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The seemingly annual wait between the opening of Major League Baseball free agency and the time when players of consequence start signing is upon us, and it shows little sign of breaking. For all of those dreaming of an imminent Juan Soto deal, feel free to wake up. It's not happening before December. To others focused on when Roki Sasaki will arrive, embrace patience, because that will be even later: not until after Jan. 15, in the next international amateur signing period. Until the movement picks up, the offseason is a time for hope. Teams expected to be active this winter hope the free agency and trade landscapes unfold in their favor. Players hope the market treats them well. And fans hope that in the time between now and mid-February, they're given reason to cheer. Every team has an offseason checklist. Some, such as the Philadelphia Phillies and Atlanta Braves, need a slight retool. Others, like the Pittsburgh Pirates and San Francisco Giants, are a few smart moves away from contention. And while the Los Angeles Dodgers are always in the middle of everything, they are so loaded -- and basking in the afterglow of a World Series win -- that a winter without marquee additions wouldn't have a demonstrable effect on their repeat chances. Instead, our focus here is on the teams for whom this winter is paramount. Some are good. Some are not. What follows is a dozen clubs whose hot-stove maneuvering is particularly fascinating, and the perfect move for each -- starting with the team with the most to lose when it comes to the biggest free agent in the class.
 New York Yankees2024 record: 94-68, first place, American League East What makes them fascinating: The Yankees made their first World Series in 15 years, and following a painful loss to the Dodgers, they pivoted immediately to 2025 and beyond with Soto hitting free agency. They have two potential paths. Each can be fruitful. The first is obvious: re-sign Soto to the largest deal in franchise history, and, perhaps, MLB history. The second is not as straightforward: If Soto goes elsewhere, sign a panoply of players in hopes they can match -- or exceed -- his production. The options are bountiful. For example, they could sign Willy Adames to play third base, move Jazz Chisholm Jr. to center field, let Aaron Judge take Soto's spot in right, sign Christian Walker or Pete Alonso to play first base, and add Blake Snell to the rotation -- all for less than re-signing Soto will cost. As long as owner Hal Steinbrenner is willing to pony up, the 2025 Yankees can be every bit as good, if not better than, their pennant-winning 2024 selves. But for all of the sense it makes for the New York Mets and Toronto Blue Jays and Boston Red Sox and others to add Soto, the Yankees' desire to retain him is most acute. They know what life is like with him in the lineup, and the prospect of losing that -- and the fallout from the Yankees being outbid for a future Hall of Famer -- should make it clear why keeping him is the foremost priority. The perfect transaction: Sign free agent outfielder Juan Soto.
 New York Mets2024 record: 89-73, third place, National League East What makes them fascinating: Ten years from now, when we look back on this era of the Mets, it's bound to look like a transitional period. Their run to the National League Championship Series this year was as feel-good a story as a team with a $300 million-plus payroll can muster, and more than anything it felt like the beginning of something sustainable, with David Stearns running baseball operations with purpose, manager Carlos Mendoza as deft in the clubhouse as he is in games, and owner Steve Cohen primed to go full Death Star. Still, the Mets' farm system isn't where they hoped it would be, and while they've still got Francisco Lindor and an emergent Mark Vientos, their talent level is lacking compared with the Braves' and Phillies'. So, yes, Soto is the priority, as he should be, and were the format here different, he would obviously be the perfect transaction. Stearns' ability to operate on the margins and find value, though, might better suit this team that has too many holes at the moment to replicate its success last year. Yes, the Mets can -- and would -- complement Soto with more free agent spending, but if he chooses to go elsewhere, not all is lost. Patience is difficult for a team that hasn't won a World Series in nearly three decades, and particularly hard for a franchise with a fan base as prone to letdowns as the Mets', but New York has ample options for perpetual success even without Soto. And it can start by shifting Vientos from third to first and forming perhaps the best left side of the infield in baseball. The perfect transaction: Sign free agent infielder Willy Adames.
