The book is about to close on the year 2025, but the offseason is far from over.
There is more than a month until spring training camps begin, and almost three months until the Giants throw the first pitch of the 2026 regular season against the Yankees, on March 25 in San Francisco. That’s a positive thing, because although there has already been quite a bit of movement in the winter market, there is still a lot to be defined as we prepare to change the calendar to the new year.
Here are seven key offseason stories we continue to watch closely heading into 2026:
1. Where will the biggest-name free agents still available go?
Good news for any team still looking to improve this offseason: There are plenty of impact free agents available at every position, from Kyle Tucker and Cody Bellinger in the outfield, to Alex Bregman and Bo Bichette in the infield, to Ranger Suarez and Framber Valdez on the mound, to JT Realmuto behind the plate.
While any team would gladly welcome Tucker, not all are realistic suitors at this point. He has been linked to several American League East clubs — especially the Blue Jays — in addition to the Dodgers. Bellinger, for his part, has also been linked to the Dodgers, as well as both New York teams. The decision of these two could affect the market for other available bats, although reunions with former teams remain viable options in the cases of Bregman (Red Sox) and Realmuto (Phillies).
As for pitching, the market has moved more slowly for names like Suárez and Valdez, but the Orioles — still looking to add a top-notch starter — are undoubtedly a team to watch in that regard. — Paul Casella
2. Will we see a blockbuster trade (or two)?
Some big names have already been moved this offseason, including both bats (Marcus Semien, Brandon Nimmo, Willson Contreras, Jeff McNeil, Brandon Lowe, Taylor Ward) and arms (Sonny Gray, Grayson Rodriguez, Shane Baz, Matt Strahm). We’re likely to see more changes in the coming months, although the magnitude of those moves remains to be seen.
Tarik Skubal, winner of the American League Cy Young Award in two consecutive years, who is entering the final year of his contract with the Tigers, seems to be the name that could generate the most attention in trade rumors, although Detroit is expected to retain him — at least to start the 2026 season. Of course, you never know if a team will make an offer the Tigers can’t refuse. Skubal is a particular case, but there are other interesting starters that teams could try to acquire, such as MacKenzie Gore of the Nationals or the Dominican Freddy Peralta of the Brewers.
As for hitters, D-backs Ketel Marte appears to be a player many contending teams will be inquiring about — especially those who fail to sign any of the impact bats on the free agent market mentioned above. The Cardinals’ Brendan Donovan, also a second baseman with defensive versatility, could be a good alternative to Marte.
Regardless of what happens (or doesn’t) with these players, it’s almost certain that some interesting names will change teams before spring training begins. — Paul Casella
3. What will happen to the three remaining NPB players?
The first Japanese star to arrive in Major League Baseball this winter already has a team: Munetaka Murakami signed with the White Sox. But there are still a trio of NPB figures available to sign with MLB teams: powerful infielder Kazuma Okamoto and right-handers Tatsuya Imai and Kona Takahashi.
And these players could sign at any time. Imai only has until January 2 to negotiate with an MLB team for 2026, while Okamoto and Takahashi have until January 4, depending on the date they were put on the market by their respective Japanese teams.
Where will they go? Imai and Okamoto are the biggest names, but their markets remain undefined, despite the fact that there is little time left to finalize their signatures. Imai, 27, considered one of the best starters left on the market, has been linked to several teams since he was released, including the Cubs, Yankees, Mets, Red Sox, Phillies, Orioles and Giants. Okamoto, 29, has been linked to the Padres, Angels, Pirates, Blue Jays and Red Sox.
Takahashi’s market remains somewhat uncertain, as the 28-year-old right-hander is not considered on the same level as Imai or Okamoto and has not generated as much buzz in the rumor mill. —David Adler
4. Which aggressive clubs will continue to press the accelerator?
The two teams that have spent the most this offseason are in the American League East, with the Blue Jays and Orioles making big moves. The most lucrative contract so far has been for right-hander Dylan Cease, who signed with Toronto for seven years and $210 million. The Blue Jays also signed reliever Tyler Rogers (three years, $37 million) and starter Cody Ponce (three years, $30 million), but more moves could come. Toronto has been linked to Tucker and Bregman, and has not ruled out a reunion with Bichette.
The Orioles, for their part, have strengthened their lineup (Pete Alonso, Ward), their bullpen (Ryan Helsley, Andrew Kittredge) and their rotation (Baz, Zach Eflin). But with all the injury questions on their starting staff, it wouldn’t be a complete surprise if Baltimore added one of the high-profile pitchers still on the free agent market.
