This time it is the Brian Roberts Contract extension, which we commented on last year on February 21st. We were non-plussed, to say the least. Recently, we have learned that Roberts has a herniated disc. Not too good. The signing flew in the face of a rather strong historical trend of second basemen precipitously decreasing in worth in their early 30s. Hopefully, Roberts can right the ship.
What I put forth last year was that Roberts should be worth his contract for the next 3 years given the market rate for a win. I estimated a value of 4.5MM and that seems like an overestimate by 10%. Additionally, his defense decreased at a greater rate than I imagined . . . though to be fair one year of UZR is just not enough of a sample size. That said, if he continues to perform the way I predicted . . . he should be worth his contract for 2 more seasons with the market adjustment. If not, he may be worth it for one season or less.
After the jump the article in full.
Projecting the Next Five Years with Brian Roberts
February 21, 2009
by Jon Shepherd
This past week, the Orioles signed Brian Roberts to a 4 year, 40MM extension. Add this on to the current contract which pays him 8MM for 2009. I think it would be unfair to think of this as a 5 year, 48MM dollar deal as I would regard this year as a sunk cost that we would have been unable to relinquish given the current trade market. This post will focus on projecting Roberts' performance over the life of the extension and trying to determine whether this was a good deal to make.
Methods
Predicting Offensive Performance
The offensive projections for Brian Roberts were taken from the CHONE projections. I believe that this is an optimistic system to use given Roberts age and position. CHONE is quite useful for short-term projections, but is not really geared to predict long-term performance. PECOTA may be slightly better determining long term performance as it makes predictions based on similarity scores. I will be using the CHONE numbers though as they are publicly available and allow for a bit more transparency in this exercise. Performance is converted into LW runs and related to replacement level value after accounting for projected playing time. For second basemen, replacement level was considered 62 runs while average production was considered as 85 runs.
Predicting Defensive Performance
Last year, Roberts was rated as below average at 2B by UZR/150. We actually rated him slightly above average. We think over the course of the next 5 years, he will probably miss about 5-8 plays more with each following season. That might seem aggressive, but that follows the path of typical players at this position. With this in mind, it was simply assumed that he will give up an extra 4 runs each season. This makes him a slightly below average fielder this year (-5 FRAA) and a poor one in 2013 (-21 FRAA). It should also be acknowledged that in this work average fielding ability is considered on par with replacement fielding ability. There are arguments for and against this approach, but we feel it is a pretty accurate description of what is truly available at the replacement level.
Predicting the Value of a Win
Offensive and defensive production expressed as runs above replacement value were than added. The total runs value was then divided by 10 to determine WARP, which was then multiplied by assumed market value. It is generally accepted that a win over replacement production is worth about 4.5MM. There is growing sentiment that the economic crisis may put that in doubt, but I think a correction will occur and it will remain at about that level. That being so, I have attached the 4.5MM value to 2009 and increased the value by 10% each year. In 2013, the value of a win is projected to reach 6.6MM.
Results
In the table below, I have listed Roberts' offensive production over the four years of the extension as well as his total production.
What you will notice is that over the course of the four year extension, he rates above average for two of those seasons and below average for two of those seasons. His lowest mark with regard to replacement value is being worth 0.9 WARP in 2013. Overall, he produces 7.7 WARP over the course of the extension. This could also be expressed as 0.5 wins above average. This potentially becomes problematic as the second half of his contract has his as -0.9 wins above average. Particularly in his final season, it may serve the team best if Roberts is on the bench.
The following table shows Roberts' actual contract against his projected worth over the course of the extension.
The projected value of his performance is worth 42.5MM with 63% of that worth coming in the first two seasons. Overall, the Orioles pay below the predicted going rate of cost per win. Although in the final two seasons they pay above.
