ORLANDO, Fla. — A frontline starting pitcher is at the top of the Orioles’ Christmas wishlist, but can Santa afford another big gift this winter?
Mike Elias says yes.
MLB’s winter meetings — where baseball’s movers and shakers gather to conduct business — began Monday, and the Orioles’ first day ended with a news conference with the club’s president of baseball operations. The first question about free agency Elias answered was about impact bats on the free-agent market, and he said the Orioles are “talking to a whole bunch of hitters.”
Can the Orioles afford both a big arm and a big bat?
“Yes, I think so,” Elias said from the Orioles’ suite in the glitzy Waldorf Astoria hotel. “I mean, you look at our payroll as it stands right now, and it’s still well below where we were at last year. We’ll just consider opportunities as they come up and have those conversations with ownership. But we do have room for more moves, multiple more moves.”
In Elias’ first six years as general manager, the Orioles ranked bottom five in payroll every season. That changed in 2025 under new owner David Rubenstein, as the Orioles’ opening day payroll of $164.6 million ranked 15th of 30 MLB teams, according to Cot’s Baseball Contracts. The results on the field didn’t follow, though, as the Orioles disappointed and finished last in the American League East with a 75-87 record.
Entering the winter meetings, the Orioles’ 2026 payroll is a projected $113 million to rank 18th in MLB, according to Cot’s. The combined yearly salary for a front-of-the-rotation starter and a middle-of-the-order bat would be approximately $50 million — almost exactly the difference between the current payroll and the 2025 total.
Baltimore’s payroll was small during Elias’ early years, reaching a nadir in 2022 at a puny $43.7 million, which ranked last in MLB, per Cot’s. That increased to $60.9 million in 2023 — when the club won 101 games — and $92.9 million in 2024. Last year’s 77% increase was the largest in MLB.
During new manager Craig Albernaz’s introductory news conference, Rubenstein repeated a line about spending that he’s said multiple times since he purchased the team from the Angelos family in 2024:
“We don’t have particular constraints,” Rubenstein said.
Before Rubenstein purchased the club, Elias had never signed a free agent to a multiyear contract. He’s now done so in back-to-back offseasons after inking outfielder Tyler O’Neill to a three-year, $49.5 million contract last winter and closer Ryan Helsley to a two-year, $28 million deal in November.
But Elias has never signed a player to the type of splash deal required to sign a pitcher like Framber Valdez or Ranger Suárez, nor a hitter like Pete Alonso or Kyle Schwarber. That doesn’t mean he hasn’t tried.
“Trust me,” Elias said, “We’ve offered them a lot. We’re absolutely willing to do that.”
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Earlier this offseason, Elias expressed his interest in acquiring a frontline starting pitcher to form a trio with Kyle Bradish and Trevor Rogers that would be one of the AL’s best. After trading away Grayson Rodriguez to the Angels for Taylor Ward and nontendering Albert Suárez, the Orioles have less starting pitching depth than expected this offseason. Could that put the Orioles in position to acquire multiple starters this winter?
“I think that’s a possibility that we add multiple starting pitchers on major league contracts, but there’s a possibility that it’s just one,” Elias said. “I think it’s just going to kind of depend on the personnel.”
One trait Baltimore’s rotation lacked in 2025 was velocity. Orioles starting pitchers were tied for last among 30 MLB teams in average fastball velocity at 92.0 mph. While velocity isn’t everything, it’s often a predictive measure of success while also improving a pitcher’s secondary offerings.
Elias said that’s an area he hopes the Orioles can improve, though he noted that comes at a cost.
“In today’s game, with all the injuries going on, it’s really hard to throw really, really hard for six, seven innings. The number of guys that can do that well is not huge, so they’re hard to get your hands on, and we’re trying,” Elias said.
The starting pitching market appears to be expensive once again. While teams are using relievers at higher rates, the price for proven rotation arms continues to increase given the attrition at the position.
“Healthy, durable, hard-throwing, effective starting pitching is harder and harder to come by, so it makes sense,” Elias said.
If the Orioles add multiple starters, it will likely push Tyler Wells to a relief role. Elias spent the beginning of his offseason adding to the bullpen, trading for Andrew Kittredge and signing Helsley.
Elias said the Orioles are still “looking at external bullpen additions,” but he spoke highly of the relievers who auditioned in the second half last season, a group that includes Kade Strowd and Rico Garcia.
“We want to leave some room for those guys to compete and pop and help the team,” Elias said.
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