What could Phillies free agents Jeff Hoffman, Carlos Estévez earn on free agent market?

It's officially Hot Stove season.

Major League Baseball free agency is here, and the Phillies have a pair of notable free agents, relief pitchers Jeff Hoffman and Carlos Estévez, who headline the Philadelphia class of free agents.

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One other pitcher is on the open market, Spencer Turnbull, who missed most of the 2024 season with a right lat strain. The 31-year-old was 3-0 with a 2.65 ERA, 1.05 WHIP in seven games for the Phillies in 2024.

Both free-agent bullpen arms are expected to be hot commodities on the open market as free agents are able to negotiate and sign with any team.

So what kind of contract can the two right-handers expect to land?

Let's look at Jeff Hoffman, who had an All-Star season for the Phillies, but a disappointing postseason. Since coming over to Philadelphia before the 2023 season, Hoffman as been a key arm in the Phillies bullpen with a 2.28 ERA, 0.94 WHIP, and 11 saves in 118 2/3 innings.

From ESPN.com:

There is some industry buzz that Hoffman's pitch mix and history as a starting pitcher have some teams thinking he could be a reliever-to-starter free agent signing like Reynaldo Lopez and Jordan Hicks were last winter.

According to ESPN's Kiley McDaniel, Hoffman is projected to land a deal of three years, $48 million.

Other publications have the numbers a bit different, Jim Bowden at The Athletic has a deal of three years, $27 million.  Keith Law from the Athletic has three years and $36 million and MLB Trade Rumors has Hoffman getting four years and $44 million and leaving the Phillies.

As for Estévez, who came over to Philadelphia in exchange for pitchers George Klassen and Samuel Aldegheri. Estévez appeared in 20 games after coming over from Los Angeles with a 2.57 ERA and six saves.

From ESPN.com: 

This is a type of reliever most teams are looking to add in the offseason, so there should be a lot of interest in Estevez since Scott and Hoffman will likely secure bigger guarantees that limit their suitors

According to McDaniel, Estévez is projected to earn three years, $36 million, a little less than Hoffman, which might make him more likely to return to Philadelphia.

Bowden has Estévez getting three years, $33 million, Law says three years and $30 million, and MLB Trade Rumors has the right-hander getting three years and $27 million, with the Phillies a potential landing spot.

If Hoffman and/or Estévez leave the team, some of the names that the Phillies are projected to have some interest in to help their bullpen roles include Clay Holmes of the Yankees, lefty A.J. Minter form the Braves and Texas' Kirby Yates.