The Blue Jays aren’t done looking for arms - and they may still be eyeing one of the biggest names left on the board. According to reports, Toronto remains interested in free agent left-hander Framber Valdez, who met with the team back in November during the GM Meetings.
That was before they made a splash by locking up Dylan Cease to a seven-year, $210 million deal. So the fact that Valdez is still on their radar says something about how aggressive the Jays might be willing to get.
Let’s be clear: Valdez isn’t just another starter. He’s arguably the last true difference-maker left in free agency - the kind of pitcher who, when he’s right, can anchor a rotation.
Sure, there are still some solid arms available, but most project as mid-rotation guys or depth pieces. Valdez, on the other hand, has ace-level potential.
He’s at least a high-end No. 2, and his resume backs that up.
From 2022 through 2024, Valdez finished in the top 10 of Cy Young voting every season. That kind of consistency doesn’t grow on trees.
In the first half of last year, he looked like he was on pace for another elite campaign, posting a 2.75 ERA over 19 starts. But things went sideways after the All-Star break - his ERA ballooned to 5.20 over his final 12 outings.
That second-half slide raised some eyebrows, especially when paired with a bizarre incident involving catcher César Salazar. Valdez hit Salazar in the chest with a fastball during a cross-up, and the optics weren’t great when he didn’t immediately check on his catcher.
The Astros downplayed the situation, saying there was no intent, and Salazar publicly moved on. But it was a moment that added to the narrative of a rocky finish to Valdez’s season.
Now he hits the open market at a tricky time. He’s heading into his age-32 season, and history tells us that five-plus-year deals for pitchers at that age are rare.
In the past decade, only Blake Snell and Jacob deGrom have landed five-year contracts at age 32 or older. It’s unclear what Valdez was seeking at the start of the offseason, but the fact that he’s still unsigned in early February suggests the market hasn’t met his expectations.
A short-term deal with opt-outs might work for a younger arm, but for Valdez, that kind of structure likely doesn’t offer the long-term security he’s looking for.
So where do the Jays fit into all this?
Toronto already has a six-man rotation on paper: Cease, Kevin Gausman, Trey Yesavage, Shane Bieber, Cody Ponce, and José Berríos. That’s a deep group - and if everyone stays healthy, it’s more than serviceable.
But there are some question marks. Bieber has dealt with elbow fatigue.
Yesavage, while talented, is coming off his first full pro season and had some injury concerns in college. Ponce is a bit of a wild card after returning from a stint in Korea, though the Jays clearly believe in him - they gave him $30 million, after all.
So even with a full rotation, Toronto’s front office isn’t standing pat. They’ve reportedly kept tabs on most of the top free agents, which suggests they’re open to adding another arm if the value lines up. And if Valdez’s price tag has dipped, the Jays might see an opportunity to pounce.
There’s also a more cost-effective option reportedly on their radar: Max Scherzer. According to Jon Heyman, Toronto has at least some interest in a reunion with the veteran righty.
Scherzer would come at a much lower price than Valdez, but he’s not a clear upgrade over the Jays’ current back-end options. At this stage of his career, Scherzer is more of a depth play than a frontline solution.
Of course, money is a major factor here. The Jays are already pushing their spending limits.
Their projected luxury tax payroll sits around $310 million - a franchise record - and puts them in the top tier of MLB’s spending hierarchy, right alongside the Yankees and Phillies, and just behind the Dodgers and Mets. Adding Valdez would likely push them close to $340 million in competitive balance tax commitments.
That’s not just a big number - it’s a statement. And it comes with real consequences.
A $30 million salary for Valdez would tack on another $27 million in tax penalties, turning the total investment into a $57 million swing.
Then there’s the draft pick compensation. Because Valdez rejected a qualifying offer, signing him would cost the Jays their third- and fifth-round picks.
But since they already signed Cease, they’ve already forfeited their second-rounder and a compensatory pick tied to Bo Bichette. So the additional draft penalty here isn’t quite as steep - both picks would fall outside the top 100.
As for Houston, a return seems all but off the table. The Astros paid the luxury tax last year, so they’ll only receive a compensation pick after the fourth round once Valdez signs elsewhere.
And by all indications, they’re not pushing to bring him back. Astros GM Dana Brown said the team hasn’t had any recent conversations with Valdez’s camp.
So here we are: Valdez, one of the last marquee names on the market, is still available. The Blue Jays, already deep but clearly still hungry, are keeping tabs. If the price is right - and if they believe Valdez can return to first-half form - this could be the kind of late-offseason move that reshapes the AL playoff picture.
Stay tuned. The hot stove may be cooling, but Toronto might not be done cooking.