Yankees 2024-25 offseason FAQ

This story was excerpted from Bryan Hoch’s Yankees Beat newsletter. To read the full newsletter, click here. And subscribe to get it regularly in your inbox.

NEW YORK – It would prove to be Aaron Boone’s second-to-last drive to manage a game at Yankee Stadium this season, though as he navigated the construction headaches of the Major Deegan Expressway, the Yankees’ manager knew that there was a possibility that it all could end swiftly.

“No, we’re going to win,” Boone said, cradling a football in his office a few hours before Anthony Volpe had the game of his life in Game 4 of the World Series. “That’s where my mind is; like, let’s get ready to compete. Let’s get ready to go, put our best foot forward and that’s it.”

Boone’s relentless optimism has made him a favorite within the clubhouse, and the manager’s contract status is just one important decision the club must tackle.

The Yankees hold a contractual option on Boone for the 2025 season, and despite falling short in the Fall Classic, there are strong indications that the team will soon exercise it to bring Boone back for an eighth year at the helm.

What are the key offseason dates?
5 p.m. ET on Monday: The league’s five-day “quiet period” will expire, which permits free agents such as Juan Soto to begin discussing financial terms and/or sign with any clubs.

Monday: Teams and players must decide on all contract options (including the Yankees’ pending decision regarding Gerrit Cole), and clubs must tender qualifying offers to eligible free agents.

Tuesday-Thursday: General Managers Meetings in San Antonio, Texas.

Nov. 19: Players must accept qualifying offers by 4 p.m. ET, and teams must protect prospects from the Rule 5 Draft by 6 p.m. ET.

Nov. 22: By 8 p.m. ET, teams must formally tender contracts to players not on guaranteed contracts, including those eligible for arbitration. Anyone who is non-tendered will become a free agent.

Dec. 9-11: Winter Meetings in Dallas, Texas, including the MLB Draft Lottery on Dec. 10 and the Rule 5 Draft on Dec. 11.

Jan. 10, 2025: Eligible players and their teams exchange arbitration figures on this day.

Jan. 15, 2025: Start of the new international signing period.

Jan. 25, 2025: The 100th annual Baseball Writers’ Association of America’s New York chapter dinner will take place at the New York Hilton Midtown, including the presentation of hardware to the league MVPs, Cy Young Award winners and other notable recipients.

Who are the Yankees’ free agents?
Soto has plenty of notable company. Other Yankees free agents include: LHP Tim Hill, RHP Clay Holmes, RHP Tommy Kahnle, RHP Jonathan Loáisiga, 1B Anthony Rizzo, 2B Gleyber Torres, RHP Lou Trivino and OF Alex Verdugo. Cole also opted out, but the Yankees can void that by giving him one additional year at $36 million.

Will any of the free agents be back in 2025?
Cole seems an easy yes, but beyond that, it’s unclear. The Yankees would love to bring Soto back, and they’ll likely make a competitive offer, but managing general partner Hal Steinbrenner has already said that the club’s 2024 payroll was “unsustainable” long term. Soto seemed to enjoy his year in pinstripes, but if he intends to score a record-setting deal (one report had his target at $700 million), chances are that the Yankees won’t have the top bid on the table.

So much of the Yankees’ offseason hinges upon a decision from Soto, but they do have other money coming off the books. Hill, Holmes, Kahnle, Loáisiga, Rizzo, Torres, Trivino and Verdugo account for a total of more than $50 million in 2024 payroll that can be redistributed to fill needs.

Will any Yankees receive a qualifying offer?
The QO is a one-year contract valued at the average of the league’s 125 highest-paid players — this offseason, it’s $21.05 million. If the Yankees extend a qualifying offer to a player who subsequently signs elsewhere, they’ll receive Draft pick compensation.

Soto is an easy call to receive one, and the QO will be rejected almost as swiftly. Torres presents a more interesting argument, especially after he finished his year on a strong note. The QO represents a nice raise over the $14.2 million Torres earned this past season.

It’s a good gamble on the Yankees’ part; they shouldn’t mind bringing Torres back on a one-year deal if he accepts it.

Which Yankees players are eligible for arbitration?
IF Jon Berti, RHP J.T. Brubaker, IF/OF Jazz Chisholm Jr., LHP Nestor Cortes, RHP Scott Effross, OF Trent Grisham, RHP Mark Leiter Jr., LHP Tim Mayza, RHP Clarke Schmidt, C Jose Trevino.

Are there any non-tender candidates from that group?
Grisham could be non-tendered, as the Yanks won’t want to pay him a raise over the $5.5 million he earned in 2024. Berti, Brubaker and Mayza could prompt internal arguments if the Yankees are looking to trim additional payroll.

What’s the Yankees’ payroll situation?
Presently, FanGraphs projects the Yankees’ payroll at $244 million for tax purposes in 2025, which includes the assumption that Cole will return with the extra year. That figure also considers arbitration estimates for players like Grisham and others.

Steinbrenner’s repeated comments about not believing a championship-caliber club needs a $300 million payroll should be taken seriously, as they present a window into how ownership will likely approach the winter. The top Competitive Balance Tax tier of $291 million is a realistic target.

So, yes, the Yankees could theoretically move the chess pieces around to give Soto $50-plus million annually, along with the massive deals for Aaron Judge ($40 million), Cole ($36 million) and Giancarlo Stanton ($32 million in ’25, but declining each year after that). To stay under that top tax tier, though, they would need to scrimp and save in multiple other areas.

Do the Yankees need to protect any notable prospects from the Rule 5 Draft?
Infielder Caleb Durbin seems likely to be added to the 40-man roster, as the speedster has put forth a strong performance in the Arizona Fall League. Right-hander Zach Messinger, the club’s No. 17 prospect according to MLB Pipeline, would also draw interest if left unprotected.

What are the Yankees’ offseason needs?
It’s hard to believe, considering this team is less than a week removed from playing in the World Series, but the Yanks have a fair amount of shopping and/or swapping to do this offseason.

Soto’s departure would leave a huge hole in the lineup and in the outfield; in fact, Judge is the only starting outfielder guaranteed to return. The right side of the infield is presently unmanned with Rizzo and Torres now free agents, and they also need to reconstruct the bullpen again after doing so on the fly this past year.

Whom might they be willing to trade?
Cashman said that he’s always willing to listen to anything that makes sense, which could lead the Yankees into some unexpected chats this offseason.

One area opposing clubs might want to explore concerns Jasson Domínguez, New York’s previously off-limits top prospect who hardly appeared during the postseason run. What are the Yanks’ plans for “The Martian,” and is he more available than in past years?

On a similar note, Marcus Stroman was carried for two rounds in the postseason and did not get close to appearing in a game; he was also moved to the bullpen late in the season. Are the Yankees counting on him to return to form as a starter in ’25?