Top Tampa Bay Rays executive says team open to increasing payroll next year: "We’ll have that freedom and flexibility"

After a disappointing American League Wild Card Series exit, the Tampa Bay Rays have begun their plans for the future as the offseason approaches. One of their notable changes may be the franchise's willingness to increase their payroll, something that goes against their usual budget-cautious tendencies.

As reported by Marc Tompkins of the Tampa Bay Times, Erik Neander, a top baseball executive for the Tampa Bay Rays, said in an interview that the club believes that keeping its core together could be beneficial for the future.

"#Rays baseball operations leader says club could increase payroll going into next season" - @mlbtraderumors

After a successful 99-win regular season, if the Rays were hoping to run it back, they would need to increase their payroll to roughly $120 million. While that may not sound like much compared to the likes of the New York Mets or Los Angeles Dodgers, the Rays have reportedly never exceeded $85 million in team salaries.

Neander said of the Rays running back their current squad:

“Reasonably confident that if we think that’s the best path to winning a World Series, that will be an option for us. We’ll see what the winter brings and how that all plays out. But we’ll have that freedom and flexibility if we think it’s best.”

"With some built-in salary increases, topped by Glasnow’s raise to $25M, #Rays would seem likely to trade several name players. But Neander says running it back with the same group, and thus sporting a record payroll ~ $120M, is an option." - @TBTimes_Rays

A closer look at the current Tampa Bay Rays that are due for a raise heading into the 2024 season

One of the major reasons behind the Rays' likely increase in their payroll is due to the massive raise that will see starting pitcher Tyler Glasnow's salary jump from $5.3 million in 2023 to a whopping $25 million in 2024.

That roughly $20 million increase will not only see the oft-injured starter earn a yearly salary that is in line with his level of production but force the Tampa Bay Rays to make some major philosophical changes when it comes to player salaries.

Another star player who will likely earn himself a noticeable raise during the offseason is outfielder Randy Arozarena, who is arbitration-eligible. Other stars set for minor raises include American League Batting Champion Yandy Diaz and Brandon Lowe. Not to mention Isaac Paredes, who will likely see his $735,000 salary in 2023 more than double during arbitration.