Wednesday, December 31, 2025

Joe Sheehan Newsletter, December 31, 2025 -- "Lesson Learned"

 

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The Joe Sheehan Newsletter: Lesson Learned
Vol. 17, No. 110
December 31, 2025

The final Newsletter of the year is traditionally, if not consistently, a look back at what I learned over the prior 364 days. Often the greatest lessons of a year have little to do with baseball, especially for me over the last decade or so, and I’d say that’s the case for 2025. It was an odd, sometimes thrilling, sometimes frustrating trip around the sun, one that rivaled the year the Mets had for peaks and troughs. 

As far as baseball goes, I find myself thinking about how I have lived through an entire era from start to finish, and am seeing the start of the next one. 

When I started talking baseball online, back in the early 1990s with the people who would create Baseball Prospectus, the principles were fairly simple. We wanted to shift the focus from context-sensitive numbers to context-neutral ones. From runs and RBI and wins and saves to ERA and OBP and SLG and strikeout-to-walk ratio. That was one of the first battles, and it took a while, but we did win that one. It was never about “killing” the win or the RBI, just diminishing their meaning relative to better measures of performance. Today, that victory shows up when television chyrons or the ballpark scoreboard or even your local paper runs AVG/OBP/SLG to describe how a player hit, versus AVG/HR/RBI. It doesn’t seem like much, especially for you readers too young to remember when the latter was dominant.

It’s also a dead letter now. 

I think about the work I do, the work I have done just this week, and the slash lines that for years were the best way to describe performance are barely part of what I do anymore. Oh, they work in shorthand, same as the old ones did. “Jeff McNeil hit .243/.335/.411” tells me more than “Jeff McNeil hit .243 with 12 homers and 54 RBI” does. There’s more information, more good data, in the first line than in the second. That’s still a win.

For a long time, I’d have used only the first line to describe what McNeil did and who he is as a hitter. OPS was an even quicker shorthand. Alex Bregman is an 800 OPS guy. Kyle Tucker has 1000 OPS upside. I can’t remember the last time I made more than a passing reference to OPS, which was in many ways the gateway stat for casual fans into more advanced analysis.

No, these numbers, which I worked very hard to bring to use, now hide more information than they reveal. Three decades on from those first fights, we have data that go so much deeper, that tell us about how a player arrives at those three figures, what his skills are, and whether he’s likely to improve upon or decline from his output stats.

This hit me when breaking down McNeil yesterday, actually. I just wasn’t interested in either his AVG/HR/RBI or his AVG/OBP/SLG. My focus was on the things he did to get to those numbers. His pull rate. His flyball rate. His exit velocities. Looking at Munetaka Murakami last week, I focused on how often he made contact with pitches in the strike zone. When I wrote up Michael King’s return to the Padres, I mentioned his great change-up, which generated a 29% whiff rate and a .181 batting average against. Go look at the analysis being done with the swing data MLB released in 2024, how fast and at what angles players swing the bat, or the 2025 data on where players situate themselves in the batter’s box, stuff that I’m still getting my head around. 

The transition here is different from the first one. AVG/HR/RBI was never the best information about a hitter, and over time it was replaced by better data. AVG/OBP/SLG -- or its pitcher analogue, ERA/K%/K-BB% -- is still telling you what kind of output a player generates, and doing it in a way that gets you much closer to the player’s contribution to winning. This isn’t about good or bad, but good and better. The output statistics are no longer where the conversations about players are happening. Now those are about inputs -- skills, movements, grips, stances, approaches. We want to understand how the players achieve those outputs, which means knowing things we, frankly, couldn’t have dreamed of knowing 25 years ago.

I’ve done this long enough to see the creation and popularization of an entire new vocabulary, and to see that vocabulary go extinct and be replaced by a new one. The acceleration of change in a sport that had to be dragged into the 20th century is remarkable. 

What I learned this year is that the anchors of my work these last 30 years have come loose. Oh, I’m sure I’ll still use them because they are descriptors, because they’re good shorthand, because you all know what .209/.287/.401 means, and that a 2.87 FIP with a 28% K-BB is a great season. When it comes to real analysis, though, that’s not enough. We now have better data, data that does a better job of describing what Jeff McNeil and Munetaka Murakami and Michael King do to create and prevent runs, to win games for their teams. That’s the data that has to fill these pages in 2026 and beyond.

