With the World Series wrapped up, MLB’s free agency season is officially underway! Here’s everything you need to know about Hot Stove season: from key dates for qualifying offers and contract options to the entire list of top players hitting the market.

When does MLB Free Agency start in 2025, and how does the expected timeline work

MLB free agency began shortly after the World Series wrapped up. Players could officially sign with new teams starting Thursday, November 6, at 5 p.m. ET. Trades also reopened the day after the Series ended, following the Trade Deadline pause.

Here’s a recap of the key dates:

Sunday, November 2: The trade market reopened.

Within five days of the World Series ending, teams could exercise contract options and make qualifying offers to eligible players.

Thursday, November 6, at 5 p.m. ET: Free agency officially began.

Mid-November: Deadline for players to accept or decline qualifying offers (just passed).

Mid-January: Deadline for salary arbitration-eligible players and clubs to exchange figures; hearings follow if no agreement.

Players become free agents only after accumulating six years of MLB service time and having their contract expire, per the service‑time rules in the CBA. The five‑day “quiet period” (between the World Series end and signing eligibility) allows a player’s current club first‑dibs negotiations and lets the market reset.

It’s important to note that salary arbitration applies to players who are not yet free agents (typically 3-6 years of service time); if no agreement is reached by the deadline, an arbitration panel selects one of the submitted salary figures.

Understanding the 2025 Free Agency rules and what’s changing this offseason

Let’s start with Qualifying Offers (QOs) & Compensation Picks.

A QO is a one‑year offer a team can extend to an impending free agent. If the player accepts, he stays at that salary for one year; if he declines and signs elsewhere, the former club is eligible for compensation. For the 2025‑26 offseason, the QO value is $22.025 million.

Generally, a player must have spent the full season with that club and not have received a QO previously.

Compensation When a Player Declines

If a player declines the QO and then signs with a new team, the former team may receive a compensatory draft pick. On the other hand, the signing team may forfeit picks and international-bonus‑pool money, depending on their payroll/luxury‑tax status.

If the former team is a revenue‑sharing recipient, and the player signs for $50 million+, the pick is after the first round/before Competitive Balance Round A. If the former team paid the Competitive Balance Tax (CBT) or otherwise falls into that category, the pick might be after the fourth round.

For “all other teams” (neither big‑market CBT payors nor recipients of revenue sharing), compensatory picks may come after Competitive Balance Round B.

Penalties for Signing a QO Decliner

When a team signs a free agent who rejected a QO, that signing team incurs penalties:

• They forfeit draft picks.
• They lose the international bonus pool money.
• If the team is a luxury‑tax payer (CBT payer), the penalties are stiffer.

Under the CBA covering 2022–26, the CBT threshold for 2025 is $241 million (average annual value of 40‑man roster + player benefits). Teams exceeding the threshold pay escalating tax rates depending on how many consecutive years they’ve exceeded it.

Who are the top MLB stars expected to hit Free Agency in 2025?

The 2025‑26 MLB free agent class is strong on its own, but it’s getting an extra boost from some carryover players.

With teams once again valuing compensatory draft picks like gold and treating certain free agents with attached compensation as risky, sometimes a player’s real chance at a big payday has to wait a year or two.

• Kyle Tucker (29, OF, Cubs)
• Bo Bichette (28, SS, Blue Jays)
• Alex Bregman (31, 3B, Red Sox)
• Pete Alonso (31, 1B/DH, Mets)
• Cody Bellinger (30, OF/1B, Yankees)
• Kyle Schwarber (33, DH, Phillies)
• Dylan Cease (30, RHP, Padres)
• Edwin Diaz (32, RHP, Mets)
• Ranger Suárez (30, LHP, Phillies)
• Trent Grisham (29, OF, Yankees)
• Max Scherzer (41, RHP, Blue Jays)
• Justin Verlander (43, RHP, Giants)
• Eugenio Suarez (34, 3B, Mariners)
• JT Realmuto (35, C, Phillies)
• Paul Goldschmidt (38, 1B, Yankees)

Who are the biggest contract candidates that can land mega deals in 2025?

Here are some of the biggest contract candidates in the 2025‑26 MLB free agency class.

The players most likely to land mega deals, along with their potential market size, team fits, and what kinds of record‑setting contracts are being projected.

Kyle Tucker (OF)

Widely regarded as the top free agent of the class. He combines power, speed, and good overall value. Some analysts are predicting a deal well north of $400 million.

Team fits:

Los Angeles Dodgers: ESPN calls them “the best fit”—they have cash, need outfield power, and are serious about staying competitive.

San Francisco Giants: Another possible suitor, especially if they want to add a left-handed power bat.

Dylan Cease (SP)

A strikeout-heavy starter, durable, and with the kind of high upside that pitching-starved teams desire.

While there’s no universally agreed figure, RealGM suggests he’s one of the marquee arms in the class. Some fan-based projections have him at 5 years, $160 million.

Team fits:

Likely to attract both contending teams that want to bolster their rotation and mid-market clubs that need strikeout upside.

Bo Bichette (SS / 2B)

After bouncing back in 2025 from a rough previous season, Bichette re-established himself as one of the better offensive infielders.

NBC Sports projects something like 8 years, $216 million for him.

Team fits:

Blue Jays: They could try to re-sign him, though a long-term deal could come with a big price.

Other clubs looking for a high-contact, top-of-the-order shortstop /second baseman could make a serious play.

Alex Bregman (3B / 2B)

Very reliable bat, good production, and he has opt-outs, which gives him flexibility to test the market again.

NBC Sports projects something like 5 years, $160 million. RealGM also highlights him as a marquee name in this class.

Team fits:

Red Sox: Might re-sign him, though they’ve already given him a shorter-term deal with opt-outs.

Other big-market teams: Could pay for his bat and veteran presence.

Kyle Schwarber (DH / OF)

Pure power bat. Despite the defensive limitations, he’s a big offensive force. Bleacher Report projects him at 4 years, $120 million.

Team fits:

Teams that value power DHs would be very interested, especially in high-payroll markets or clubs with tax flexibility.

All in all, the offseason is boiling. We can surely expect some record-breaking deals!