Do Brewers Have Financial Flexibility for Big Acquisitions This Offseason?

[Jake McKibbin]

Image courtesy of © Mike De Sisti / Milwaukee Journal Sentinel / USA TODAY NETWORK via Imagn Images

The Brewers had one of their lowest payrolls of the 2020s this season. Their year-end 40-man roster payroll was around $115 million, according to Cot's Contracts. That was the lowest mark since 2021, when they spent $105 million, and their ranking (23rd in the league) was lower than it's been since 2017. They had a high number of pre-arbitration salaries, combined with deferred salaries and likely-to-be-declined mutual options that have been pushed onto 2026, as the team always tries to maximize their liquidity and the utility of their money within the revenue cycle of the sport.

Here's an early roster projection, based on last year's salaries and MLB Trade Rumors arbitration estimates:

Player	2025 Base Salary ($m)		2026 Base Salary ($m)
Catcher
William Contreras	6.00		11.00
Jeferson Quero	0.00		0.82
Infielders
Andrew Vaughn	5.85		7.85
Jake Bauers	1.40		2.00
Brice Turang	0.78		4.40
Caleb Durbin	0.76		0.82
Joey Ortiz	0.78		0.82
Andruw Monasterio	0.76		0.82
Outfielders
Garrett Mitchell	0.76		1.00
Blake Perkins	0.80		0.82
Sal Frelick	0.76		0.82
Jackson Chourio	4.25		7.25
Christian Yelich	22.00		22.00
Starting Pitchers
Freddy Peralta	8.10		8.00
Jacob Misiorowski	0.76		0.76
Chad Patrick	0.76		0.76
Quinn Priester	0.76		0.76
Logan Henderson	0.76		0.76
Relief Pitchers
Trevor Megill	1.94		4.20
Abner Uribe	0.76		0.82
Jared Koenig	0.78		0.82
DL Hall	0.77		0.82
Aaron Ashby	3.45		5.50
Grant Anderson	0.80		0.82
Tobias Myers	0.76		0.82
Nick Mears	0.96		1.60
Total Active Payroll			86.86
Deferred/Option Declined Contracts
Brandon Woodruff (Buyout on mutual option)			10.00
Danny Jansen (Buyout on mutual option) Rhys Hoskins (Buyout on mutual option)			0.50 4.00
Ryan Braun			1.80
Jose Quintana (Buyout on mutual option)			2.00
Lorenzo Cain			1.00
William Contreras (Buyout on club option, sending him to arbitration)			0.10
Total Declined Options/Deferred			19.40
Total Cash Payroll 2026			106.26

The team is always spinning plates and kicking cans down the road, but there are a few more plates in motion and a bit more litter on the path than usual this offseason. The deferred salary still being paid to long-retired stars Ryan Braun and Lorenzo Cain is no big deal. Most teams have such line items; the payments are just bills coming due for things that saved the club money in the past; and Christian Yelich's $4-million deferral (which will be paid out in 2037 and 2038) offsets that money anyway. (That deferral is why, though his official salary is $26 million, Yelich is only listed at $22 million above.) The buyouts the team owes to Brandon Woodruff, Rhys Hoskins and Jose Quintana, however, add up to real money. They won't really think of those as part of next year's budget, and the money they made in reaching the NLCS this fall will cushion the pain of paying those buyouts this winter, but they're still there.

How Much Revenue Do the Brewers Have to Spend?
In the wake of the postseason exit, a lot of graphics went around about the percentage of total revenue teams spend on payroll, but this isn't exactly a fair fight. For one thing, player payroll is only the most visible (and, admittedly, the most expensive) of several ways to invest in the team. It doesn't include money spent on coaching staffs, analytics departments, facilities, the farm system, or other ancillary supports. For another, some teams' costs are more elastic than others'. Ditto for revenue. The Brewers' revenue depends much more heavily on their on-field success, for instance, than does the Dodgers'. Still, there's a trend to observe. Generally, teams spend something like $160 million less on their roster than they took in the previous year.

(Note: Forbes's revenue estimates, while better than nothing, are likely far from perfect. Spotrac, used by the creator of this content to estimate payroll, is not especially good at capturing the dynamics of payroll in baseball, so consider that estimate of spending even rougher than Forbes's shot at revenues. Again, though, it's better than nothing.)

There are some exceptions, but for instance, the Dodgers had $203 million left after their on-field payroll, compared to the Brewers' $198 million. It could be worse, if you're someone who worries that Mark Attanasio isn't spending freely enough; the Chicago Cubs have $371 million remaining. In short, what I'm saying here is that if we can estimate the Brewers' total revenue for 2025 and deduct around $200 million, we could have an upper limit for their 2026 payroll.

How Much Revenue Did the Brewers Make In 2025?
First of all, the Brewers' total attendance in 2025 was higher than they managed in 2024. With 2.65 million fans crossing the turnstiles (up around 112,000, or something like 1,400 per game), they'll have created additional revenue from ticket sales, concessions and merchandise. The merchandise is more variable, but if we prudently estimate the gross revenue as somewhere around $12 per person for concessions and the average cost of a ticket in 2024 being $57 (per Gametime; another imperfect source that beats wild shooting in the dark), the Brewers have added an additional $7-8 million in revenue.

