The 2025 MLB General Managers Meetings concluded on Thursday at The Cosmopolitan in Las Vegas, with no major free-agent or trade deals finalized. Executives from all 30 clubs discussed offseason strategies amid a deep free-agent class, particularly in pitching. Attention now shifts to the Winter Meetings in Orlando in three and a half weeks.
The GM Meetings provided a platform for face-to-face discussions, laying groundwork for potential transactions as Hot Stove season heats up. While big moves remained elusive, several trends surfaced regarding spending, trades, and qualifying offers.
Unlikely spenders show interest
Sources indicated that smaller-market teams like the Pirates and Marlins may pursue free agents more aggressively this year, targeting mid-tier options in a deep class. The Orioles, not historically big spenders, could target top starters such as Dylan Cease, Michael King, Ranger Suárez, and Framber Valdez, along with a bat like Pete Alonso. "They know they need to take advantage of this window," one source said, noting young stars Gunnar Henderson, Jackson Holliday, Colton Cowser, and Jordan Westburg remain cost-controlled.
Trade discussions heat up
Few blockbuster trades are expected immediately, but controllable pitchers like Sandy Alcantara, Joe Ryan, MacKenzie Gore, Mitch Keller, Pablo López, and Edward Cabrera drew interest, though most are unlikely to move until summer due to free-agent alternatives. The Twins plan to compete in the AL Central and are not rebuilding, making trades of Joe Ryan, Pablo López, or Byron Buxton improbable without overwhelming offers.
The Cardinals appear active on the trade front, with Nolan Arenado and Sonny Gray likely to be moved despite no-trade clauses. "With Nolan, it is clear to everybody that it would be best to find a different fit," said Chaim Bloom, St. Louis' president of baseball operations. Brendon Donovan also attracts interest from teams like the Yankees, Dodgers, Royals, and Guardians. Tarik Skubal remains with the Tigers barring an irresistible offer, while Pirates GM Ben Cherington confirmed no plans to trade Paul Skenes.
Qualifying offers and market depth
Of the 13 players receiving qualifying offers worth $22.025 million, most are expected to reject them, though Trent Grisham, Gleyber Torres, and Brandon Woodruff may consider accepting. Pitching depth dominates the free-agent market, with teams like the Tigers, Orioles, Giants, Blue Jays, Cubs, Yankees, Padres, Red Sox, Mets, Astros, Braves, Angels, and Diamondbacks seeking rotation upgrades. "Look at the teams that win; they all have good pitching," an NL executive noted.