Yankees’ 2024-25 Offseason Outlook; Free Agents and Important Dates to Know

The New York Yankees came up short in the 2024 World Series. Here is what lies ahead for the club.

Oct 30, 2024; New York, New York, USA; New York Yankees third baseman Jazz Chisholm Jr. (13), outfielder Alex Verdugo (24), outfielder Juan Soto (22) and outfielder Aaron Judge (99) during the first inning against the Los Angeles Dodgers in game five of the 2024 MLB World Series at Yankee Stadium. Mandatory Credit: Vincent Carchietta-Imagn Images / Vincent Carchietta-Imagn Images

The New York Yankees threatened to become the first team in MLB history to force a Game 6 after falling behind 3-0 in the World Series. However, a fifth-inning defensive meltdown erased their five-run lead in Game 5, extinguishing hopes of celebrating a 28th championship in 2024.

Instead, the Los Angeles Dodgers hoisted the Commissioner's Trophy in the Bronx, leaving a haunting final image in the minds of Yankees fans, players, coaches and executives as they head into the winter.

Now that the 2024 season is officially in the rearview mirror, it is time to look ahead at what comes next. Here are the key steps the Yankees will take in building its 2025 roster:

Free Agency
All 30 MLB clubs are free to begin trading players, as seen with the Atlanta Braves sending veteran slugger Jorge Soler to the Los Angeles Angels on Thursday.

Veteran players with expiring contracts immediately become free agents but cannot sign or talk to other teams until a five-day quiet period ends. Over the next five days, the Yankees can negotiate with their own free agents, but options (team, player, vesting, or mutual) must be exercised or declined before the period expires.

Teams planning to make qualifying offers will see the offseason's qualifying offer reach an all-time high of $21.05 million. If a player rejects the offer and signs elsewhere, the original team receives draft pick compensation. Here’s a look at the players New York could potentially lose:

Pending Free Agents:

LHP Tim Hill, RHP Clay Holmes, RHP Tommy Kahnle, RHP Jonathan Loáisiga, OF Juan Soto, 2B Gleyber Torres, OF Alex Verdugo

Options:

RHP Gerrit Cole (opt-out), 1B Anthony Rizzo ($17 million club option), RHP Lou Trivino ($5 million club option), RHP Luke Weaver ($2.5 million club option)

Arbitration-Eligible Non-Tender Candidates:

INF Jon Berti, LHP Tim Mayza, OF Trent Grisham, RHP JT Brubaker

A Note on New York’s free agents

Soto, 26, is the top prize in this free agent class, expected to secure a contract exceeding $500 million and potentially reaching $600 million. After hitting 41 home runs, driving in 109 RBIs, and posting a .989 OPS in his first season in pinstripes, the Yankees hope for a long-term partnership.

The Yankees have significant financial resources, but outbidding Steve Cohen and the New York Mets, who are also widely expected to pursue Soto, will be challenging after the Mets reached the NLCS in what was initially viewed as a transition year.

Cole, 34, has an opt-out clause that could allow him to enter free agency despite having four years and $144 million remaining on his contract. However, the Yankees can retain their ace by exercising an option to extend the deal through 2029 for an additional $36 million.

New York faces an easy decision to exercise Weaver’s option after he excelled as a closer in October. However, other choices will create more complications.

For example, if the Yankees decline Rizzo’s $17 million option following a down year, they may need to find replacements for multiple relievers, their starting first baseman, second baseman, and one of their primary outfielders (Verdugo) while trying to negotiate a mammoth-sized deal with Soto.

New York could shift Jazz Chisholm Jr. back to his natural position at second base, but that would leave a gap at third. They also might consider Jasson Domínguez as one of their everyday starters in the outfield, even though he hardly saw any action during the postseason.

Other Important Dates

• Nov. 11: BBWAA award finalists announced.
• Nov. 13-17: All-MLB Weekend (Las Vegas).
• Nov. 21: Most Valuable Players announced; Aaron Judge is the likely AL choice.
• Dec. 9-12: Winter Meetings (Dallas). Significant free-agent signings and trades often occur here. The Amateur Draft Lottery will determine the 2025 draft order on Dec. 10, followed by the Rule 5 Draft the next day.
• Dec. 15: 2024 international signing period closes.
• Jan. 9: Salary arbitration figures exchanged between players and clubs.
• Jan. 15: 2025 international signing period opens.
• Jan. 23: BBWAA announces Hall of Fame class; former Yankees CC Sabathia and Curtis Granderson make their ballot debuts.
• Feb. 14: Pitchers and catchers report for most clubs.
• Feb. 21: Spring Training schedule opens at George M. Steinbrenner Field in Tampa vs. the Rays.
• March 27: Opening Day vs. the Brewers at Yankee Stadium.