MLB Offseason Winners and Losers: Dodgers keep loading up as Blue Jays stay aggressive

It’s pencils down for this MLB offseason, as nearly every notable free agent has found a home and players begin to arrive at spring training sites in Florida and Arizona. As we hear the pop of mitts and the crack of bats again, it’s time to take stock of what transpired during MLB’s Hot Stove.

The defining theme of this offseason wasn’t who spent the most money, but which teams acted with urgency and which ones didn’t. There are plenty of reasons for that divide, something which will loom large as the league approaches the expiration of the current CBA, but this is an assessment of the here and now. Who pushed themselves forward? Who set themselves back? Who doesn’t fit neatly into a category as the league heads toward the 2026 season? Let’s break it down.

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MLB Free Agent Tracker 2025-26: Justin Verlander reunites with Tigers, Pirates add Marcell Ozuna to lineup

Stay up to date with the MLB free agent market this offseason, including player signings, contract details, and team fits as the 2025-26 Hot Stove heats up.

1. 

   D.J. Short

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Offseason Winners

Blue Jays

After coming up heartbreakingly short against the Dodgers in the World Series, the Blue Jays kept their foot on the gas with an active offseason. This approach was highlighted by Dylan Cease’s seven-year, $210 million contract with the club. While the Jays said goodbye to longtime shortstop Bo Bichette and came up short on Kyle Tucker, they added Japanese infielder Kazuma Okamoto on a four-year, $60 million deal, along with veteran reliever Tyler Rogers (three years, $37 million) and KBO breakout pitcher Cody Ponce (three years, $40 million). Even with a growing list of injury concerns this spring, the Blue Jays appear set on finishing the job in 2026.

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Dodgers

The big, bad Dodgers did big, bad things this offseason, at least according to every fanbase outside of Los Angeles. First, they solved their late-inning issue by luring Edwin Díaz away from the Mets with a three-year, $69 million contract. From there, they handed out the richest AAV (average annual value) of all time as part of a stunning four-year, $240 million deal with free-agent outfielder Kyle Tucker. Under a microscope heading into a looming CBA battle next offseason, Los Angeles is paying to put an elite team on the field and fully exploit its championship window with Shohei Ohtani and company.

Orioles

2025 was a bitterly disappointing step back for the Orioles, so they had to come out swinging this offseason; they mostly stuck the landing. That effort was highlighted by the signing of Pete Alonso to a massive five-year, $155 million contract. The O’s also swung trades for Shane Baz and Taylor Ward while picking up Ryan Helsley (two years, $28 million) to serve as their closer with Félix Bautista set to miss the 2026 season following shoulder surgery. The fresh look includes new manager Craig Albernaz, who joins the Orioles by way of the Guardians.

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Mets

Change was expected after the Mets won just 83 games and missed the playoffs last season, but David Stearns’ sweeping makeover touched both the roster and the coaching staff. Stearns drew sharp criticism from fans and media after Edwin Díaz and Pete Alonso signed elsewhere in December, but redemption followed with the high-profile moves for Bo Bichette and Freddy Peralta. The Mets signed Bichette away from division rival Philadelphia, while Peralta gives the club the front-end arm it desperately needed. The new-look team also includes Marcus Semien, Luis Robert Jr., Jorge Polanco, Devin Williams, and Luke Weaver. The pieces don’t fit perfectly yet, but the roster is clearly formidable.

Cubs

Kyle Tucker may be a Dodger, but the Cubs made a big statement of their own by adding Alex Bregman on a five-year, $175 million contract, as well as bolstering their rotation with a trade for Edward Cabrera. Chicago also overhauled their bullpen corps with the acquisitions of Phil Maton, Hunter Harvey, Jacob Webb, and Hoby Milner. While the Brewers are piecing it together, the Cubs have positioned themselves as the favorites in the NL Central.

