Recent free agent signings prove Michael Wacha did KC Royals a favor

As expected, the 2024 Winter Meetings saw a flood of trades and free agent signings across MLB, and now that the event is over, fans and experts can look back over the last few days and review each team's performance. Despite going into the week with the goal of acquiring a middle-of-the-order bat, the Kansas City Royals left the Winter Meetings empty-handed — but that doesn't mean the team hasn't already had a successful offseason, especially when it comes to re-signing starter Michael Wacha.

The Royals were one of the quickest teams to start making moves this winter, re-signing Wacha to the fourth-richest deal in franchise history on November 3. Just over a month later, the extremely lucrative deals signed by free agents during the Winter Meetings have set a very high standard for the value of starting pitchers on the market, and Wacha's deal appears to have been far more of a bargain for the Royals than originally thought.

Recent pitcher signings prove Wacha's new deal was a bargain for the KC Royals

On November 3, the Royals made their first big move of the winter by re-signing Wacha to a three-year, $51 million deal (AAV of $17 million). Under the contract, the 33-year-old pitcher will earn $18 million in each of the 2025 and 2026 seasons, and $14 million — plus a possible $4 million in performance benefits — in 2027. The deal also includes a $14 million club option for 2028, with the same performance benefits as 2027, or a $1 million buyout.

The deal's guaranteed value is $51 million over three years, though it can max out at $72 million if the 2028 club option is exercised and Wacha earns all potential performance benefits.

Wacha's new contracts is the fourth richest in Royals' history, only beaten by the deals held by shortstop Bobby Witt Jr. (11 years, $288.7 million), catcher Salvador Pérez (4 years, $82 million), and former left fielder Alex Gordon (4 years, $72 million). Still, recent starting pitcher signings prove that if the Royals had waited until after the Winter Meetings to lock Wacha down for next season and beyond, they almost certainly would've had to pay him a substantial amount more money.

Over the last few weeks, the value of starting pitchers has skyrocketed.

On November 25, the Los Angeles Angels signed Yusei Kikuchi to a three-year, $63 million deal (AAV of $21 million), and the next day, the Los Angeles Dodgers signed Blake Snell to a five-year, $182 million deal (AAV of $36.4 million). On December 1, the New York Mets signed starter Frankie Montas to a two year-$34 million deal (AAV of $17 million), and four days later, the Athletics signed starter Luis Severino to a three-year, $67 million deal (AAV of $22.3 million).

Once the Winter Meetings got underway, the deals kept coming. On December 10, the New York Yankees signed Max Fried to an eight-year, $218 million contract (AAV of $27.25 million), the largest guarantee in baseball history for a left-handed pitcher. The same day, the Texas Rangers signed reliever Nathan Eovaldi to a three-year, $75 million deal (AAV of $25 million).

The list of starters signed out of free agency this offseason clearly includes some elite pitchers, and Wacha very much belongs among them. In fact, Wacha's 3.35 ERA in 2024 ranked him 19th in MLB among starters, beating Eovaldi (3.80, ranked 33rd), Severino (3.91, ranked 39th), Kikuchi (4.05, ranked 42nd), and Montas (4.84, unranked).

Spotrac estimates that Wacha's current market value should earn him a three-year, $60.87 million deal for an AAV of $20.3 million. Looking at the contracts handed out to starters in the last few weeks, that estimate seems conservative, but it would still see Wacha paid over $3 million per year more than he will bring in on his new deal with the Royals.

It's clear Wacha did the Royals a favor when he re-signed in November, and considering his established loyalty to the team after just one season, it's not surprising the starter would be open to a less lucrative deal if it meant staying with a franchise he loves.

"It has been great here in Kansas City,” Wacha told MLB.com's Anne Rogers during the Royals' playoff campaign. “It's been a lot of fun getting to be in this community over the course of the summer. I feel like they've embraced me and my family. It's been great. ... Just playing in front of this fan base throughout the course of the season has been a lot of fun. They're very supportive and want the best for us. Always cheering us on. That's all you can ask for as a player.”