MLB rumors: Contract options galore, Orioles free agent targets appear

We're officially in the MLB offseason now and teams and players are starting to make decisions on whether to exercise contract options. The Orioles made the first of their five decisions on Saturday, opting to let Eloy Jimenez walk by declining his $16.5 million option for 2025.

Two big names that should be on the Orioles' target list hit free agency as well, with a possible third left to come. Left handers Blake Snell and Sean Manaea officially became free agents earlier this weekend.

Snell opted out of a one-year, $30 million deal in an attempt to grab a multi-year contract after another strong performance. While he missed about a third of the year due to an adductor strain, Snell was exceptional while on the mound.

Manaea opted out of a much smaller, one-year, $13.5 million contract. There are differing opinions about the former Mets' lefty and how much he'll command this winter. While he was a nominative ace for New York this year while pitching to a career-best 3.47 ERA, his career mark of 4.10 leaves a bit to be desired. Both Snell and Manaea have flaws but both have enough upside that teams will be looking to scoop them up quickly.

Orioles potential free agent targets begin to hit the market

On a potentially bigger note, Yankees' ace Gerrit Cole opted out of the 4-years and $144 million remaining on his deal with New York. It's a bit convoluted because Cole's opt-out triggered the option for the Yankees to void the opt-out and retain Cole by adding an extra year to the deal. If the Yankees want to retain the star righty, they'll have to do so for 5 years and $180 million.

The immediate reaction, as well as the prevailing mindset among Yankees fans, is that New York will opt to keep Cole at the increased rate. They're at risk of losing Juan Soto this winter and that team can't afford to lose both Cole and Soto in the same offseason.

In addition to those mentioned above, former Reds' righty Nick Martinez also declined his player option and has become a free agent. Martinez was good with Cincinnati this year, pitching to a 3.10 ERA in 142.1 innings. He's more of a swing man than a starter but he was mostly effective in both roles with the Reds this past summer. He could potentially be a secondary target for the Orioles depending on how their search for an ace goes.

Most team and player options need to be resolved by the end of the day Monday. The O's have a few decisions left to make, and we're bound to see at least a few more unexpected players hit the market before free agency officially opens.