On top of that is the playoff success @Matthew Trueblood covered on Sunday. Reaching the NLCS has serious financial implications for the Brewers, adding around $15 million by Matt's estimate. All things considered, a conservative estimate might be that the team made $22 million more this season than last. They may want to retain some of this as insurance against a potential lockout in 2027, when the CBA is re-negotiated, but they do have more to spend than they've had even very recently.

The Brewers have also been one of the heaviest spenders in revamping their minor-league structure, an effort that has been undertaken heavily in recent years—and will continue in 2026 with the relocation of the Carolina Mudcats to form the Wilson Warbirds with brand-new, state-of-the-art facilities. The Brewers partially own that affiliate, so they do factor some of the costs associated with their move into their own finances.

Prior success is no guarantee of future profits. The Brewers cannot afford to say that, because they made an additional $20-25 million in 2025 and have lots of money to spend relative to what they invested this season, they can splurge on a 10-year, $300-million contract. Nor would they be likely to do so, anyway. This is a team with major reinforcements on the way in positions of need throughout their minor-league system, from Cooper Pratt and Jesus Made at shortstop to Blake Burke, Brock Wilken and Luke Adams as infielders with some thump. It does, however, give the front office some breathing room, should they choose a two- or three-year deal with a manageable average annual value, similar to the Hoskins and Woodruff ones.

They may have even more than that to spend. There should be some room for a steady veteran upgrade this offseason, perhaps someone like Ha-Seong Kim. Perhaps they'll decide to go large, if they can get a short-term, high-AAV deal for someone like Trevor Story or Alex Bregman. Will the Brewers make those moves? Or will they, as in 2021, be cautious with their spending, as TV uncertainty and the CBA negotiations loom large? They certainly have additional funds and some budget space, if they choose to be aggressive.

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[Trax]

Beyond the obvious moves they need to make before the start of next year the team has to determine what they intend to do long term with players like Turang and Contreras.   These two are examples of players the team really needs long term.  I don't know if there is any chance in getting reasonable long term extensions now.  I think our coaches and the front office has done a superb job.  I don't blame the owner a bit for his approach, this is a business first.  No owner would approach this team in a reckless manner business wise.  The big market teams in today's system have a huge advantage.

[rafa]

With all due respect, long term with Contreras has LONG passed.  He's a free agent after the 2027 season, so only under team control for 2 more years.  Various Brewer blogs and the local newspaper have written that he wants to cash in big and the Brewers know they cannot afford him. Also, they have Jefferson Quero as one of the best catching prospects in the minors.

However, Turang doesn't become a free agent until after the 2029 season and yes, this is the off season to extend him.  While they have Made and Pena in the minor leagues, they're a couple of years away and as good as Pena seems to be, he struggled at High A.  Made is untouchable and probably goes to third base anyway.  Definitely try to extend Turang now before he gets to be unaffordable.

[Harold Hutchison]

The other thing to keep in mind: With a $10 million buyout owed to Woodruff in 2026, the Brewers have nothing to lose by taking the mutual option.

Exercise the Woodruff mutual option, and Peralta's option - and for the price of a half-season of Rhys Hoskins in 2025 ($18 million), you get two top-tier starting pitchers.

[BrewerFan]

17 minutes ago, Harold Hutchison said:

The other thing to keep in mind: With a $10 million buyout owed to Woodruff in 2026, the Brewers have nothing to lose by taking the mutual option.

Exercise the Woodruff mutual option, and Peralta's option - and for the price of a half-season of Rhys Hoskins in 2025 ($18 million), you get two top-tier starting pitchers.

They're obviously picking up Peralta's and... I would be shocked if they don't pick up Woodruff's option... and I don't think it'll matter. 

[BarremlensTSSC]

Just my opinion but I expect them to do very little, and certainly not a Hoskins level signing (he was ultimately disappointing but he was still a pretty major FA acquisition for a team like the Brewers).  I don't think they'll significantly cut payroll but the savings on Quintana and Hoskins (and Woodruff's) departures will consumed by buyouts and higher salaries for some of the players in arbitration... and they'll bank the rest.  Winter (i.e., a lockout) is coming, and the revenue loss from it is likely to be significant while the cost of management and non-union salaries and operating expenses at various facilities will remain payable during any stoppage.  Attanasio seems likely to use any increase revenue this year to get through that stoppage.  Again, just my opinion.