 Toronto Blue Jays2024 record: 74-88, fifth place, AL East What makes them fascinating: The pain of last winter -- the chase for Shohei Ohtani, the plane ride that wasn't, the disillusionment that followed a failed effort -- still burns. Undeterred, the Blue Jays have hopped right back on the potential pain train, fighting both New York teams and Boston -- three of the sport's blue bloods -- to convince Soto to take his talents to Canada. Pairing him with Vladimir Guerrero Jr. (who is scheduled to hit free agency next offseason) would be a potential billion-dollar proposition, though the prospect of having two of the best hitters in baseball for four seasons in their 20s is attractive enough to be worth it. Remember, the Blue Jays have only two players signed beyond the 2026 season: right-handers Jose Berrios and Yariel Rodriguez. And while they'll need to supplement through free agency because of a weak farm system, it's tough to beat building around Soto and Guerrero. Beyond their pursuit of Soto, the Blue Jays want a high-end arm to join Berrios, Kevin Gausman, Chris Bassitt and Bowden Francis in what could be one of the best rotations in baseball. The Blue Jays were a mess in 2024. A dumpster fire of a bullpen, not enough thunder in the lineup, injuries -- it all conspired to send them to a last-place finish. But getting Soto is not a fantasy. Offer the right amount of money, and he will take it. In the absence of that -- or, even better, in addition to it -- the Blue Jays must push for more talent and convince Guerrero that Toronto is where he wants to spend the remainder of his career. If they whiff on Soto, the Blue Jays won't be passive. And in this exercise where Soto is already spoken for, there are plenty of secondary options who more than suffice to change the fortunes -- not to mention the narrative -- of the Blue Jays. The perfect transaction: Sign free agent left-hander Max Fried.
 Boston Red Sox2024 record: 81-81, third place, AL East What makes them fascinating: Everything. After a half-decade of relative irrelevance -- one AL Championship Series appearance muddied by three last-place finishes -- the Red Sox are now in about as good a position as any team transitioning from losing to winning. They can be very good, very fast. They've got a cadre of excellent hitting prospects. They've got more than $75 million of wiggle room between their current payroll and the first competitive-balance-tax threshold. They've got foundational players in place (Rafael Devers, Jarren Duran, Triston Casas, Tanner Houck). What they need most of all, though, is for their ownership group to recognize how close this team is to being something special and empower chief baseball officer Craig Breslow to spend enough to get there. Chasing Soto is a good sign; just how much they're willing to offer Soto will speak to how good. Beyond Soto, what Boston really needs most is pitching. For all the promise that position-player prospects Roman Anthony, Marcelo Mayer, Kristian Campbell and Kyle Teel bring in the short term -- and Braden Montgomery and Franklin Arias a little further down the road -- the Red Sox have not developed starting pitching to match. That's where the money comes in. Even with Lucas Giolito expected to return from elbow surgery, they need a frontline starting pitcher to spearhead their rotation. There are plenty available. And if they choose wisely, the Red Sox have a chance to be scary sooner than later. The perfect transaction: Sign free agent left-hander Blake Snell.
 Chicago Cubs2024 record: 83-79, third place, NL Central What makes them fascinating: For so many years, because of their shared futility, the Cubs and Red Sox were pictured as cross-league analogs -- tortured franchises whose World Series droughts defined them. Then Boston won four championships and the Cubs snapped a 108-year curse and all was well. Now, Chicago finds itself in a similar situation to Boston: with a strong group of position-playing prospects on the come (Matt Shaw, Owen Caissie, Moises Ballesteros and Kevin Alcantara top a deep list) and a solid-enough major league core to envision a return to October. But the Cubs aren't in on Soto. They haven't shown an inclination to go after high-end free agent pitching, either. And that's not on president of baseball operations Jed Hoyer or manager Craig Counsell. It's the province of owner Tom Ricketts, whose willingness to push his payroll has rarely gone to the level of other big market teams such as the Yankees, Mets and Dodgers. Certainly the Cubs have players on pricey contracts -- Dansby Swanson, Cody Bellinger, Ian Happ, Seiya Suzuki and Jameson Taillon will make a combined $113.5 million in 2025 -- but to compete, they need more high-end talent. Perhaps that comes via trade, if they move second baseman Nico Hoerner to make room for Shaw. It's a high-wire act to navigate, though, and if indeed austerity is the Cubs' modus operandi, they need to do absolutely everything they can to persuade the only high-end free agent available at low cost this winter to join the Cubs and prove 2016 wasn't just a one-time feeling. The perfect transaction: Sign international free agent right-hander Roki Sasaki.
