The rebuilding Marlins have continued to subtract from their big league roster this winter, trading Jake Burger to the Rangers and Jesus Luzardo to the Phillies. Since Burger wasn’t yet arbitration-eligible and Luzardo was projected for a modest $6MM in his second arb year, the trades were more about adding young talent than cutting payroll, yet losing even Luzardo’s estimated $6MM salary has an additional impact on a bigger-picture question facing Miami’s finances.
As observed by The Athletic’s Ken Rosenthal (using estimates from RosterResource), the Marlins have a luxury tax number of roughly $82.8MM. This leaves the Fish some ground to cover before they reach the $105MM threshold estimated as the figure representing 150 percent of the club’s reported $70MM or so in revenue-sharing funds. As stipulated by the league’s collective bargaining agreement, teams who receive revenue-sharing funds must spend at least 150 percent of those funds on player payroll, at the risk of facing a grievance from the players’ union.
It wouldn’t be the first time that the Marlins faced this consequence, as the MLBPA filed a grievance against the Marlins, Rays, Pirates, and Athletics in February 2018 based on the union’s stance that the clubs were simply pocketing a good deal of their revenue-sharing money, rather than reinvesting those funds towards player payroll. Rosenthal and his Athletic colleague Evan Drellich recently noted that that grievance was still pending in an adjusted form, though the most recent CBA saw the minimum spend rise from 125 percent to its current 150 percent figure.
The revenue-sharing minimum drew more of a spotlight this winter when the A’s started to increase their payroll, which was viewed as the team trying to hit that $105MM tax number and avoid any heat from the players’ union. The Athletics’ situation is a little different since their revenue-sharing status was reduced in the earlier years of the CBA while the team was looking for a new ballpark, and they are now back to receiving a full-fledged share of revenue-sharing funds in 2025.
The Marlins have generally been among the lowest-spending teams in baseball for most of their history, and spanning multiple ownership groups. Bruce Sherman’s purchase of the Marlins in 2017 was initially viewed as a possible light at the end of the payroll tunnel, though the sudden departure of CEO Derek Jeter prior to the 2022 season threw a wrench into that perception, especially since payroll expenditures were reportedly one of several sources of disagreement between Sherman and Jeter.
Miami did elevate spending a bit under GM Kim Ng and the team made the playoffs in 2023, but Sherman’s desire for a better farm system led to Ng’s departure after that season, and the hiring of Peter Bendix as the Marlins’ new president of baseball operations. Taking a page from Bendix’s former team in Tampa Bay, the Marlins seem to be moving towards a Rays-esque model of relying on a strong minor league pipeline to build their rosters, while only modestly spending on payrolls. Bendix’s arrival kickstarted yet another rebuild, as the Marlins have dealt several of their more experienced and higher-priced players over the last year.
As much as the Athletics’ winter moves were made with the revenue-sharing number in mind, acquiring Luis Severino, Jeffrey Springs, and Gio Urshela are also sensible from an on-field standpoint, given the club’s needs in the rotation and at third base. Considering that the A’s played solid baseball over the last three months of the 2024 season, the West Sacramento team might even have some darkhorse potential as a wild card contender if everything breaks right and the Athletics get another breakout or two from younger players.
The Marlins are in a different situation. While there is some interesting talent on the roster, it is very hard to imagine Miami contending in 2025, nor does contending seem to be in the front office’s plans within the near future as Bendix focused on overhauling the player development system.
Spending $22.2MM to get up to the $105MM threshold likely won’t translate, therefore, in any additions that will help Miami win ballgames in 2025. The Marlins could add a couple of lower-cost veterans on one-year deals, with an eye towards potentially trading those players at the deadline once the majority of their salaries have been officially tallied onto the team’s tax bill. With a nod towards the Marlins’ goal of restocking the farm system, Bendix could potentially look into trading for a bad contract or two from another team, with that other team adding some prospects as a sweetener to further entice Miami into absorbing most or all of the money owed.
Unsurprisingly, Bendix didn’t provide many details on the Marlins’ spending plans, telling the Miami Herald’s Barry Jackson and other reporters this week that “I’m not going to comment on what we might or might not do. Bruce continues to give us all the resources we need to build this franchise for sustainable success.”
Bendix also didn’t entirely close the door on the possibility that Sandy Alcantara could be traded, saying that “We never rule out anything. We listen to everything.” That said, Alcantara was told back in August that he probably wasn’t getting dealt this offseason, and Bendix noted that “Sandy is a really important piece for our organization. I’m really excited to see him pitch on Opening Day.”
Alcantara is the highest-paid player on Miami’s roster, as the 2022 NL Cy Young Award winner is owed $17MM in each of the next two seasons, plus there is a $21MM club option ($2MM buyout) on his services for 2027. This salary has naturally made Alcantara the subject of continued trade rumors, even though Alcantara didn’t pitch in 2024 due to Tommy John surgery.
Obviously the Marlins wouldn’t be trading the right-hander for a maximum return in the wake of this injury, which is why a deal this winter remains unlikely. If Bendix was to sell low on Alcantara now only to see him rebound to ace form in the early part of the 2025 season, that’ll count as a lost missed opportunity to gain the biggest possible trade package for the Marlins’ biggest remaining trade chip. Miami’s payroll might also factor into the equation here, as Rosenthal notes that trading Alcantara would leave the Marlins even further away from the $105MM revenue-sharing threshold.
Just as Bendix isn’t likely to openly state that Alcantara is available in trade talks, the PBO also isn’t likely to entirely shut down any offers because of basic due diligence. Bendix surely doesn’t want to limit options just in case a pitching-needy team actually is willing to part with a premium return for a pitcher coming off a lost season.