The MLB winter meetings have come and gone, and though there’s always a hope that there will be plenty of action, that’s not always the case. The 2025 meetings didn’t have a $700 million-plus deal like last year, but there were still a number of impactful free agent signings, although no groundbreaking trades.

Veteran slugger Kyle Schwarber chose to return to the Philadelphia Phillies on a five-year deal in the first major splash of the meetings. The Los Angeles Dodgers added to an already star-studded roster by signing closer Edwin Diaz to a three-year, $69 million contract that sets a record in AAV for a reliever. The Baltimore Orioles then joined the fun by adding a veteran slugger on a five-year deal of their own in Pete Alonso.

We asked our MLB experts who were on the scene in Orlando, Florida, to break down everything that happened this week. Which moves most impressed them — and which most confused them? Who were the biggest winners and losers? What should we make of the trade market? And what can we expect next?

What is the most interesting thing you heard this week in Orlando?

Jorge Castillo: That a Tarik Skubal trade is likely. Here’s what we know: Detroit Tigers president of baseball operations Scott Harris can shut down speculation by simply saying he is not trading Skubal and he has not done that. Instead, he noted this week that there aren’t any “untouchables” on his roster. Trading the best pitcher in baseball when you’re trying to compete would upset the fan base, but the Tigers, knowing re-signing Skubal next winter is unlikely, appear open to it.

Bradford Doolittle: Managers’ responses to questions about how they plan to handle the new automated ball-strike (ABS) challenge system were interesting. No one seems fixed on a protocol just yet, but what had not occurred to me is that catchers are likely to be the triggers for challenges for the defense. So instead of the possible reality in which catcher value was undermined by a full-blown automated system, this structure actually will enhance it — and we’ll have a new set of statistics to track.

Alden Gonzalez: Tyler Glasnow‘s name has come up in conversations, and the Dodgers would not be opposed to moving him. He’s poised to make a combined $60 million over the next two years, with either a $30 million club option or a $21.6 million player option in 2028. But the quality of his stuff continues to tantalize executives throughout the industry, and there are certainly a fair share of teams that will bank on him staying healthy enough to make it worthwhile. Maybe he’s part of the package that brings Tarik Skubal to L.A. It’s a long shot, perhaps, but wilder things have happened.

Jeff Passan: The Texas Rangers are in listening mode on star shortstop Corey Seager, which doesn’t mean the two-time World Series MVP is by any means going to be moved but reflects the Rangers’ willingness to overhaul the team beyond their trade of Marcus Semien. To be abundantly clear: Texas isn’t looking to shed the remaining $186 million on his contract. The return would need to overwhelm the Rangers. But they are facing a payroll crunch, and with Alonso landing a $155 million deal and Schwarber reaping $150 million, Seager’s deal is quite appealing. He’s only 31, he plays an excellent shortstop and of all the position players ostensibly available via trade or free agency, he is the best.

Jesse Rogers: Simply put, that deals for many of the major free agent pitchers aren’t close to being finalized. It almost feels like the beginning of the offseason for starting pitchers, who are meeting with teams to try to ignite their market. There has been a steady pace of signings for relievers — especially at the high end — but other than Dylan Cease, starting pitchers have been slow to agree to deals. That will change — at least in part — because Japanese starter Tatsuya Imai has a deadline of Jan. 2 to sign, but even that is still several weeks away.

What was your favorite move of the offseason so far?

Doolittle: I’m not too excited about any of them so far — not that I think they’re all bad, just nothing tickles my fancy. So the bar is pretty low. I’ll go with the Toronto Blue Jays going big on Cease. Keep that crest wave Toronto is on rolling.

Gonzalez: As a general rule, any free agent deal this time of year tends to be an overpay. And that’s what makes the Dodgers’ deal for star closer Diaz so appealing. Diaz received the highest annual value ever for a reliever, but they were able to get him for only three years (and, as they so often do, defer some of the payments). The Dodgers capitalized on the New York Mets‘ signing of Devin Williams — which opened the door for Diaz’s departure — and addressed their own biggest need with the type of short-term, high-AAV contract that is always their preference.

