BALTIMORE -- In decisions that were widely expected, Corbin Burnes and Anthony Santander each declined the $21.05 million qualifying offer from the Orioles ahead of Tuesday’s 4 p.m. ET deadline, as both will seek larger multiyear deals in free agency. MLB.com's Mark Feinsand reported that Reds right-hander Nick Martinez is the only player accepting a qualifying offer among the 13 who received them.

If either player doesn't return to Baltimore, then the O’s will receive Draft pick compensation because they extended each a qualifying offer.

• What to know about 2024-25 qualifying offer decisions

Burnes and Santander becoming free agents created the Orioles’ two biggest holes on their roster this offseason. The club needs an ace for the top of its rotation, and it needs a right-handed-hitting outfielder to balance its lineup.

While it’s possible that Baltimore re-signs either Burnes or Santander (or perhaps even both), it also wouldn’t be surprising if either signs with a different team. The market is expected to be competitive, and both should land nine-figure contracts.

This is a new era, though, for the O’s, who have entered their first offseason under an ownership group led by private equity billionaire David Rubenstein. So they could be more willing to spend big than they have been in past offseasons.

“I think we are looking at the whole menu, the whole spectrum. I credit the ownership change toward putting us in position to do that,” general manager Mike Elias said last Friday. “As I’ve said, that doesn’t mean that we are going to spend money indiscriminately this offseason come hell or high water. We’re going to seek good talent evaluation, good long-term investments for the team.

“We’re trying to keep a healthy franchise for a really long time, but I think if you’re running a team optimally -- which is a word I’ve been focused on -- you certainly want to keep the whole menu of player acquisition open. And that involves high-end free agent deals over many years, and we’ve been engaged in those conversations already.”

On Monday, MLB Network’s Jon Paul Morosi reported that the Orioles and the reigning World Series champion Dodgers are the two teams that “stand above the others” in the market for Burnes. The 30-year-old right-hander is a four-time All-Star who won the 2021 National Cy Young Award while pitching for the Brewers.

After getting traded from Milwaukee to Baltimore on Feb. 1, Burnes was as good as expected in his first (and potentially only) season with the O’s. He recorded a 2.92 ERA in 32 starts, racking up 181 strikeouts over 194 1/3 innings.

Santander was just as integral in the success of the Orioles, who went 91-71 to secure the top American League Wild Card spot and reach the postseason for a second consecutive year. The 30-year-old switch-hitting outfielder set career highs in home runs (44) and RBIs (102) while posting an .814 OPS over 155 games.

A former Rule 5 Draft pick plucked out of the Cleveland organization in 2016, Santander has spent his entire eight-year MLB career in Baltimore, developing into a middle-of-the-order bat.

If the Orioles sign a player who rejected a qualifying offer from another team, they would have to then forfeit a Draft pick. Those in that category who could be fits in Baltimore include left-handers Max Fried and Sean Manaea and outfielder Teoscar Hernández.