Orioles payroll analysis: A look at spending under Mike Elias, David Rubenstein

In Mike Elias’ first six years as general manager, the Orioles ranked in the bottom five in payroll every season.

That changed in 2025 under new owner David Rubenstein, as the Orioles’ opening day payroll of $164.6 million ranked 15th of 30 MLB teams, according to Cot’s Baseball Contracts. The results on the field didn’t follow, though, as the Orioles disappointed and finished last in the American League East with a 75-87 record.

Still, spending is one of the most correlated factors toward winning a championship. Only three of the past 31 World Series champions have done so while ranking bottom half in spending. After adding about $70 million to payroll in 2025 and not seeing the fruits of that spending, is Rubenstein willing to open his pocketbook even more?

Last month, the 76-year-old private equity billionaire repeated a line about spending that he’s said multiple times since he purchased the team from the Angelos family in 2024:

“We don’t have particular constraints,” Rubenstein said.

Ahead of next week’s winter meetings, here’s a deeper look at the Orioles’ payroll.

A look back

In the early 1990s, the Orioles were one of MLB’s stingiest ballclubs. But after Peter Angelos purchased the team in 1993, payroll immediately increased. The Orioles ran top five payrolls in the mid-1990s, resulting in back-to-back AL Championship Series appearances in 1996 and 1997.

The Orioles’ high-spending ways went away for the next two decades under Angelos, but the club never ranked lower than 23rd in payroll during that timeframe, according to Cot’s. The Buck Showalter-era Orioles routinely ranked in the top half of baseball, including two years in the top 10.

Baltimore’s payroll was small during Elias’ early years, but Chris Davis’ disastrous contract inflated them. But once Davis retired, the Orioles in 2022 sported a puny payroll of $43.7 million that ranked last in MLB, per Cot’s. The Orioles didn’t spend much the next season and entered 2023 with a $60.9 million payroll, but the club broke through the glass ceiling to win 101 games and an AL East title.

In the two years since, the Orioles have seen among the largest percentage payroll jumps in MLB. Payroll increased 53% from 2023 to 2024 ($92.9 million) and another 77% from 2024 to 2025 ($164.6 million).

Money off the books

One factor working against the Orioles taking another significant payroll leap this offseason is how much money was freed up once the 2025 campaign ended.

Of the $164.6 million the Orioles spent on their 2025 opening day payroll, approximately $100 million of it was taken up by players no longer in the organization:

Starting pitcher Zach Eflin ($18 million)
Starting pitcher Charlie Morton ($15 million)
Starting pitcher Tomoyuki Sugano ($13 million)
Center fielder Cedric Mullins ($8.7 million)
Catcher Gary Sánchez ($8.5 million)
Relief pitcher Seranthony Domínguez ($8 million)
First baseman Ryan O’Hearn ($8 million)
Relief pitcher Gregory Soto ($5.5 million)
Outfielder Ramón Laureano ($4 million)
Utilityman Jorge Mateo ($3.5 million)
Infielder Ramón Urías ($3.1 million)
Relief pitcher Cionel Pérez ($2.2 million)
Relief pitcher Matt Bowman ($1.1 million)
Relief pitcher Albert Suárez ($825,000)

However, that could give Elias more room to work with, and that’s already under way as the Orioles have been one of the busiest teams this offseason.

Contracts already added

The Orioles have already added approximately $41 million to their 2026 payroll through their decisions so far this offseason:

Closer Ryan Helsley ($14 million)
Outfielder Taylor Ward ($13.7 million*)
Relief pitcher Andrew Kittredge ($9 million)
Relief pitcher Dietrich Enns ($2.5 million)
Outfielder Leody Taveras ($2 million)

Helsley is currently the second-highest paid player on the team behind outfielder Tyler O’Neill ($16.5 million) after the Orioles signed the former All-Star closer to a two-year, $28 million contract with a player opt out after the 2026 season.

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Baltimore added Ward, a right-handed slugger in his final arbitration year, via a controversial one-for-one trade that sent Grayson Rodriguez to the Los Angeles Angels. Ward is a corner outfielder, while Taveras, who has struggled at the plate the past two seasons, is a switch-hitting center fielder.

Kittredge and Enns were both on the 2025 team but on opposite ends. Kittredge began the year with the club after he signed with Baltimore last offseason, but the righty was traded to the Chicago Cubs at the deadline. His $9 million salary isn’t technically an addition since he was on the 2025 opening day roster, but he is an offseason acquisition as the Orioles traded cash back to the Cubs to reacquire Kittredge. Enns, meanwhile, was acquired from the Detroit Tigers at the trade deadline for cash and pitched well enough for the Orioles to sign him for $2.5 million.

*Arbitration projection by MLB Trade Rumors

Increases through arbitration

The main way Baltimore’s payroll increased from 2022 to 2024 was through arbitration. The pay raise system gradually increases the salaries of players who have at least three years of MLB service time but fewer than the six necessary to become a free agent.

The Orioles have ranked near the top of MLB in arbitration-eligible players in each of the past three years. Two offseasons ago, they led the sport with 17 such players, tendering a contract to each one. That number has been 13 each of the past two offseasons.

In November, the Orioles tendered a contract to all but one of their 13 arbitration-eligible players. They signed closer Félix Bautista to a one-year, $2.25 million contract, nontendered Suárez, traded catcher Alex Jackson and tendered contracts to the other 10.

Here’s the list of those 10 players with salary projections from MLB Trade Rumors:

Arb-3 players

Outfielder Taylor Ward ($13.7 million)
First baseman Ryan Mountcastle ($7.8 million)
Starting pitcher Trevor Rogers ($6 million)
Relief pitcher Keegan Akin ($3 million)
Starting pitcher Tyler Wells ($2.7 million)

Arb-2 players

Catcher Adley Rutschman ($6.8 million)
Starting pitcher Dean Kremer ($5.1 million)
Starting pitcher Kyle Bradish ($2.8 million)

Arb-1 players

Shortstop Gunnar Henderson ($6.6 million)
Relief pitcher Yennier Cano ($1.8 million)

Those 10 players plus Bautista add up to approximately $61 million — a $14 million increase over the total the Orioles spent on their arbitration-eligible players in 2025.

Projecting the 2026 payroll

Ahead of next week’s winter meetings, the Orioles’ 2026 payroll stands at a projected $113 million, according to Cot’s. That ranks 18th in MLB.

Whether that number will get back to the $164 million from 2025 (or exceed it) depends on whether Rubenstein and Elias are willing to make a big splash this winter. If the Orioles continue operating as they have under Elias — mostly signing free agents to modest one-year deals — it’s likely Baltimore’s payroll will decrease. However, the signing of Helsley and the trade for Ward suggest Elias is open to spending more and is prioritizing the 2026 season.

The Orioles likely need multiple starting pitchers, including one that can slot near the top of their rotation. If that pitcher comes from free agency, that could cost north of $25 million per year. Another starting pitcher would be in the $5 to $15 million range. Those acquisitions, in addition to moves that round out the bullpen and bench, would put the Orioles back at the payroll they had last season.

Then comes the unlikely scenario of the Orioles acquiring multiple marquee free agents, including another big bat to supplement a young core that struggled last season. If that move also occurs, Baltimore’s payroll would almost certainly increase and could push closer to $200 million.

Have a news tip? Contact Jacob Calvin Meyer at jameyer@baltsun.com, 410-332-6200 and x.com/JCalvinMeyer.