The MLB offseason market heated up Tuesday as several big names rejected qualifying offers, opting to test free agency ahead of the 2024 season. Here’s a breakdown of the key developments.
Who Rejected the Qualifying Offer?
Twelve of the 13 players extended a one-year, $21.05 million qualifying offer rejected it, headlined by former New York Yankees outfielder Juan Soto and New York Mets right-hander Luis Severino.
Here’s the full list of players who declined the qualifying offer:
- Juan Soto (Yankees, OF)
- Luis Severino (Mets, RHP)
- Pete Alonso (Mets, 1B)
- Sean Manaea (Mets, LHP)
- Corbin Burnes (Orioles, RHP)
- Anthony Santander (Orioles, OF)
- Alex Bregman (Astros, 3B)
- Willy Adames (Brewers, SS)
- Teoscar Hernandez (Dodgers, OF)
- Christian Walker (Diamondbacks, 1B)
- Nick Pivetta (Red Sox, RHP)
- Max Fried (Braves, LHP)
Rejecting the offer allows these players to remain free agents. If they sign elsewhere, their former teams will receive a compensatory draft pick.
The Exception: Nick Martinez Accepts
Cincinnati Reds right-hander Nick Martinez was the sole player to accept his qualifying offer, securing a one-year, $21.05 million deal. Martinez, 34, delivered a strong season, going 10-7 with a 3.10 ERA in 42 games (16 starts) for the Reds. He provides reliability for a Cincinnati rotation looking to stay competitive in 2024.
Spotlight: Juan Soto and Luis Severino
Juan Soto
Soto, 26, enters free agency as one of the most sought-after players on the market. Coming off a Silver Slugger season in which he batted .288 with a .989 OPS, 41 home runs, and 109 RBIs, Soto helped guide the Yankees to the World Series.
Multiple big-market teams are rumored to be pursuing the four-time All-Star, including the Yankees (hoping to re-sign him), Mets, Red Sox, Blue Jays, and Phillies. Soto’s potential deal could rival or exceed the largest contracts in MLB history.
Luis Severino
Severino, 30, pitched his first season with the Mets in 2023, going 11-7 with a 3.91 ERA over 31 starts and 182 innings. A two-time All-Star with the Yankees, Severino has a career record of 65-44 with a 3.81 ERA in 172 games. He’s likely to draw interest from teams seeking a veteran starter with postseason experience.
What’s Next for These Free Agents?
Teams will now pursue these players aggressively, with Soto and Severino among the biggest prizes. As part of the qualifying offer system, any team signing one of these free agents will forfeit draft compensation, depending on their payroll status.
Big-market teams and contenders with large payrolls—such as the Dodgers, Mets, Yankees, and Astros—are expected to be active in negotiations.
The Financial Implications
Rejecting the qualifying offer is a bet by the players that they can secure longer-term, higher-value deals. Soto, for instance, is projected to command a multi-year deal worth well over $400 million.
Teams signing these players must balance their needs with the cost of losing draft picks, a factor that could influence how some smaller-market teams approach free agency.
What Does This Mean for the 2024 Season?
These rejections set the stage for an active offseason, with marquee players reshaping the competitive balance across the league. For fans and teams alike, the countdown to Spring Training just got a lot more exciting.
