The book is about to close on the year 2025, but the offseason is far from over.
More than a month remains until Spring Training camps open, and there are nearly three months before the Giants throw the first pitch of the 2026 regular season to the Yankees, on March 25 in San Francisco. That’s a good thing, because while there has been plenty of Hot Stove intrigue to date, much remains unsettled as we get ready to flip the calendar to the new year.
Here are seven critical offseason storylines that we are continuing to watch with interest in 2026.
1. Where do the rest of the top free agents land?
While any team would gladly welcome Tucker, not every club is a realistic suitor at this point. He’s been tied to several AL East clubs — perhaps most notably the Blue Jays — as well as the Dodgers. Bellinger, meanwhile, has also been linked to the Dodgers, as well as both New York clubs. The status of those two could impact the market for some of the other bats on the market, though reunions remain viable options in the case of both Bregman (Red Sox) and Realmuto (Phillies).
As for the pitching side of things, the market has been a bit slower to develop for the likes of Suárez and Valdez, but the Orioles — who remain interested in adding a top-of-the-rotation arm — are certainly a team to watch on that front. — Paul Casella
2. Will we see a blockbuster trade (or two)?
Some notable names have already been moved this offseason, including both bats (Marcus Semien, Brandon Nimmo, Willson Contreras, Jeff McNeil, Brandon Lowe, Taylor Ward), and arms (Sonny Gray, Grayson Rodriguez, Shane Baz, Matt Strahm). There are likely more trades to come over the next couple of months, though the magnitude of those moves remains to be seen.
Back-to-back AL Cy Young winner Tarik Skubal, who is entering the final year of his current deal in Detroit, figures to be the most buzzworthy name to come up in trade rumors, though the Tigers figure to hold onto him — at least heading into the 2026 season. Of course, you never know if a team might make an offer Detroit can’t refuse. Skubal is a unique case, but there are a number of other interesting starters whom teams might be able to pry loose, including Washington’s MacKenzie Gore and Milwaukee’s Freddy Peralta.
As for hitters, Arizona’s Ketel Marte figures to be a player who a lot of hopeful contenders will check on — especially the teams who ultimately miss out on adding one of the impact free-agent bats mentioned above. The Cardinals’ Brendan Donovan, a fellow second baseman with some positional versatility, could be a good alternative to Marte.
Regardless of what does (or doesn’t) happen with any of these players, there will almost certainly be some interesting names switching teams before Spring Training rolls around. — Paul Casella
3. What happens with the final three from NPB?
The first Japanese star coming to MLB this winter has a new home, with Munetaka Murakami joining the White Sox. But there’s still a trio of NPB stars available for MLB teams to sign: slugging infielder Kazuma Okamoto and right-handers Tatsuya Imai and Kona Takahashi.
And those players could sign any day now. Imai only has until Jan. 2 to negotiate a deal with an MLB team for 2026, while Okamoto and Takahashi have until Jan. 4, based on when the three players were posted by their NPB clubs.
So where will they land? Imai and Okamoto are the bigger names, but their markets still remain up in the air even with only a few days left for them to sign. The 27-year-old Imai, who’s considered one of the top starting pitchers remaining on the free agent market, has been linked to a whole bunch of teams since his posting, including the Cubs, Yankees, Mets, Red Sox, Phillies, Orioles and Giants. The 29-year-old Okamoto has been connected to the Padres, Angels, Pirates, Blue Jays and Red Sox.
Takahashi’s market remains something of a mystery, as the 28-year-old isn’t considered in the same tier as Imai or Okamoto and hasn’t generated much buzz in the rumor mill. — David Adler
Baseball’s two biggest spenders this offseason reside in the AL East, with the Blue Jays and Orioles both making huge waves. The richest deal thus far has gone to righty Dylan Cease, who joined Toronto on a seven-year, $210 million contract. The Blue Jays also signed reliever Tyler Rogers (three years, $37 million) and starter Cody Ponce (three years, $30 million), but there may be more moves to come. Toronto has been linked to Tucker and Bregman and hasn’t ruled out a reunion with Bichette.
The Orioles, meanwhile, have addressed their lineup (Pete Alonso, Ward), bullpen (Ryan Helsley, Andrew Kittredge) and rotation (Baz, Zach Eflin). But with all the injury questions surrounding its starting staff, it wouldn’t be a complete shock if the Orioles added one of the high-profile starters left on the free-agent market.
