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Free agency opens with a thinner reliever market

Liam Hendriks (Photo by Ron Chenoy/USA TODAY Sports)

Free agency opened on Thursday accompanied by a pair of reported signings.

One doesn't yet have a dollar value attached, as reports have Clayton Kershaw returning to the Dodgers on a one-year deal. Another could help the White Sox, as Robert Suarez re-signed with the Padres after declining his player option.

Suarez impressed in his first MLB season, posting a 2.27 ERA and 61 strikeouts over 47⅔ innings, but he reached free agency because he made his debut at 31 after spending all of his professional career in Japan.

Not only is he off the board, but he signed the offseason's second five-year contract for a reliever. Suarez's deal is worth $46 million, with an opt-out after the third year. It's not quite Edwin Diaz's five-year, $102 million deal with the Mets, but five years remains a staggering commitment for any reliever.

With Diaz and Suarez returning to their teams, there isn't a whole lot left on the market for a team seeking proven relievers.

https://twitter.com/mike_petriello/status/1590855456414912512

I think we can say that Liam Hendriks' two-year, $29 million obligation is below market rate, and you might even be able to rope in Kendall Graveman, who has succeeded in his limited exposure to the closer role over the last two years.

(Joe Kelly? The Sox are probably stuck with Joe Kelly.)

As for two other elements that help determine the shape of the free agent class, here were the players who opted out, declined their options or were bought out:

  • Chris Archer
  • Hanser Alberto
  • Chris Bassitt
  • Xander Bogaerts
  • Dylan Bundy
  • Kole Calhoun
  • Andrew Chafin
  • Carlos Correa
  • Zach Davies
  • Jacob deGrom
  • Danny Duffy
  • Zach Eflin
  • Mychal Givens
  • Josh Harrison
  • Ian Kennedy
  • Jordan Lyles
  • Trey Mancini
  • Nick Martinez
  • Mike Minor
  • Wil Myers
  • Jimmy Nelson
  • Scott Oberg
  • Tommy Pham
  • Jurickson Profar
  • Anthony Rizzo
  • AJ Pollock
  • Carlos Rodón
  • Miguel Sanó
  • Jean Segura
  • Will Smith
  • Drew Smyly
  • Justin Turner
  • Justin Verlander
  • Taijuan Walker

Some of those players were among the 14 who received the $19.65 million qualifying offer from their clubs:

  • Tyler Anderson
  • Chris Bassitt
  • Xander Bogaerts
  • Willson Contreras
  • Jacob deGrom
  • Nathan Eovaldi
  • Aaron Judge
  • Brandon Nimmo
  • Joc Pederson
  • Martin Pérez
  • Anthony Rizzo
  • Carlos Rodón
  • Dansby Swanon
  • Trea Turner

There are a few surprises in there, but Pederson tops them all. He posted a 144 OPS+ and hit 23 homers over 433 plate appearances for the Giants, which is no small feat when Oracle Park is the home ballpark. However, he's also a strict platoon bat and a poor corner outfielder, so it's a lot of money for a 31-year-old who needs assistance holding down a position.

Pederson would be off the market if he accepts, obviously, but it'd alter the conversation about his value if he declined the offer, since a draft pick and international pool money would be attached.

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