The Blue Jays remain interested in top free agent starter Framber Valdez, report Jon Heyman and Joel Sherman of The New York Post. Toronto reportedly met with Valdez at the GM Meetings back in early November. That predated their seven-year, $210MM contract with Dylan Cease, so it was hardly a given that the Jays were still involved.
Valdez is arguably the last impact player available on the open market. He’s certainly the highest-upside player remaining. There’s a decent supply of unsigned starting pitching, but most other players fit in the middle or back of the rotation. That includes Zac Gallen, the only other free agent who rejected a qualifying offer. Valdez is at least a high-end #2 starter and has ace potential.
The southpaw finished top 10 in Cy Young voting each season from 2022-24. He looked on that pace through the All-Star Break last year, turning in a 2.75 earned run average over 19 starts. Things went off the rails in the second half, as Valdez surrendered a 5.20 ERA over his final 12 starts. He also had the much publicized cross-up incident with third catcher César Salazar, as he came under fire for not showing much immediate concern after hitting Salazar in the chest with a fastball. Astros officials maintained they did not believe Valdez intentionally crossed the catcher up, and Salazar did his best to downplay the situation publicly.
In any case, Valdez hit the market coming off arguably his worst two-month stretch in years. He’s entering his age-32 season, an age at which five-plus year deals for free agent starting pitchers are rare. Blake Snell and Jacob deGrom are the only pitchers at 32 or older to sign for five years within the past decade. It’s not clear what Valdez sought at the beginning of the offseason, but it’s generally not a great omen for players’ markets if they’re unsigned into February. A short-term deal with opt-outs probably isn’t as appealing for Valdez as it would be for a younger free agent.
The Jays already run six deep in the rotation with Cease, Kevin Gausman, Trey Yesavage, Shane Bieber, Cody Ponce and José Berríos. They’re broadly involved on every top free agent, so it’s possible they’re circling back to see if Valdez’s market has dropped to a level at which they feel the value is too good to ignore. Bieber has battled some elbow fatigue. Yesavage had some injury questions in college and just completed his first full professional season. Ponce is something of an unknown coming back from Korea, though the Jays wouldn’t have guaranteed him $30MM if they didn’t think he could be an effective starter.
Toronto could certainly justify taking this group into the season, but they’re evidently still kicking around rotation possibilities. Heyman said on an MLB Network appearance this afternoon that the Jays have some amount of interest in bringing Max Scherzer back. That’d obviously be a much cheaper move than even a short-term deal for Valdez, but Scherzer isn’t as clear an upgrade of an upgrade over Toronto’s back-end arms.
RosterResource calculates the Jays’ luxury tax payroll around $310MM. That’s already a franchise record and lands them in the top tier of penalization. The Jays are near the Yankees and Phillies to round out a clear top five in projected spending behind the Dodgers and Mets. Signing Valdez would probably push them close to $340MM in CBT commitments, which would take them ahead of the Yankees and Philadelphia. They’d pay a 90% tax on the average annual value of any further free agent contracts. A hypothetical $30MM salary for Valdez would add another $27MM to their tax bill and amount to a $57MM investment overall.
Valdez comes attached to draft compensation, though that penalty isn’t as severe for the Jays because they already signed Cease. Toronto punted their second-round pick and their compensatory pick for Bo Bichette (after the fourth round) to add Cease. They’d give up their third and fifth rounders for Valdez, but those are each outside the top 100 overall.
Houston paid the luxury tax last year, so they’ll only receive a compensation pick after round four once Valdez signs elsewhere. That’s all but inevitable, as they’ve never seemed interested in meeting the southpaw’s asking price on a free agent deal. The collective bargaining agreement prohibits team personnel from explicitly saying they’re not pursuing specific players, but Houston GM Dana Brown reiterated this afternoon that the Astros “haven’t had any conversations lately” with the pitcher’s camp (video via Jason Bristol of KHOU 11 News).