Well, until even better data comes along to replace it.

 
 
 

Tuesday, December 30, 2025

Newsletter Excerpt, December 30, 2025 -- "Jeff McNeil and the A's"

 

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The A’s get a player who plugs a massive hole for them. A’s second basemen hit .199/.267/.283 last year for a 53 wRC+, and they didn’t make up that value on defense. By FanGraphs WAR, they were 29th with a -1.8 mark, ahead of just the Rockies. Zack Gelof stalling out after his big half-season in 2023 created a hole, and neither Luis Urias nor Max Schuemann filled it. McNeil can play second base for a year until Leo De Vries pushes Jacob Wilson over there in 2027. McNeil hit .243/.335/.411 last year, and while the Mets diddled with him in the outfield, his best position is still second base, where he’s pretty much average.

 

Monday, December 29, 2025

Newsletter Excerpt, December 29, 2025 -- "Catching Up"

 

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Mike Elias has been dancing fast this winter, running the Orioles like a man playing for his job, but unable to make the one move for a big-time starter that his team needs the most. Cashing in a lot of value from a thinning farm system is another indication that he’s willing to do almost anything to get the Orioles back to the playoffs this year...but the “almost” part hangs over the whole process. Framber Valdez is still a free agent as of this writing, though signing Zach Eflin to a one-year, $10-million contract seems to make a higher-end acquisition less likely. 
 
 

Wednesday, December 24, 2025

Newsletter Excerpt, December 24, 2025 -- "Munetaka Murakami and the White Sox"

 

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I want to separate the player from the transaction. I don’t think Murakami is going to hit well, at least not out of the gate. If you made me hang numbers for his 2026, I’d say .195/.270/.410, around what Michael Harris II hit last year for an 83 wRC+. Ceddanne Rafaela was in that range, as was Luis Garcia Jr. All those players hit for more average and less power than Murakami will, and all have more defensive value. Projection systems are far higher on Murakami. 

That doesn’t make it a bad move by the Sox. It’s an upside play for them, betting on Murakami’s age and raw power. The investment, $17 million a year, means that he’s a net plus at two wins a year and not really hurting them at one. The money, for a team that had a $74 million payroll last year and may not get to $100 million this year, is just about irrelevant. With the Sox trying to get back their fan base after a brutal run of losing, Murakami provides an additional reason to come to the park.

Monday, December 22, 2025

From the Archives: "40 Years Ago"

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Tuesday marks the 50th anniversary of one of the most momentous days in baseball history. On December 23, 1975, MLB arbitrator Peter Seitz ruled that the clause in the standard player’s contract that allowed a team to renew the agreement unilaterally applied only for one year, not in perpetuity. This opened the door for players to play out their contracts and negotiate with any team, and kicked off 50 years of unimagined prosperity for both baseball players and team owners. 

As we approach another negotiation between players and owners, at heart are the same issues that were being debated 50 years ago. How much freedom will players have to choose where they play and the amount they’ll play for, and how much freedom will team owners have to compete for those players’ services? Owners -- and most MLB commissioners -- have spent every year since that winter night in ’75 trying to stifle those freedoms, not without considerable success.

I wrote about the Seitz decision ten years ago, on its 40th anniversary, and I republish that piece today. 

--J.

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The Joe Sheehan Newsletter
Vol. 7, No. 127
December 23, 2015

Mike Leake signed with the Cardinals yesterday for $80 million over five years, with an option for 2021. On its face, it's a huge deal for a pitcher who in six seasons has never received a Cy Young vote, who has never had an ERA below 3.37 (or an ERA+ above 112), who has thrown one 200-inning season. Mike Montgomery threw as many shutouts in a week last year as Leake has in his career. In six seasons, 177 games, 1083 2/3 innings, Leake has been worth 9.1 bWAR. At his best, including in 2015, he's been a three-win pitcher. It's hard, with no context, to understand how a pitcher with Mike Leake's track record, a pitcher who the casual fan had never heard of before yesterday, a pitcher who probably spent time on the waiver wire last year in your fantasy league, is now going to make a half-million bucks a start.