Staying in the AL East, the Red Sox are one of two clubs (along with the Rockies) that haven’t signed a free agent to a Major League contract this offseason. However, Boston has made a trio of notable trades — acquiring Gray, Contreras and Johan Oviedo — and reportedly is still on the hunt for an infielder. Bregman, Bichette, Marte, Donovan and the Astros’ Isaac Paredes are all possibilities.
Then there’s the Mets, who have added Devin Williams, Jorge Polanco, Luke Weaver and Semien but still face questions stemming from the departures of four longtime members of their core — Alonso, Nimmo, McNeil and Edwin Díaz. — Thomas Harrigan
5. Which quiet clubs will start making some noise?
While many clubs around MLB have unfinished business, there are a number of teams in particular that stand out for their relative lack of activity.
The Giants made the bold move to hire Tony Vitello from the college ranks to be their new manager but have done little to improve a roster that finished 81-81 last season, continuing to lag behind the Dodgers and Padres in the NL West. A mid-rotation starter, a second baseman and a reliever stand out as priorities for San Francisco.
The Reds, who were the last team to clinch a playoff berth in 2025, generated some excitement with their pursuit of hometown slugger Kyle Schwarber earlier this offseason, but they’ve been mostly quiet since Schwarber returned to Philadelphia. The same goes for their intrastate rivals, the Guardians. Granted, Cleveland doesn’t typically act with much urgency during the offseason, but even by the club’s usual standards, it has been pretty subdued. Both teams are in serious need of an offensive upgrade.
The Tigers and Cubs have been a bit more active than the aforementioned clubs, but neither has done enough to address weaknesses that were exposed in the second half of 2025. — Thomas Harrigan
6. Will JV, Max and other aging greats continue their careers? If so, where?
Justin Verlander and Max Scherzer are two of the greatest pitchers of their generation and likely surefire Hall of Famers, but will they still be pitching in 2026?
Verlander and Scherzer are both free agents. Verlander will be 43 on Opening Day 2026; Scherzer will turn 42 during the season. But both of them showed they still have something left in the tank last season — Verlander with his excellent second half for the Giants, Scherzer with his postseason resurgence for the Blue Jays. So we might get at least one more season of JV and Mad Max.
But where? Plenty of teams are always looking for veteran starters who can solidify their rotation. Verlander could always return to the Giants, as president of baseball operations Buster Posey has said San Francisco would be interested in bringing him back. A reunion with his former team, the Astros, could be in play, with Verlander being a good fit for Houston in 2026. Maybe even going back to where it all started, Detroit, could be a potential fit.
For Scherzer, there could be a similar “reunion” theme, whether it’s returning to the Blue Jays, signing with the Giants — new manager Vitello was his college pitching coach — or even going back to an old team like the Tigers, D-backs or Mets.
Besides Verlander and Scherzer, there are also a handful of aging star hitters available who could still bolster an offense — players like Paul Goldschmidt (38 years old), Marcell Ozuna (35), Andrew McCutchen (39), Justin Turner (41) and Starling Marte (37). Although there hasn’t been a ton of buzz about that group, they could certainly continue their careers into 2026. — David Adler
7. Will we see an out-of-nowhere shocker?
The saying “You can’t predict baseball,” is usually applied to the games themselves, but it works for the Hot Stove, too. For all of the rumors and speculation that swirl around, it’s still often the case that when moves happen, they come seemingly out of nowhere. (Who had that Nimmo for Semien trade on their offseason bingo cards?)
Given the number of notable free agents still hanging around the market entering the new year, as well as all of the bubbling trade rumors that haven’t resulted in completed deals, it feels like we’re headed for some stunners over the next month or two. Could that mean a so-called “mystery team” — one without previously reported interest — swooping in to nab someone like Tucker or Bichette? Perhaps. Could it mean a massive trade involving a high-profile player (or players) who were not known to be available? Maybe so.
Basically, the door is open for opportunistic teams to shake things up. There’s no way to know what will happen, obviously, but this is an offseason that appears ripe for some serious surprises. That’s part of the fun. — Andrew Simon
