Three months into the Orioles’ offseason, the club has yet to make a major splash.

Baltimore has addressed several of its roster needs with the signings of outfielder Tyler O’Neill (three years, $49.5 million), catcher Gary Sánchez (one year, $8.5 million) and starting pitchers Charlie Morton (one year, $15 million) and Tomoyuki Sugano (one year, $13 million). Executive vice president and general manager Mike Elias has remained busy.

But the Orioles have also lost Corbin Burnes to the Arizona Diamondbacks in free agency, creating a significant question mark at the top of their rotation, and they have yet to address the back end of their bullpen with closer Félix Bautista returning from Tommy John surgery.

With a little over a month remaining before pitchers and catchers report to spring training, Baltimore Sun beat reporters Jacob Calvin Meyer and Matt Weyrich and editor Bennett Conlin discuss what moves — if any — the Orioles can make before they head to Florida.

What grade would you give the Orioles’ offseason so far?

Meyer: At this point a year ago, the grade for the Orioles’ offseason would’ve earned them extra time in study hall. Then, on Feb. 1, Elias acquired Burnes to drastically alter the complexion of the Orioles’ rotation and boost that grade. So far this winter, it’s not unfair to say it’s been underwhelming. Many in the fan base have done a near-180 on Elias and his regime as their expectations of big spending with owner David Rubenstein in his first offseason have been met with some of the same modest contracts that were handed out under John Angelos. But those deals — from O’Neill to starters Sugano and Morton — make sense for this roster, even if they’re not sexy signings. If there are no more additions ahead of spring training, then perhaps a poor grade is fair. But Anthony Santander remains a free agent, and there are several front-of-the-rotation starting pitchers available for trade. It’s simply too early to grade an offseason that’s more than five weeks away from ending.

Weyrich: C-minus. The Orioles get a passing grade, but only by a hair. The O’Neill contract, even though it includes an opt-out, has the potential to be a bargain if he can stay healthy. By pairing him with Heston Kjerstad in a corner outfield spot, the Orioles should be able to replace the production lost by Santander hitting free agency. Sugano also has some upside as one of the most decorated pitchers in Japanese history and Morton should bring some much-needed stability to the rotation. But where is the thump? Where is the move that signals to Orioles fans and the rest of the league that they’re serious about contending for a World Series? Until that move comes, the Orioles are just skirting by.

Conlin: C. It’s been a fine, albeit unspectacular offseason for Baltimore. Bringing in Morton and Sugano adds veteran pitchers to the rotation, and O’Neill and Sánchez fill needed roles. The lack of an ace remains a concern with Burnes leaving, but the offseason isn’t over yet. There’s still ample time for the organization to bolster its pitching staff, and the Orioles’ roster is still among the best in the American League.

With Corbin Burnes signing in Arizona, do the Orioles need to acquire an ace to compete in 2025?

Meyer: Do they “need to”? No. They’ll make plenty of money as one of the most profitable teams in baseball either way, and this roster is good enough to compete for a playoff spot whether or not they trade for Seattle’s Luis Castillo or San Diego’s Dylan Cease. But should they? At some point, if they want to win a World Series, yes. Elias did just that 11 months ago when he traded for Burnes, and perhaps he’s working the phones to do the same. It’s also an option to wait for the trade deadline to add an ace. The Orioles would have more information at their disposal in the summer, and more teams could be true sellers than there are now. That’s not an ideal solution, though, as it could be difficult to keep up with the powerful New York Yankees in the American League East without an ace. Whether it’s today, tomorrow, a month from now or in July, the Orioles do need another arm for the top of their rotation.

Weyrich: Can the Orioles, with their roster as currently constructed, compete for a playoff berth? Absolutely. The offense still has room to grow as one of the younger lineups in the league and the pitching staff should benefit from continued improvement from Grayson Rodriguez and the return of Bautista to the bullpen. But they would have to do so as underdogs without a pitcher of Burnes’ caliber atop the rotation. The Orioles’ options for acquiring an ace have dwindled. The inconsistent Jack Flaherty is the best free agent still available and top trade target Cease has only one year left on his contract. The Orioles might have to get creative to address it, but their rotation is missing a key element it’s had each of the last two years.

Conlin: It depends what “compete” means, and the definition likely varies from fan to fan. Do the Orioles need an ace to make the playoffs? I don’t think so. The rotation is extraordinarily deep, and Rodriguez has high upside atop the rotation. The lineup is among the most dangerous in baseball, especially if Adley Rutschman bounces back from a slow second half. Baltimore can certainly make the postseason. But is this a World Series-winning roster? I don’t think so, and that’s what most fans really want to see.

Should the Orioles pursue re-signing Anthony Santander even though they already brought in Tyler O’Neill?

Meyer: Switch-hitter, 44 homers, reliable, good clubhouse guy, fan-favorite. Why the heck not? The offense sputtered down the stretch, and that was with Santander blasting 20 homers in the second half. Take him away, and it would’ve been even more bleak. Now, O’Neill does replace Santander in many ways as a corner outfielder and a middle-of-the-order power bat. But 2024 proved you can’t rely on a clean bill of health, and bringing back Santander would allow manager Brandon Hyde to give players rest and operate platoons. It could also give Elias flexibility in trade discussions, giving him the opportunity to trade another power bat on the roster to acquire a starting pitcher. It might not be logical for the Orioles to overpay for Santander, but if the slow start to his sweepstakes means a team will get him at a discount, that team should be the Orioles.

