High-End Free Agents: Do They Exist?
A common refrain during this point in baseball’s calendar is that the free agent market isn’t what it used to be. The underlying premise is that more and more teams place more and more focus on locking up their young, talented players to long-term contract extensions. In turn, fewer and fewer young and talented players are reaching free agency. With the free agent market drying up, teams must pay a significant premium for the few players that do reach free agency that are both relatively young and relatively talented. Ken Rosenthal highlighted this line of thinking in an article last year:
One of the game’s rising young stars recently told me he was concerned about the flurry of contract extensions in baseball. The player didn’t want to be identified, but his thoughts intrigued me, in no small part because he is a candidate for an extension himself. The player’s point was this: Free agency helped make the players union into a powerhouse. But now, with fewer top players reaching free agency, who is going to drive the top of the market? Shouldn’t players feel a sense of responsibility to those who came before them and those who will follow? Fair questions, particularly if you look at the next two free-agent classes, which are almost devoid of stars. But when I expressed the player’s concerns to the head of the union, Michael Weiner, and a prominent agent, Scott Boras, I didn’t get the answers I expected. Neither views the trend as necessarily a problem.
But is this really a trend at all? Let’s look at that question more closely. Let’s begin by looking at the 2014-2015 crop of free agents. Baseball Reference has a list that is published here. As of this writing, that list contains 306 players. These 306 players have an average age of 31.6 and a median age of 31.0. The average WAR is at 5.54, which reflects outliers at the high end (like Ichiro and Jason Giambi); the median WAR for these 306 players is only 1.90. Of these 306, there are only six players that both (a) are 30 years old or younger (using Baseball Reference’s midpoint method to calculate ages, this is the age the player will be on July 1 of the next season), and (b) have achieved 12 wins above replacement in their career. These six players, in order of descending career WAR, are (i) Pablo Sandoval, (ii) Billy Butler, (iii) Asdrubal Cabrera, (iv) Melky Cabrera, (v) Colby Rasmus, and (vi) Max Scherzer.
If you are general manager looking to fill multiple holes in your roster, this is not the most inspiring group, especially when considering the cost of doing so. This group does reflect the current narrative — there does appear to be a dearth of high-end talent available on the free agent market. But how does this group compare to prior free agent cohorts? Has the free agent market really dried up, or has it always been dry?
Again, Baseball Reference is helpful. On its site, it lists the free agent signings for each year. For example, its list of 2013-2014 free agents is published here. Using the same criteria as before (30 or younger, and 12 career WAR or better), the 2013-2014 free agent crop had seven relatively young and relatively talented players: (i) Josh Johnson, (ii) Brian McCann, (iii) Jacoby Ellsbury, (iv) Ubaldo Jimenez, (v) Scott Kazmir, (vi) Chris Young (the hitter), and (vii) Matt Garza. Perhaps a bit better than 2014-2015, in general, but not markedly different. Looking back further, in summary fashion, here is a look at the free agent market during the ten seasons leading up to this one:
| Total Number of Signings/Free Agents* | Average Age | Median Age | Average WAR | Median WAR | Relatively Young and Relatively Talented (30 and younger; 12 bWAR or better) | |
| 2004 | 493 | 31.5 | 31 | 5.27 | 0.3 | 12 |
| 2005 | 420 | 31.5 | 31 | 5.03 | 0.5 | 6 |
| 2006 | 411 | 31.4 | 31 | 6.06 | 0.4 | 10 |
| 2007 | 391 | 31.3 | 31 | 5.41 | 0.4 | 1 |
| 2008 | 433 | 31.1 | 30 | 5.44 | 0.4 | 6 |
| 2009 | 443 | 31.2 | 31 | 5.14 | 0.6 | 6 |
| 2010 | 445 | 31.2 | 31 | 5.76 | 0.6 | 4 |
| 2011 | 417 | 31.3 | 31 | 5.46 | 0.6 | 7 |
| 2012 | 426 | 31.3 | 30 | 4.74 | 0.7 | 8 |
| 2013 | 413 | 31.1 | 31 | 4.96 | 0.9 | 7 |
| 2014 | 306 | 31.6 | 31 | 5.54 | 1.9 | 6 |
As for a list of the remaining names of the relatively young and relatively talented players appearing in the table above, they are:
2012-13: Zack Greinke, Russell Martin, Michael Bourn, B.J. Upton, Melky Cabrera, Anibal Sanchez, Edwin Jackson, Stephen Drew
2011-12: Jose Reyes, Grady Seizemore, Dontrelle Willis, Francisco Rodriguez, Aaron Hill, Prince Fielder, Kelly Johnson
2010-11: Carl Crawford, Dontrelle Willis, Mark Prior, Jhonny Peralta
2009-10:Matt Holliday, Jon Garland, Rich Harden, Coco Crisp, Hank Blalock, Austin Kearns
2008-09: CC Sabathia, Mark Teixeira, Jon Garland, Mark Prior, Francisco Rodriguez, Adam Dunn
2007-08: Aaron Rowand
2006-07: Barry Zito, Kerry Wood, Mark Mulder, Marcus Giles, Jeff Weaver, Wade Miller, Randy Wolf, Juan Pierre, Aramis Ramirez, Aubrey Huff
2005-06: Rafael Furcal, Jeff Weaver, Wade Miller, Ramon Hernandez, Paul Konerko, A.J. Burnett
2004-05: Carlos Beltran, J.D. Drew, Adrian Beltre, Troy Glaus, Edgar Renteria, Matt Morris, Richard Hidalgo, Eric Milton, Kevin Milwood, Placido Polanco, Wade Miller, Richie Sexson
What can we learn from looking at information from the ten free agent classes before this year’s free agent class?
- The free agent classes have looked very similar, on average, for the past ten years.
- Over the past ten years, free agency has not yielded the bumper crop of talent that has been suggested. The locking up of young talent prior to free agency does not appear to be a recent trend.
- The appearance of high-end talent, particularly high-end talent in the fat part of an aging curve, is at best sporadic (occasionally yielding a young high-end bat, such as Carlos Beltran, Adrian Beltre, Matt Holliday, or Prince Fielder, but almost never a pitcher with his best years ahead).
Based on this look, it has always been difficult to find players in their prime on the free-agent market. They exist, but they are rare. This does not appear to be a new trend.* The number of free agents in 2014 does not include the players that have not been tendered a contract for arbitration. Once this group of non-tendered players become free agents this winter, it will both inflate the number of available free agents and depress the average and median WAR figures shown in the table.

















