Jordan Montgomery’s market took a hit yesterday when Rangers general manager Chris Young threw cold water on the possibility of more acquisitions before Opening Day. “I don’t think there are any additions coming at this point,” Young told reporters, citing the organization’s diminished local broadcasting revenues on their contract with Diamond Sports Group.

While Young noted the team will “keep an open mind,” it’s clear the organization isn’t anticipating a significant splash. That’s something Young implied as far back as late November and has been supported by reporting from Evan Grant of the Dallas Morning News, who has suggested throughout the offseason that the team was unlikely to bring Montgomery back.

Nevertheless, there’d been chatter throughout the winter that the left-hander preferred to stay in Arlington and was hopeful of working out a deal once the Rangers finalized their TV contract to remain on Bally Sports for the upcoming season. While their 2024 TV deal was approved last week, Young’s comments from yesterday indicate it doesn’t meaningfully change the organization’s spending outlook.

That shouldn’t be surprising. Throughout the offseason, the Rangers have likely had an idea of the reduced rights fees they’d need to accept if they wanted to keep their deal with Diamond for another year. More meaningfully, there’s still legitimate concern throughout MLB about the local broadcasting arrangement’s viability for 2025 and beyond.

If the Rangers are out of the market, where do things stand for Montgomery six weeks before Opening Day?

Teams With Reported Interest

Angels

The Angels have been loosely tied to both Montgomery and Blake Snell. They explored trade possibilities for a top-of-the-rotation arm during the Winter Meetings and came away empty-handed. After flirting with the competitive balance tax in 2023, their CBT payroll sits almost $50MM below the threshold for the upcoming season. The Halos seem like one of the top suitors for Snell or Montgomery on paper. That’s clouded by an ownership group that frequently pursues puzzling half-measures.

Owner Arte Moreno told Jeff Fletcher of the Orange County Register yesterday that he was “(setting) the budget lower” for the upcoming season. “I’m not going to spend money just to show that we’re going to spend money unless it’s going to substantially change the team,” he added. Perhaps Montgomery qualifies, and the Halos could sign him while remaining well below last year’s spending level, but those comments don’t portend a late-offseason spree.

Giants

At points this offseason, the Giants have been tied to all four of the remaining top free agents. Cody Bellinger is a tough fit after the Jung Hoo Lee signing. The other three (Snell, Montgomery and Matt Chapman) could all still be targets. Roster Resource projects the Giants around $213MM in luxury tax obligations. This year’s base threshold sits at $237MM. Adding Montgomery for somewhere in the $20-25MM range on an annual basis would push them right against that line. The Giants have paid the CBT three times in franchise history but haven’t gone over that line since 2017.

Red Sox

Aside from Texas, the Red Sox have probably been linked to Montgomery most often throughout the winter. Boston ownership has said they don’t anticipate matching last year’s spending. The Sox opened last season with a luxury tax number approaching $226MM. Roster Resource projects their CBT figure for the upcoming season around $198MM. Adding Montgomery would push them towards last year’s line but not all the way. It certainly wouldn’t require they surpass the $237MM mark. Alex Speier of the Boston Globe wrote this week that the Sox were keeping an eye on Montgomery’s market but suggested they’re unlikely to make a serious push unless the left-hander considers a short-term deal.

Big-Market Opportunists?

Mets

The Mets were loosely linked to Montgomery in the early days of the offseason. It doesn’t seem they showed serious interest. After their pursuit of top target Yoshinobu Yamamoto fell short, they pivoted to lower-cost fliers on Luis Severino and Sean Manaea and brought in Adrian Houser via trade. There’s still a case for the Mets to add Montgomery to the upper half of the rotation, but it’d come at a significant cost. The Mets are paying a 110% tax on all spending since they’re in the highest luxury tax bracket and surpassed the threshold in three consecutive seasons.

