Can the Phillies afford Jeff Hoffman’s next contract?

Jeff Hoffman has been lights out since joining the Philadelphia Phillies last season, pitching to an 8-4 record with a 2.08 ERA in 116 games. After an impressive 2023 campaign, Hoffman has looked even better in 2024 with the Phillies, establishing himself as a viable option in the late innings.

While Carlos Estévez seems to have the closer role locked down, Hoffman has had his share of opportunities with 10 saves under his belt. In 2024, he has a career-best ERA (1.79) and is closing in on a career-high in strikeouts with 81. His strikeout rate has been exceptional at 12.1 per nine innings, which is well above his career average of 9.2.

His impressive performance earned him his first All-Star selection in July alongside pitchers Zack Wheeler, Matt Strahm, and Ranger Suárez.

Can the Phillies afford Jeff Hoffman’s next contract?

Hoffman was days away from being released by the Phillies after he exercised his opt-out clause last May. The Phillies rewarded Hoffman with a call-up to the major leagues and he has not looked back.

He has had a career resurgence with the team after pitching to a 5.68 ERA in 134 appearances across seven previous seasons. Hoffman spent time with the Colorado Rockies and Cincinnati Reds and his career was considered a disappointment after he was selected with the ninth overall pick in 2014.

With his career on the rise, Hoffman will be looking to cash in while his value is high. 

Retaining Hoffman will not be easy for the Phillies due to the team’s high payroll. The team’s payroll is estimated to be around $222 million before they hit arbitration with several key contributors including Alec Bohm, Ranger Suárez and Bryson Stott.

Hoffman will likely be looking at a contract with an average annual value of over $10 million per season, per Phillies Nation's Tim Kelly. This would put him in the same ballpark as Robert Stephenson (three years, $33 million) and Ryan Pressly (two years, $30 million).

With Carlos Estévez a free agent as well, it is likely that the Phillies will only be able to retain one of the players beyond the 2024 season. If they are unable to sign either player, they will go into next season with José Alvarado, Matt Strahm and Orion Kerkering as potential options in the back end of the bullpen. The team already moved on from Seranthony Domínguez and Gregory Soto, and this would leave the bullpen even thinner if they are unable to return their top closing options in Estévez and Hoffman.

If the Phillies decide to let Hoffman walk, he will have a big market this offseason as a closer or high-leverage situation pitcher. Pitching is at a premium across the league and Hoffman will be highly coveted due to his versatility, as he has shown an ability to close games and start when needed during the course of his career.