The piece lays out a nine-tier ladder of team spending, ordered from least to most aggressive in free-agent activity, culminating in a group labeled ‘This Is Where the Action Is.’

It cites recent signings and speculative targets to illustrate each team’s spending trajectory, including examples like Josh Naylor to show movement and targets such as Kyle Schwarber and Bo Bichette to signal interest.

In the bottom tier, ‘Don’t Count on Anything,’ teams like the Rockies, Nationals, Twins, Cardinals, Athletics, and White Sox are portrayed as unlikely to pursue major free-agent deals this winter.

The tier ‘They’ll Spend, But with Limits’ includes big-market clubs that will spend carefully, notably the Red Sox, Phillies, and Yankees, likely constrained by luxury-tax considerations.

The analysis uses 2025 payrolls and 2026 projections from FanGraphs to assess spending capacity and probable free-agent activity.

The final tier, ‘This Is Where the Action Is,’ points to Blue Jays, Dodgers, and Mets as the teams most likely to pursue significant signings and overhaul as needed.

‘Cash-Strapped Contenders’ highlights teams like the Astros, Diamondbacks, Rangers, and Padres, suggesting modest moves could occur but financial constraints will temper activity.

‘Sneaky Small-Market Clubs’ features mid-market teams such as the Pirates, Marlins, Reds, and Guardians, which may take calculated risks in free agency.

‘Might Have Something Up Their Sleeve’ includes Seattle, the Angels, and Baltimore, indicating room for a notable surprise signing.

‘Deep Pockets, But Hard to Read’ groups giants with big budgets but opaque plans, including the Tigers, Giants, Cubs, and Braves.

Across all 30 teams, the piece categorizes spending tendencies to forecast offseason dynamics rather than report completed deals.

The bottom tier also includes contenders like the Brewers, Royals, and Rays, signaling limited expected free-agent activity among financially stretched teams.

Overall, the story emphasizes forecasted spending dynamics and sourcing to map which franchises will drive the winter market, rather than detailing finalized transactions.