Free-agent profile: Two-time All-Star OF Joc Pederson

Thus far in the offseason, the free-agent market has moved significantly faster for pitchers than for hitters. Twenty-two of MLBTR’s Top 50 Free Agents have signed this winter, and 16 of those have been pitchers. Even beyond the top 50, pitchers have made up the majority of notable MLB signings. However, with Shohei Ohtani and Jung Hoo Lee off the board, perhaps the market for position players will begin to heat up in the new year.

One particular bat to keep an eye on is Joc Pederson, a two-time All-Star with an .800 OPS across ten big league seasons and 1,140 career games. While he missed the cut-off for MLBTR’s Top 50 list, he is arguably the best hitter remaining among the honorable mentions, and if he rediscovers the success he had in 2022, he could prove to be a bargain for his new club.

Over the first five years of his career, Pederson was a consistent power threat and a walk machine, crushing 123 home runs to go along with a 12.1% walk rate and a .245 isolated power. After a couple of down years in 2020 and ’21, the lefty slugger bounced all the way back in ’22, putting up the best offensive numbers of his career. His .874 OPS ranked seventh in the National League (min. 400 PA), while his 146 wRC+ ranked fifth. He was named to his first All-Star team since his rookie season and was a Silver Slugger finalist in the outfield.

Following his eye-catching 2022 campaign, Pederson accepted a $19.7M qualifying offer from the Giants, more than tripling his $6M salary from the previous season. Unfortunately, he was not able to live up to the high expectations he set for himself. His numbers dropped across the board, and while his .764 OPS was still well above average, it was hardly elite.

Be that as it may, there is plenty of reason for optimism as Pederson enters his age-32 campaign. For one thing, he recorded his highest walk rate since 2015 and the best walk-to-strikeout ratio of his career in 2023. His batting average and on-base percentage still declined, but that could merely be the result of bad luck on balls in play. While his .235 BA was below league average, his .264 xBA (per Baseball Savant) was significantly above average. Moreover, the -0.029 difference between his BA and xBA was the second largest gap among NL hitters (min. 200 balls in play).

In the same vein, the lefty’s .366 xwOBA was right in line with his .367 xwOBA from the previous season. Indeed, Pederson’s Baseball Savant page paints a pretty promising picture overall. His xwOBA ranked in the 90th percentile in MLB, while his 52.2% hard-hit rate ranked in the 96th. On top of that, he set a new career high in maximum exit velocity, crushing one particular pitch at 116.6 mph. Only 13 hitters topped that number in 2023, a list of batters littered with MVP candidates and All-Stars. Needless to say, we’re talking about a hitter who can still demolish the baseball.

With all that in mind, it’s reasonable to presume Pederson will improve upon his .764 OPS and 111 wRC+ in 2024. According to the Steamer projection system at FanGraphs, he has the second-highest projected OPS (.809) among all unsigned free agents. Only Jorge Soler (.813) is ahead of him by a narrow margin, while Michael Brantley has the next highest projection at .799. To be fair, Pederson is unlikely to be an everyday player, and his projections presume a limited amount of exposure to same-handed pitching. Still, any hitter who can produce an .800 OPS on the heavy side of a platoon is a valuable player to have around.

Yet, unlike fellow outfield/DH bats Teoscar Hernández and Soler, Pederson hasn’t been connected with many teams so far this winter. Given the shallow market for impact bats, especially left-handed hitters, it’s somewhat strange he hasn’t generated more interest.

Around the end of the regular season, Pederson linked himself to his then-team, the Giants, telling Susan Slusser of the San Francisco Chronicle that he would love to return to San Francisco in 2024. 

“I really like it here,” he explained. “It’s a great group of guys. I love the way they run the organization.” 

While such comments aren’t always particularly revelatory, especially when they concern a player’s current team, it’s worth noting that Pederson chose to return to the Giants in 2023 instead of testing the open market after his All-Star season. In addition, he grew up rooting for the Giants, and he has spent all but one year of his professional career playing in his home state of California.

However, the Giants are almost certainly out of room for Pederson after signing KBO outfielder Jung Hoo Lee to a six-year, $113MM deal earlier this month. In addition to Lee, the Giants have four veteran outfielders on the roster, two of whom, Michael Conforto and Mike Yastrzemski, are left-handed hitters with mediocre career platoon splits against same-handed pitching – much like Pederson himself.

The only team Pederson has been connected with is the Blue Jays, who expressed interest in the outfielder earlier this month, per Shi Davidi of Sportsnet. Davidi’s report came before Toronto signed Kevin Kiermaier and Isiah Kiner-Falefa, but that doesn’t mean the club couldn’t add Pederson, too. General manager Ross Atkins mentioned early in the offseason that he would consider adding a primary DH, and the Jays should also have playing time available in both outfield corners when the injury-prone Kiermaier and George Springer need some time off their feet. That said, the Blue Jays have also been heavily linked to Cody Bellinger this winter, with Bob Nightengale of USA Today calling them the favorites a couple of weeks back. Signing Bellinger, another left-handed outfielder, would likely take Toronto out of the running for Pederson.

So, where could Pederson wind up? One possible landing spot is the Angels, who have room in the outfield and could certainly use a left-handed power bat. By all accounts, GM Perry Minasian isn’t planning to start a rebuild, and after missing out on Ohtani, he should have plenty of cash to spend. According to the estimates provided by Roster Resource, the Angels’ payroll currently sits about $60M below the final tally from last season.

Another possibility is the Nationals, who are reportedly seeking a left-handed power bat this winter. If that is indeed the case, there might be no better option than Pederson. It’s hard to imagine the Nationals are in on Bellinger, or that Bellinger would choose to sign with a rebuilding club. Meanwhile, Brantley is an excellent left-handed hitter, but power hasn’t been a part of his offensive toolkit in several years. Brandon Belt is the only other free agent who looks to be an impactful left-handed hitter, but it’s anyone’s guess if he can keep mashing in his age-36 season.

Finally, the Mariners are one more suitor worth keeping in mind. After trading Jarred Kelenic and non-tendering Mike Ford, Seattle could use another lefty hitter. Mitch Garver figures to get most of the playing time at DH, but the Mariners have room for an upgrade in either one of the outfield corners. Considering president of baseball operations Jerry Dipoto’s long-standing aversion to signing free agent position players to longer-term contracts, Pederson seems like a good fit; he might be the best free agent outfielder who would be open to signing a one-year deal.