 San Diego Padres2024 record: 93-69, second place, NL West What makes them fascinating: Speaking of teams in the running for Sasaki, the Padres hold an advantage in the form of Yu Darvish, who served as something of a senpai to Sasaki's kohai. Adding Sasaki to a rotation that includes Darvish, Dylan Cease and Michael King would go a long way as San Diego attempts to dethrone the Dodgers in the NL West. With a payroll around $200 million already, the Padres won't have much room to add to a roster that is deep in talent, with Jackson Merrill, Fernando Tatis Jr., Manny Machado, Luis Arraez and Xander Bogaerts anchoring the lineup and Robert Suarez, Jason Adam, Adrian Morejon and Jeremiah Estrada forming perhaps the game's nastiest bullpen quartet. They're also deep in tough-to-move contracts, which boxes them in when exceeding the CBT threshold is probably not in the cards. San Diego's system is far from barren, but its best prospects are very young, and the uncertainty of teenaged prospects means the Padres would need to mortgage the farm to land Chicago White Sox ace Garrett Crochet or any other top-shelf starters who hit the trade market. Getting Sasaki would alleviate a potential salary crunch, but if that doesn't happen, and if they can't line up on a big-name trade, there are enough options in free agency to fill out the rotation properly. One of them, in fact, would need to trek only 120 miles down the 5. The perfect transaction: Sign free agent right-hander Walker Buehler.
 Baltimore Orioles2024 record: 91-71, second place, AL East What makes them fascinating: Even though 2024 was a success for Baltimore by objective measures, with a 91-win season and a playoff appearance, it didn't feel like it. The Orioles never found the traction of 2023, when they won 101 games, and while Gunnar Henderson established himself as one of the best players in baseball and Anthony Santander whacked 44 home runs before hitting free agency, the rest of the Orioles' hitters were no better than good. Whether it's Adley Rutschman or Jordan Westburg or Colton Cowser or Cedric Mullins or Jackson Holliday, someone else needs to be more. Even if multiple hitters take a step forward, Baltimore's ultimate trajectory will still be determined by its pitching. And that's where David Rubenstein comes in. The team's new owner has indicated a willingness to spend in a way his predecessors, the Angelos family, decidedly would not. The Orioles last carried a nine-figure Opening Day payroll in 2018. Certainly they'll clear that next season, but a high-dollar, frontline starting pitcher is now more of a need than a want. Adding two arms to join Zach Eflin, Grayson Rodriguez and Dean Kremer in the rotation would be ideal. The return of closer Felix Bautista from Tommy John surgery will be a welcome sight, and Orioles GM Mike Elias has shown an ability to cobble together a good bullpen on the cheap. As New York, Toronto and Boston gear up to spend, this winter will serve as a good litmus test for just how ready the Orioles are to keep up in what should be baseball's toughest division. The perfect transaction: Sign free agent right-hander Corbin Burnes.
 Detroit Tigers2024 record: 86-76, third place, AL Central What makes them fascinating: Over the last seven weeks of the season, the Tigers had the best record in baseball, finishing on a 30-13 jag. They upset Houston in the wild-card round and nearly beat Cleveland in the division series. And Detroit did all of this with an active roster whose highest-paid player was rookie Colt Keith, making $2.83 million. Even with Javier Baez still set to make $25 million next year, Detroit's payroll is comically low -- about one-third of its peak. So, yeah, there's plenty of room to spend. The Tigers need to add at least one arm to join AL Cy Young winner Tarik Skubal, who hits free agency after the 2026 season. They can keep mixing and matching with their lineups, a specialty of manager A.J. Hinch. Considering the upward trajectory of their farm system -- their five best prospects, Jackson Jobe, Max Clark, Kevin McGonigle, Bryce Rainer and Josue Briceno, are about as good as any top five in baseball -- 2024 looks more like the beginning of something very good than an anomaly. And while there are bound to be regressions compared with how they played at the end of the season, the Tigers hit the trifecta of future success: solid big league roster, payroll flexibility and strong prospect base. Detroit could wait a year, reassess its strengths and weaknesses and go into next winter with purpose. Or the Tigers could take a swing this offseason and complement it even more next year. The perfect transaction: Sign free agent third baseman Alex Bregman.
 Seattle Mariners2024 record: 85-77, second place, AL West What makes them fascinating: With the Astros declining, the Rangers full of uncertainty, the A's still owned by John Fisher and the Angels by Arte Moreno, the AL West is there for the taking. But it has become abundantly clear that Mariners ownership has no intention of spending at the sort of level that could take a team with a very good core and excellent farm system and turn it into consistent division favorites. Instead, the Mariners are resigned to half-measures. Which, with the best rotation in baseball patrolling the mound, Julio Rodriguez and Cal Raleigh in the lineup, and a farm system loaded with hitting, might still be enough to bring the sort of glory that has long eluded the Mariners. They need Logan Gilbert, George Kirby, Luis Castillo, Bryan Woo and Bryce Miller to remain healthy -- no small feat. And they need Rodriguez to be the star he can be. And they need to clean up their defense. More than anything, though, the Mariners need impact bats. Particularly hitters who can produce without striking out, an admittedly challenging thing to find -- and even tougher when the top end of the free agent market is off limits. Creativity with trades is one of the organization's best qualities, and if dipping into prospect capital is the price to pay for parsimonious ownership, then pay it Seattle must. The Mariners' window to win is open, and they should not let another year go by without taking full advantage of it. The perfect transaction: Acquire second baseman Nico Hoerner from the Cubs.