The seeds for Leake's contract weren't planted when he was drafted in 2009, though, or when he first picked up a baseball as a kid in California. They were planted 40 years ago today, far away from a baseball field, far away from baseball weather. They were planted on a piece of paper that changed the baseball industry, changed the sports industry, forever. On December 23, 1975, arbitrator Peter Seitz ruled that the reserve clause in the standard player's contract could not be renewed in perpetuity, but rather, for one year after the last signed deal. A player -- in this case, Dodgers pitcher Andy Messersmith -- who played through a season without signing a contract, playing on the renewed terms of his old one, would be a free agent after that season. 

Baseball's owners reacted with their usual calm and forward thinking, locking out the players after the decision. Eventually, the MLBPA negotiated the terms with which we are familiar today, that a player with at least six years of service time can play out his current contract and seek employment with any team. At the time, MLB's owners claimed that free agency would destroy the game. What they learned, what we all learned, was that forcing teams to compete for talent would enrich not just the talent, but the teams themselves beyond anyone's imagination. Mike Leake's contract is one product of the Seitz decision. Another is $75 million a year for the rights to televise Arizona Diamondbacks games. Another is the average team being worth $1.2 billion. In 1975, Bill Veeck bought the Chicago White Sox, a historic team in a big market, for $10 million; in 2012, Ron Fowler bought the San Diego Padres, a 1969 expansion team with the smallest reach in the majors, for $800 million. 

Forcing the owners to compete for talent brought baseball's business into the 20th century. An industry filled with sleepy family ownerships had to innovate, to grow, to compete not just for that talent but for revenue to pay that talent. The reserve clause was not just a barrier to the free flow of baseball talent, it was a binky for teams that were happy to throw open the doors in April, lock them up again in September, and consider that their business plan. 

Those numbers above aren't just about free agency, of course. George Steinbrenner didn't invent cable television or the societal trends that have made televised sports the mother's milk of that dying industry. He did, however, lead the race to cable by moving Yankees games from free TV to cable in the 1980s, and later, to a team-owned network in the 2000s. Bud Selig wasn't the first owner to play cities off one another in an effort to get craven politicians to hand over the public purse. He just perfected the plan as the sport's commissioner for 20 years.

When you look at the big picture, though, you have to go back to 40 years ago, to Seitz examining the standard player's contract not as a vested party, but as a lawyer. You have to respect his dispassionate judgment in the face of incredible pressure; Seitz was fired by the owners, as was their right, immediately upon issuing his ruling. You have to appreciate his fealty not to arguments about the merits of freedom or the survival of baseball, but to the letter of the contract. It's a measure of how lazy the owners were, how convinced they were of their sacred right to the work product of baseball players, that the reserve clause was worded as weakly as it was. Had they simply written the clause differently at a time when they held all the power to do so, perhaps Seitz would have had to rule in their favor. Perhaps there would have been no weak contract clause to challenge. Perhaps players would have been bound to the teams holding their contracts in perpetuity, those teams would never have been forced to compete for talent, and baseball would never have moved into the 20th, much less the 21st, century.

We'll never know, of course. What we know today is that baseball is an industry that generates $9.5 billion in revenue, with franchises worth $36 billion, with players being paid close to $4 billion. The Peter Seitz decision made baseball players wealthy, but it made baseball's owners wealthy as well.


Sunday, December 21, 2025

Newsletter Excerpt, December 21, 2025 -- "Pirates/Rays/Astros Trade"

 

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Price is the key word, though. Look around the league, and you see a #4 like Adrian Houser getting $11 million a year.  Merrill Kelly, a pretty good comp for Burrows, got $20 million a year. Michael King, a #3 with #2 upside, got a guaranteed $25 million over three years with opt outs. It’s become very clear over the last two years that the Astros are pulling back on payroll. The Kyle Tucker trade, letting Alex Bregman walk, likely letting Valdez leave...this is a team that was over the tax threshold in 2024 and 2025 and is determined to be under it in 2026. Trading two prospects, two of the best in a weak system, for a $750,000 starter fits that plan more than going into free agency for similar talent does.

