Dodgers, Rays discussing deal involving Tyler Glasnow, Manuel Margot

The Dodgers and Rays are in talks on a trade that would send right-hander Tyler Glasnow and outfielder Manuel Margot from Tampa Bay to Los Angeles in exchange for Ryan Pepiot and outfielder Jonny Deluca, as first reported by Jack Azoulay-Haron of MLB Nerds and Bruce Kuntz of Dodgers Digest. Ken Rosenthal of The Athletic hears the same, cautioning that the deal is not complete and changes to the framework remain possible.

The 30-year-old Glasnow has been one of the most highly rumored trade candidates of the offseason, due both to his considerable $25M salary for the upcoming season and his proximity to free agency. He’s entering the final year of his contract and will hit the open market next winter. MLBTR ranked Glasnow fifth on our early offseason list of the game’s Top 25 trade candidates.

Glasnow is a natural target for the deep-pocketed Dodgers, who have a pronounced need for starting pitching and who won’t bat an eye at the Tampa Bay ace’s salary. As it stands, the rotation in Los Angeles consists of Pepiot, Walker Buehler, Bobby Miller and Emmet Sheehan, with the fifth spot up in the air. (Ryan Yarbrough, Michael Grove and Gavin Stone are among the in-house options.) Buehler will be on an innings count in his first full season back from Tommy John surgery (the second TJS of his career). None of Pepiot, Miller or Sheehan have made more than 22 big league starts.

The Dodgers’ rotation has been ravaged by injuries in the past calendar year. Longtime ace and current free agent Clayton Kershaw may still re-sign with the club, but he had shoulder surgery after the 2023 season and is out until at least midsummer — if not longer. Tony Gonsolin had Tommy John surgery in August. Dustin May underwent a Tommy John revision and flexor surgery just after the All-Star break.

While Glasnow is far from a paragon of durability, he’s unquestionably a top-of-the-rotation arm when healthy. Last year’s 120 innings were actually a career-high for the 6’8″ righty, and the 2023 season was only his second in which he reached even 100 frames at the MLB level. Glasnow did make a full slate of starts during the shortened 2020 season, but last year’s 21 trips to the mound were still a career-high. He’s spent considerable time in his big league career on the injured list owing to Tommy John surgery, a separate forearm strain and a severe oblique strain, among other maladies.

Originally a fifth-round pick by the Pirates, Glasnow was a longtime top prospect in Pittsburgh but never quite put things together for the Bucs, struggling in an up-and-down tenure before ultimately being traded to the Rays alongside Austin Meadows and Shane Baz in the lopsided trade that sent Chris Archer from Tampa Bay to Pittsburgh. Like so many other pitchers, Glasnow broke out under the Rays’ pitching development and analytics program. In parts of six seasons with Tampa Bay, he’s pitched to a 3.20 ERA while punching out a whopping 34.1% of his opponents against a tidy 7.8% walk rate. He’s typically worked with above-average ground ball rates and turned in a career-best 51.2% grounder mark this past season.

Margot, too, can become a free agent following the 2024 season — though the Rays (or an acquiring team) also hold a $12M club option with a $2M buyout for the 2025 season. He’s set to earn $10M in 2024, bringing the total guarantee remaining on his deal to $12M.

The .264/.310/.376 batting line that the 29-year-old Margot posted in 336 plate appearances in 2023 was about seven percent below average, by measure of wRC+ (93), but it was also right in line with the larger .264/.317/.375 output he’s turned in during parts of four seasons with the Rays. Generally speaking, slightly below-average offense from Margot has been an acceptable trade-off for his sensational defense and solid value on the basepaths.

That wasn’t necessarily the case in 2023, however. Margot missed the majority of the 2022 season with a significant strain of the patellar tendon in his right knee, and his defensive grades in 2023 slipped closer to average. Statcast indicates that Margot’s range in the outfield and overall sprint speed both declined in ’23, which isn’t particularly surprising to hear for a player who was in his first season back from a major knee injury. If he’s closer to his pre-injury form, he could return to his status as a plus all-around contributor, but there’s no certainty of that happening.

A healthy Margot would be an excellent fit for the Dodgers’ roster. Los Angeles re-signed Jason Heyward to handle the bulk of the time in right field — Mookie Betts has already been announced as their primary second baseman next year — but Heyward will be strictly platooned. Margot’s right-handed bat has produced a career .281/.341/.420 output against left-handed pitching. He’s a strong fit at the plate, and if his defense can rebound to prior levels, the Dodgers probably feel they wouldn’t be losing much defensive value in swapping out Heyward for Margot against left-handed pitching. Margot could also be a late-game defensive replacement for Chris Taylor in left, and he’s good insurance in center field, should James Outman sustain an injury at any point.

