Itâ€s like déjà vu all over again.
If the opening days of November feel familiar, thereâ€s a reason for that. The Dodgers are celebrating another World Series title, Alex Bregman and Pete Alonso are once again among the top free agents on the market, and teams will be eager to pursue more talented players from Japan.
Itâ€s not a re-run. Itâ€s the 2025-26 offseason.
Players and clubs will continue to make a number of decisions on options and qualifying offers in the coming days, while the gameâ€s top decision-makers will gather in Las Vegas beginning on Monday for the annual General Managers Meetings, officially kicking off the Hot Stove season.
Hereâ€s a look at 11 storylines that weâ€ll be talking about this winter:
The top free-agent prizes: Kyle and Kyle
While there are a number of prominent players on this yearâ€s free-agent market, a pair of guys named Kyle – Tucker and Schwarber – are among the top prizes.
Despite an uneven year that saw him deal with injuries, Tucker is the consensus No. 1 player on the market.
Tuckerâ€s high price tag is likely to limit his suitors to big-market clubs such as the Yankees, Dodgers, Mets, Cubs, Phillies and Giants, though all it takes is two of those teams to get involved in a bidding war for the numbers to swell.
Schwarberâ€s offseason could be much simpler if the Phillies decide they must re-sign their slugger, though other teams – the Red Sox, Mets, Tigers and perhaps even the Reds – could try to make things interesting. Designated hitters entering their age-33 season arenâ€t typically huge draws in free agency, but Schwarber isnâ€t your typical hitter.
Alonso, Bregman and Jorge Polanco were free agents a year ago, yet they could wind up testing the market for a second straight year thanks to player options and opt-out clauses.
Alonso and Bregman – who are each represented by agent Scott Boras – have already triggered their respective opt-out clauses to give free agency another try, though neither will have a qualifying offer attached to him this time around. Alonso signed a two-year, $54 million deal with the Mets, while Bregman inked a three-year, $120 million deal that included $60 million in deferred money, so both players will be seeking the long-term deal that evaded them a year ago.
Polanco has until later this week to declare his intention for 2026, though he is expected to become a free agent. Polanco is eligible for a qualifying offer, though itâ€s highly unlikely he would receive one from the Mariners.
The Blue Jays fell short of the franchiseâ€s first title since 1993, but the magical run to the World Series has Toronto hungry to finish the job in 2026. Vladimir Guerrero Jr.â€s early-season extension removed a huge item of business for the Jays, but that doesnâ€t mean GM Ross Atkins doesnâ€t have a busy offseason ahead.
Bo Bichette is the lone everyday player headed for free agency, so Toronto will have to decide whether to shell out another monster contract to keep the two-time All-Star – assuming another club doesnâ€t try to overwhelm Bichette with a huge offer. Andrés Giménez could move to shortstop, so the Blue Jays could pursue a second baseman instead if Bichette departs.
The pitching staff, on the other hand, could see a major overhaul, though Shane Bieber surprisingly opted to stay in his contract. Max Scherzer and Chris Bassitt are both free agents, leaving Trey Yesavage, Kevin Gausman, José BerrÃos and Bieber in the top four spots of the rotation. After that? Eric Lauer and Bowden Francis would vie for the final two spot, though the Blue Jays are likely to sign one or two starters this winter. A reunion with Bassitt and/or Scherzer is a legitimate possibility.
Last winter, the free-agent class featured a trio of aces: Corbin Burnes, Max Fried and Blake Snell. All three landed healthy deals significantly higher than the rest of the starting pitchers on the market.
This yearâ€s class doesnâ€t include any pitchers with the same track record as those three, but itâ€s a deep crop of arms that will offer rotation help to a number of clubs.
The top arms available are Ranger Suárez, Dylan Cease, Michael King and Framber Valdez, all of whom should receive and reject qualifying offers, then command solid multi-year contracts. Shota Imanaga also joins this group after surprising option decisions that made him a free agent. Other pitchers who could receive a qualifying offer include Brandon Woodruff and Zac Gallen, though either (or both) might consider accepting it, locking them in for 2026 at a $22.05 million salary. Lucas Giolito is also a borderline call when it comes to the qualifying offer.
Two likely Hall of Famers – Scherzer and Justin Verlander – donâ€t seem ready to join Clayton Kershaw in retirement, sending them back to the open market for another offseason.
The wild card on the starting pitching market is Japanese ace Tatsuya Imai, which brings us to our next storyline.
International men of mystery
Two years ago, the Yoshinobu Yamamoto sweepstakes made major headlines during Hot Stove season. Last year, Roki Sasakiâ€s arrival from Japan was one of the gameâ€s top offseason stories.
This year, a trio of Japanese stars – RHP Tatsuya Imai, 1B/3B Munetaka Murakami and 1B Kazuma Okamoto – are expected to be available for Major League clubs via the posting system, meaning they will not be limited to the amateur pool as Sasaki was a year ago.