The Astros missed the playoffs last year for the first time since 2016. There are wide enough error bars on Melton and Brito that you can debate the merits of this trade, but you can’t argue that it is another marker of a new, lesser era of Astros baseball.
 
 
 

Friday, December 19, 2025

Newsletter Excerpt, December 19, 2025 -- "Father Figures"

 

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You can’t win by trading Juan Soto, but in getting King from the Yankees in the deal, the Padres cut their losses. Returning King to the starting role he had as a prospect, the Padres watched him make 30 starts with a 2.95 ERA (3.33 FIP) and pick up some downballot Cy Young votes. He was running back that performance through mid-May when a nerve issue in his throwing shoulder shut him down for two months, then he injured his left knee in his August return, and threw just one relief inning in the Padres’ wild-card series against the Cubs. King was a tough free agent to evaluate, and his situation became more complicated when the Padres tagged him with a qualifying offer. King refused it, adding cost to any team looking to add him as a free agent. 
 
 

Wednesday, December 17, 2025

Newsletter Excerpt, December 17, 2025 -- "Twin Cities Turnover"

 

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After we all stopped paying attention to the Twins, their starters were sixth in innings, 14th in FIP, and 11th in fWAR in September. For all the players they did trade in July, they kept this group intact, and despite near-daily trade rumors, it’s still intact. The Twins have a high floor and have to be considered a contender in the AL Central because of this group.

Pablo Lopez returned from a shoulder strain in June to make three starts in September, then was shut down again with a forearm strain that isn’t expected to affect his 2026. Zebby Matthews had some blow-up outings that wrecked his ERA, but finished the year with an 88/24 K/BB and a 3.79 FIP. He should be the #3 this year. Simeon Woods-Richardson started using a splitter more after a month lost to, if you can believe it, a parasite in his digestive tract. The pitch helped him strike out 36 of the last 104 batters he faced.

 
 

Monday, December 15, 2025

Newsletter Excerpt, December 15, 2025 -- "Isaac Collins and the Royals"

 

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First, Collins pairs a strong walk rate with weakly-hit batted balls, and that’s a fragile skill set. Collins ranked in the bottom 20% of MLB hitters in barrel rate and expected slugging, and in the bottom half in exit velocity and hard-hit rate. He hit .263 and slugged .411 on batted balls expected to produce .247/.349. Parallel to that, he walked 13% of the time. Of the 34 MLB hitters who walked at least 12% of the time (min. 300 PA), Collins was 25th in SLG and 29th in isolated power. Collins’s swing decisions, as measured by SEAGER, were among the worst in the game -- 255th among 268 hitters with 300 PA, and only a handful of players took more hittable pitches. I, tongue in cheek, comped him to Lance Blankenship, but the more I look into his profile, the more it seems all walks and little else.

My other concern is that Collins was 27 as a rookie, and an old 27. He’ll turn 29 on July 22, 2026. There’s just not much runway for him to get better, and he’s going to an organization with no track record of making hitters better.
 

Friday, December 12, 2025

Newsletter Excerpt, December 12, 2025 -- "Flushing Blues"

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It’s not that any of these data points has to be the winning domino, slammed down on the table. Alonso was a lifetime Met and the team’s most popular player. Alonso is a player of limited skills who is unlikely to hold his value over the life of a five-year deal. Stearns’s job is to balance those factors and make a decision. I think it’s fair for Mets fans to be disappointed in the decision without reducing, as I saw in many places, Stearns to a caricature, a robot who doesn’t understand Mets’ fans relationship with Alonso. Even at that, what would have been a reasonable counter to the Orioles’ offer? $32 million a year? $35 million a year? $40 million a year?

How about $65 million?

From where I sit, the single biggest factor in the decision to let Alonso walk isn’t the aging curve or his bad defense or even David Stearns hating Mets fans. It’s the product-investment tax. It’s the rules put in place to, more or less, stop the Mets from signing Pete Alonso.

