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For every season, there can only be one winner. Everybody else is forced to say, “Wait ’til next year.” The good news is that dream can start right away, as the Hot Stove is rapidly approaching. Will your favorite team make a big splash going into 2025? Check out everything you need to know about MLB free agency below.
When does MLB free agency begin?
MLB free agency begins the day after the World Series concludes. While teams are permitted to negotiate with free agents right away, players are not eligible to sign with a new team until five days after the World Series concludes.
Who are the top expected MLB free agents this offseason?
Juan Soto
Alex Bregman
Pete Alonso
Corbin Burnes
Willy Adames
Max Fried
Blake Snell (expected to opt out of contract with Giants)
Anthony Santander
What is a qualifying offer?
Teams can make a one-year qualifying offer to their impending free agents in order to receive draft pick compensation should those players sign with another team. The qualifying offer is determined by the average of the top 125 MLB contracts for a given year. This year’s qualifying offer checks in at $21.05 million, up from $20.325 million last year.
Teams can make qualifying offers until the fifth day after the World Series. The player then has one week to decide whether to accept.
What happens if a player rejects a qualifying offer?
Should the player decline the qualifying offer and sign a major league contract with another team before the annual MLB Draft, their former team would receive draft pick compensation at the end of the first round or at the end of competitive balance round B. The signing team would surrender draft picks and potentially international bonus pool money depending on their competitive balance tax situation and whether they receive revenue sharing.
Teams do not face a loss of a draft pick if a player accepts a qualifying offer.
Who is eligible for a qualifying offer?
Impending free agents can only receive a qualifying offer if they have been on the same team since Opening Day and have never received a qualifying offer before.
For example, Pete Alonso is eligible to receive a qualifying offer from the Mets (same team since Opening Day, has never received a qualifying offer before.) Meanwhile, Jack Flaherty is not eligible for a qualifying offer since he was traded from the Tigers to the Dodgers during the season. Players like Nathan Eovaldi and Blake Snell (should he opt out of his contract with the Giants) would also be ineligible to receive a qualifying offer since they have previously received qualifying offers.
Which players received qualifying offers last year?
Shohei Ohtani, Josh Hader, Sonny Gray, Blake Snell, Matt Chapman, Aaron Nola, Cody Bellinger
All seven players declined their qualifying offers. Nola and Bellinger ultimately stayed put with multi-year contracts while the others signed with new teams.
Can teams sign multiple qualifying offer free agents?
Yes, but doing so would result in surrendering additional draft picks and international bonus pool money. The exact formula is determined by whether a team has paid the competitive balance tax or received revenue sharing.
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