Imai is one of the best starting pitchers in Japan, while Murakami and Okamoto are two of the top sluggers in Nippon Professional Baseball. None of them are expected to command as much as the $325 million Yamamoto received from the Dodgers, but all three could be looking at nine-figure deals.
The Mariners made a magical run to Game 7 of the American League Championship Series last month, but president of baseball operations Jerry Dipoto now faces some key decisions as he looks to get Seattle back to the postseason in 2026.
Eugenio Suárez and Josh Naylor – the Mariners†two key acquisitions at the Trade Deadline – are both free agents, while postseason hero Jorge Polanco is expected to decline his player option to test free agency. Of the three, Seattle is expected to try re-signing Naylor, though the competition for him could be considerable.
The Mariners could also look to the trade market – with Dipoto in charge, thatâ€s always a realistic option – to add a bat. Given their rotation depth, they could look to move Luis Castillo, who has two years and about $45.5 million remaining on his contract – and a no-trade clause that expired at the end of the 2025 season.
Three years ago, Edwin DÃaz set the record for the biggest contract for a relief pitcher, signing a five-year, $102 million deal with the Mets before he ever even became an official free agent. Because of that, DÃaz – who is opting out of the final two years and $38 million of that deal – will receive a qualifying offer this time around as he hits the open market for the first time in his career.
But DÃaz isnâ€t the only late-inning relief option on this yearâ€s market. Robert Suarez opted out of the final two years of his deal with the Padres, while former closers Devin Williams, Ryan Helsley and Luke Weaver are also free agents.
After winning 96 games and their second straight NL East title, the Phillies†roster faces its biggest offseason in years as Kyle Schwarber, Ranger Suárez and J.T. Realmuto headline the clubâ€s list of free agents.
Schwarber hit 56 home runs to pace the offense, while Suárez posted his best season since becoming a full-time starter in 2022. Realmuto is beginning to show his age, but he remains one of the best catchers in the league at controlling the running game – and is a free agent at a time when very few catchers are available via free agency.
The Phillies could look to the trade market to add a catcher if they decide not to bring back Realmuto, but replacing Schwarberâ€s bat could be more difficult. Top prospect Andrew Painter could be tabbed to replace Suárez in the rotation.
President of baseball operations Dave Dombrowski could also be active on the trade front, as Nick Castellanos and Alec Bohm figure to be constant names on the rumor mill.
Shortstops were all the rage in free agency during the early part of this decade, but for the second straight offseason, the market features only one prominent player at the position.
Last year, it was Willy Adames, who signed a seven-year, $182 million contract with the Giants, the second-biggest deal given to a free-agent position player behind only Juan Soto. This winter, Bo Bichette leads the shortstop class with his first bite at the free-agent apple.
Bichette rebounded from his subpar, injury-riddled 2024 season in a big way, slashing .311/.357/.483 with 181 hits, 44 doubles, 18 homers and 94 RBIs in 139 games in 2025. Heâ€s entering his age-28 season, putting him in line for a long-term, nine-figure deal.
Behind Bichette, the next-best options at shortstop are World Series hero Miguel Rojas (who turns 37 in February), Ha-Seong Kim (who played only 48 games in 2025) and Isiah Kiner-Falefa (who had a .631 OPS in 138 games).
The Mets and Yankees were very busy a year ago, signing Juan Soto and Max Fried to the two biggest free-agent contracts of the winter to headline their offseason moves. The Mets also added Pete Alonso, Sean Manaea, Clay Holmes, Frankie Montas, A.J. Minter and Jesse Winker, while the Yankees signed Paul Goldschmidt and traded for Cody Bellinger and Devin Williams.
Well, itâ€s a year later and the two teams from Gotham have plenty of work to do once again after disappointing finishes to the 2025 campaign. The Mets†free-agent class is headed by Alonso and Edwin DÃaz, while the Yankees†group includes Bellinger, Williams, Goldschmidt, Trent Grisham and Luke Weaver.
Mets president of baseball operations David Stearns could have pressure to make a big splash after his club missed the postseason, while Yankees general manager Brian Cashman will try to figure out what moves to make as his team continues to seek its first title since 2009.
Padres president of baseball operations A.J. Preller has been busy with his manager search following Mike Shildtâ€s sudden retirement on Oct. 13. But once that job has been filled, Prellerâ€s offseason can really begin.
San Diego has five prominent free agents: starting pitchers Dylan Cease and Michael King, reliever Robert Suarez, infielder Luis Arraez and infielder/outfielder Ryan Oâ€Hearn.
Replacing (or re-signing) Cease and/or King will be the Padres†top priority, while first base will also have to be addressed. Preller is known to be one of the more aggressive and creative executives out there – look no further than his Trade Deadline this past summer – so almost anything could be in play. San Diego has been to the postseason in four of the past six seasons, but the Padres havenâ€t won the NL West since 2006.
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