Money Well Spent: Baseball Free Agency Revisited

Wondering why your favorite team has played so poorly this season (I’m looking at you, Yankees fans)? Trying to understand the mysterious production your team has displayed throughout the first five months of the season? 

Below is a review of the best and worst free-agent signings made this past offseason. To qualify, a player had to be signed during the offseason period of free agency, which ended on Mar. 14. The rankings are based on value per dollar. (Stats as of 9/1/08)

10 Best Free-Agent Signings

10. Darin Erstad (One Year, $1 million) Houston Astros

2008 Stats: .295 AVG  3 HR  26 RBI  .326 OBP  .384 SLG

Why it worked: Houston seems to have a love of older players (Randy Wolf, Miguel Tejada), but Erstad has been steady the entire season, earning a one-year contract extension on Saturday.

9.  Eric Hinske (One Year, $800,000) Tampa Bay Rays

2008 Stats: .252 AVG  19 HR  56 RBI  .336 OBP  .491 SLG

Why it worked: The versatile Hinske can play the both corner outfield spots and first base. He also has decent speed, successfully stealing nine bases so far.

8. Jorge Cantu (One Year, $500,000) Florida Marlins

2008 Stats: .280 AVG  22 HR  72 RBI  .329 OBP   .467 SLG

Why it worked: The previous one-year wonder found his power swing again and has been a force in the middle of the Marlins' lineup all season. His offense improved when he changed positions to third base.

7. Mariano Rivera (Three Years, $45 million) New York Yankees

2008 Stats: 5-5  32 SV  1.46 ERA  .70 WHIP 

Why it worked: The “greatest closer ever” continues to dominate. Francisco Rodriguez may ask for “Mo Rivera Money” this offseason, but no closer should ever be paid mo' than “Mo.”

6. Kyle Lohse (One Year, $4.25 million) St. Louis Cardinals

2008 Stats: 13-6  3.89 ERA  1.29 WHIP  .272 BAA

Why it worked: Almost sat out the 2008 season before the Cards took a chance on him.  Has been their most consistent starter and should cash in this offseason.

5. Kerry Wood (One Year, $4.2 million) Chicago Cubs

2008 Stats: 4-2  28 SV  2.59 ERA  .97 WHIP

Why it worked: Always the injury risk, “Kid K” has helped the best team in baseball close out games in style. Rewarding the Wrigley Faithful for remaining loyal.

4. Troy Percival (Two Years, $8 million) Tampa Bay Rays

2008 Stats: 2-0  27 SV  3.69 ERA  1.03 WHIP

Why it worked: He went from a fan throwing out the first pitch in 2007 to closing games for the hottest team in the American League. Injuries have bothered him lately, but his presence alone will be a major boost for the Rays come October.

3. Alexi Ramirez (Four Years, $4.75 million) Chicago White Sox

2008 Stats: .307 AVG  15 HR  60 RBI   .323 OBP   .490 SLG

Why it worked: “The Cuban Missile” wasn’t on anyone’s radar screen in the winter, but he has made a name for himself as one of the top rookies in baseball. He should challenge Rays’ third baseman Evan Longoria for American League Rookie of the Year.

2.  Willie Harris (One Year, $800,000) Washington Nationals

2008 Stats: .250 AVG  12 HR  40 RBI  .342 OBP   .436 SLG

Why it worked: Willie who? The last time anyone even mentioned his name was in 2005, when he was the 25th man on the World Series Champion White Sox. In a matter of three years, Harris has gone from a bench player to a cleanup hitter, albeit on the lowly Nationals.

1.  Milton Bradley (One Year, $5 million) Texas Rangers

2008 Stats: .326 AVG  22 HR  73 RBI  .448 OBP  .586 SLG

Why it worked: All mental issues aside, Bradley has been one of the biggest surprises of the year. He tore his ACL at the end of 2007 and was expected to miss significant time in 2008, yet has remained relatively healthy the whole season.

Playing in Arlington obviously helps, but he leads the American League in on-base percentage and batting average and will likely land a much-deserved multi-year deal this offseason.

10 Worst Free Agent Signings

10. Livan Hernandez (One Year, $5 million) Minnesota Twins

2008 Stats:  11-11  6.14 ERA  1.66 WHIP  .344 BAA

Why it didn’t work: Sure, he can pile up the innings, but he can also pile up the earned runs. Maybe letting him know he will be on the mound every fifth day was Minnesota’s biggest miscalculation when signing him. The Rockies claimed him off waivers in August, despite the fact they play in hitter-friendly Coors Field.

9. Mark Prior (One Year, $1 million) San Diego Padres

2008 Stats: No Games Played

Why it didn’t work: Had to put his name on this list. He tried to pretend he would be ready by May, when everyone except San Diego GM Kevin Towers knew he can’t be counted on ever again to stay healthy.

