Four Player Option Decisions To Watch for When Free Agency Begins

It is never too early to start thinking about the offseason. With four teams left in the hunt for a World Series championship, the remaining 26 clubs are slowly turning their attention to free agency.

Shohei Ohtani dominated the free agent class last winter, and Juan Soto will be the leading player this offseason, followed by the likes of Corbin Burnes, Alex Bregman, Max Fried, and Pete Alonso.

The 2024-25 class could become more potent depending on a few key opt-out/player option decisions, as a few more intriguing names could hit the free agent market if they so choose.

*All option values via Spotrac*

Blake Snell – LHP

Player option for 2025 season: $30 million

One of the most intriguing arms in free agency last winter was southpaw Blake Snell, who inked a two-year deal with the San Francisco Giants and put himself in a position to hit the open market once again this winter.

A Scott Boras client, Snell did not put pen to paper until mid-March. He seemed to be in line for a long-term deal, although one never came to fruition.

When healthy, Snell was dominant for the Giants in 2024, posting a 3.12 ERA through 20 starts and 104 innings. He authored a 12.6 K/9 – his single-season career high – and held opponents to a .174 average and a .526 OPS with a 1.05 WHIP.

The two-time Cy Young winner tossed a no-hitter against the Cincinnati Reds in August, the first complete game of his career. He allowed three or fewer runs in all but three of his outings this season.

It hasn’t all been smooth sailing for Snell in the Bay Area. An adductor strain made him miss just under a month in late April/early May, and a groin strain put him on the shelf for a few weeks in late June. He made his fewest starts since his debut campaign in 2016 (excluding the COVID-19 shortened campaign).

All signs point to Snell exercising his player option and testing free agency again this winter, in hopes of finding the lucrative long-term payday that escaped him last winter.

Snell should ink another solid return in free agency, but there is some reason for teams to be cautious regarding his long-term health after the late start to the 2024 season led to some injury troubles.

Cody Bellinger – 1B/OF

Opt-out after the 2024 season: Two years, $52.5 million remaining (with a player option following the 2025 season)

Another Scott Boras client looking to cash in this past winter, outfielder Cody Bellinger found himself heading back to the Chicago Cubs after a resurgent 2023 season in the NL Central helped boost his stock.

The former NL Rookie of the Year and MVP Award winner found a fresh start with the Cubs after six seasons with the Los Angeles Dodgers and put forth a .307/.356/.525 slash line. He seemed to have set himself up for a nice payday amidst a weak outfield free agent class, only to return to Chicago on a three-year deal.

With an opt-out at his disposal this winter and an option after next season, Bellinger can take a few different routes depending on when he wants to test the open market again. This year, the lefty batter has authored a respectable .266/.325/.426 slash line with a .751 OPS, but that is a far cry from the numbers he put up last season.

His 2.2 bWAR was well behind the 4.4 figure he put up during his first season with the Cubs, and he finished below the 50th percentile in numerous offensive categories on Baseball Savant outside of squared-up rate (89th), strikeout rate (85th), and whiff rate (65th).

A left middle finger fracture and a right rib fracture saw Bellinger hit the sidelines a couple of times this past summer as well.

Going against Bellinger as well is a more potent free agent class this winter, which would have him going against the likes of Soto, Anthony Santander, and a handful of other talented outfielders looking for new deals.

Bellinger has reportedly not decided whether or not he will opt out of his current deal, but he will have some time ahead of him to make a decision. The odds seem more geared toward him staying in Chicago considering the $52 million he is guaranteed over the next two seasons, but stranger things have happened.

Sean Manaea – LHP

Player option for 2025 season: $13.5 million

One of the primary reasons the Mets have made it to the NLCS is the resurgence of LHP Sean Manaea, who signed a two-year deal with the club after opting out of his deal with the San Francisco Giants last winter. The 32-year-old has been one of the go-to arms for manager Carlos Mendoza in a surprisingly strong New York rotation.

Manaea found a home in the Mets rotation, putting up career numbers during the regular season. He finished with a 3.47 ERA after 32 starts and put up a new career high in innings pitched.

He also produced a 1.08 WHIP, 9.12 K/9 and 6.64 H/9. The Mets won 23 of his 32 starts.

This one is a bit of a no-brainer unless Manaea decides he wants to stay in New York on a discounted deal. The expectation is that the Indiana product will decline his player option and test free agency again this winter.

Robbie Ray – LHP

Opt-out after 2024 season: Two years, $50 million remaining

It was just three years ago that Robbie Ray took home the AL Cy Young Award, putting up a dominant 2.84 ERA through 193 1/3 innings with the Toronto Blue Jays.

He turned that campaign into a five-year, $115 million contract with the Seattle Mariners, but since 2022, the left-hander has made just 40 starts due to Tommy John surgery that sidelined him for all of the 2023 campaign and a good portion of the 2024 season.

Now in San Francisco after an offseason trade down the coastline, Ray made just seven starts this year for the Giants before landing on the IL with a left hamstring strain in late August, which kept him on the sidelines for the rest of the campaign. Through 30 2/3 innings, Ray produced a 4.70 ERA with 16 earned runs allowed and 43 strikeouts.

It would be surprising to see Ray leave $50 million on the table after overcoming elbow surgery, but again, stranger things have happened.

He likely won’t find a better deal on the open market compared to what he currently has, and if he can stay healthy next season, he has a better chance to set himself back on track for another lucrative payday in two years compared to this winter – especially if he can find his 2021 form sooner than later.