 St. Louis Cardinals2024 record: 83-79, second place, NL Central What makes them fascinating: The reboot of the Cardinals is underway after they followed their worst full season in more than 30 years with a middling 2024. They have questions everywhere, most of which involve who stays. Closer Ryan Helsley is as good as gone, but where? Do they move Sonny Gray -- and if they find a deal, will he invoke his no-trade clause? Can they find a taker for Nolan Arenado that he would waive his own no-trade clause to join? Would they deal Erick Fedde? Or Nolan Gorman? Perhaps Jordan Walker? And how does it align with a farm system that has some real gems (Quinn Mathews, Tink Hence, JJ Wetherholt) and could become one of baseball's best with a few canny deals? Attendance at Busch Stadium cratered in 2024 -- down to 2.9 million after 18 consecutive full seasons of 3 million plus -- and it's destined to fall again next season. With less revenue from a restructured local-television deal and the drop in attendance cutting into its bottom line, St. Louis almost certainly won't increase its payroll. And with that being the case, the prospect of the Cardinals competing in 2025 -- even in a winnable NL Central -- is suspect. To do so, St. Louis would need to pull off a complicated balancing act: moving some veteran talent while also acquiring players on cost-effective contracts in free agency and integrating prospects into the big league roster. It's an unfamiliar position, and with Chaim Bloom set to take over as president of baseball operations from John Mozeliak after next season, it's imperative to get through it as quickly as possible. The perfect transaction: Trade closer Ryan Helsley to Toronto.
 Chicago White Sox2024 record: 41-121, fifth place, NL Central What makes them fascinating: The worst team in modern baseball history is back, and there's nowhere to go but up. Right? While the White Sox haven't completely been stripped for parts, they're on their way, with Crochet primed to be moved, outfielder Andrew Benintendi available via trade and center fielder Luis Robert Jr. destined to go at some point, too. Even if they improve from their 121-loss season, the roster the White Sox are bound to field in 2025 will be a reasonable facsimile of a minor league team in a big league stadium. The hope, then, is that the deals Chicago does make bring an infusion of talent to a farm system that needs it. The White Sox have the two best left-handed pitching prospects in baseball with Noah Schultz and Hagen Smith, which is a start, but with Colson Montgomery struggling last year at Triple-A and likely to move off shortstop, they have a paucity of everyday players both at the big league level and coming through their system. It makes the Crochet deal that much more important for GM Chris Getz. When trading a player of such value, the priority must be talent -- even if it means not attaching the nearly $50 million remaining on Benintendi's contract to any deal. The White Sox's payroll already is embarrassingly low for a team in a market the size of Chicago, and with a teardown in full swing, hitting on the return is crucial. The perfect transaction: Trade left-hander Garrett Crochet to Boston.
 The A's2024 record: 69-93, fourth place, AL West What makes them fascinating: Hold on. The A's -- city name optional -- are fascinating? Actually, yes. Because the organization whose payroll hasn't ranked higher than 20th since 2007 is really going to spend money this winter. Like, really. Seriously. Promise. Even while operating in a minor league stadium. How will the A's do it? Will they take on bad contracts via trade and bolster their farm system? Can they convince free agents to play in the scorching summer temperatures of Sacramento? Might they pursue contract extensions for Brent Rooker or JJ Bleday? However the A's go about it, they're planning on carrying a franchise-record payroll in the $100 million neighborhood. And while they've got the makings of a decent lineup -- with Rooker, Bleday and breakout rookie Lawrence Butler at the heart of it -- their pitching staff is a mess. The A's need at least two starting pitchers and likely more. For free agents open to taking a gap year from the postseason, Sutter Health Park (the team's temporary home) is expected to play very friendly for pitchers. And for anyone willing to take a leap of faith, the A's have the room to lock players up to long-term deals that would coincide with their planned 2028 move to Las Vegas. Skepticism about the A's is earned through the way Fisher abandoned Oakland, but at the end of the day, money talks, and in a game where so many teams are pulling back financially, the A's are one of the few doing the opposite. The perfect transaction: Sign free agent left-hander Sean Manaea.
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