Winners, losers of a down market

Based on the market thus far the Hunter Pence deal seems like an enormous overpay. AP Photo/Daniel Gluskoter/CSM

As the 2013 season came to an end, everyone seemed to agree that the free-agent market was going to explode. With each team getting around $25 million in new annual television revenues starting in 2014 and a strong free-agent class headlined by marquee names such as Robinson Cano and Jacoby Ellsbury, the stage seemed set for teams to take free-agent bidding wars to the next level.

So far, that hasn't happened. In fact, based on the first few signings of the offseason, it looks as though the market has deflated. And that has important implications for teams and players alike.