nsacpi
Expects Yuge Games
Obviously the pre-arb years are found money, but don't think arbitration awards are all that good at tracking actual value. How accurately people are paid during those years is going to be wildly divergent, and it won't affect all the players the same way.
The arbitration process rewards certain components of value (power) more than others (defense). I'm sure this is something teams take into account to some extent. I wonder though if it extends all the way to affecting draft strategy.
As an aside I've pushed the idea that as part of their draft strategy teams should favor players with multiple paths of success to the majors. For the most part this means giving preference to guys who have a good chance of sticking at a premium defensive position. Who have the potential both with the bat and the glove. But it also involves giving preference to guys who have some potential both as pitcher and hitter. And the Braves have had a certain amount of success with those kinds of players (Simmons, LaRoche, Freeman, Riley, Michael Harris in the 2019 draft).
In general I don't like drafting guys only can succeed by raking enough to make it as a first baseman or corner outfielder. The needle they have the thread is narrower than for other types of prospects. AND the arbitration process makes them more expensive (if they do pan out) than players whose value comes from other components like defense.
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