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Tigers

The Tigers are a late winner here. A couple of weeks ago, they might have fallen into the offseason loser category, especially with the wide gap in arbitration numbers with Tarik Skubal. Since then, Detroit has taken advantage of their one-year window with Skubal by signing both Framber Valdez and Tigers legend Justin Verlander. The rotation depth is necessary with Reese Olson expected to miss the season following shoulder surgery. The lineup is essentially unchanged, but prospect Kevin McGonigle looms as an impact player. The Tigers enter 2026 as the clear favorite in the AL Central.

Honorable Mention: Pirates

The Pirates finished last in the majors in runs scored last season, so adding Brandon Lowe, Ryan O’Hearn, and Marcell Ozuna can only help in that regard. It might not be enough to move them into contention, but at least they are trying to improve while they still have Paul Skenes on their roster.

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1. 

   D.J. Short

   ,

Offseason Losers

Phillies

It’s slightly unfair to put the Phillies here after they were able to keep Kyle Schwarber, but they’ll no longer have Ranger Suárez in their rotation after he signed with the Red Sox and the club also missed out on free-agent target Bo Bichette. Making matters worse, Bichette landed with the Mets, something Phillies president Dave Dombrowski described as a “gut punch.” J.T. Realmuto will also return this season, but the only real notable outside additions were Adolis García and Brad Keller. Getting a full year out of Jhoan Duran should help, and the Phillies also have a handful of intriguing young players who could make an impact. Even though the Phillies are in the offseason “losers” category, they should be considered the favorites in the NL East.

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Twins

Go hug a Twins fan. Coming off a demoralizing sell-off at the trade deadline last summer, the Twins did very little in the way of spending this offseason as Tom Pohlad and the ownership group attempted to keep their heads above water. The drama continued at the end of January, when the Twins and general manager Derek Falvey parted ways. Josh Bell was the biggest expenditure, while Victor Caratini gives the club another option behind the plate and Taylor Rogers returns to the team’s bullpen. It’s a tenuous situation for Derek Shelton to step into as manager.

Brewers

I’m fully prepared to look silly here if the Brewers win the NL Central once again, but how long can they possibly get away with this? In what feels like an annual tradition, the Brewers traded another big star this offseason, this time with Freddy Peralta going to the Mets. But they were active in other ways as well, trading two top-four finishers in the NL Rookie of the Year voting (Isaac Collins, Caleb Durbin) to address other areas of their roster. It’s a big plus that Brandon Woodruff will return for another season, but the margin for error for this team appears razor thin.

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Stuck in Neutral

Red Sox

On one hand, the Red Sox did an impressive job strengthening their rotation with the additions of Ranger Suárez and Sonny Gray, but they failed in pursuits of Pete Alonso and Kyle Schwarber, then watched Alex Bregman sign with the Cubs. A healthy Roman Anthony for a full season should help, but Willson Contreras and Caleb Durbin aren’t exactly the power infusion Red Sox fans had in mind entering the offseason.

Yankees

Can you blame Yankees fans for feeling underwhelmed? Keeping Cody Bellinger was a major win, but that also underscores that Brian Cashman is mostly running it back with the same group as last year. The Yankees won 94 games last season, so maybe that’s not the worst thing. Ryan Weathers gives the club another rotation option, and Gerrit Cole should return at some point as well. It’s not exciting, but that doesn’t mean it won’t work.

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Padres

The Padres are still built to compete this season with Michael King returning and Joe Musgrove back from Tommy John surgery, but payroll has remained flat while the ownership situation remains unresolved. The club is largely locked in with their future commitments and there’s not much help on the farm due to A.J. Preller’s aggressive trading. Korean infielder Sung-Mun Song and Miguel Andujar were the only notable outside additions this offseason and trade conversations failed to provide meaningful payroll relief.

Too Soon to Say

Cardinals

The Cardinals continued to trade away veterans this offseason, including Sonny Gray, Willson Contreras, Nolan Arenado, and Brendan Donovan. The Cardinals are adjusting to a new reality, not just with Chaim Bloom leading baseball operations, but also a changing television landscape that the team asserts has reduced their revenue. Bloom is doing the right thing by turning the page on an aging and flawed roster, but it will take time for those changes to bear fruit.