8. Octavio Dotel (Two Years, $11 million) Chicago White Sox

2008 Stats: 4-4  1 SV  3.68 ERA  1.26 WHIP

Why it didn’t work: When his fastball has no movement, it’s basically batting practice all over again. Manager Ozzie Guillen refused to use Dotel when closer Bobby Jenks went down, knowing Dotel can’t be counted on with the game on the line.

7. Curt Schilling (One Year, $8 million) Boston Red Sox

2008 Stats: No Games Played

Why it didn’t work: Just like Prior, he tried to say he would be back by the summer. Yet the Red Sox basically paid him to sit on his couch all day and update his blog. The only announcement Schilling made by the summer was his decision to retire.

6. Geoff Jenkins (Two Years, $13 million) Philadelphia Phillies

2008 Stats: .246 AVG  9 HR  29 RBI  .304 OBP  .394 SLG

Why it didn’t work: Much like old teammate Richie Sexson, Jenkins became a shell of himself once he left Milwaukee. Has he done anything noteworthy at all since signing? 

5. Michael Barrett (One Year, $3.5 million) San Diego Padres

2008 Stats: .202 AVG  2 HR  9 RBI  .274 OBP  .298 SLG

Why it didn’t work: Kevin Towers must have a fondness for Cubs’ castoffs. Barrett was never the same after freaking out and punching A.J Pierzynski and fighting Carlos Zambrano.

4. Eric Gagne (One Year, $10 million) Milwaukee Brewers

2008 Stats: 4-2  10 SV  6.23 ERA  1.64 WHIP

Why it didn’t work: Yikes. From Cy Young to Cy Yuck, Gagne somehow struck it rich, despite coming off a miserable postseason with Boston. He has since lost the closers job and barely sees any significant game action.

3. Alex Rodriguez (Ten Years, $275 million) New York Yankees

2008 Stats: .306 AVG  29 HR  81 RBI  .394 OBP  .580 SLG

Why it didn’t work: Hey, at least Madonna thinks highly of A-Rod. With the non-stop headlines on the wrong side of the newspaper, Rodriguez has continued his familiar trend of failing in the biggest spots.

He grounded into 10 double plays in the month of August alone. Luckily for Alex, Hank Steinbrenner still has nine more years of tabloids and rumors to deal with.

2. Carlos Silva (Four Years, $48 million) Seattle Mariners

2008 Stats: 4-14  6.36 ERA  1.55 WHIP  .328 BAA

Why it didn’t work: Did anyone really think Silva was a $12-million-a-year pitcher? His stuff has been so bad that the Mariners were begging teams to take him during the July 31 trade deadline. Have fun Seattle, it will be “Silva Time” every fifth day for the next three years.

1. Andruw Jones (Two Years, $36.2 million) Los Angeles Dodgers

2008 Stats:  .161 AVG  3 HR  14 RBI  .261 OBP  .254 SLG

Why it didn’t work: What happened to this guy? He was one of the brightest stars in the league until he discovered Wendy’s was open late at night. He came into camp out of shape and overweight and eventually lost his starting job to young stars Matt Kemp and Andre Ethier. 

The Braves were smart to let him walk last year. His statistics are frightening when compared to his salary.

Dishonorable Mention

Jorge Posada (Four Years, $52.4 million) New York Yankees

2008 Stats: .268 AVG  3 HR  22 RBI  .364 OBP  .411 SLG

Why it didn’t work: A lot of experts saw this one coming. Posada has been plagued by injuries all season and lost his catcher’s job half way into his new four-year deal. Posada will most likely to be moved to full-time DH duty in 2009.

The Yankees wonder why they are so many games behind the Rays. Signing older players at important positions like catcher is one reason.

Luis Castillo (Four Years, $25 million) New York Mets

2008 Stats: .263 AVG  3 HR  27 RBI  .363 OBP  .328 SLG

Why it didn’t work: The Mets forgot it isn’t 2003 anymore. That was the last time Castillo was actually a productive player. 

Kosuke Fukudome (Four Years, $48 million) Chicago Cubs

2008 Stats: .265 AVG  9 HR  54 RBI  .366 OBP  .388 SLG

Why it didn’t work: OK, he plays great defense and is a marketing icon all around Wrigley, but where is the power hitter we all heard about before the season began? Manager Lou Piniella knew Fukudome would struggle at one point this season, he just didn’t expect it to be the entire season. His defense is the only thing keeping him in the lineup every day.

Stat Key

AVG (batting average)

HR (home runs)

RBI (runs batted in)

OBP (on-base percentage)

SLG (slugging percentage)

0-0  (win-loss record)

SV (saves)

ERA (earned run average)

WHIP (walks, hits, per innings pitched)

BAA (batting average against)