Still in the American League East, the Red Sox are one of two teams (along with the Rockies) that have not signed a free agent to a major league contract this offseason. However, Boston has made three notable trades — acquiring Gray, Contreras and Cuban Johan Oviedo — and is reportedly still searching for an infielder. Bregman, Bichette, Marte, Donovan and the Astros’ Mexican, Isaac Paredes, are all possibilities.
Then there are the Mets, who have added Devin Williams, the Dominican Jorge Polanco, Luke Weaver and Semien, but still face doubts after the departure of four members of their core of recent years: Alonso, Nimmo, McNeil and the Puerto Rican Edwin Díaz. — Thomas Harrigan
5. Which quiet teams will start making noise?
Although many MLB clubs still have pending issues to resolve, there are several that stand out for their relative inactivity.
We start with the Yankees, who re-signed Trent Grisham, Amed Rosario, Ryan Yarbrough and Paul Blackburn, but have otherwise remained quiet. That approach contrasts with that of the Blue Jays, who beat New York in the American League Division Series and have continued to strengthen their roster. With Aaron Judge entering his age-34 season, there is greater urgency for the Yankees to make significant moves, whether it’s bringing back Bellinger or finding a similar-level replacement.
The Giants made a bold bet by signing Tony Vitello out of college baseball as their new manager, but they have done little to improve a roster that finished 81-81 last season, remaining behind the Dodgers and Padres in the NL West. A mid-rotation starter, a second baseman and a reliever appear to be priorities for San Francisco.
The Reds, who were the last team to clinch a playoff berth in 2025, generated some buzz by attempting to sign homegrown slugger Kyle Schwarber early in the offseason, but since Schwarber returned to Philadelphia, they have remained silent. The same goes for their state rivals, the Guardians. It’s true that Cleveland doesn’t typically move with urgency in the winters, but even by its standards it’s been a very quiet offseason. Both teams desperately need an offensive improvement.
The Tigers and Cubs have been a bit more active than the teams mentioned above, but neither has done enough to address the weaknesses that were evident in the second half of 2025. — Thomas Harrigan
6. Will JV, Max and other veteran legends still be active? And if so, where?
Justin Verlander and Max Scherzer are two of the best pitchers of their generation and almost certain Hall of Famers, but will they still be pitching in 2026?
Verlander and Scherzer are currently free agents. Verlander will be 43 years old by Opening Day 2026; Scherzer will turn 42 during the season. but both They showed that they still have gas in the tank last year—Verlander with an excellent second half for the Giants, and Scherzer with a postseason resurgence with the Blue Jays. So maybe we’ll get at least one more season of JV and Mad Max.
But where? Many teams are always looking for veteran starters who can stabilize their rotation. Verlander could return to the Giants, as president of baseball operations Buster Posey has said San Francisco would be interested in bringing him back. A reunion with his former team, the Astros, could also be on the table, as he would be a good fit in Houston for 2026. Even returning to where it all started, Detroit, could be an option.
In Scherzer’s case, there could also be a “reunion theme,” either returning to the Blue Jays, signing with the Giants — where new manager Vitello was his pitching coach in college — or even returning to one of his old teams like the Tigers, D-backs or Mets.
In addition to Verlander and Scherzer, there are also several veteran hitters available who could contribute to an offense: players like Paul Goldschmidt (38 years old), Marcell Ozuna (35), Andrew McCutchen (39), Justin Turner (41) and Starling Marte (37). Although there hasn’t been much noise about that group, they could very well extend their runs until 2026. —David Adler
7. Will we see any unexpected surprises?
The phrase “baseball is unpredictable” usually applies to the games themselves, but it also works for the winter market. Despite all the rumors and speculation, many times the biggest moves come unexpectedly. (Who had that Nimmo for Semien trade in their offseason bingo?)
Given the number of big-name free agents still available entering the new year, plus trade rumors that have yet to materialize, it looks like we could see several surprises in the next month or two. Could a “mystery team”—one that hadn’t been previously linked—come along and land someone like Tucker or Bichette? Maybe. Could we see a massive trade involving a star who wasn’t even known to be available? Maybe too.
Basically, everything is ready for some opportunistic team to shake up the market. There’s no way to know what will happen, of course, but this is an offseason that looks poised to deliver some big surprises. And that’s part of the fun. — Andrew Simon
