Tyler Glasnow trade: Dodgers add high-upside Rays righty contingent on signing extension

The Los Angeles Dodgers are working on another significant roster upgrade. Los Angeles has agreed to acquire right-hander Tyler Glasnow in a trade with the Tampa Bay Rays as long as he’ll sign an extension, CBS Sports HQ’s Jim Bowden has confirmed. Outfielder Manuel Margot and $4 million would also be heading to L.A., and right-hander Ryan Pepiot and outfielder Jonny Deluca are part of the return being sent to Tampa Bay. The deal is contingent on that extension; the negotiation window opened Thursday morning and could be done as early as Friday, according to ESPN.

Glasnow, 30, is a year away from free agency and is owed $25 million in 2024. Those terms limited his market to contenders, so it is no surprise then that the Dodgers could win the bidding. Glasnow certainly offers top of the rotation upside, though a lengthy injury history has prevented him from throwing a full MLB season. This year’s 120 innings are his career high in the big leagues, and if he were to make as many as 25 starts — meaning he was paid $1 million per outing — it would represent a new high for him as well.

Margot, 29, is in his penultimate season of team control, with the Dodgers potentially acquiring a club option worth $12 million or next season. He posted a 96 OPS+ in four seasons with the Rays, amassing six Wins Above Replacement thanks in part to his above-average defense in the corner outfield. Margot has been more effective against left-handed pitching throughout his career, posting a .760 OPS against them. (For comparison, his career mark against righties is .664.)

The Dodgers — who made the biggest splash of the offseason by signing Shohei Ohtani over the weekend — could slot Glasnow into a 2024 rotation that seems likely to contain Walker Buehler and Bobby Miller, among others. Ohtani will not pitch in 2024 as he recovers from elbow surgery, and Clayton Kershaw is currently a free agent.

Los Angeles has been rumored in connection with Japanese ace Yoshinobu Yamamoto, though they face stiff competition from both New York teams, the Mets and Yankees. Margot could slot into either corner-outfield position, perhaps taking up a platoon with Jason Heyward, and will likely see some action in center field as well.

Pepiot, 26, made eight appearances last season. He tallied a 204 ERA+ and a 7.60 strikeout-to-walk ratio across those appearances. His high-quality changeup is his best pitch, and his abundance of remaining team control could make him a long-term fixture in Tampa Bay’s starting rotation.

Deluca, 25, made his big-league debut last season. In 45 trips to the plate, he hit for a 97 OPS+. Deluca has a history of making a lot of contact — he’s never struck out as much as 20% of the time at any point in his professional career — and of being a pull hitter. 

For the Rays, the Glasnow trade would be as much about shedding salary as it is adding talent. Without the trade, Tampa has roughly $125 million on the books for next season, according to Cot’s Baseball Contracts. The franchise record is an $83 million payroll in 2022 and this past season they had a $73 million payroll. The Rays have to dump money to get payroll in order. This deal would remove $35 million from their books.

Tampa’s rotation without Glasnow will likely include Pepiot, Aaron Civale, Zach Eflin, and Zack Littell. Erstwhile top prospect Shane Baz is expected back from Tommy John surgery early in the season, if not in time for Opening Day. Drew Rasmussen and Jeffrey Springs are targeting second half returns from elbow reconstruction. Deluca, meanwhile, should be able to slot into Margot’s role as part of Tampa Bay’s outfield.