With only a couple of weeks until pitchers and catchers report for spring training, it seems like a good time to reflect on the MLB offseason. It was a winter where the rich got richer, with the Los Angeles Dodgers loading up on yet more talent.

The New York Mets paid Juan Soto the largest contract in baseball history to prize him away from their cross-city rivals, while the Chicago Cubs picked up Kyle Tucker from the Houston Astros.

Here are five winners and losers of the 2024/25 MLB offseason so far:

Winners

Los Angeles Dodgers

After winning the 2024 World Series, the Dodgers added Blake Snell, Roki Sasaki, Michael Conforto, Kirby Yates, Tanner Scott, and Hyeseong Kim. The defending champions also re-signed slugging outfielder Teoscar Hernández.

The Dodgers were favorites for the 2025 Fall Classic when the odds opened. Their price has shortened dramatically since then, with DraftKings’ odds of +180 currently the longest among major sportsbooks.

New York Yankees

It didn’t seem like the New York Yankees would be winners of the offseason when Juan Soto left for the New York Mets in free agency. Acquiring Paul Goldschmidt, Max Fried, Cody Bellinger, and Devin Williams ensured it was still a successful winter for the Bronx Bombers, who have the shortest World Series price of any American League team.

Not only are the Yankees the clear betting favorite in the AL. They are also projected to be an elite team on both sides of the ball, even without Soto.

Athletics

How often have the Athletics been an offseason winner? It’s rarer than a Jake Burger stolen base.

At threat of a grievance from the MLBPA, though, the Athletics spent this winter. Luis Severino penned a franchise record contract, Brent Rooker could a well-deserved extension, and Jeffrey Springs was acquired via trade.

José Leclerc and Gio Urshela also penned free agent deals to spend the 2025 season in Sacramento.

This surprisingly active offseason doesn’t make the A’s into a playoff team – they are +850 to reach the postseason at FanDuel – but it gives them a chance of being more competitive.

Boston Red Sox

The Boston Red Sox needed more pitching. Their response was to trade for Garrett Crochet and sign Walker Buehler, Justin Wilson, and Aroldis Chapman. They also picked up Patrick Sandoval – a name which could invoke nightmares for Red Sox fans – who could be available down the stretch after surgery in 2025.

Boston is a good option at -110 to make the playoffs, despite playing in such a stacked AL East. It’s worth backing them at -104 for over 85.5 wins, too.

Chicago Cubs

The Cubs acquired Kyle Tucker, Eli Morgan, Ryan Pressly, Vidal Bruján, and Cody Poteet this winter. Despite finishing 10 games back last season, the Cubs are betting favorites for the NL Central with the Milwaukee Brewers losing Willy Adames in free agency.

Chicago hasn’t made the postseason since 2020. Adding an MVP contender in Tucker and fortifying the bullpen with Morgan and Pressly sets them up to end that drought.

Losers

San Diego Padres

It took until Jan. 28 for the San Diego Padres to sign their first major-league free agent in catcher Elías Díaz. Despite being in the running late on for Sasaki, it’s been an offseason of inactivity at Petco Park.

An ownership dispute and a need to balance the books has handcuffed a team with a several long-term contracts on its books.

San Diego has enough talent to be a playoff team, but this has been an underwhelming winter with Jurickson Profar, Tanner Scott, and Kyle Higashioka all departing as free agents.

Toronto Blue Jays

The Toronto Blue Jays were finalists for Juan Soto and Roki Sasaki. They missed out on both. An extension for Vladimir Guerrero Jr. has not materialized, and it seems the two parties are a long way apart at the end of January.

Signing Anthony Santander and Jeff Hoffman, and trading for Andrés Giménez means the Jays are improved, but they might still be the weakest team in the American League East.

Even at +1800 for the division with DraftKings, the Jays don’t represent a value bet.

Scott Boras

Maybe it’s a bit harsh to have mega-agent Scott Boras in this category. He secured Juan Soto’s record-breaking deal and Blake Snell’s pact with the Dodgers, after all.

Then again, this is the second offseason in a row some of Boras’ upper-echelon clients have been waiting for offers that never arrived. Last winter, it was Snell, Cody Bellinger, Jordan Montgomery, and Matt Chapman. This time around, Boras has seemingly overestimated the market for Alex Bregman and Pete Alonso, who remain unsigned on Jan. 30.

Baltimore Orioles

Losing Corbin Burnes without a proper replacement ensures the Baltimore Orioles are one of the losers of this offseason. Baltimore dropped off in the second half of the 2024 regular season and had a disappointing playoff exit.

Their response was signing Tyler O’Neill and Tomoyuki Sugano. The rotation is subpar for a team with World Series aspirations – Burnes or Max Fried would have been perfect additions.

Seattle Mariners

While the Seattle Mariners didn’t need to do anything, a passive offseason is a bit of a disappointment after missing out on the playoffs with 85 wins. They are still a good futures option at +250 for the AL West with DraftKings.

The offense is a concern, though, despite a 104 wRC+ last season. Mitch Haniger, Donovan Solano, Victor Robles, and Dylan Moore are in line for a lot of plate appearances.