This story was excerpted from Anne Rogers’ Royals Beat newsletter. To read the full newsletter, click here. And subscribe to get it regularly in your inbox.

KANSAS CITY -- It’s about time for baseball’s annual gathering at the Winter Meetings, this year held in Dallas, and it looks like it could be sizzling with news and rumors about the Juan Soto sweepstakes and what comes after the top free agent signs.

For the Royals? Well, they might not be in on Soto … but they are continuing to explore the market in search of more upgrades heading into 2025. They’ve already checked off two major boxes by re-signing starter Michael Wacha and trading for second baseman Jonathan India. But there is more to be done.

Here’s a primer on what to expect next week at the Winter Meetings:

Key Events
Sunday, Dec. 8: HOF Classic Baseball Era Committee results released
Tuesday, Dec. 10: MLB Draft Lottery (the Royals won’t be in it this year and will pick No. 23 in next year’s Draft)
Wednesday, Dec. 11: Rule 5 Draft

Club Needs
Bats: The Royals’ most important need this winter is and was lengthening the lineup. Bobby Witt Jr., Vinnie Pasquantino and Salvador Perez are rightfully going to carry the offensive load, but too often they were the only sources of offense in 2024 -- and opposing pitchers took advantage of that. Adding India seems to solve the leadoff hitter problem (at least on paper), but now the Royals are searching for power in the middle of the lineup. Fortifying their bench is also still on the table this offseason.

Pitching: Kansas City will return three of their top four starters in Wacha, Cole Ragans and Seth Lugo, and the club feels good about the depth to help cover Brady Singer’s innings after he was traded to the Reds for India. But the Royals should look to add to that depth, and it might be a pitcher who can go back and forth between the bullpen and rotation depending on the club’s needs. The Royals could also add a true reliever to the unit that ended 2024 as the team’s strength and will return several key arms, including closer Lucas Erceg.

Potential Trade Candidates
With Singer already gone, the Royals might be more reluctant to trade from their Major League team, but there are still names to discuss. Third baseman Maikel Garcia has popped up in conversations because of his ability to play shortstop. The Royals were able to trade Singer because of their pitching depth, which also includes names like Alec Marsh, Kris Bubic and Daniel Lynch IV. That might extend to the bullpen, too, with young relievers Angel Zerpa and Carlos Hernández.

Prospect to Know
The Royals added pitching prospects Noah Cameron (No. 12), Luinder Avila (No. 26) and Eric Cerantola (No. 29) to the 40-man roster last month to protect them from the Rule 5 Draft, but it’s Cameron who is closest to the Majors. The Royals view the lefty as part of their starting depth, and he’ll be in the mix for the rotation come spring (although those with MLB experience will be ahead of him).

If the Royals decide to dip into their farm system for a trade, it’s likely teams will call about catcher Carter Jensen (No. 5) like they did at the Trade Deadline because of the Royals’ catching depth and Jensen’s offensive potential. Pitchers Blake Wolters (No. 4), Ben Kudrna (No. 3), Steven Zobac (No. 17) or Frank Mozzicato (No. 11) could come into play.

Rule 5 Draft
The Royals selected reliever Matt Sauer in last year’s Rule 5 Draft, and he was back in the Yankees system by the end of May. It doesn’t seem likely the Royals will roll the dice on a selection again this year, but if they did, chances are it would be a pitcher. The Royals have three open spots on their 40-man roster, so they could take a flier. But they are in a much different place now than they were last winter, when they were trying to upgrade all areas of their team coming off 106 losses.

There are a few prospects the Royals left exposed to the Rule 5 Draft, including No. 16 prospect Chandler Champlain, who has been an innings-eater the past two seasons but struggled to find consistency in Triple-A in 2024. Tyler Tolbert is always brought up because of his speed and ability to play shortstop and center field, but he’s been exposed before without a team picking him up. Outfielder John Rave might warrant discussion among teams because of his good defense in center field.

Burning Question: Where will they find their next offensive upgrade?
The Royals have already had a pretty successful offseason even before the Winter Meetings, but general manager J.J. Picollo was clear after the India trade that he didn’t view the team as complete and even noted how much time there was left in the offseason to get creative.

But if the Royals want to add an impact bat, it’s going to cost them, whether that’s via the payroll and free agency or the trade return it would take to land a big bat from another team. There are plenty of options out there that would be seen as upgrades.

The Royals are exploring both avenues, but how far -- how splashy -- will they be willing to go? Intrigue remains as the baseball world descends upon Dallas.