Rangers, Blue Jays Swap Josh Smith, Adam Macko

Smith, 28, is the player in the deal with the most big league experience. He was basically an everyday guy for the Rangers in 2024 and 2025, serving as a valuable utility piece. He didn’t have a set position but bounced around, spending some time at every position on the diamond outside of the battery. He got into 293 games over those two campaigns, hitting 23 home runs and stealing 23 bases. He slashed .254/.336/.380 for a wRC+ of 107. FanGraphs credited him with 4.7 wins above replacement.

Unfortunately, he’s having a real down year in 2026. A glute strain sent him to the injured list in May. While he was on the IL, he was hospitalized for viral meningitis. He eventually returned from the IL in the middle of June but struggled to get into a groove. He has been shuttled to Triple-A and back since then. In 154 trips to the plate in the majors, he has a .213/.299/.272 line with just one home run.

The Jays seem to be hoping that this is a buy-low move of a player having an injury-marred year. He is making $3.225MM this year and can be retained via arbitration for two more seasons. Given his results this year, the Rangers might have considered non-tendering him.

Toronto will get a close-up look at him for a few months to see if he can show signs of turning things around. If not, they could non-tender him at season’s end. But if they feel he can get back on track next year, they could opt to give him a modest raise. He still has a full slate of options and could be kept in the minors for the foreseeable future.

Texas sends out a player who had fallen out of their plans in exchange for an addition to their bullpen. Macko, 25, came to the Blue Jays from the Mariners as part of the 2022 trade which sent Teoscar Hernández to Seattle. Initially a starter, this is his first year as a primary reliever. He has 22 big league innings under his belt with a 4.91 earned run average, 23.2% strikeout rate and 10.1% walk rate. He also has thrown 24 1/3 Triple-A innings this year with a 4.07 ERA, 27.6% strikeout rate and 10.5% walk rate.

Macko is in his final option year, so he’ll be out of options next season. He was presumably running out of time in the Jays’ long-term plans. For the Rangers, they are more firmly in this year’s postseason race and should have more short-term use for him. He is still optionable for another few months, so they could put him right on the big league roster or keep him in Triple-A. He is a rookie and hasn’t yet qualified for arbitration, which surely adds to the appeal for a club with minimal payroll room.

Texas has Jacob Latz in the bullpen but he is acting as the closer, leaving Robby Ahlstrom and Tyler Alexander as the southpaws available for setup work. Alexander has been a swingman for most of his career and his velocity sits in the low 90s, so he’s not ideal for a leverage relief role. Ahlstrom doesn’t have a huge track record, with just 21 2/3 innings under his belt. Macko isn’t a vet either but he gives the Rangers another option and generally improves the bullpen depth.

Stephan, 24, is an organizational depth starter. He has logged 101 Triple-A innings this year in the hitter-friendly Pacific Coast League with a 5.44 earned run average, 21.9% strikeout rate, 7% walk rate and 42% ground ball rate. Baseball America doesn’t currently list him as a top 30 guy for the Rangers. Back in April, FanGraphs gave him the #21 spot, noting that he doesn’t have overpowering stuff but misses enough barrels and throws enough strikes. He should be a spot starter/rotation depth guy.

The Jays have a few rotation question marks with Shane Bieber, Max Scherzer and Jameson Taillon all impending free agents. Even if none of them are traded, the 2027 rotation will have holes behind the front three of Dylan Cease, José Soriano and Trey Yesavage.

Ultimately, the Jays sent out a guy who was perhaps a few months away from a roster squeeze. In return, they are taking a bounceback flier on a utility guy and maybe adding some useful rotation depth. The Rangers are parting with an infielder who was trending towards a non-tender and a minor leaguer who wasn’t hugely important, in order to make a cheap addition to their relief mix.

Evan Grant of The Dallas Morning News first reported the Smith/Macko framework. Ken Rosenthal of The Athletic first reported Stephan’s inclusion. Photos courtesy of Jerome Miron, Ed Szczepanski, David Frerker, Imagn Images