What to know about the MLB off-season

Let the Hot Stove season begin.

Now that the World Series is complete, the off-season can begin in earnest. Here is what you need to know about the Royals’ off-season.

Which players become free agents?

The Royals have seven players that automatically become free agents now - Paul DeJong, Yuli Gurriel, Garrett Hampson, Tommy Pham, Robbie Grossman, Michael Lorenzen, and Will Smith. The Royals will have an exclusive five-day negotiating window with them, but after that they are free to sign with any team.

What does the 40-man roster currently look like?

The Royals currently have 33 players on the 40-man roster.

Catchers (2): Freddie Fermin, Salvador Perez

Infielders (7): Adam Frazier, Maikel Garcia, Nick Loftin, Michael Massey, Vinnie Pasquantino, Nick Pratto, Bobby Witt Jr.

Outfielders (7): Dairon Blanco, Tyler Gentry, Kyle Isbel, MJ Melendez, Hunter Renfroe, Nelson Velázquez, Drew Waters

Pitchers (17): Jonathan Bowlan, Kris Bubic, Steven Cruz, Lucas Erceg, Hunter Harvey, Carlos Hernández, Sam Long, Seth Lugo, Daniel Lynch IV, Alec Marsh, James McArthur, Cole Ragans, John Schreiber, Brady Singer, Chris Stratton, Michael Wacha, Angel Zerpa

Teams will need to activate players from the 60-day Injured List within five days and add them to the 40-man roster. For the Royals, that includes just two players, Josh Taylor and Kyle Wright.

What players have contract options?

The Royals have four players with contract options.

• Adam Frazier has an $8.5 million mutual option that the Royals will almost certainly decline and pay the $2.5 million buyout.
• Chris Stratton has a $4.5 million player option he is likely to accept after a tough year.
• Hunter Renfroe has a $7.5 million player option that he is also likely to accept, although if he decides not to, he still gets a $1 million buyout.
• Michael Wacha has a $16 million player option that he is likely to decline.

The Royals would like to bring Wacha back and he says he and his family have enjoyed their time in Kansas City, so it is not unreasonable to think the 33-year-old right-hander could return. But this is also likely his last shot at a multi-year deal after he was one of the best starting pitchers in baseball this year.

Generally, contract options must be exercised within five days after the World Series, although sometimes the deal will stipulate a different timeline.

What is a Qualifying Offer?

In 2012 MLB revamped the compensation system for teams losing free agents, instituting the Qualifying Offer (QO). Any team can make a departing free agent (that spent all year with the club and hasn’t been offered before) a QO, which is a one-year offer at a salary of the average of the top 125 contracts. The player can accept and play under that contract for one year (or negotiate a better deal with that team), or decline and the old team is given draft compensation.

For this off-season, the amount of the QO is $21.05 million. So when Wacha declines his option, the Royals could tender him the QO and if he accepts, they pay him just a bit more than $5 million than they originally planned to pay him. If he declines and departs elsewhere, they would get draft compensation. As a revenue-sharing recipient, they would get a pick after the first round if he signs a deal more than $50 million, or after the second round if he signs a deal worth less than $50 million. If the Royals were to sign a player that had been offered a QO, as a revenue-sharing recipient they would have to forfeit their third-highest draft selection.

Teams have five days after the World Series to make a Qualifying Offer, with a decision on whether to accept or decline by November 19.

Which players must be added to the 40-man roster?

Players drafted at age 19 or later with five seasons in the minors, or players drafted under age 19 with four seasons in the minors are eligible to be selected by other organizations in the Rule 5 draft if not added to the 40-man roster. For the Royals, only pitcher Noah Cameron seems like a lock to be added, but pitchers Luinder Avila, Eric Cerantola, Chandler Champlain, Austin Cox, Tyson Guerrero, and Evan Sisk could also be possibilities to be added by the November 19 deadline. The Rule 5 draft will take place the final day of the Winter Meetings in Dallas on December 11.

Who could be non-tendered by the Royals?

