Tyler Glasnow contract extension: Dodgers sign high-upside righty to $136.5M deal after trade with Rays

The Los Angeles Dodgers have made another significant roster upgrade. Los Angeles officially acquired right-hander Tyler Glasnow in a four-player trade with the Tampa Bay Rays on Saturday, the team announced. Additionally, Glasnow has signed five-year contract extension worth $136.5 million.

The trade was contingent on Glasnow signing the extension, which begins right away. Glasnow was owed $25 million in 2024, so it’s four years and $111.5 million in new money. The extension includes a $30 million club option, and if that is declined, Glasnow will have a $20 million player option. Unlike the Shohei Ohtani contract, there is no deferred money going to Glasnow.

Outfielder Manuel Margot and $4 million is also be heading to L.A., with right-hander Ryan Pepiot and outfielder Jonny Deluca being sent to Tampa. Here are R.J. Anderson’s trade grades for the Glasnow deal.

Glasnow, 30, had his market limited to contenders given his one year of control and previous $25 million price tag in 2024, so it is no surprise then that the Dodgers won 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.

Margot, 29, is in his penultimate season of team control. He is owed $10 million in 2023 with a $12 million club option for 2025. The option includes a $2 million buyout. Margot 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. He 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 Ohtani this past the weekend — will now 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 free agent and 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.

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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 is as much about shedding salary as it is adding talent. Prior to the trade Tampa had 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 Glasnow trade deal removed $33 million from their books.

Tampa Bay’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.