Friday brought a flurry of trade activity, with three prominent deals going down in a matter of hours.
The Rays were involved in two of them, sending second baseman Brandon Lowe to the Pirates in a three-team trade that also included the Astros and dealing starter Shane Baz to the Orioles for a package of prospects. Earlier in the day, the Phillies traded left-handed reliever Matt Strahm to the Royals for righty Jonathan Bowlan. (Philadelphia also picked up lefty reliever Kyle Backhus in a separate trade with the D-backs.)
Here’s a breakdown of these major moves from the perspective of each of the teams involved, looking at what each gained and lost, why they did it and what might be next.
Added: OF Slater de Brun, C Caden Bodine, RHP Michael Forret, OF Austin Overn, OF Jacob Melton, RHP Anderson Brito, Competitive Balance Round A Draft pick
Subtracted: 2B Brandon Lowe, RHP Shane Baz, OF Jake Mangum, LHP Mason Montgomery
At first glance, the Rays’ trades of two key players looks like a clear nod to the future. But the combination of payroll flexibility and prospect capital they acquired also leaves open the possibility of a much more aggressive play aimed at improving their standing in the short term.
Added: 2B Brandon Lowe, OF Jake Mangum, LHP Mason Montgomery
Subtracted: RHP Mike Burrows
The Pirates have been focused on adding a big bat throughout the offseason, and after falling short on free agents Josh Naylor and Kyle Schwarber, they finally achieved their goal. Lowe becomes Pittsburgh’s starter at second base, a position that generated a .650 OPS (eighth worst in MLB) for the team in 2025.
The 31-year-old Lowe recorded a .785 OPS this past season while hitting 31 home runs, 11 more than the Pirates’ team leader, Oneil Cruz. Burrows had a solid rookie season, but he was expendable for a Bucs team that has plenty of starting pitching.
Subtracted: OF Slater de Brun, C Caden Bodine, RHP Michael Forret, OF Austin Overn, Competitive Balance Round A Draft pick
That changed Friday when the Orioles traded four prospects — their No. 6 (de Brun), No. 10 (Bodine), No. 11 (Forret) and No. 30 (Overn) prospects per MLB Pipeline — and a Draft pick (33rd overall in 2026) to the Rays for Baz, a 26-year-old righty with three years of team control remaining. Baz had an up-and-down season in 2025, but he put his past injury woes behind him by making 31 starts and flashed impressive stuff that hints at the potential for further growth. Baz could also benefit from the move to a new home park — he posted a 5.90 ERA and a 1.97 HR/9 at George M. Steinbrenner Field, the Rays’ temporary home this past season, compared to a 3.86 ERA and 0.86 HR/9 on the road in 2025. It’s also possible the Orioles aren’t done augmenting their starting staff.
Subtracted: OF Jacob Melton, RHP Anderson Brito
The Astros addressed one rotation spot by signing Ryan Weiss to a one-year deal after his successful stint in Korea, but additional reinforcement was still needed for a staff facing both injury-related question marks and the potential free-agent departure of Framber Valdez.
To that end, the Astros paid a steep price to land Burrows, a 26-year-old right-hander who posted a 3.94 ERA with a 4.00 FIP and a 9.1 K/9 over 96 innings as a rookie in 2025, in a three-team trade with the Pirates and Rays. Houston surrendered its No. 2 (Melton) and No. 7 (Brito) prospects in the deal.
Added: RHP Jonathan Bowlan, LHP Kyle Backhus
Subtracted: LHP Matt Strahm, OF Avery Owusu-Asiedu
After finalizing a two-year, $22 million deal with right-handed reliever Brad Keller on Thursday, the Phillies sent Strahm and his $7.5 million salary to the Royals in exchange for Bowlan, a pre-arbitration righty. The move was primarily a cost-saving measure, freeing up additional funds as the team looks to re-sign catcher J.T. Realmuto. A strained relationship with Strahm also may have factored into the decision, per a report from The Athletic.
The Phillies added to their left-handed relief depth with a separate trade for Backhus, another pre-arb player, sending Minor League outfielder Owusu-Asiedu to Arizona in the deal. However, with José Alvarado and Tanner Banks in the fold, Backhus will likely need to compete for a spot in Philadelphia’s bullpen next spring.
Subtracted: RHP Jonathan Bowlan
Less than a week after trading lefty reliever Angel Zerpa to the Brewers for outfielder Isaac Collins and righty Nick Mears, the Royals landed Zerpa’s replacement in Strahm, one of the top relievers in the game over the past three years. Strahm, who can become a free agent next offseason, began his MLB career with Kansas City nearly a decade ago before being traded to the Padres in 2017.
