The trade market could serve as a valuable resource for the Blue Jays again this winter

There is typically very little action happening during this part of the off-season calendar. If you think of this as a movie, the annual GM meetings usually reflect the events that help build to the ultimate climax of the story. It’s a chance for every team to check the pulse of the free-agent and trade markets.

Over the last few seasons, the Blue Jays’ leadership has left few stones unturned in their quest to improve the roster, both in free agency and via trade. They haven’t been afraid to swim in the deep end of either market, and chances are it will be more of the same this winter.

Retaining franchise cornerstone Bo Bichette is undoubtedly this organization’s top priority. But while they wait for his possible decision to change the franchise, they’ll have a chance to reach into other cookie jars. Pitchup upgrades will be necessary even after Shane Bieber surprisingly exercised his $16 million player option last week. So you’ll hear that this organization is linked to some of the big free-agent starters available – Dylan Cease, Framber Valdez and Ranger Suárez, to name a few.

Chances are Toronto’s front office will also be interested in Kyle Tucker, the top position player on the free-agent market, either as a backup option for Bichette or as an all-in blockbuster move to pair the two with Vladimir Guerrero Jr. And they will certainly also have their eyes on the international market.

However, free agency is not always the advantage. Just look at the additions to the franchise from last season. Both Myles Straw (1.8 fWAR) and Andrés Giménez (1.0) – a pair of former Cleveland Guardians acquired in separate trades – outperformed Anthony Santander (-0.9) in 2025, who received the largest financial commitment from their free-agent signings.

Admittedly, the Blue Jays’ signings of Jeff Hoffman and Max Scherzer turned out much more favorably, as both played key roles during the club’s deepest playoff run in over three decades. The point remains, however, that some of the organization’s best work came through trade last winter.

Freddy Peralta

The 2025 Milwaukee Brewers, along with the Blue Jays, were one of the best surprises of last season, winning more games (97) than any other team during the regular season. So they clearly prefer not to trade Peralta – the ace of their staff – after he activated his club-friendly $8 million option for next season. But he remains on track to reach free agency next winter.

Considering the organization’s history with big-name pitchers in this situation (Josh Hader, Corbin Burnes, Devin Williams), and the fact that both sides appear to be at a standstill in contract negotiations, the door to trading Peralta remains wide open. As long as that’s the case, it will be an opportunity for Toronto to slot the 29-year-old starter — who doesn’t turn 30 until June — alongside Trey Yesavage as the team’s rotation core.

Joe Ryan and Pablo López

Last season’s trade deadline sent a clear message to the rest of the sport: the Minnesota Twins are open for business. As such, they will certainly continue to make offers for their top two starters, Ryan (two additional arbitration years before hitting free agency) and López (signed through 2027 at $21.75 million per season).

López likely has the edge between the two, but he is also coming off an injury-plagued season that limited him to just 14 starts. Ryan has been exceptional over the past two seasons, posting a 3.50 ERA and 3.61 FIP while nearly surpassing a 28 percent strikeout rate and walking just five percent of his batters, for a combined fWAR of 6.3.

Acquiring either pitcher will likely come at a premium as Minnesota looks to further stock its pipeline. However, each would present a significant rotation upgrade for Toronto – as short- or long-term solutions.

Steven Kwan

Kwan’s deep, contact-oriented approach fits perfectly with Toronto’s attacking identity. He would be an ideal table setter for Guerrero and Bichette (if he returns). The price tag will be high, but with the 28-year-old just two years removed from free agency, Cleveland’s best chance for a lucrative return is now.

Son Gray

Even at age 36, Gray still has plenty of mid-rotation upside at this stage of his career, coming off his second straight season as a three-wins-per-fWAR pitcher. There are underlying concerns — like his four-seater average velocity plummeting to a career low in ’25 (91.7 mph), or his career-worst 9.8 percent barrel rate and a strikeout rate that dipped nearly four percent — heading into next season.

Still, the ingredients for a strong season lie between Gray’s high swing-and-miss sweeper and durability (531 innings pitched since 2023, 11th in the majors). With him willing to waive his no-trade clause to make a deal happen, all St. Louis needs to do is determine how much of his $35 million salary and 2027 mutual option — which carries a $5 million buyout — he can retain.

MacKenzie Gore

For a rebuilding franchise like the Nationals, now led by new president of baseball operations Paul Toboni, they should look to build someone like Gore as a foundation for their pitching staff. However, if they are ready to make an impact, trading the 26-year-old starter would do just that.

Gore, who has two more seasons of arbitration eligibility before hitting free agency, would check a lot of boxes for the Blue Jays’ brass: age (check), strikeouts (check) and durability (check). Minimizing walks and hard contact have been issues at times for the young southpaw. But any time you get the opportunity to acquire a stallion like this, who can form a one-two punch with Yesavage over the next decade, you don’t pass it up.

Sandy Alcantara and Edward Cabrera

Well, that time has now come.

Alcantara’s first season after Tommy John surgery did not go well, as evidenced by his 5.36 ERA and 4.28 FIP in 31 starts. But the 30-year-old, whose contract runs through next season and includes a $21 million option in 2027 ($2 million buyout), improved over the second half and should start next spring after a regular offseason.

Cabrera, who is three years younger and will play free agency after 2028, is coming off a career year in which he recorded the most starts (26) and innings pitched (137.2) of his five big league seasons. He also posted career-highs in ERA (3.53), FIP (3.83), walk rate (8.3 percent) and fWAR (2.0) – all byproducts of the healthiest season of his Marlins tenure.