Phillies

USA Today’s Bob Nightengale wrote on February 4 that some executives throughout the industry believed Philadelphia could be a dark horse candidate for one of the top remaining free agents. MLB.com’s Todd Zolecki wrote last week that the Phils didn’t anticipate landing a marquee free agent unless their market collapsed. Zolecki indicated the Phillies would have interest in Montgomery if he took a deal in the three-year range or shorter. If the southpaw pivoted to that kind of proposal, it’d very likely bring in a number of suitors. Philadelphia already has a long-term commitment to Aaron Nola and is trying to keep Zack Wheeler beyond this year.

Yankees

The Yankees checked in with Montgomery early in the offseason. That shows they’re not categorically opposed to bringing him back after trading him at the 2022 deadline because they felt he wasn’t in line to start for them in the postseason. Montgomery threw a jab at the organization before helping Texas to a World Series, telling The Athletic’s Ken Rosenthal in early October that “(The Yankees) might have given up on me, but I think it was the best thing for me to get to the Cardinals and get set up with Mad Dog (pitching coach Mike Maddux, who went to the Rangers in 2023). Our pitching philosophies are much closer.”

That didn’t prevent the Yankees from checking back in with Montgomery early this offseason, although they clearly didn’t find his asking price palatable. New York subsequently signed Marcus Stroman but they traded Michael King and a host of depth starters in the Juan Soto deal. The Yankees are into the fourth tier of luxury penalization, so any signing would come with a 110% tax on top of whatever they owe the player.

Dark Horses

Orioles

Baltimore made their long-awaited consolidation trade for an ace last month. Even with Corbin Burnes in the fold, there was an argument for adding another high-end starter to put the finishing touch on an excellent roster. That was true before this morning, but the revelation that ostensible #2 starter Kyle Bradish has a UCL sprain and will begin the season on the injured list could add urgency. The O’s have a projected player payroll in the $96MM range. That’s nearly $40MM above where they started last season but is still a bottom five figure in MLB. With new ownership arriving in the coming weeks and a young core set up to compete throughout the decade, could Baltimore finally make a notable free agent strike under GM Mike Elias?

Cubs

Chicago signed Shota Imanaga to a four-year deal to join the rotation with Justin Steele, Kyle Hendricks and Jameson Taillon. Chicago has in-house options for the fifth spot —  it looks like a battle between Jordan Wicks, Javier Assad and perhaps Hayden Wesneski — but Montgomery would be a clear upgrade. The Cubs are already above last year’s spending but remain almost $30MM shy of the tax line. It seems likelier that Chicago would pursue Bellinger or Chapman if they’re still exploring the top of the market, but it’s not entirely out of the question they make a run at another starter.

Twins

Minnesota is an extreme long shot, largely on account of their own TV revenue concern. The Twins have kept their payroll right around the $125MM mark all offseason. The Athletic’s Dan Hayes reported at the beginning of the winter that they were targeting the $125-140MM spending range, down from last year’s $154MM mark. Minnesota lost Sonny Gray and Kenta Maeda and has explored rotation additions, but they’re much likelier to add a low-cost arm in the Michael Lorenzen range.

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There aren’t many teams that clearly remain positioned to offer Montgomery a five- or six-year term at $25MM annually. MLBTR predicted a six-year, $150MM pact at the beginning of the offseason. Early reports suggested Montgomery wanted to beat the seven years and $172MM which Nola secured to remain in Philadelphia.

If he pivots to a shorter-term pact, that’d bring most of the teams mentioned above more firmly into play. Perhaps clubs like the Cardinals or the Rangers could also circle back. For a few reasons, however, Montgomery probably prefers to max out the guarantee this winter.

It’s hard to envision him elevating his free agent stock beyond where it currently sits. He’s coming off a career-best 3.20 ERA and was a key part of a World Series run. He’ll turn 32 next December, raising questions about how many prime years he’s still marketing. Teams’ concern about TV revenues could be just as strong next winter as they are now. Montgomery would also run the risk of being burdened by draft compensation if he returns to free agency in a year or two. The midseason trade sending him from St. Louis to Texas rendered him ineligible for the qualifying offer this time around. He may not be so lucky if he tries to give free agency another shot.