all of 2025, Baltimore would have had plenty of time to let that play out.

Ward turns 32 next month, likely putting him at the outer rim of his career prime. He has been a decent player — an average of 3.0 bWAR over the past four years — but his skill set is narrow. Ward has been a fixture in left field the past couple of seasons and has shown diminishment both on defense and on the bases. He’s someone you acquire for his bat.

On that front, Ward hit a career-high 36 homers in 2025, but his underlying Statcast-generated expected numbers suggest he overachieved in that area a bit. The righty-swinging Ward does generate power to the opposite field, but his power game is still likely to see a negative impact from the move to Camden Yards. He’s patient at the plate to the point of occasional passivity, as he’s almost always hunting a pitch to drive, even if that means taking a couple of strikes.

That’s not a bad thing, but that approach, combined with a fly ball-heavy distribution, has led to a consistently plummeting average: .281 to .253 to .246 to .228. He’s a take-and-rake guy who doesn’t generate enough fear from pitchers to keep them out of the zone, which might supercharge his walk rate enough to bring his OBP up to an acceptable level, which it won’t be given the batting average trend.

And all of this would be fine for one year of a productive hitter likely to earn $12-14 million through the arbitration process. But at the cost of four years of a pitcher with Rodriguez’s ceiling? I’m not seeing it.

Angels grade: A-

This is about upside for an Angels staff desperate for a true No. 1 starter. To expect Rodriguez to fill that need in 2026 is a lot, and perhaps, given his durability issues, he will never get there. His big league results (97 ERA+, 3.80 FIP over 43 starts in 2023 and 2024) are solid but nothing special. The allure of Rodriguez remains the combination of high ceiling and controllable seasons.

And the ceiling is very high. ESPN’s Kiley McDaniel ranked Rodriguez as the game’s top pitching prospect in 2022 and rated him nearly as high in 2023. The mere possibility of Gray-Rod (did it again) fulfilling that potential in an Angels uniform is an exciting notion for fans in Anaheim.

Whether or not there is much of a possibility of Rodriguez getting there is almost beside the point. I’d feel better about this if he were headed to an organization with a better track record of turning around underachieving/injury-prone hurlers, but maybe the Angels can make some strides in this area.

The deal opens up a hole in the outfield for the Angels with no obvious plug-in solution from the organization. But finding a free agent replacement who approximates or exceeds Ward’s production shouldn’t break the bank. Here’s a vote for going after Cody Bellinger.

The possibility of that kind of upgrade and maybe someday a fully realized Gray-Rod, all for the low-low price of one season of Taylor Ward? Sign me up. — Doolittle

The deal: 5 years, $92.5 million
Grade: A-

If there was an award for free agent prediction most to likely come true, Josh Naylor returning to the Seattle Mariners would have been the front-runner, so it’s hardly a surprise that this is the first significant signing of the offseason (pending a physical). As soon as the Mariners’ season ended with that heartbreaking loss in Game 7 of the ALCS, the front office made it clear that re-signing Naylor was its top priority. Such public vocalizations at that level are rare — and the Mariners backed them up with a five-year contract.

It’s easy to understand why they wanted Naylor back. The Mariners have been searching for a long-term solution at first base for, oh, going on 20 years — really, since they traded John Olerud in 2004. Ty France gave them a couple solid seasons in 2021 and 2022, but since 2005 only the Pirates’ first basemen have produced a lower OPS than Seattle’s.

Naylor, meanwhile, came over at the trade deadline from Arizona and provided a huge spark down the stretch, hitting .299/.341/.490 with nine home runs and 33 RBIs in 54 games, good for 2.2 WAR. Including his time with the Diamondbacks, he finished at .295/.353/.462 with 20 home runs in 2025. Given the pitcher-friendly nature of T-Mobile Park, it’s not easy to attract free agent hitters to Seattle, but Naylor spoke about how he loves hitting there. The numbers back that up: In 43 career games at T-Mobile, he has hit .304 and slugged .534.

Importantly for a Seattle lineup that is heavy on strikeouts, Naylor is a high-contact hitter in the middle of the order; he finished with the 17th-best strikeout rate among qualified hitters in 2025. Naylor’s entire game is a bit of an oxymoron. He ranks in just the seventh percentile in chase rate but still had a nearly league-average walk rate (46th percentile) with an excellent contact rate. He can’t run (third percentile!) but stole 30 bases in 32 attempts, including 19-for-19 after joining the Mariners. He doesn’t look like he’d be quick in the field, but his Statcast defensive metrics have been above average in each of the past four seasons.

He’s not a star — 3.1 WAR in 2025 was a career high — but he’s a safe, predictable player to bank on for the next few years. This deal runs through his age-33 season, so maybe there’s some risk at the end of the contract, but for a team with World Series aspirations in 2026, the Mariners needed to bring Naylor back. The front office will be happy with this signing and so will Mariners fans. — David Schoenfield