The New York Yankees made a final push to add two-time Cy Young Award winner Blake Snell to their rotation, shortly before the free agent opted for a two-year, $62 million deal with the San Francisco Giants.
“The Yankees offered $150 million last month to Blake Snell but pulled their offer and declined to re-enter the sweepstakes on Sunday,” USA Today’s MLB insider Bob Nightengale reported.
Ultimately, it appears Snell was set on attaining the highest-possible average annual value (AAV) on his contract with plans to re-test the market in the near future. His new deal includes an opt out, according to the New York Post’s Jon Heyman.
The New York Yankees ‘Renewed Talks’ for Snell in the Past Few Days
The Yankees had been tied to Snell for the majority of the offseason, and speculation increased as an injury to their ace Gerrit Cole now projects to keep him off the field for weeks. Ultimately, the Yankees’ existing payroll would have meant that any substantial AAV for Snell would have carried an unworkable tax hit.
“The Yankees and Snell’s agent, Scott Boras, conducted renewed talks over the past few days, but they never got close to a deal after trying several avenues to try to blunt the 110 percent, fourth-tier tax the Yankees are confronting as a team above the final $297 million threshold,” Heyman reported. “Boras and the Yankees were trying to devise creative ways to lessen the tax, but ultimately he was going to be quite expensive for the Yankees since they are one of three teams over the fourth-tier tax, with no obvious way to cut salary,”
Matching the Giants’ deal for Snell would have cost the Yankees $96.1 million after the penalty, The Athletic’s Brendan Kuty noted.
The New York Yankees Continue to Seek Pitching Depth
Snell would have been a boon to a Yankees team that faces significant rotation questions, particularly with Cole out. The team is hoping for bounce-back seasons from Carlos Rodón (who had a 6.85 ERA in an injury-plagued 2023), Nestor Cortes (who had a 4.97 ERA in his own injury-plagued 2023) and Clark Schmidt (who had a 4.64 ERA in 2023)
The team added veteran Marcus Stroman (who had a 3.95 ERA with the Chicago Cubs last season) and will otherwise look toward prospects Cody Poteet, Clayton Beeter and Luis Gil as well as veteran Luke Weaver to fill out the starting staff.
All told, the rotation seems far from World Series ready, and the team is still looking to address that, even with Snell off the market.
“The Yankees will continue to pursue starting pitching but their options are limited, particularly since they are even less confident Jordan Montgomery, the top remaining free agent, is interested in returning to the Bronx,” Heyman added. “The Yankees haven’t been able to get any traction in trade talks for Marlins star Jesus Luzardo or others, and the starters who remain on the market are more depth pieces, led by 2023 All-Star Michael Lorenzen and Mike Clevinger.”
None of those candidates have the pedigree of Snell, who won his second Cy Young after a 2023 season in which he led the majors with a 2.25 ERA. He was also named to the All-MLB first team.
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Yankees Made $150 Million Final Offer for Blake Snell: Insider