Earlier this month, Orioles president of baseball operations Mike Elias said his team is open to signing free agents who have rejected a qualifying offer, and would therefore cost the O’s their third-highest selection in the 2026 draft in addition to whatever the free agent would command in salary.

Of the nine players who rejected the QO, Jon Heyman of the New York Post reports that Baltimore has shown some interest in Framber Valdez, Kyle Schwarber, and Dylan Cease (before Cease signed with the Blue Jays yesterday).

In addition to qualified free agents, the Orioles have “checked in on” Tatsuya Imai, as part of the team’s explorations of the upper tiers of the pitching market.

Heyman also linked Baltimore to Pete Alonso a couple of weeks ago, but now notes that the chances of a signing may have dimmed since the Orioles retained Ryan Mountcastle past the non-tender deadline.

This doesn’t mean that Mountcastle couldn’t still be traded or cut loose entirely if a premium bat became a realistic option for Baltimore, though Elias said earlier this week that the team thinks Mountcastle can rebound after a hamstring strain hampered his production in 2025.

Signing Alonso or Schwarber would further deepen what is already perhaps an overcrowded mix of position players in Baltimore.

Schwarber can play a corner outfield spot on an occasional basis but is largely a DH-only player at this stage of his career, further reducing the Orioles’ flexibility in trying to find at-bats for the rest of its current players.  A trade or two might ease up this logjam, of course, and the Orioles could then acquire pitching via the trade market rather than free agency.

Even if a Schwarber or an Alonso creates some questions about lineup construction, the Orioles would happily accept that as a proverbial “good problem to have” if it means adding an elite power bat.

Schwarber and Alonso are also both known to be clubhouse leaders, and adding a veteran mentor to a young O’s team might carry benefits beyond just what either player can provide at the plate.

There is a widespread belief that the Phillies will pay top dollar to re-sign Schwarber, but naturally that hasn’t stopped other teams from looking into his market.

The Orioles join the Red Sox and Pirates as teams known to have shown interest in Schwarber’s services, and clubs like the Reds and Yankees have been more speculatively linked.  Alonso’s market hasn’t been as robust in terms of public interest, though the Mets remain in the mix for another reunion with their longtime slugger.

The Orioles have already added one prominent bat this offseason by acquiring Taylor Ward from the Angels for Grayson Rodriguez, in a move that surprised some pundits since it further reduced the Orioles’ list of rotation options.  This could indicate that if the O’s do break the bank on a big-ticket signing, it will be for a starting pitcher to help stabilize the rotation.  Cease’s rather quick departure from the market (and to an AL East rival) only puts more pressure on the Orioles to find another frontline arm.

Valdez or Imai would certainly fit the bill, albeit in two different fashions.

Valdez is a proven commodity at the MLB level, and is particularly a known quantity to Elias since Valdez joined the Astros organization as an international signing and then broke into the majors when Elias was still working in Houston’s front office.

Imai is over four and a half years younger than Valdez and perhaps has more pure upside based on his results in Japan, but it remains to be seen if Imai can translate that success over to the majors.

The O’s also don’t have a long track record in signing Japanese talent, though the club did add Tomoyuki Sugano last winter.

Tyler O’Neill’s three-year, $49.5MM contract remains the only multi-year free agent deal the Orioles have signed during Elias’ seven years running the front office, though in fairness, much of Elias’ tenure was spent either rebuilding or working under some ownership turmoil.

David Rubenstein’s purchase of the franchise in early 2024 didn’t immediately lead to a huge payroll boost, though the club did ink star prospect Samuel Basallo to an eight-year, $67MM extension this past summer.

Basallo and O’Neill represent the only contracts on Baltimore’s books beyond 2026, and while the Orioles certainly have interest in locking up other young stars to extensions, there is plenty of future financial room for the O’s to make a splashy signing (or two) this winter.