The Tampa Bay Rays' 2026 season ended with a five-game World Series loss to the Milwaukee Brewers, who captured their first championship. Despite a 98-win regular season, an American League East title, and the franchise's third pennant, the Rays remain without a World Series trophy.
As the organization turns toward 2027, three key questions will shape the offseason and the next campaign.
Will ownership raise payroll?
The Rays have consistently punched above their weight despite minimal investment from ownership. The current ownership group, led by Patrick Zalupski, took over in September 2025, but the payroll history largely reflects former owner Stuart Sternberg's tenure. Since the Rays' contention window opened with a 90-win season in 2018, the club has never ranked higher than 24th in Opening Day active roster payroll and never higher than 22nd in luxury tax payroll. Twice in that span the Rays ranked last in year-end 40-man payroll, even though revenue sharing provides small-market teams enough to cover cash payrolls.
This winter, several key contributors are due arbitration raises, including Shane McClanahan, Jonathan Aranda, Griffin Jax, and Bryan Baker. Yandy Díaz triggered a $13 million vesting option for 2027, which based on past behavior could make him a trade candidate. The next collective bargaining agreement and an expected owner-implemented lockout beginning December 1 may also influence offseason decisions.
What will the rotation look like in 2027?
The starting rotation faces significant uncertainty. McClanahan's arbitration raise makes him a trade candidate. Freddy Peralta, acquired at the trade deadline, is a free agent. Drew Rasmussen holds an $8 million option with a $500,000 buyout for 2027, and Nick Martinez has a $20 million mutual option that likely leads to free agency. The quartet of McClanahan, Peralta, Rasmussen, and Martinez combined for a 3.03 ERA during the regular season, delivered 42 of the team's 54 quality starts, and produced a combined 11.2 WAR, though Peralta made only 10 starts. Retaining this group is essential if the Rays hope to again lead the American League.
Has Junior Caminero reached his ceiling?
The 23-year-old third baseman is the lineup's fulcrum. Since his 2024 rookie season, Caminero has improved his OPS+ from 105 to 130 to 144 in 2026. His WAR has grown from 0.7 in 43 games to 4.3 in 2025 and 5.7 in 2026. He posted a .276 batting average with 100 runs, 42 home runs, 101 RBIs, and 3 stolen bases. Caminero possesses the fastest bat speed in the game and made notable strides in plate discipline in 2026, suggesting further growth is possible. A 50-homer season and an MVP award appear within reach, and the Rays' unbalanced lineup would benefit greatly from even more production from their best player.
