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The Padres agreed to a four-year, $16.5 million contract with the free agent left-hander. Wandy PeraltaKen Rosenthal and Dennis Lin of The Athletic report. The deal contains three opt-out clauses, meaning Peralta will have the annual ability to opt for free agency again. The agreement is pending a physical examination. Peralta is represented by the MAS+ Agency.
Peralta, 32, has been one of the steadiest relievers in the Yankees bullpen over the past few seasons. From 2021 to 2023, the left-hander logged 153 innings and posted a 2.82 ERA with a 21% strikeout rate, a 10.2% walk rate, and an excellent 56.5% ground ball rate. He has also limited hard contact quite well, ranking in the 88th percentile (or better) of MLB pitchers in opponents’ average exit velocity over each of the last four seasons.
In 2023, Peralta had some unusual command struggles, as his walk rate jumped from 7.6% to 13.6%. He also struck out a career-high six batters, as many as he had hit in the previous four years combined. Still, his track record is good, he kept his ERA under 3.00 even with the shaky command, and at 32 years old he’s younger than most of the other lefties available. The Yankees reportedly had interest in retaining him and the Mets were known to have some interest as well. Instead, he will cross the country and join a revamped Padres bullpen that has lost its closer. jose hader to the Astros but has added several interesting arms.
Peralta joins NPB star lefty Yuki Matsui and right-handed KBO star Woo Suk Go as free agents for San Diego president of baseball operations AJ Preller. The friars also acquired Enyel De Los Santos in a commercial shipment Scott Barlow to Cleveland. That quartet will join the right-hander Roberto Suarez as he looks to bounce back after a difficult 2023 campaign. right-hander Steve Wilson He’s also locked into a middle relief role.
It’s almost unheard of for a reliever to sign a deal with three opt-outs, but Preller has shown a willingness to use opt-outs more than any executive in the sport as a means to attract free agents to San Diego. Both Matsui and Suarez have opt-outs in their five-year contracts (which is also an extremely rare length for relief contracts). In recent offseasons, the Friars have also granted opt-outs to Michael Wacha, Nick Martinez, Seth Lugo, matt carpenter, Manny Machado and Eric Hosmer (multiple exclusions, in the case of Wacha and Martínez).
The frequent opt-out clauses are clearly a successful tactic in terms of attracting free agents, but they are also one of the main factors behind the Padres’ perennial roster turnover. Furthermore, the risk is quite clear from the team’s point of view; If Peralta pitches well in 2024, he will likely opt to return to free agency next season and convert the deal to a one-year deal. If he gets injured or performs poorly, the Padres will be stuck with what could quickly appear to be an undesirable contract. And even if Peralta is pitching well this summer but the Padres fall out of contention, the trio of opt-outs will sap much of Peralta’s trade value. Any potential trade partner will be cautious about acquiring a player who will declare free agency at the end of the season if things go well, but is still guaranteed additional seasons if the trade doesn’t go well.
The unusual contract structure also manages to reduce the luxury tax impact for the Padres, who would surely like to fall below the $237 million threshold and reinstate their penalty after clearing last year’s tax hurdles. The Friars have cut much of their actual payroll, but are still just $22 million shy of that top-tier tax bracket after hiring Peralta. per list resource. This is largely due to the delayed contracts of Machado, Matsui, Fernando Tatis Jr. and Jake Cronenworth.
The addition of Peralta provides a solid veteran arm to what appears to be a volatile Padres bullpen. While Suárez, Matsui and Go are clearly talented, there is a wide range of results for each of the three, as Suárez looks to put last year’s injuries behind him while Matsui and Go transition to North American soccer after starring in their respective leagues around the world. Peaceful. That’s key for the Padres, as is getting Peralta at an affordable annual price. While there are many disadvantages due to opt-outs, as discussed above, the contract also creates the possibility of getting a year of Peralta at a very affordable rate that would not have been feasible otherwise.
The lower salaries in the contract also leave Preller & Co. additional wiggle room as they look to fill out a top-heavy staff. The Padres have clear needs in the outfield and rotation, and could also use another bat to bolster the cornerback-designated hitter combination. The Padres, however, were also looking to reduce payroll by up to $50 million from last year’s $255 million mark. They are currently projected at 160 million dollars. At first glance, that seems to leave ample room for more additions, but as already noted, the team is just one or two notable additions away from reaching the luxury threshold again, which could be instructive when forecasting the rest of his offseason. transactions.