Rogers: I love Baltimore going for it, agreeing to a deal with Alonso. The Orioles had a bad season in 2025 and are doing everything they can to change their fortunes for next season — even if there are some inherent doubts about acquiring an aging first baseman for big money. The bottom line is Alonso is going to mash in Baltimore and perhaps bring some leadership to a team that needs a veteran presence. I love the big swing here — pun intended.

Which team’s actions (or lack thereof) had you scratching your head?

Doolittle: It’s probably too early to judge any particular team for its offseason in total, but the most perplexing move for me was Baltimore dealing Grayson Rodriguez to the Los Angeles Angels for one year of Taylor Ward. That definitely makes my head itch.

Castillo: The Orioles prioritizing a slugger after acquiring Ward from the Angels was unexpected. Baltimore does not have a shortage of young position player talent. Starting pitching, not offense, was their pressing need — especially after trading Rodriguez for Ward. But the Orioles offered Schwarber a five-year, $150 million deal and quickly pivoted to Alonso when Schwarber chose the Phillies, landing the former Mets first baseman with a five-year, $155 million deal that surpassed industry projections. The pressure remains on Orioles president of baseball operations Mike Elias to acquire a front-line starter, which he has plainly stated is an offseason priority.

Passan: What the New York Mets did over a 24-hour period to end the meetings — miss out on slugger Schwarber, lose closer Díaz to the two-time defending World Series champion Dodgers and lose Alonso, their franchise home run leader, to the Orioles — felt like a bloodletting.

Collapses like the Mets’ have consequences, and president of baseball operations David Stearns is reshaping them to his liking. Defensive liabilities are a no-no. Record-setting deals for relief pitchers are verboten. How the Mets proceed is anyone’s guess, but let’s not forget: Steve Cohen is still the richest owner in baseball, and that opens a world of possibilities. But if this period of inaction isn’t remedied through decisive moves — an influx of talent either through free agency or trades — the Mets’ playoff hopes will end before they’ve begun.

After a lot of buzz ahead of the meetings, it was pretty quiet on the trade front. What is one big deal you think could go down from here?

Gonzalez: The Miami Marlins have been engaged in trade conversations around Edward Cabrera, a 27-year-old starting pitcher with three controllable years remaining. And the Orioles have emerged as a front-runner, as first reported by The Athletic. There are a number of starting pitchers available at the moment. Sonny Gray has already gone from St. Louis to Boston, and Cabrera could be next to move.

Passan: A second baseman is going to move. Maybe multiple. There is too much interest in Ketel Marte, Brendan Donovan and Brandon Lowe for a deal not to be consummated. It’s not just them, either. Jake Cronenworth is available. The Yankees have listened on Jazz Chisholm Jr. The Mets’ overhaul could include moving Jeff McNeil.

Marte and Donovan are the clear top options, with Arizona’s and St. Louis’ respective demands exceptionally high. Which is where, at this point on the calendar, they should be. Especially with all of the teams that could use a second baseman (Boston, Pittsburgh, San Francisco, Seattle, New York Mets) or that would be willing to replace theirs.

Rogers: Where there is smoke, there is fire, meaning Washington Nationals starting pitcher MacKenzie Gore will be moved. His name came up a lot in Orlando and there are enough motivated teams in part because he’s good and affordable. An American League East team, such as the New York Yankees or Orioles, fits for Gore — especially the latter, which might have an extra hitter or two to spare after signing Alonso. Gore fits in Baltimore on several levels.

Who was the biggest winner — and loser — of the week?

