Will Yanks cap offseason by bolstering the 'pen?

This story was excerpted from Bryan Hoch's Yankees Beat newsletter. To read the full newsletter, click here. And subscribe to get it regularly in your inbox.

January is a prime opportunity to reset, and in the Yankees’ case, it’s an excellent time to take stock of what has been accomplished this offseason -- and how much ground there is left to cover.

The trade for Juan Soto on Dec. 7 shook up the Winter Meetings and delivered one of the game’s best offensive players to the Bronx, while the additions of Alex Verdugo and Trent Grisham project to solidify the Bombers’ outfield defense.

When the Yanks’ attempt to sign starting pitcher Yoshinobu Yamamoto fell short, they pivoted to a two-year, $37 million agreement with right-hander Marcus Stroman, which was announced on Wednesday.

The agreement with Stroman appears to finalize the rotation, with the veteran joining Gerrit Cole, Carlos Rodón, Nestor Cortes and Clarke Schmidt in the starting five. Yankees general manager Brian Cashman has also said that he considers the club’s infield and outfield to be set.

So what’s left to do, considering the Yanks are looking to wash away the bad taste of a disappointing season in which they recorded just 82 victories and failed to qualify for the postseason?

The most likely avenue to upgrade the roster between now and Opening Day appears to be in the bullpen, especially considering the Yanks parted with seven pitchers in their trades for Soto and Verdugo (including Michael King, who was extremely valuable in the 'pen and could have opened the season in the rotation).

There have been a few smaller moves, like the signings of right-handers Cody Poteet and Luke Weaver and the trades for right-hander Cody Morris and left-hander Victor González, but there should still be money in the budget considering the difference between what they're paying Stroman and what they were willing to pay for Yamamoto or Blake Snell, who is still on the market.

The Yankees have maintained contact with the representative for left-hander Wandy Peralta, who has pitched to a 2.82 ERA over 165 appearances with the club over the past three seasons and is currently a free agent. They have engaged about a potential reunion with righty Keynan Middleton and are reported to have interest in right-hander Hector Neris, who notched a 1.71 ERA in 71 appearances for the Astros last year.

Another name connected to the Yankees via published reports is right-hander Robert Stephenson, who logged a 2.35 ERA in 42 appearances for the Rays last season after being acquired from the Pirates on June 2. The Yanks concluded the 2023 campaign with a Major League-best 3.34 ERA from the bullpen, a group that projects to be anchored again by Clay Holmes, Jonathan Loáisiga and Tommy Kahnle.

“We like the pitching we have, but we also recognize that if we can add to it, it’s important to do -- rotation, bullpen, combo, all of the above,” Cashman said recently. “[That’s] from an insurance standpoint or something established that you can plug and play with. We’re going to continue to have conversations in that arena … and those will continue.”