The 2024-25 offseason for Major League Baseball (MLB) has already seen nearly $2 billion committed to free agents, with a significant portion of that figure attributed to Juan Soto's groundbreaking contract. Soto, along with players Max Fried, Blake Snell, and Willy Adames, secured deals exceeding $180 million. However, with less than two months until pitchers and catchers report to spring training, many excellent talents remain available. Fans of teams that have yet to secure impactful signings should maintain hope, with exceptions for supporters of the Chicago White Sox, Miami Marlins, or Colorado Rockies. An examination of the free agency and trade activities so far highlights a few clear winners and losers this offseason, presented without a specific order but alternating between the two categories.

Leading the pack is Juan Soto, whose contract not only surpassed expectations but set new records. Anticipation had built over the last offseason, suggesting Soto would command at least $500 million, with rumors of a potential $600 million deal emerging during the 2024 campaign. Following his instrumental role in guiding the New York Yankees to their first World Series appearance in 15 years, speculation mounted that Soto's deal could reach $700 million. The eventual contract of $765 million, all paid upfront, astonished analysts and fans alike, representing a staggering leap from Shohei Ohtani's $700 million contract established the previous winter. Soto’s deal showcases a more than 66 percent increase in present value compared to Ohtani's $460.8 million pact, even though Soto has yet to claim an MVP award and recently turned 26. It remains uncertain whether the Mets have bolstered their lineup sufficiently to contend in 2025. While Soto's signing is a substantial addition, roster challenges include uncertainty at third base and a competitive NL East featuring teams such as Philadelphia and Atlanta.

Several teams have remained surprisingly inactive during this offseason. The Detroit Tigers made minimal moves, signing Alex Cobb to a one-year contract without further significant activity. The Seattle Mariners and Washington Nationals have remained largely dormant since non-tendering a few players a month ago. The Houston Astros, meanwhile, seem to be in a state of decline after trading Kyle Tucker to the Chicago Cubs in exchange for Isaac Paredes, Hayden Wesneski, and Cam Smith. Tucker's impressive performance, combined with his OPS ranking within the top ten in the majors, highlighted the risk of trading away a key asset for perceived long-term gain. The Astros also face uncertainty surrounding Alex Bregman’s future with the team, having yet to re-sign him. While futures markets show the Astros as slight favorites to win the AL West again, the offseason raises serious questions about their roster strength, especially in critical positions such as outfield and first base, while pitching remains a relative strength.

The trade of Kyle Tucker appears to benefit the Cubs significantly. In addition to acquiring Tucker, they sent Cody Bellinger to the Yankees. Evaluating the broader implications, the transaction involving Tucker offers potential savings and a likely offensive upgrade compared to Bellinger’s production in 2024. If rookie Matt Shaw performs well at third base, the outfield featuring Tucker, Ian Happ, and Pete Crow-Armstrong could excel defensively. However, the trade of Cam Smith, the Cubs' 14th overall pick who showcased exceptional performance in his short professional career, remains a potential long-term loss. Despite this, the Cubs have made further moves, including a two-year deal with pitcher Matt Boyd and signings such as catcher Carson Kelly, while rumors of a potential trade for Jesús Luzardo circulate. As other NL Central teams stagnate or falter, the Cubs emerge as the likely frontrunners for the division.

Conversely, the Milwaukee Brewers face setbacks this offseason, having officially lost shortstop Willy Adames to the San Francisco Giants after failing to retain him despite his strong 2024 performance. The Brewers also traded away All-Star closer Devin Williams, acquiring Nestor Cortes and prospect Caleb Durbin from the Yankees. This trade, while bolstering the pitching staff, raised questions about team control and financial strategies, given that Williams was a top reliever. Additionally, the Brewers’ predicament with Rhys Hoskins, who opted into a significant player option amidst oversaturated options for first basemen, complicates their financial decisions further. Despite their surprising success in 2024, concerns about the Brewers’ ability to replicate that performance loom large as they have yet to replace key departures in their roster.

The offseason has also revealed a remarkable trend regarding free-agent left-handed pitchers. Historically, large contracts for this demographic have been sparse, but this winter has seen significant financial movements. Max Fried's monumental eight-year, $218 million deal with the Yankees set a new precedent, while Blake Snell’s five-year, $182 million contract with the Dodgers showcases equally high-profile investments. Other southpaws, such as Yusei Kikuchi, have also grabbed attention, underscoring a changing market dynamic among pitchers. The market for corner infielders remains unexpectedly stagnant, with notable names such as Pete Alonso and Alex Bregman yet to secure deals, suggesting teams may be waiting for more favorable contract terms before committing to these positions.

Despite upheaval in player transactions, the Oakland Athletics press forward with ambitions to break ground on a new stadium in Las Vegas. Enhancements to their pitching lineup, featuring signings like Luis Severino and the acquisition of Jeffrey Springs, indicate a desire to bolster competitive capabilities by the 2025 season. Severino’s bounce-back year with the Mets solidifies his place as a potential ace, while Springs offers significant upside if able to return to form following injury setbacks. With renewed hope for roster improvement, Oakland aims to transform from a bottom-tier team to a legitimate playoff contender.

Historically, the AL Central has low payrolls and this winter has proven no different, as minimal actions have been taken. The Minnesota Twins have made negligible moves, while the Chicago White Sox traded Garrett Crochet and signed several players for under $2 million each. The Detroit Tigers and Kansas City Royals have been similarly inactive, raising questions about their competitive strategies and ability to attract high-caliber talent. The Cleveland Guardians re-signed Shane Bieber but engaged in a series of trades that have not visibly strengthened their roster. Together, the inactivity amongst AL Central teams, especially in the wake of recent competitive seasons, raises concerns about the health of the division heading into the 2025 campaign.