Blue Jays have payroll space after signing from Santander

Blue Jays held introductory press conference for costly free agent acquisition Antoine Santander Tuesday. General manager Ross Atkins told the Toronto Beat that the club still has some financial flexibility after finalizing this five-year deal (link via Keegan Matheson of MLB.com).

Atkins didn’t provide much in the way of specific goals. He noted generally that the front office will continue to look for improvements on both the player and pitching sides. Toronto has been associated with the likes of Max Scherzer And Jurickson Profar over the last few days. They have long been linked to Alex Bregman And Nick Pivetta and have been mentioned as a potential Pete Alonso suitor. Most of the remaining top free agents have been at least vaguely linked to the Jays at some point during the offseason.

If the Jays make a move on the pitching side, they could focus on the rotation. Sportsnet’s Ben Nicholson-Smith wrote Monday that they have been “less aggressive” in their bullpen attacks since signing. Jeff Hoffman to a three-year contract. Toronto had acquired Nick Sandlin and re-signed Yimi Garcia earlier in the offseason. They join the remains Chad Green And Eric Swanson as potential leverage options. It’s still not the most fearsome bullpen, but it’s a lot better than the group Toronto ran this offseason.

A rotational pickup could also indirectly improve the relief corps. Yariel Rodriguez can play one or the other role. He is currently listed as the fifth starter behind Kevin Gausman, José Berrios, Chris Bassitt And Bowden Francis. Signing a starter would allow the Jays to use Rodríguez as a multi-inning reliever if everyone is healthy coming out of camp.

There are a few areas for possible upgrade on the position player side. Even after adding Santander, they could accommodate a corner outfielder. Adding a left fielder would allow them to keep Santander in right field and use George Springer as a designated hitter and rotational outfielder. Their third basemen are mostly unproven at the major league level, although a second big pickup in the field (after the Andrés Giménez trade) could block the way for people like Will Wagner, Orelvis Martinez And Addison Barger for the opportunity to prove themselves.

The Jays fell just short of the luxury tax threshold last year. They are well over the base figure of $241 million this season. RosterResource calculates its CBT figure around $263 million, or $2 million above the second penalty tier. This includes an estimated $18.5 million for Santander, although his contract deferrals are expected to bring the “true” average annual value closer to $14 million. This could return the Jays to the first tier once Santander’s terms are fully announced, but any significant acquisition is likely to push them back to the second tier.

Toronto will pay a 20% tax on spending between $241 million and $261 million and will be taxed at a rate of 32% for spending between $261 million and $281 million. The penalties increase further if they exceed $281 million, which would also move their top pick in the 2026 draft back 10 spots.