Players with at least three years of service time (and sometimes those with two years) but not yet eligible for free agency are eligible for salary arbitration. If the player and team can not agree on a salary, each side submits a number to go to a hearing with an arbiter siding with one party.

Teams have until November 22 to decide whether to “tender” a contract to a player making them eligible for the arbitration process, or “non-tender” a player, effectively releasing him and making him a free agent. The Royals have ten arbitration-eligible players - Kris Bubic, Hunter Harvey, Carlos Hernández, Kyle Isbel, Daniel Lynch IV, MJ Melendez, John Schreiber, Brady Singer, Josh Taylor, and Kyle Wright. Only Taylor is a candidate to get non-tendered. Based on projections at MLB Trade Rumors, the other nine will earn just under $26 million next year.

How much will the Royals spend?

Assuming Wacha opts out, Frazier’s option is declined, and Renfroe and Stratton exercise their options, the Royals will have five players under contract for next year.

• Salvador Perez, $20 million
• Seth Lugo, $15 million
• Bobby Witt Jr., $8.1 million
• Hunter Renfroe, $7.5 million
• Chris Stratton, $4.5 million

If you combine that with a $2.5 million buyout for Adam Frazier and the $26 million for arbitration-eligible players, that comes to about $83.4 million. The Royals will also need to pay pre-arbitration players like Cole Ragans, Maikel Garcia, and Michael Massey, who will make near the league minimum of $760,000, combing for a nearly $10 million.

Royals GM J.J. Picollo has not indicated a budget for next year, but said that he expects the same kind of financial flexibility he got from owner John Sherman last year, when the team began the season with a $115 million payroll. If those numbers stay constant, Picollo would have about $20-25 million to spend this winter.

What will the Royals do this off-season?

J.J. Picollo has said getting an on-base hitter is his top priority, and he may look to add another bat in the lineup. He seems committed to keeping MJ Melendez, advocating for patience with the 25-year-old outfielder. He also seemed to express a preference for rounding out his roster with veterans, citing the positive presence of players like Will Smith, Chris Stratton, and Hunter Renfroe this year.

The Royals would like to bring Wacha back, but failing that, are likely to look outside the organization to replace him. Pitcher Kyle Wright is likely to return this season after an injury, but the Royals have cited the need for depth in the rotation. The team seemed to find a core of relievers they could depend on late in the season and with Hunter Harvey expected to return from injury by next year, they could be largely set already in the bullpen.

Who are the top free agents?

Yankees slugger Juan Soto leads the list of free agents that is generally considered a bit thinner than the usual class. First baseman Pete Alsono, infielders Willy Adames and Alex Bregman, outfielders Teoscar Hernández, and Anthony Santander, and pitchers Corbin Burnes, Jack Flaherty, Max Fried, and Blake Snell are among the top names.

What are some dates to know?

November 4 - Exclusive negotiating window for free agents ends

Deadline for most contract options

Deadline to make a Qualifying Offer to a free agent

November 4-7 - General Manager Meetings in San Antonio

November 18 - Rookie of the Year winners announced

Hall of Fame ballots sent out

November 19 - Deadline to protect players from the Rule 5 draft by adding them to the Rule 5 draft

Deadline for a free agent to accept a Qualifying Offer

Manager of the Year winners announced

November 20 - Cy Young winners announced

November 21 - Most Valuable Players announced

November 19-21 - Owner Meetings in New York

November 22 - Deadline to tender arbitration-eligible players a contract

December 1 - Competitive balance draft picks awarded

December 8-11 - Winter Meetings in Dallas

December 10 - MLB draft lottery held

December 11 - Rule 5 draft

December 15 - 2024 international signing period ends

January 9, 2025 - Arbitration filing deadline

January 15, 2025 - 2025 international signing period begins

January 21, 2025 - BBWAA Hall of Fame announcement

January 27 - February 14, 2025 - Arbitration hearings

February 14, 2025 - Pitchers and catchers report for most teams

February 21, 2025 - Royals first spring training game

March 27, 2025 - Royals season opener against the Guardians at Kauffman Stadium