Thursday, December 11, 2025

Newsletter Excerpt, December 11, 2025 -- "Birds and Polar Bears"

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In the short term, Alonso will make the Orioles better. They needed the upgrade at first base from what, mostly, Coby Mayo and Ryan Mountcastle provided last year -- .243/.310/.369, with a 92 wRC+ that was 22nd among 30 teams. As Keith Law pointed out, the Orioles really needed help from the right side after hitting .231/.297/.364 against southpaws last year. Alonso is 0.8 DH at this point, awkward around the bag and reminiscent of Frank Thomas as a thrower, but he has been durable. Steamer sees a 130 wRC+ and about three wins, I might take the under on that, but not by much. Alonso bounced back last year by absolutely wrecking the balls he made contact on -- seventh in MLB in expected slugging, 11th in hard-hit rate, the highest barrel rate of his career.

Alonso wasn’t the best hitter on the market, but he was the best right-handed hitter available who didn’t play a position Baltimore has locked down already. The last couple of years of this deal, Alonso’s age-34 and age-35 campaigns, may be rough. Whether the contract pays off for the Orioles will depend on whether Alonso can retain the hard-hit skills he showed last year through 2027 and 2028.
 
 
 

 

Tuesday, December 9, 2025

Newsletter Excerpt, December 9, 2025 -- "Even the Losers"

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So it got me to thinking about this dilemma -- how often do good players sign with bad teams? Forget the reasons why, as we know bad teams often keep themselves out of the market for good players. I just want to get a sense of whether superstar free agents are giving the dregs of the league any chance at all.
 
While there are nearly 30 recent examples of players who signed significant deals with teams coming off multiple losing seasons, most of them involve high-revenue teams. The Rangers and Phillies are on the list four times, the Angels three, the Cubs and Mets twice. Last year’s best example was Alex Bregman signing with the Red Sox, hardly a “dreg” of the league. Buying talent in free agency is one way teams that make a lot of money keep themselves from falling to that level. 
 
 

 

Thursday, December 4, 2025

Newsletter Excerpt, December 4, 2025 -- "The Waiting is...Not So Bad, Actually"

 

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If we reasonably take out the Covid and lockout offseasons, the tally looks like this:

November: 3 (Boras 1)
December: 19 (Boras 8)
January: 1
February: 2 (Boras 1)
March: 1 (Boras 1)

The top free agents pretty much come off the market by New Year’s Day, 22 of 26 over the last five unencumbered player markets. Boras clients follow the general trend -- nine of 11, with Bregman last year and Bryce Harper in 2018 the exceptions. 
 
 
 

Tuesday, December 2, 2025

Newsletter Excerpt, December 2, 2025 -- "Post-Post-Post-Stathead Era"

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What matters now isn’t your baseball-card stats, your Baseball Abstract stats, or your Baseball Prospectus stats. We have come full circle to a place where your stats don’t really matter at all. Your skills do. Though instead of having those skills observed and evaluated by humans, with all their flaws and biases, the work is done by the cameras, who see everything on every pitch and spit out exactly what the player did, independent of what the batter, umpire, or fielder did next.

It makes sense, of course. A pitcher doesn’t really go 11-7 or post a 3.78 ERA or 2.99 FIP. A pitcher throws pitches. We can now evaluate how well he throws those pitches and project how well he’s likely to continue doing that. That’s why Dylan Cease and Devin Williams got paid.
 


 
 

 

Monday, December 1, 2025

Newsletter Excerpt, December 1, 2025 -- "One Last Real Hot Stove"

 

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I don’t want to see a cap system in baseball because I believe open competition for talent produces the best competition for championships. I also don’t want to see a cap system in baseball because it would make analyzing the off-field game a miserable slog. 

So I am approaching these next nine weeks with anticipation, in the hopes that most teams will go into the freest talent market in domestic sports and try to get their share of players from it. I am hoping for more deals like the Mets and Rangers just pulled off, matching needs in the hopes that both teams can get better. Give me creative contracts, give me aggressive one-year pillow offers, give me some of the league’s bottom feeders surprising us by doing more than checking for their next revenue-sharing EFT to hit. Give me trades that make me write my hands off.