The Marlins and right-hander Eury Pérez discussed an extension earlier this year, according to reporting from Will Sammon, Ken Rosenthal and Katie Woo of The Athletic. However, they didn’t come close to getting something done. These talks occurred when the team approached the righty’s representatives in the spring and the two sides were about $15MM apart, according to Isaac Azout of Fish on First. Both Azout and Christina De Nicola of MLB.com say that the talks are expected to continue this offseason.
It’s the second time this week that reports have emerged of the Marlins trying to extend one of their young players. Earlier this week, it was reported that they recently had some talks with outfielder Kyle Stowers. The Fish were even farther from a deal with Stowers, with a reported $50MM gap in those talks.
The situations have a few things in common but are also wildly different. Both players have between two and three years of service time, meaning each is a year from qualifying for arbitration and four years from free agency. However, they are far apart in age. Stowers is going into his age-28 season and therefore won’t be a free agent until he’s going into his age-32 campaign. Pérez is only 22 years old right now, turning 23 in April. He is therefore slated for the open market after his age-26 campaign.
That’s a reflection of his quick rise to the majors. Pérez shot through the minors and was in the big leagues by his age-20 season. Despite his youth, he was immediately successful. He tossed 91 1/3 innings that year with a 3.15 earned run average. His 8.3% walk rate was around average while he punched out a strong 28.9% of batters faced.
He missed the 2024 season while recovering from Tommy John surgery. Since the Marlins approached him about an extension in the spring, he was still recovering at that time and had fewer than 100 innings under his belt. He was able to get back on the mound in June and finished the year with 95 1/3 innings, a 4.25 ERA, 27.3% strikeout rate and 8.3% walk rate.
Pérez is still fairly inexperienced, with under 200 big league innings to his name so far. However, he was confident enough to turn down extension overtures a year ago while still on the mend. Now he’s a year closer to free agency and has returned to health.
It’s quite rare for a player to be on track to hit free agency so young. When it does happen, teams have shown a strong willingness to pay for that youth. Back in the 2018-19 offseason, both Bryce Harper and Manny Machado reached free agency ahead of their age-26 seasons, with each hitting the $300MM plateau on their free agent deals. More recently, Juan Soto hit free agency at the same age and blew those two out of the water. His $765MM deal was more than Harper and Machado combined. Yoshinobu Yamamoto was also able to get a $325MM guarantee ahead of his age-25 season, despite having no MLB experience. Vladimir Guerrero Jr. signed a $500MM extension with the Blue Jays just a few months before he was about to become a free ahead ahead of his age-27 campaign. Rafael Devers got to $313.5MM under similar circumstances to Guerrero, two years earlier.
For players in their early 20s, teams have made massive commitments to position players. Players like Fernando Tatis Jr., Julio Rodríguez and Bobby Witt Jr. all got at least $210MM guarantees in their pre-arbitration years. The same can’t be said for pitchers. Spencer Strider currently holds the record for a pre-arb pitcher with his six-year, $75MM deal. Like all players, getting closer to free agency will increase his earning power. Arms such as Clayton Kershaw, Stephen Strasburg, Garrett Crochet, José Berríos, Jacob deGrom, Luis Castillo and Homer Bailey have signed nine-figure deals in their arb years. Dozens of guys have been able to crack nine figures after reaching the open market.
If Pérez bets on himself, he could keep increasing his earning power, but that would also run the risk of him getting hurt or simply struggling to put up good numbers. Since he’s so young, perhaps there’s a nice middle ground where he can bank some early earnings while still having a good path to free agency. For example, he could sign away two years of club control and still become a free agent ahead of his age-29 season.
For the Marlins, they had an encouraging finish in 2025. They were 23-33 at the end of May but went 56-50 the rest of the way and narrowly missed the playoffs. They have almost no money on the books. Sandy Alcantara is signed through 2026 with a club option for 2027. That’s literally it for now, though they have tendered contracts to seven arb-eligible players. Even though the Marlins don’t have huge payrolls, they have lots of room for long-term deals if they want to lock up a few core players.
That will also help them with their reported desire to increase their competitive balance tax number in 2026. The idea would be to pre-emptively stave off drama when the collective bargaining agreement expires next offseason. If the Marlins spend a bit more next year, it could reduce the chances that the MLB Players Association or other owners take umbrage with how the Fish are using their revenue sharing money.
The Athletics were in a similar position last winter and ended up getting more aggressive than in previous years. They gave notable free agent deals to Luis Severino and José Leclerc and signed extensions with Brent Rooker and Lawrence Butler. Extensions are quite good for bumping up the CBT since that number calculates contracts based on the average annual value of the whole deal. For instance, Alcantara’s $56MM extension over five years gave him an $11.2MM CBT hit for every season of that deal, even though he was paid far less than that in the first three years. He made $3.5MM in 2022, followed by $6MM and $9MM in the two subsequent seasons.
Photo courtesy of Benny Sieu, Imagn Images