Castillo: The Mets were the biggest loser. Losing Diaz and Alonso on consecutive days two weeks after trading Brandon Nimmo is a staggering sequence not just because they are all All-Star-caliber players, but because they were so integral to the franchise and beloved by the fan base. This doesn’t mean the Mets can’t emerge as winners this season. Stearns & Co. have time to rebound. They certainly have moves to make. But this was an ugly week for Mets fans, one they’ll never forget.

Passan: The Dodgers were the biggest winner, filling their clearest need with one of the best closers in baseball, Díaz. Cincinnati, in the meantime, is the biggest loser.

Free agents of Schwarber’s ilk rarely entertain the idea of going to small-market teams, but the Reds had a built-in advantage: He was from there. Considering the scarcity of such possibilities, the Reds — one big bat away from being a real threat to win the NL Central — needed to treat Schwarber’s potential arrival with urgency and embrace their inner spendthrift. They had the money to place the largest bid. They chose not to. And they missed, a true shame considering the strength of their rotation and the likelihood that similar opportunities won’t find them again anytime soon.

Rogers: The Phillies were the biggest winner. Where would they be without Schwarber? Perhaps it was a fait accompli he would be returning, but until he signed on the dotted line, some doubt had to exist. His power simply can’t be replaced, meaning the Phillies’ whole trajectory this offseason would have changed had he left. Now, they can keep moving forward on other important decisions, such as what to do at catcher and if Nick Castellanos still fits their roster. Checking the Schwarber box removes a major potential headache for the franchise. Conversely, even if it was a long shot, the Cincinnati Reds losing out on Schwarber has to hurt. As important as he is to the Phillies, his impact in Cincinnati could have been even more meaningful. He instantly would have elevated the Reds on and off the field.

Which team is under the most pressure to do something big after the meetings?

Castillo: The Mets for the reasons I stated above. Stearns obviously believed he needed to make changes to the roster after such a disappointing season. But this is a major, major overhaul that goes beyond on-field performance. Diaz, Alonso, and Nimmo were beloved core Mets and key to the franchise’s fabric. The pressure is on Stearns to ensure the jarring changes will produce success.

Doolittle: Cincinnati. The Reds muffed the Schwarber situation in a major way. I’m not sure what their actual chances were of signing him, but they should have at least matched what the Phillies offered. The fit between the player and what he’d add to the city and the clubhouse culture while addressing the roster’s biggest need in an emphatic fashion was a set of alignments hard to replicate. There is no suitable pivot from here. But the Reds need to do something — and they need to stop making excuses for why they don’t.

Gonzalez: The Mets. Their decision to not pay a premium for cornerstone players prompted Diaz to leave for L.A., Alonso to depart for Baltimore and their fans, understandably, to be up in arms. Now, they must react. They still have needs to address in their rotation, but they have to get aggressive with their lineup before all of the premium bats come off the board. Going after Cody Bellinger, and potentially stealing him from their crosstown rivals, feels like the natural pivot.

Passan: The Blue Jays have a chance to seize control of the AL East even more than they did in winning the division this year. Whether that means signing Kyle Tucker, Bo Bichette or both, they’re spending in the sort of fashion the Yankees and Red Sox used to — and taking advantage of the window of opportunity that presents is imperative.

Toronto, long mocked for its failures in free agency, is now a destination for players enthralled by the brand of baseball the Blue Jays play as well as the deep pockets of ownership. If you’re going to spend $210 million on Cease, that’s a sign: It’s all-in time, and opportunistic maneuvering would pay huge dividends for Toronto.

Rogers: The Yankees. For once, they are the team that needs to respond after the Blue Jays beat them on the field and now so far in the offseason. Toronto keeps adding while New York should try to at least maintain what it has — meaning Bellinger, or perhaps Tucker, should be in Yankees pinstripes as soon as possible. If the Yankees can add Imai, they’ll match Toronto’s addition of Cease. That would be a good thing. The two teams aren’t that far apart in talent, but Yankees general manager Brian Cashman can’t take his foot off the gas. The pressure is on in New York again.