Weyrich: I’m leaning toward no at this point of the offseason. While I stumped for the Orioles to re-sign Santander in October, there’s not much room for him with O’Neill already in tow. The Orioles could trade Kjerstad, perhaps for some pitching, to free up playing time, but they would still have a logjam in the outfield with Colton Cowser and Cedric Mullins still on the roster. Cowser has proven to be capable of playing every day and Mullins’ second-half surge coupled with his steady defense would make him an overqualified fourth outfielder. The Orioles will also have O’Neill on the books for 2026 and 2027 if he doesn’t exercise his opt-out, which could make their outfield expensive in a hurry if Santander re-signs.

Conlin: I think Baltimore will be fine either way. Santander’s 44 home runs were a career-best by 11, and while he’s likely to rack up home runs and doubles if he remains healthy, it’s lofty to expect Santander to match his 2024 production for the next four or five years. He’s obviously a good player and locker room addition, but I’m not sold that he’s a necessary piece of the Orioles’ future, given the volume of talented hitters already in the organization. It’s hard to fault the Orioles if they decide to bring back a proven slugger, but it’s not as critical as replacing Burnes with an ace.

Excluding the obvious choice of Gunnar Henderson, which young star do you think should be the Orioles’ top priority to sign to a long-term extension?

Meyer: Henderson might not be the obvious choice. It might be impossible to sign him at this point now that he’s emerged as one of baseball’s best players and witnessed Juan Soto, also a Scott Boras client, receive a whopping $765 million contract this offseason. Their best chance to get a player to agree to a long-term contract extension is to take a risk with a player who’s yet to debut in the major leagues — similar to the $82 million deal the Milwaukee Brewers gave Jackson Chourio last offseason. Samuel Basallo is so young he can’t even legally drink alcohol in the United States, and he’s played only 21 games in Triple-A. But his swing is as powerful and pretty as any prospect in baseball. It’s a risk given there’s always the chance a young star doesn’t adjust to the big leagues, but contracts such as Chourio’s also have higher upside because of the smaller price tags. It might be too late for Henderson, but it’s not for Basallo.

Weyrich: I think right now would be an excellent time to sign Rodriguez to a long-term extension. Yes, the Orioles have lots of young position players who are very deserving. But their rotation lacks any long-term potential outside of Rodriguez, who had a shot at making the All-Star Game last year before injuries derailed his season. Between his high velocity and evolving repertoire of breaking balls, Rodriguez has all the makings of a future No. 1 starter and he might not cost that much as a player who has yet to hit his ceiling. Any long-term deal for a pitcher is going to carry a level of risk, but count me in the camp of preferring to take that risk on for a pitcher who’s only 25 years old compared with the typical free agent in his early 30s.

Conlin: Rutschman, who posted 3.4 WAR in 2024 during a down year. The catcher is one of the faces of the franchise, and I’m confident he’ll respond well in 2025 after struggles down the stretch last season. Baltimore might not have re-signed Burnes and might pass on re-signing Santander, but the Orioles need to keep at least one of Henderson and Rutschman if they want fans bought in on new ownership and the team’s future.

Given the moves the Yankees and Red Sox have made this offseason, how would you rank the three teams’ rosters if the season started today?

Meyer: Only one of these teams has a better roster today than they did at the end of the 2024 regular season. That’s the Red Sox. But only one of these teams has a roster incapable of winning the AL East. That’s also the Red Sox. The Orioles and Yankees are both worse now because of the players they lost. O’Neill and Sánchez are suitable replacements — arguably even upgrades — for Santander and James McCann, but Sugano and Morton can’t come close to replacing Burnes. The Yankees signed left-hander Max Fried for $218 million, traded for outfielder Cody Bellinger and took on his expensive contract, and acquired closer Devin Williams. New York has done more this offseason to make up for losing its stud than the Orioles have done after losing theirs.

Weyrich: I’ll go Yankees, Orioles, Red Sox right now. Despite Boston trading for Garrett Crochet and signing Walker Buehler, the Orioles still have the better roster. Baltimore’s lineup might be the best of three considering New York lost Soto and the Red Sox are pretty top-heavy. But the Yankees get the edge for making up for the loss of Soto by adding Fried, Williams, Bellinger and Paul Goldschmidt. They are the defending AL East champions and they might now be a more well-rounded team with the moves they’ve made.

Conlin: I agree. Give me the Yankees followed by the Orioles and Red Sox. I like New York and Boston’s rotations more than Baltimore’s, but I love the Orioles’ lineup, even without Santander. If Baltimore adds one more top-end pitcher, it’s hard to pinpoint an obvious weakness. New York and Boston have had flashier offseasons so far, but one of the Orioles’ biggest obstacles in 2024 was health. It’s not a splashy signing, but simply keeping its returning roster healthy could propel Baltimore to an elusive postseason victory in 2025.

Have a news tip? Contact Jacob Calvin Meyer at jameyer @baltsun.com, 410-332-6200 and x.com/JCalvinMeyer.