THE New York Yankees threatened to become the first team in MLB history to force a Game 6 after falling behind 3-0 in the World Series. However, a defensive collapse in the fifth inning erased its five-point lead in Game 5, extinguishing hopes of celebrating a 28th championship in 2024.

Instead, the Los Angeles Dodgers held up the Commissioner’s Trophy in the Bronx, leaving a haunting final image in the minds of Yankees fans, players, coaches and executives as winter approached .

Now that the 2024 season is officially behind us, it’s time to look forward to what’s next. Here are the key steps the Yankees will take to build their 2025 team:

Free agency
All 30 MLB clubs are free to begin trading players, as evidenced by the Atlanta Braves sending veteran slugger Jorge Soler to the Los Angeles Angels on Thursday.

Veteran players whose contracts expire immediately become free agents, but cannot sign or talk to other teams until a five-day quiet period ends. Over the next five days, the Yankees can negotiate with their own free agents, but options (team, player, acquisition or mutual) must be exercised or declined before the period expires.

Teams considering making qualifying offers will see the offseason qualifying offer reach an all-time high of $21.05 million. If a player rejects the offer and signs elsewhere, the original team receives compensation for their draft pick. Here’s a look at the players New York could potentially lose:

Pending free agents:

LHP Tim Hill, RHP Clay Holmes, RHP Tommy Kahnle, RHP Jonathan Loáisiga, OF Juan Soto, 2B Gleyber Torres, OF Alex Verdugo

Possibilities:

RHP Gerrit Cole (opt-out), 1B Anthony Rizzo ($17 million club option), RHP Lou Trivino ($5 million club option), RHP Luke Weaver ($2.5 million club option)

Candidates not eligible for arbitration:

INF Jon Berti, LHP Tim Mayza, OF Trent Grisham, RHP JT Brubaker

A Note on New York Free Agents

Soto, 26, is the top prize in this free agent class, expected to land a contract in excess of $500 million and as high as $600 million. After hitting 41 homers, driving in 109 RBIs and posting a .989 OPS in his first season in pinstripes, the Yankees are hoping for a long-term partnership.

The Yankees have significant financial resources, but outbidding Steve Cohen and the New York Mets, who are also widely expected to pursue Soto, will be a challenge after the Mets reached the NLCS in what was initially considered a transitional year.

Cole, 34, has an opt-out clause that could allow him to enter free agency even though he has four years and $144 million remaining on his contract. However, the Yankees can retain their asset by exercising an option to extend the deal through 2029 for an additional $36 million.

New York faces an easy decision to exercise Weaver’s option after he excelled in October. However, other choices will create more complications.

For example, if the Yankees decline Rizzo’s $17 million option after an off year, they may have to find replacements for several relievers, their starting first baseman, their second baseman and one of their main outfielders (Verdugo) while trying to negotiate a gigantic-sized deal with Soto.

New York could return Jazz Chisholm Jr. to his natural position at second base, but that would leave a gap at third. They could also consider Jasson Domínguez as one of their everyday starters on the court, even though he barely saw any action during the playoffs.

Other important dates