[MattK]

26 minutes ago, BarremlensTSSC said:

Just my opinion but I expect them to do very little, and certainly not a Hoskins level signing (he was ultimately disappointing but he was still a pretty major FA acquisition for a team like the Brewers).  I don't think they'll significantly cut payroll but the savings on Quintana and Hoskins (and Woodruff's) departures will consumed by buyouts and higher salaries for some of the players in arbitration... and they'll bank the rest.  Winter (i.e., a lockout) is coming, and the revenue loss from it is likely to be significant while the cost of management and non-union salaries and operating expenses at various facilities will remain payable during any stoppage.  Attanasio seems likely to use any increase revenue this year to get through that stoppage.  Again, just my opinion.

Would concur that Attanasio seems to be conservative in times of question. 

[SoCalBrewfan]

12 hours ago, Harold Hutchison said:

Exercise the Woodruff mutual option, and Peralta's option - and for the price of a half-season of Rhys Hoskins in 2025 ($18 million), you get two top-tier starting pitchers.

Mutual is the key word. Mutual options are almost never exercised by both team and player...I can't think of a single one that was anything other than deferred salary.

If it's a no-brainer for the Brewers to exercise , it's as much a no-brainer for Woodruff not to.

[JohnBriggs12]

I don't think you can lump Woodruff's situation in with any other player in the Brewer organization.  There's not been a Brewer since #19, who's shown the loyalty to the organization that Woodruff has.  The feeling has been mutual from the Brewers to Woodruff since the beginning.  The way his last contract was constructed is proof of that.  They offered him a $10 million buyout in the deal as a show of immense respect for what he's meant to the Brewers.  If Woodruff showed any sign that he's still a quality starting pitcher (and he certainly did), paying him the extra $10 million is a no-brainer, and I can't believe Woodruff would walk away from his beloved Brewers at that price.  The deal was put together as a win-win and it still is.

[Harold Hutchison]

Peralta seems to have similar feelings. Would the player's union really try to get in the way of a team-friendly extension for him?

[Harold Hutchison]

3 hours ago, JohnBriggs12 said:

I don't think you can lump Woodruff's situation in with any other player in the Brewer organization.  There's not been a Brewer since #19, who's shown the loyalty to the organization that Woodruff has.  The feeling has been mutual from the Brewers to Woodruff since the beginning.  The way his last contract was constructed is proof of that.  They offered him a $10 million buyout in the deal as a show of immense respect for what he's meant to the Brewers.  If Woodruff showed any sign that he's still a quality starting pitcher (and he certainly did), paying him the extra $10 million is a no-brainer, and I can't believe Woodruff would walk away from his beloved Brewers at that price.  The deal was put together as a win-win and it still is.

The fact is, Woodruff's salary may be $20 million on the books, but it will only cost $10 million to keep him at Uecker Stadium at American Family Field.

[Jake McKibbin]

7 hours ago, Harold Hutchison said:

The fact is, Woodruff's salary may be $20 million on the books, but it will only cost $10 million to keep him at Uecker Stadium at American Family Field.

If he agrees. Remember Harold, it's a mutual option and the expectation is that Woodruff would get more than a $10m deal for one year.

With his injury past, he's likely wanting his next contract to guarantee that lifetime security, and probably for multiple years.

There's a possibility more velocity returns in the off season as well, but health is a question mark. Still , his performance in 2025 was far above expectation and I think he'll get a multi year deal somewhere 

[Trax]

On 10/21/2025 at 7:14 PM, rafa said:

With all due respect, long term with Contreras has LONG passed.  He's a free agent after the 2027 season, so only under team control for 2 more years.  Various Brewer blogs and the local newspaper have written that he wants to cash in big and the Brewers know they cannot afford him. Also, they have Jefferson Quero as one of the best catching prospects in the minors.

However, Turang doesn't become a free agent until after the 2029 season and yes, this is the off season to extend him.  While they have Made and Pena in the minor leagues, they're a couple of years away and as good as Pena seems to be, he struggled at High A.  Made is untouchable and probably goes to third base anyway.  Definitely try to extend Turang now before he gets to be unaffordable.

You are right on Contreras, I was just hoping. 

We have a top catching prospect nearly ready, he is one to watch this year.  We will need to trade Contreras as soon as he is if the fat deal is available. 

[SoCalBrewfan]

If Woodruff declines the option, he gets $10M, and is a free agent. The Brewers decide whether to make a qualifying offer. If they do and he takes the QO,  he gets $10M + ~$22M. If they don't, or if he declines, he gets $10M + whatever he can negotiate on the market, which is all but certain to be more than just accepting the option.

You can hope otherwise, but in reality the mutual option is used by the Brewers as a salary deferral mechanism. (See, it's not just the Dodgers who are sneaky...)

In all likelihood, it has always been understood by all parties that this is just a $10M bonus for Woody, and a way for the Brewers to shift where that portion of his salary hits the books.

[Team Canada]

1 hour ago, SoCalBrewfan said:

In all likelihood, it has always been understood by all parties that this is just a $10M bonus for Woody, and a way for the Brewers to shift where that portion of his salary hits the books

Correct. Woodruff may well want to come back to the Brewers, but the path is definitely not going to go through a mutual option, that would just be stupid on his part. You decline, get the $10M, then figure out a new 1 year contract (in the very worst case).