As for the players reportedly being targeted by Tampa Bay, Pepiot is exactly what the Rays typically covet: an MLB-ready player with five seasons of club control who can step directly onto the roster in place of a star-caliber player being traded elsewhere. The 26-year-old righty has started 10 games and made seven relief appearances for the Dodgers since his MLB debut in 2022, pitching to a sharp 2.76 ERA in 78 1/3 innings — albeit with some more concerning underlying numbers.

Pepiot’s 25.1% strikeout rate is better than average, but his 10% walk rate is also higher than the league average and he’s been quite homer-prone (1.49 HR/9). He’s been fortunate that the majority of those long balls have come with the bases empty, but an extreme fly-ball pitcher who’s susceptible to homers inherently carries some risk. Fielding-independent metrics like FIP (4.76) and SIERA (4.15) are more bearish than Pepiot’s more rudimentary earned run average.

Pepiot works off a three-pitch mix — fastball, changeup, slider — sitting 94 mph with his heater and neutralizing lefties with a plus changeup. His slider has generated good results thus far in the big leagues, but scouting reports from his prospect days have characterized that offering as a bit below average, giving him the feel of a two-pitch righty who’s lacking a third solid offering. Pepiot doesn’t come with the same type of durability concerns as Glasnow, having pitched 128 1/3 innings in 2022 and never hitting the IL with a major arm injury. However, like Glasnow, he missed multiple months after opening the 2023 season on the shelf with a significant oblique strain.

Baseball America ranked Pepiot as high as the No. 55 prospect in the game earlier in 2023, noting that he’s improved upon that once below-average slider but done so at the expense of some of his changeup’s efficacy. Pepiot’s sub-par command also lends itself to deep counts and long innings, with BA’s scouting report noting that he often struggles to pitch beyond the fifth inning. That’s not a huge issue for either the Rays or the Dodgers; both clubs typically have deep bullpens and don’t shy away from five-and-dive starters who face a lineup only two times.

Pepiot is controllable for another five years and won’t even be arbitration-eligible until the 2025-26 offseason, which surely adds to his appeal for the Rays. Swapping him out for Glasnow is probably a step down in terms of per-inning quality, but Pepiot would give them an option in 2025 and beyond when the Rays will have Jeffrey Springs, Drew Rasmussen and Shane McClanahan all returning from major arm surgeries.

At the same time, swapping out Glasnow for a league-minimum starter (and perhaps shedding some or all of Margot’s remaining money) would give the Rays the necessary financial room to add a free-agent starter (or trade acquisition with a mid-range salary) for the upcoming 2024 season. As it stands, the Rays have Glasnow, Zach Eflin, Aaron Civale, former top prospect Taj Bradley (who struggled through his 2023 rookie showing) and reliever-turned-starter Zack Littell in the projected rotation.

Not to be forgotten in all of this, the 25-year-old Deluca is coming off a solid debut effort of his own. He’s controllable for another six seasons and would give the Rays a right-handed bat who can play all three outfield spots — similar to the more established Margot. Deluca tallied just 45 plate appearances in last season’s MLB debut but posted a respectable .262/.311/.429 batting line in that time. He also turned in a combined .294/.390/.566 slash between Double-A and Triple-A.

It’s gaudy production, though scouting reports at Baseball America and FanGraphs note that the former switch-hitter is still working to adjust to right-on-right scenarios and currently feels like more of a platoon option. FanGraphs’ Eric Longenhagen grades Deluca as a below-average center fielder but a solid corner option. Deluca is a former baseball and track star with excellent athleticism who could at least profile as a matchup-based option across all three outfield spots, which is a skill set the Rays have utilized with great regularity in the past. He also has two minor league option years remaining, which only further enhances his appeal.

While it seems there are still some hurdles yet to be cleared, there’s some logic to the trade for both sides. The Dodgers would be swapping out a pair of controllable but unproven players for a high-end rotation upgrade and one or two years of an established right-handed platoon partner for Heyward — one who’s likely more capable of handling center field than the young outfielder with whom they’d be parting. Glasnow is an easy qualifying offer candidate next winter, so L.A. could receive some modest compensation if he departs. He’s also an L.A.-area native who’s signed one extension in the past, so the chance of a second multi-year deal to extend their control seems feasible.

The Rays, meanwhile, would turn two short-term assets into immediate MLB help that can be controlled all the way through 2028-29, freeing up money for short-term 2024 help and possibly adding Pepiot to a 2025 rotation group including McClanahan, Baz, Eflin, Civale and Bradley. It’s the type of swap that both teams have been frequently willing to make — typically with good success, which helps both achieve their status as perennial contenders (albeit via dramatically different methodologies).