With the 2026 season behind us and the Hot Stove ready to burn, we're taking a closer look at some of the most prominent players eligible for free agency.
Name: Freddy Peralta
Position: Right-handed pitcher
Team: Tampa Bay Rays
Age (as of Opening Day 2027): 30
2026 stats: 10-11, 4.42 ERA, 169 IP, 1.325 WHIP, 156 K, 93 ERA+, 1.9 fWAR
When Freddy Peralta took the mound on July 26 for his start against the Dodgers, one thing seemed all but certain: It would likely be his final start in a Mets uniform.
But something else seemed to be a near lock, as well. Only months after being traded from Milwaukee to New York with the expectation of giving the Mets the ace they sorely needed, the impending free agent had cost himself a pretty penny as he prepared to hit the open market after the season.
Peralta had cost the Mets two highly regarded prospects in Jett Williams and Brandon Sproat, but his 5-9 record and 5.01 ERA through 21 starts left some wondering whether the talented right-hander would be forced to sign a one-year “prove it” deal in an effort to reestablish his value, then test free agency again after the 2027 season.
Then came his trade to the Rays.
The first assertion had come to fruition, as Peralta’s days in New York were over. The second? Not so fast.
Initially, Peralta’s move to Tampa Bay didn’t yield any better results. In fact, he posted a 7.17 ERA over his first four starts with the Rays, whose return for parting with three of their Top 30 prospects didn’t seem particularly rewarding.
Something clicked for Peralta on Aug. 26, when he fired six scoreless innings against the Tigers. That sparked a late-season run during which Peralta went 5-0 with a 0.79 ERA over his final six regular-season starts, finally looking like the impact arm he had been with the Brewers.
Peralta carried that momentum into October, posting a 1.08 ERA in four outings (three starts) during the American League Division Series and AL Championship Series, earning MVP honors in the latter as the Rays captured the third AL pennant in franchise history.
That run came to a halt in Game 3 of the World Series against the Brewers, as his former club touched him up for five runs over 4 2/3 innings in what turned out to be his only start in the Fall Classic.
Peralta’s late-season run and impressive postseason have put him back on the free-agent map, thrusting him into the second tier of available starting pitchers behind Tarik Skubal, who is on a level of his own.
Let’s take a look at how Peralta’s offseason might play out:
POTENTIAL SUITORS
RAYS
Peralta and Tampa Bay proved to be a perfect fit, and while he said he would love to return to the Rays, he might have pitched himself out of their price range – especially since the club exercised its $20 million option on Drew Rasmussen. Unless Peralta simply loved his experience with the Rays and prioritizes a return, he’s likely to wind up elsewhere.
CUBS
The Cubs should be among the potential suitors for any starter on the market this offseason, as Chicago faces the loss of Shota Imanaga, Clay Holmes, Kevin Gausman, Matthew Boyd and David Peterson, all of whom are likely headed to free agency. The Cubs are quite familiar with Peralta, who has pitched more innings against them (109 1/3) than any other club in the Majors.
WHITE SOX
The White Sox were one of the best stories in the game in 2026, reaching the postseason after losing 100-plus games in each of the previous three seasons. But Chicago’s pitching staff could use a veteran leader to help the Sox take the next step, and while they might not be ready to jump into the Skubal sweepstakes, Peralta would make a lot of sense.
GIANTS
Peralta’s best friend is former teammate Willy Adames, who plays shortstop with San Francisco. That’s not enough of a reason to sign a player, but given the Giants’ need for starting pitching, it wouldn’t be a surprise if Adames tries to recruit Peralta to the Bay Area.
BLUE JAYS
We recently tabbed the Blue Jays as potential suitors for Skubal, as Toronto will look to upgrade its rotation this offseason and hasn’t been afraid to pursue big-ticket free agents. If the Jays don’t sign Skubal – which is the likely scenario – then they could look at the next level of starters, which includes Peralta, Michael King and Clay Holmes.
PHILLIES
Starting pitching isn’t likely to be Philadelphia’s priority this offseason. But if the Phillies turn to the trade market to address other areas, could they sign a starting pitcher such as Peralta, then flip one of their other starters (Jesús Luzardo, for instance) elsewhere?
ANGELS
It’s difficult to gauge how the Angels will address their offseason until a full-time general manager is hired, but adding pitching would seem to be an obvious part of the plan. Los Angeles had only one pitcher top the 150-inning mark last season.
BUYER BEWARE
As encouraging as the end of Peralta’s season might have been, the fact is that his year as a whole was below average given his history. His strikeout percentage (21.4) was the lowest of his career by far, while his whiff percentage (26.1) also experienced a precipitous drop. Peralta has also averaged 171 innings per season since 2023, but he has completed six innings in only 37% of his starts (36 out of 97), so he’s not a workhorse who will take you deep into most ballgames.
EXECUTIVE TAKE
“Freddy has to be thrilled with how his stint with the Rays went, since for a while with the Mets things weren’t looking as good for him this spring. I thought the under-the-hood stuff [strikeout-to-walk and underlying peripherals] haven’t actually improved that much; I think [Rays pitching coach] Kyle Snyder and their pitching group have helped unlock something with him to limit damage and really lean into the right/right changeups.
“From a free-agent standpoint, given how club friendly the extension he signed with Milwaukee was, and now that he’s reaching free agency finally at 30 years old and with eight years of service, I think he’s really going to be looking to maximize his total guaranteed money. This may be his best chance to sign a four- or five-year deal and secure some real security. He’s shown the ability to eat innings over the last few years, qualifying for the ERA title in every year since 2023, so someone can pay him knowing they’re getting a solid No. 2-ish starter with ace upside.”
FOR COMP'S SAKE
Peralta’s numbers compare favorably with those that Dylan Cease carried into free agency a year ago, as he has posted more wins (80 to 65), innings (1,100 to 1,015 1/3) and strikeouts (1,309 to 1,231) along with an edge in ERA (3.71 to 3.88) and ERA+ (113 to 109). Could Peralta land a deal similar to the seven-year, $210 million contract Cease signed with the Blue Jays? Like Peralta, Cease’s platform year (4.55 ERA in 168 innings) wasn’t spectacular, though Cease was entering his age-30 season while Peralta will turn 31 in June.