The Mets extended a one-year, $21.05 million qualifying offer to Severino on Monday, Jon Heyman of the New York Post reports.

Severino held a 3.91 ERA and 161:60 K:BB over 182 innings across 31 regular-season starts for the Mets in 2024. If he rejects the qualifying offer and signs a multi-year deal elsewhere, the Mets will receive a draft pick as compensation.

The Mets extended Manaea a one-year, $21.05 million qualifying offer Monday, Jon Heyman of the New York Post reports.

Manaea is likely to net a lucrative, multi-year contract this offseason, and if that agreement is with another team, the Mets will recoup a draft pick. The left-hander posted a 3.47 ERA and 1.08 WHIP across 181.2 regular-season innings in 2024.

Eovaldi declined his $20 million player option for 2025, Evan Grant of The Dallas Morning News reports.

While that means Eovaldi is now a free agent, Rangers president of baseball operations Chris Young said Monday that the club has "great interest" in re-signing the veteran right-hander. Eovaldi, who turns 35 in February, holds a 3.72 ERA, 1.12 WHIP and 298:89 K:BB over 314.2 innings covering 54 regular-season starts during his two seasons with the Rangers.

Wacha agreed to a three-year, $51 million contract with the Royals on Sunday that includes a $14 million club option for 2028, Jeff Passan of ESPN.com reports.

The right-hander was expected to decline his $16 million player option for 2025, but Kansas City utilized the exclusive five-day negotiating window after the World Series to secure a new deal. Wacha was a key rotation piece for the Royals during their 2024 resurgence with a 3.35 ERA, 1.19 WHIP and 145:45 K:BB over 166.2 innings.

Ray (hamstring) will not opt out of the final two years of his contract with the Giants, Jeff Passan of ESPN.com reports.

Ray missed the first half of the 2024 campaign while recovering from the Tommy John procedure he underwent in May of 2023. Once he returned, he was able to make seven starts for the Giants before a strained left hamstring cut his season short in August. Because of his injury history, he likely wouldn't receive an offer in free agency close to the $50 million he's due to make over the next two years, so his decision to remain in San Francisco on his current deal is hardly a surprise. He'll aim to bounce back in 2025 after turning in a 4.70 ERA and 1.14 WHIP over 30.2 innings this past season.

Lopez signed a three-year, $30 million contract with Atlanta on Saturday.

Lopez was originally set to make $11 million in 2025 and 2026 with an $8 million club option for 2027. In an effort to minimize payroll, Atlanta will now pay him $8 million next season while his 2026 salary increases to $14 million, and he's now guaranteed to make $8 million in 2027 (compared to his $4 million option buyout). The 30-year-old posted a minuscule 1.99 ERA and 1.11 WHIP over 135.2 innings this year.

The Brewers placed Rea on waivers Saturday, Curt Hogg of the Milwaukee Journal Sentinel reports.

Rea has a $5.5 million club option for 2025 with a $1 million buyout. It appears the Brewers are willing to move on from the 34-year-old righty, but they will first make him available to the other 29 clubs via waivers before paying the $1 million that would send him to free agency. Rea finished the 2024 season with a 4.29 ERA and 1.26 WHIP, but he surrendered 20 earned runs over 21.2 frames during his six starts in September.

The Brewers exercised Peralta's $8 million club option for 2025 on Saturday, Jon Heyman of the New York Post reports.

Peralta became the ace of the Brewers' staff in 2024 following the departure of Corbin Burnes to Baltimore and Brandon Woodruff's season-ending shoulder surgery. Given the lack of reliable arms in Milwaukee's rotation, it's unsurprising to see the team bring back Peralta, who under-performed by his own standards with a 3.68 ERA and 1.21 WHIP over 173.2 innings.

The Diamondbacks exercised Kelly's $7 million club option for 2025 on Saturday, Jon Heyman of the New York Post reports.

After missing a four-month chunk of the season due to a shoulder injury, Kelly finished 2024 with a 4.03 ERA and 1.17 WHIP across 73.2 innings over 13 starts. Hopeful for a bounce-back campaign in 2025, the D-backs will keep the 36-year-old righty around to bolster a pitching staff that ranked 27th in the majors with a 4.62 ERA.

Cole opted out of his contract with the Yankees on Saturday, Kiley McDaniel of ESPN.com reports.

The Yankees have the opportunity to void Cole's opt-out decision by adding an extra year and $36 million to his contract, which would result in him being owed $180 million through 2029. The 34-year-old posted a 3.41 ERA and 1.13 WHIP across 95 innings this season after missing the first couple months due to an elbow injury. There is no guarantee that New York will want to keep him around for such a hefty price.