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The Yankees did not go to the top of the free-agent market to fill out their rotation.
But it’s possible that for the annual price of one of those top starters, they could add both Marcus Stroman and an arm for the bullpen.
With their lineup and rotation seemingly set, at least for now with a month until pitchers and catchers report to spring training, the Yankees could stand to add another reliever to bolster what was one of the game’s best bullpens last season.
Whether that means bringing back lefty Wandy Peralta or reeling in a righty setup man like Hector Neris or Robert Stephenson, the Yankees’ next move may be giving manager Aaron Boone another proven relief weapon.
The Yankees finished last season with the lowest bullpen ERA in the majors at 3.34, though it tailed off slightly in the second half in part because of injuries.
From the core of that group, the Yankees have lost Michael King — who was going to move to the rotation full-time anyway before he was sent to the Padres in the Juan Soto blockbuster — and could lose Peralta, who remains a free agent.
So far this offseason, they have added lefty Victor Gonzalez in a trade with the Dodgers and re-signed Luke Weaver, who projects to be the long man in the bullpen.
Clay Holmes is set to return as closer in his final year before free agency with Jonathan Loaisiga and Tommy Kahnle as his primary setup men. Ian Hamilton emerged as a revelation last season after being a non-roster invitee to spring training and Scott Effross is in line to return after missing all of 2023 rehabbing from Tommy John surgery.
If all of those relievers stay healthy in camp, that would seemingly make for seven spots filled in an eight-man bullpen.
As currently constructed, the last spot could go to one of Ron Marinaccio, Nick Ramirez, Matt Krook or Cody Morris, all of whom have minor league options.
It has the potential to be a strong group once again, and the Yankees have excelled recently at finding unheralded arms and developing them into useful relief pieces, which could be an argument for not spending big in the bullpen. But there are some questions that an additional signing could help solidify.
Loaisiga has proven to be a high-end reliever when healthy, but he has battled his fair share of arm injuries, including being limited to just 17 ⅔ innings last season because of elbow surgery to remove a bone spur and then further elbow inflammation at the end of the season.
Kahnle was mostly solid in his first year back with the Yankees, but missed the first two months with biceps tendinitis and then ended the season back on the injured list with shoulder inflammation.
And it remains to be seen how long it will take for Effross to return to top form after coming back from Tommy John surgery.
(Also worth noting: Holmes, Loaisiga and Kahnle are all set to become free agents next offseason.)
Peralta, 32, would give the Yankees a known quantity (and a second lefty out of the bullpen) after being one of their most valuable arms over the last three seasons. Since joining the team in a 2021 trade, he posted a 2.82 ERA across 153 innings. And while he also had late-September injuries in each of the last two seasons (thoracic spine tightness in 2022 and a triceps strain in 2023), he has mostly been a durable arm while also being beloved by his teammates.
Neris, 34, spent the last two seasons as a setup man for the Astros, putting together the best year of his career in 2023 as he posted a 1.71 ERA and 77 strikeouts across 68 ¹/₃ innings.
Stephenson, 30, is coming off a breakout season with the Rays in which he recorded a 2.35 ERA with 60 strikeouts in 38 ¹/₃ innings.
The Yankees could also opt for a reunion with Keynan Middleton, who was their only real addition at the trade deadline last summer. The reliever, who posted a 1.88 ERA in 12 appearances (he missed time in September with shoulder inflammation), expressed interest in a return at the end of the season.
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