The 2025-26 MLB hot stove was lit just days after the Los Angeles Dodgers hoisted their second consecutive World Series championship trophy.
All eyes this winter are on a free agent hitting class featuring Kyle Tucker, Kyle Schwarber, Cody Bellinger, Alex Bregman and Pete Alonso. But they're not the only ones who will make a splash in the market.
Which teams will go big to contend for the 2026 World Series title? And who will make the trades and signings that have everyone buzzing?
Below is a running list of notable transactions and updates from throughout the MLB offseason.
Key links: Offseason grades | Top 50 free agents | Fantasy spin | Best fits
Notable MLB offseason transactions
Dec. 3
Outfielder Cedric Mullins has agreed to a one-year deal with the Tampa Bay Rays, according to multiple reports.
Free agent closer Emilio Pagan has agreed to return to the Cincinnati Reds on a $20 million, two-year contract, according to multiple reports.
World Series hero Miguel Rojas is returning to the Dodgers in 2026, for what will be his final season in the major leagues, sources told ESPN. The infielder agreed to terms on a one-year, $5.5 million deal, after which he will be assisting the front office and helping in player development.
Left-handed reliever Sam Hentges and the San Francisco Giants agreed to a $1.4 million, one-year contract.
Left-hander Anthony Kay and the Chicago White Sox are in agreement on a two-year, $12 million contract with a club option for a third season, sources told ESPN.
Dec. 2
Right-hander Cody Ponce, who won KBO MVP honors last season, and the Toronto Blue Jays are in agreement on a three-year, $30 million contract, sources told ESPN
Former KBO pitcher Ryan Weiss is in agreement with the Houston Astros on a one-year contract that guarantees him $2.6 million, sources told ESPN.
Right-hander Alek Manoah and the Los Angeles Angels are in agreement on a one-year, $1.95 million contract, a source tells ESPN.
Dec. 1
Reliever Devin Williams and the New York Mets are in agreement on a three-year contract that guarantees more than $50 million, sources tell ESPN.
Nov. 29
Closer Ryan Helsley and the Baltimore Orioles agreed on a two-year contract that includes an opt-out after the first season.
Nov. 26
Right-hander Dylan Cease and the Toronto Blue Jays agreed on a seven-year, $210 million contract.
Nov. 25
The Boston Red Sox acquired veteran right-hander Sonny Gray in a trade with the St. Louis Cardinals.
Nov. 23
The New York Mets and Texas Rangers agreed to a trade that would send second baseman Marcus Semien to the Mets and outfielder Brandon Nimmo to the Rangers.
Nov. 21
The Chicago Cubs and right-handed reliever Phil Maton agreed on a two-year deal.
The Giants acquired outfielder Joey Wiemer from the Marlins for cash and agreed to terms with right-hander JT Brubaker on a one-year contract.
The Arizona Diamondbacks agreed to a one-year, $2.75 million deal with veteran catcher James McCann.
Nov. 19
The Braves re-signed closer Raisel Iglesias to a one-year, $16 million contract.
The Atlanta Braves acquired Mauricio Dubon from the Houston Astros for Nick Allen in an exchange of infielders.
Nov. 18
The Baltimore Orioles acquired outfielder Taylor Ward from the Los Angeles Angels in exchange for right-hander Grayson Rodriguez.
New York Yankees outfielder Trent Grisham, Detroit Tigers infielder Gleyber Torres, Milwaukee Brewers pitcher Brandon Woodruff and Chicago Cubs pitcher Shota Imanaga accepted their qualifying offers, meaning they'll return to their respective teams in 2026 at salaries of $22.025 million.
Nov. 17
Reliever Ryan Yarbrough will be back in the Bronx after agreeing to a one-year deal with the New York Yankees.
Nov. 16
First baseman Josh Naylor and the Seattle Mariners have finalized a five-year, $92.5 million contract that has a full no-trade clause and no deferrals, sources tell ESPN.
Nov. 4
Chicago Cubs SP Shota Imanaga becomes free agent after team, player reject options for 2026
Nov. 3
Milwaukee Brewers exercise option on SP Freddy Peralta; SP Brandon Woodruff declines option
Boston Red Sox 3B Alex Bregman opts out of contract; SP Lucas Giolito declines option
New York Yankees OF Cody Bellinger declines option
New York Mets 1B Pete Alonso, RP Edwin Díaz opt out of contracts
Key offseason dates
Nov. 6: Free agency begins at 5 p.m. ET
Nov. 10-13: GM meetings in Las Vegas
Nov. 18-20: Owners meetings in New York
Nov. 18: Deadline to accept or reject qualifying offer
Nov. 21: Non-tender deadline
Dec. 8-10: Winter meetings in Orlando
Dec. 9: MLB draft lottery
Dec. 10: Rule 5 draft