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This offseason Derek Falvey made former Los Angeles Angels pitcher Dylan Bundy his first pitching acquisition when he was signed to a one-year deal worth $6 million. An $11 million team option was tied to 2023, and the hope for the Twins was that they could recapture the 3.29 ERA (and 2.95 FIP) that had Bundy finish 9th in the American League Cy Young voting during the 2020 season.
That would be a difficult task considering how bad he was last season for Los Angeles. Bundy owned a 6.06 ERA along with a 5.51 FIP. He was allowing two homers every nine innings, and he pitched in just 90 2/3 innings. The velocity actually ticked up to 90.8 mph last year, but the whiff rate dropped below 10% for the first time in his career.
Still, Minnesota’s plan was a value play. Bundy, alongside the eventual signing of Chris Archer, represented an opportunity to squeeze something out of nothing at the back end of the pen. To date, Bundy has thrown slower, struck out fewer batters, and his Statcast page makes Minnesota look warm in January.
The notable reality here is what’s happened. Sure, Bundy doesn’t put the ball by anyone, and his start is hardly worth making note of. He does generate a strong chase rate and limits walks, but based on expected outcomes, regression should hit him hard. Yet, it hasn’t. He owns a FIP in line with his ERA, and an expected ERA of 3.98. No matter how you cut it, the stuff doesn’t match the results, but the job has gotten done. I wouldn’t guess Minnesota is itching to hand out the $11 million in 2023, but they’ve got to be happy with the surplus value this season.
On the flip side, there’s Emilio Pagan. Acquired from the San Diego Padres for Taylor Rogers just before Opening Day, Pagan was picked as a closer type with hopes of regaining his 2019 stuff with Tampa Bay. It began with a poor first outing against the Seattle Mariners, and the reliever has never recovered.
Pagan is under team control through 2023, certainly part of the allure in acquiring him. He can be tendered a deal through arbitration and won’t break Minnesota’s bank. The problem is that the results have culminated to the tune of 5.04 ERA, 2.0 HR/9, six losses, and seven blown saves. In short, he’s largely been the difference between winning or losing the American League Central division.
The reason Pagan continues to be given a leash is that everything except the results says he should be good. Velocity is up, his xFIP is just 3.30, he owns nearly a 36% chase rate and gets whiffs 14% of the time. In an age where velocity is king and misses matter, Pagan checks those boxes. His Statcast page shows a nearly inverse result of Bundy’s. Pagan has everything going for him until wood meets leather, and then it’s an absolute nightmare.
It’s been a very interesting situation for the Twins to manage this year. Rocco Baldelli has constantly been hamstrung with a bullpen including an unusable pitcher in Pagan. He’s been kept around on the hopes that tweaks will lead to expected or desired results becoming reality. Bundy isn’t the piece you build around, but he’s not the reason you lose now. Pagan is the type you hope to have become an asset, but you’ll take your lumps along the way.
This season Minnesota may have tied themselves to the wrong horse for long enough that it bites them. An analytical approach is how you seek to gain value and create sustainability, but there’s more than enough room for hiccups along the way. For a team threading the needle so tightly, we’ll have to see whether whatever happens in 2023 was worth whatever took place in 2022.
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