Over the weekend, it was reported that the New York Yankees are still interested in signing left-handed pitcher Blake Snell as a free agent. According to Mark Feinsand of MLB.com, the team has made an offer to Snell, but the Los Angeles Angels and San Francisco Giants are also potential landing spots. However, Andy Martino of SNY has cast doubt on the likelihood of a deal being reached at this time.
Brendan Kuty and Chris Kirschner of The Athletic have also reported that the Yankees have made an offer to Snell, which does not include any opt-out clauses. This offer was made prior to the team signing Marcus Stroman. In January, the Yankees reportedly offered Snell a six-year, $150 million contract, but Snell was seeking a longer deal or one with an average annual value of $30 million or more.
At the start of the offseason, MLB Trade Rumors predicted that Snell would sign a seven-year, $200 million deal. However, his extended time on the market has led to speculation that he may consider a shorter-term contract. The details of the Yankees’ current offer to Snell are unknown, but it is unlikely to be a short-term, high average annual value (AAV) deal. The team’s competitive balance tax status makes it difficult for them to take the high AAV route. The Yankees’ current competitive balance tax number is $307 million, which exceeds the fourth and final tier of $297 million. As a third-time payor at that level, any additional spending would be subject to a 110% tax.
This puts Snell in a challenging position. While he is a highly talented pitcher, as evidenced by his Cy Young win last year with the San Diego Padres, his inconsistency may deter teams from committing to a long-term contract. Between 2019 and 2022, Snell had a 3.85 ERA and never pitched more than 130 innings in a season outside of his Cy Young-winning year. Despite his success in 2021, he had to navigate a high walk rate and benefited from favorable batting average on balls in play and strand rate.
The Yankees are not the only team facing financial constraints when it comes to pursuing Snell or other free agents. Many contenders are already over the competitive balance tax threshold and would incur significant taxes. Additionally, some teams have budget limitations due to financial issues or uncertainty surrounding TV revenue. The Yankees’ previous offer to Snell had an average annual value of $25 million, and it is possible that their new offer includes an additional year or slightly more money. However, with no significant progress reported, it may not differ significantly from the previous offer.
Even with some teams still having financial flexibility, there are numerous free agents available, many of whom are represented by agent Scott Boras. In addition to Snell, Boras is also working on deals for players like Matt Chapman, Cody Bellinger, Jordan Montgomery, J.D. Martinez, and Hyun Jin Ryu. Balancing the demands and earning potential of all these players will be a challenging task for Boras, as signing one player may impact the opportunities for others.
The Yankees currently have a strong rotation on paper, led by Gerrit Cole and supported by Carlos Rodón, Marcus Stroman, Nestor Cortes, and Clarke Schmidt. However, the health concerns and previous injuries of Rodón, Stroman, and Cortes raise questions about the rotation’s reliability. The team also traded away four starting pitchers in the Juan Soto deal, reducing their depth. Signing Snell or another starting pitcher could potentially push Schmidt down to the sixth spot on the depth chart and result in him being sent to the minor leagues, as he still has an option remaining.
According to the Source mlbtraderumors.com