The Rangers are still seeking a reunion with Nathan Eovaldi

The Rangers continue to pursue a reunion with their free agent starter Nathan EovaldiGM Chris Young confirmed this today at the Winter Meetings. Evan Grant of the Dallas Morning News reports that Texas has a meeting scheduled with representatives of the right-hander Monday evening.

Eovaldi is one of the best unsigned pitchers on a fast-moving market. Unlike Corbin Burnes AND Massimo Frittowill be limited to a relatively short-term arrangement. Eovaldi will turn 35 in February. This is an age where very few free agent pitchers get three years. Using MLBTR’s Contract Tracker, we see that there are only three free agents age 35 or older who have been signed to at least three years in the last ten years: Jacob de Grom, Max Schezer AND Rich hill.

MLBTR then projected two years with a high average annual value of $22 million for Eovaldi. However, the rotation market was pretty strong early on, so it’s not out of the question that he lands a three-year deal on a deal that exceeds $60 million in total. Even if it is limited to two years, it will most likely cost more than $20 million per year.

It’s unclear whether the Rangers would find that price palatable. They have reduced spending in consecutive winters as they navigate an uncertain future with their in-market TV deal. Grant reported in October that Texas hoped to keep its luxury tax code below the $241 million base threshold next year. RosterResource puts the Rangers’ CBT number at around $195 million. They have a fair amount of flexibility, but something like $22 million per year for Eovaldi would be almost half the gap. Texas also needs to acquire more relievers, and teams generally like to leave some payroll room for deadline acquisitions. A club’s luxury tax code is not calculated until the end of the season, so salary received mid-season is counted pro-rata.

It is no surprise that Eovaldi has broad market appeal. He has received reports of interest from the Orioles, Mets, Braves and Red Sox. He still has above-average velocity and is coming off a 3.80 ERA with good strikeout and walk numbers. Eovaldi also has a solid reputation for his performances in the postseason, including a 2.95 ERA in six starts during the Rangers’ 2023 World Series run.