Lorenzen signed a one-year, $8 million contract with the Rockies on Wednesday, Jeff Passan of ESPN.com reports.

Lorenzen's new deal also includes a $9 million club option for the 2027 season. The 34-year-old right-hander took a step back in 2025, accumulating a 4.64 ERA and 1.33 WHIP alongside a 127:39 K:BB across 141.2 innings with the Royals. His chances of improving upon those numbers in 2026 have taken a hit now that he's slated to pitch his home games at Coors Field, but Colorado's weak pitching staff at least makes Lorenzen a safe bet to capture a rotation spot.

Graterol (shoulder) signed a one-year, $2.8 million contract with the Dodgers on Wednesday to avoid arbitration, Robert Murray of FanSided.com reports.

Graterol sat out the entirety of the 2025 season after undergoing labrum surgery in November 2024, but he is expected to be fully healthy by the time spring training begins. The 27-year-old emerged as a dominant high-leverage option during his last full season in 2023, during which he posted a 1.20 ERA and 0.97 WHIP across 67.1 innings. However, the Dodgers may wait to see how he performs in his first several appearances post-surgery before moving him back into a setup role.

The Marlins acquired Hernandez, Owen Caissie and Edgardo De Leon from the Cubs on Wednesday in exchange for Edward Cabrera, Jeff Passan of ESPN.com reports.

Hernandez spent the 2025 season at High-A South Bend, slashing .252/.329/.365 with seven home runs and 52 stolen bases. He hasn't reached his potential after being a top international signing in 2021, but Hernandez just turned 22 last month, so he has some time to show progress.

The Marlins acquired Caissie, Cristian Hernandez and Edgardo De Leon from the Cubs on Wednesday in exchange for Edward Cabrera, Jeff Passan of ESPN.com reports.

Caissie has nothing left to prove in the minors, having slashed .281/.380/.507 with 41 home runs at Triple-A Iowa over the last two seasons. The 23-year-old struggled in his cup of coffee with the Cubs in 2025 and has posted a 29.1 percent strikeout rate in the minors, but Caissie's power will play in the majors if he makes enough contact. He's the favorite to open the 2026 season as the Marlins' primary right fielder.

The Cubs acquired Cabrera from the Marlins on Wednesday in exchange for Owen Caissie, Cristian Hernandez and Edgardo De Leon, Jeff Passan of ESPN.com reports.

Cabrera experienced a breakthrough in 2025 after lowering his arm slot, finishing the season with a 3.53 ERA, 1.23 WHIP and 150:48 K:BB across 137.2 innings. It was a career-high workload for the righty, and he will remain a major injury risk moving forward, but Cabrera injects some much-needed upside and bat-missing ability into the Cubs' rotation. He is under team control through 2028.

The Cubs claimed Rolison off waivers from the White Sox on Wednesday, Bruce Levine of 670TheScore.com reports.

It's the fourth organization since November for Rolison, who posted a 7.02 ERA and 25:20 K:BB over 42.1 innings with the Rockies in 2025. The left-hander will compete for a spot in the Cubs' bullpen, but he does have minor-league options remaining.

The Rockies claimed Thompson off waivers from the Reds on Wednesday.

Thompson signed a one-year, $1.3 million split contract with the Reds in November, but he was booted off their 40-man roster in December and is now headed to Colorado. He's been used almost exclusively in relief over the past three seasons, but Thompson does have past starting experience, so the Rockies could consider him in a swingman role.

The Reds outrighted Richardson to Triple-A Louisville on Wednesday.

Richardson is no longer on the 40-man roster but will remain in the organization after passing through waivers unclaimed. The right-hander finished 2025 with a 4.54 ERA, 1.54 WHIP and 30:21 K:BB across 37.2 regular-season innings for Cincinnati.

The Giants designated Dean for assignment Tuesday, Susan Slusser of the San Francisco Chronicle reports.

Dean arrived in San Francisco in November via waiver claim, but he'll now depart the 40-man roster to make room for Tyler Mahle. Dean slashed .289/.378/.431 and stole 27 bases across 347 plate appearances with the Dodgers' Triple-A affiliate in 2025, and he's likely to work as minor-league depth again in 2026.

The Cardinals designated Kent for assignment Tuesday.

The move clears a spot on the 40-man roster for the addition of Justin Bruihl, who was acquired via trade. Kent was a waiver claim by the Cardinals in December and will now go through the waivers process again. The righty reliever posted a 4.58 ERA and 16:8 K:BB over 17.2 innings for the Guardians in 2025.