Conclusion
The contract is fair, but may not be in sync with the Orioles development plan. Roberts' career path is not in line with the young arms in AA and AAA that this team is relying on to make it competitive. If the team is viable in the playoff race in 2013, it will most likely see Roberts losing time to L.J. Hoes or another second baseman. At this point, we assume that the Orioles should be able to stow away a moderately poor contract this year. In the end, the open question is whether or not the 40MM spent here could have been better applied on future free agents, international talent, or the draft?
Personally, I would not have extended such a deal, but it is understandable why Andy MacPhail chose to do so. Actually, a reason why I would offer Roberts an extension is if I was not planning to depend heavily on the young arms for plus performance. He is probably the best option we can obtain to bat lead off and he is a fine player for the next few years. If this is the plan, then I would expect major acquisitions in the next off-season cycle. The holes the Orioles will need to fill are most likely 1B, 3B, DH, and a top tier starting pitcher.
Although I doubt Ty Wigginton will actually produce well for the Orioles, he is an option at first base (his defense at third is incredibly bad). Next year's market is awfully thin at first and he is projected to hit 268/338/466. Though, he probably should be protected against excellent right handed pitchers. This might mean that this would be a good role for Luke Scott to platoon part time at first. A more expensive option would be to extend Aubrey Huff's contract. He most likely will not repeat last season's amazing performance, so he might be an option. Outside the organization, they could sign Nick Johnson and have him face all right handers and Wigginton play against lefties and backup other positions. It may be a situation where we look to find a left handed platoon player at first. Again, Luke Scott might be that guy.
As mentioned earlier, third base should not be left for Wigginton. They could resign Melvin Mora to a one year deal, but I think that would not be ideal. His defense is dipping to below average, he has trouble charging the ball, and he is at an age where batting performance could evaporate and be left way below average. In fact, the two seasons prior to last year were not good and it will be unlikely that he will play a solid third in 2010. The FA market will offer Troy Glaus and Adrian Beltre. Glaus projects as a fine hitter and a decent glove at third base. His age (33) and his previous back issues make him a dicey acquisition. I view Adrian Beltre as a better choice. He is 2 years younger than Glaus and will probably offer a level of play that is not commensurate with his actual performance. Many underestimate Beltre's glove and SafeCo's effect on his offensive performance. He will never be an offensive star, but, if he continues to provide a win to a win and a half with the glove, he is easily worth a four or five year deal at 13MM. He is someone the Orioles should target.
DH is another position with in house options. Those include Aubrey Huff, Luke Scott, Luis Montanez, Ty Wigginton, and Nolan Reimold. Outside the organization, the list includes Jason Bay, Vladimir Guerrero, Bobby Abreu, and Hideki Matsui. If they do not expect Huff to play 1B for them, then they should probably play the market. This past year saw player value plunge for DH type outfielders. With the market so limited to AL only teams and with many teams already filled at the DH slot, it may make sense to roll the dice and see what is out there. At worst, the in house options should perform at a high enough level to provide average production.
Finally, a starting pitcher would have to be acquired. I think it is doubtful that the inevitable parade though the middle and lower rotation this year will produce much in terms of dependable pitching. In reality, we will probably have Guthrie (a solid middle order pitcher on a competitive team) and two lower order guys emerging from this season. Next year, we can probably slot one of the young guys (i.e., Matusz) at the five slot. This leaves us with a front line pitcher. Next year's market may potentially carry John Lackey, Eric Bedard, and Rich Harden. Signing one of these guys will make the team far more competitive.
A potential lineup would look like this:
2B Brian Roberts
CF Adam Jones
RF Nick Markakis
1B Aubrey Huff
C Matt Wieters
3B Adrian Beltre
DH Luke Scott/Ty Wigginton
LF Felix Pie
SS Cesar Izturis
to go along with a top tier starter and a collection of third and fourth pitchers. This team rates in a highly competitive division as a 91 win team. Adding Beltre and a pitcher like Harden or Lackey is all that is needed in this scenario. If ways can be found to upgrade other positions, it should make the team more capable of reaching that level. I guess we will know a year from now.
No comments:
Post a Comment