TORONTO -- The Blue Jays have extended a qualifying offer to third baseman Matt Chapman, which he is widely expected to decline before entering free agency as one of the top position players available.

The $20.325 million qualifying offer comes with a deadline to accept or decline by Nov. 14 at 4:00 p.m. ET. If Chapman declines and goes on to sign with another club, the Blue Jays will receive a compensatory Draft pick after the fourth round in 2024.

Chapman headlines a Blue Jays free-agent class that also includes Whit Merrifield, Kevin Kiermaier, Jordan Hicks, Hyun Jin Ryu and Brandon Belt, but Chapman’s was the only case where a qualifying offer was sensible given his expected market.

There’s no doubt that Chapman will land a sizable, multi-year deal in free agency, but exactly where those numbers land has grown more difficult to pinpoint. The 30-year-old just won his fourth career Gold Glove Award and carries an excellent reputation as one of the game’s premiere defenders, which is the “known” variable in this equation. Chapman’s offense and how it projects forward is where interested teams may differ.

Chapman got off to a brilliant start at the plate in 2023, batting .384 with a 1.152 OPS through the first month. Through that stretch, it felt like every ball Chapman hit was barreled up and found a gap for extra bases.

Then, the rest of the season came. From May 1 on, Chapman hit just .205 with a .659 OPS and wasn’t generating nearly as much power. This leaves Chapman with three consecutive “down” years offensively, batting .226 with a .743 OPS in 2021-23 combined, far from the numbers he put up during his breakthrough seasons with the A’s (.255 with an .839 OPS in 422 games from 2017-20).

Chapman’s glove and age still work in his favor, though, and when it comes to a player of his talent and track record, clubs will still be lining up. Beyond Shohei Ohtani, who exists on a tier reserved entirely for him, and Cody Bellinger, Chapman ranks very highly among that next group. Assuming Chapman signs elsewhere, it would end a two-year stint with the Blue Jays which began with a trade that still looks strong in hindsight.

Third base will be a major priority for the Blue Jays this offseason. Prospects Orelvis Martinez, Addison Barger and Davis Schneider have played some level of third base, but are all either transitioning off of it or not projected as a solid defensive option for 162 games. A likelier outcome could be a veteran addition at the hot corner, which would allow the prospect bats to shine at second base or the corner outfield spots while the Blue Jays buy some time to find their long-term replacement for Chapman.