Winners and losers from MLB's winter meetings

The winter meetings are in the books, and this year's event was packed with excitement. After breaking down the biggest deals in the moment and analyzing some of the hot stove rumors, let's take a look at the winners and losers from the meetings.

Winner: Philadelphia Phillies

The Phillies took care of a big piece of business in Orlando, bringing back Kyle Schwarber on a five-year, $150-million deal. Schwarber, last season's NL MVP runner-up and league leader in homers and RBIs, is a pivotal presence in Philadelphia's lineup. Losing him would have created a significant void for manager Rob Thomson, whose contract was also extended this week.

While $30 million a season for a 32-year-old DH looks like an overpay, Schwarber's two best campaigns came in his 30s. Re-signing him gives the Phillies their best chance of winning another NL East crown and returning to the World Series for the first time since 2022. Schwarber's value also extends beyond his prodigious power and into the Phillies' clubhouse, where he's among the team's most vocal leaders.

In addition, inking Schwarber also kept him out of the grasp of the division-rival New York Mets, who were reportedly interested in him.

Winner: Baltimore Orioles

The Orioles arrived in Orlando ready to make a splash. They left having turned the AL East on its head.

The reported signing of Pete Alonso to a five-year, $155-million contract injects some much-needed power into Baltimore's lineup. He also fills a critical need at first base. But the ramifications go so much deeper for the Orioles, a proud franchise in a baseball-mad town that's coming off a difficult 2025 season. By signing Alonso, Baltimore instantly regained credibility in the baseball world. He'll help the O's add another pitcher in free agency, moving them closer to returning to the top of the AL East. That won't be easy, of course - it's now a behemoth of a division.

Alonso alone doesn't put the Orioles over the top, but he gets them that much closer to putting a forgettable 2025 season in the rearview mirror.

Winner: Los Angeles Dodgers

The rich get richer, again. The two-time defending World Series champions patched up one of the few holes on their roster by reportedly adding arguably the best closer in baseball on a three-year, $69-million deal. That looks like a bargain since Edwin Díaz was apparently seeking a five-year pact worth around $100 million when the offseason started. The three-time All-Star gives the Dodgers an elite ninth-inning weapon for the first time since the departure of Kenley Jansen following the 2021 season.

It's scary to think L.A. won a pair of titles with basically a bullpen by committee in 2024 and then leaned on Roki Sasaki, who was awful as a starter in his rookie year, to close out games in the playoffs because Tanner Scott was a $72-million letdown in the regular season. Only a financial behemoth like the Dodgers can basically admit they screwed up the Scott deal by giving another closer $69 million a year later. The sound of trumpets in "Narco," Diaz's walk-out song, could become synonymous with a three-peat after he gets the final out of 2026.

Loser: New York Mets

Steve Cohen must be slightly disappointed, right?

The Mets owner famously said that's how he'd feel if his team didn't win a championship in the first three-to-five years after he purchased the club in 2020. After watching fan favorites Alonso and Díaz sign with new clubs in consecutive days during the winter meetings, it's fair to say that all of Queens is disappointed, especially after watching New York trade Brandon Nimmo for 35-year-old Marcus Semien in late November. Cohen sympathized with fans, saying he understood their reactions, but insisted, "There is lots of offseason left to put a playoff team on the field," per SNY.

There is now immense pressure on the David Stearns-led front office to put together a roster capable of erasing a painful 2025 campaign that saw New York squander a 45-24 start to the season and fail to make the playoffs. Good luck.

Loser: Pittsburgh Pirates

Pittsburgh put its best foot forward to sign Schwarber, and it wasn't good enough. The Pirates offered him a four-year, $120-million deal - which would have easily surpassed the largest free-agent contract in franchise history - and were outbid by not only the Phillies, but also the Reds.

Ben Cherington improved the bullpen slightly by adding Gregory Soto after last week's trade for Jhostynxon Garcia, but he's still been unable to acquire a proven bat to improve what was the worst offense in baseball last season.

There's still time for the Pirates to upgrade their lineup - they've been connected to second basemen Ketel Marte and Brandon Lowe - but if they're unable to, they might waste another year with the best pitcher on the planet, Paul Skenes, on the roster.

Loser: Cincinnati Reds

The Reds aren't losers for failing to lure Schwarber back home. Schwarber leaving Philadelphia - even for his de facto hometown team - was always a long shot. No, what stings are the reports that Schwarber was the only top-tier free agent the Reds were pursuing, almost solely because they hoped the hometown hero factor would drive ticket sales.

If that's true, ownership should be ashamed. The Reds are a talented young squad that seemed to be on the rise even before sneaking into the playoffs on the last day of the season, and they play in a very winnable division. Ownership should be taking a page out of the Orioles' playbook and pushing hard to bring in veterans who can help take this team to the next level - and this should be done without first consulting the player's birth certificate. If the Reds were ready to spend on Schwarber, then there's no excuse for them not to turn around and throw that money at another star after he says no, like Baltimore did with Alonso. This feels like a huge missed opportunity for a team with a bright future that deserves some outside investment.