Ranking the five best MLB free-agent signings of offseason

We're just over a quarter into the season, and while many free-agent signings from the offseason have disappointed, several are thriving for their new teams. With that in mind, we're ranking the five best free-agent signings.

Players who signed extensions with their current teams, such as Philadelphia's Zack Wheeler, were not considered for this list. All statistics are through Sunday's games.

5. RHP Jordan Hicks | San Francisco Giants 

The flamethrowing Hicks was one of the top relievers on the free-agent market, but he surprisingly signed a four-year, $44M deal with San Francisco to join its starting rotation. Before this season, Hicks struggled mightily in such a role, going 0-4 with a 5.47 ERA and 25 strikeouts in eight starts with the Cardinals.

With the Giants, Hicks adjusted his release point and has thrown with less velocity than we're accustomed to seeing from him, but the changes transformed his game. In his first 10 starts, Hicks is 4-1 with a career-low 2.38 ERA, the fifth-lowest in the National League. Hicks is on pace to set a career low in strikeouts per nine innings (6.79) and his 2.89 walks per nine innings is the best mark of his career by a sizable margin. 

Due to injuries and inconsistent play, the Giants will be one of the more fascinating teams to monitor ahead of the July 30 trade deadline, and it wouldn't be too surprising if they become sellers. While teams typically want to flip pitchers at the deadline partly because of how unpredictable they are, San Francisco would be foolish to trade Hicks and his bargain of a contract. 

4. RHP Jack Flaherty | Detroit Tigers

The 28-year-old was finally healthy enough to play in 29 games last season, his most since 2019, but Flaherty's disappointing second-half stint with Baltimore raised concerns about whether he'd become a solid frontline starter again. The sample size is small, but Flaherty has been one of the better pitchers in baseball through the first nine starts of his one-year, $14M prove-it deal with Detroit.

Aside from posting a 3.79 ERA, Flaherty leads the American League with 72 strikeouts and is on pace to set a career high in strikeouts per nine innings (11.85) and a career low in walks per nine (1.32). Flaherty also ranks in the 94th percentile among MLB pitchers in strikeout (33) and walk rate (3.7) while ranking in the 97th percentile in whiff rate (35.9), according to Baseball Savant.

Despite his resurgence, Detroit might consider dealing Flaherty at the trade deadline if it is not in a favorable position to earn a wild-card berth. Flaherty, who has durability issues, could command top dollar in free agency if he continues to dominate. So it could be in Detroit's best interest to capitalize on its successful offseason investment.

3. RHP Seth Lugo | Kansas City Royals

Lugo, another converted reliever, had more experience as a starter than Hicks entering this season. Still, not even the Royals could've predicted the early success Lugo has enjoyed after they signed him to a three-year, $45M contract this past offseason.

After posting a respectable 3.57 ERA over 26 starts with the Padres last season, Lugo has somewhat reinvented himself. The former 34th-round draft pick has focused less on velocity and more on throwing more effective breaking pitches. Lugo has thrown more sinkers and slurves than his curve, which had been his signature pitch throughout his career.

As a result, Lugo leads the American League in wins (seven) and ERA (1.79) and ranks fourth among all MLB pitchers in bWAR (2.3) through 10 starts. In all likelihood, Lugo will have a bad outing or two sooner than later. However, if he can space out his poor performances and remain effective, he could contend for the AL Cy Young. 

2. LHP Shota Imanaga | Chicago Cubs

In an offseason in which international free agents were in high demand, Imanaga did not stand out. But many teams should be kicking themselves for not pursuing him. While it remains to be seen whether Yoshinobu Yamamoto lives up to his 12-year, $325M deal, Imanaga — who many considered the consolation prize to the Dodgers' right-hander — has already exceeded expectations.

The two-time NPB All-Star is off to a historic start to his four-year, $53M deal with the Cubs. During Saturday's 1-0 win over Pittsburgh, Imanaga tossed seven shutout innings, lowering his ERA to a big league-leading 0.84. Not only is that the best mark in baseball, but it is also the lowest ERA posted by a pitcher through the first nine starts of his career. 

According to MLB.com's Sarah Langs, Fernando Valenzuela is the only other pitcher in MLB history to post a sub-1.00 ERA in his first nine career starts.

Imanaga, 30, is quickly becoming the runaway favorite for the NL Rookie of the Year and should be in contention to win the NL Cy Young. If he takes home both awards, Imanaga would join Valenzuela as the only other pitcher to do so in the same season. 

1. DH Shohei Ohtani | Los Angeles Dodgers 

Ohtani won't pitch until next season, but the two-time American League MVP has been well worth the historic 10-year, $700M deal he signed with the Dodgers, who are only paying him $2M annually due to deferrals. The structure of Ohtani's contract alone made the signing worthwhile for Los Angeles because it allowed the team to further bolster its star-studded roster with Yamamoto, RHP Tyler Glasnow and OF Teoscar Hernandez.

Ohtani's production has justified his contract, as he's off to the best start of his career at the plate. Through 46 games, Ohtani leads the majors in batting average (.353), slugging (.658), OPS (1.080), wRC+ (205, MLB average is 100), hits (66) and fWAR (three). He also ranks second in MLB in OBP (.423), third in home runs (13) and seventh in stolen bases (11).

He must beat out his teammate, Mookie Betts, who's having an extraordinary season of his own, but Ohtani is building a serious case to win his third MVP award. Should he accomplish this feat, he'd join Hall of Famer Frank Robinson as the only other player to earn MVP honors in both leagues.