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Tampa Bay Rays Farm System Value

Erik Manning at Beyond the Boxscore is doing a fascinating series on farm system values using Victor Wang's research on prospect worth. Erik was kind enough to give me a helping hand with his method, but rather than butcher it, I'll allow you to read more about it here. I also didn't want to provide too much information about the other American League East farm systems and ruin Erik's upcoming piece on the topic.

That means we're going to keep it Rayscentric.

The values for prospects* are as follows:

Top 10 hitting prospects $32.5M
Top 11-25 hitters $22.3
Top 26-50 hitters $20.8
Top 51-75 hitters $12.6
Top 76-100 hitters $11.1
Top 10 pitching prospects $13.5
Top 11-25 pitchers $14.2
Top 26-50 pitchers $14.2
Top 51-75 pitchers $10.8
Top 76-100 pitchers $8.7
Grade B pitchers (as graded by Sickels)
$6.5
Grade B hitters $4.9
Grade C pitchers 22 or younger $1.9
Grade C pitchers 23 or older $1.3
Grade C hitters 22 or younger $0.62
Grade C hitters 23 or older $0.45

You'll notice that 11-50 pitchers are worth more than 1-10. Well, given the sample size, I suppose some oddities are to be expected. Plus, Wang himself didn't have too many top 10 pitchers to deal with. Let's get to the results though.

*These are decided based on Baseball America's 2009 top 100 list as well as John Sickels individual team analysis -- as published on his site.

Star-divide

Name Class  $
D Price Top 10 P 13.5
T Beckham Top 26-50 H 20.8
W Davis Top 26-50 P 14.2
R Brignac Top 76-100 H 11.1
D Jennings Top 76-100 H 11.1
J Niemann B Pitcher 6.5
N Barnese B Pitcher 6.5
M Moore B Pitcher 6.5
J Hellickson B Pitcher 6.5
J Jefferies B Hitter 4.9
J Jaso 23 + C H 0.45
J McGee 22- C P 1.9
F Perez 23 + C H 0.45
M Talbot 23+ C P 1.3
H Rollins 23+ C P 1.3
R Fronk 22- C H  0.62
E Salem 23 + C H 0.45
K Lobstein 22- C P 1.9
A Suarez 22- C P 1.9

The Rays system has an estimated value of 111.87 million. League average is roughly 93 million and without giving too much away, the Rays rank second in the division and sixth overall. That is to say, even with the graduation of Evan Longoria and some potentially questionable ratings by Baseball America and John Sickels, the Rays still have one of the best systems in the league. Just not quite what we had before.

Farmsystemworth_medium

Above you'll see the breakdown of the Rays value. Again, it's a bit odd thinking Tim Beckham, Reid Brignac, and Wade Davis hold more value then David Price, but that's what the data Wang had to work with indicated. The analysis is also not saying that Beckham or any of the prospects is a guarantee, instead it's just a pretty unique way of looking at farm system value.

The most interesting thing this analysis gives us is that the Rays are indeed still pretty well off in terms of top tier talent. Beckham and Price combined for roughly 30% of the total value and Brignac, Wade Davis, and Desmond Jennings combine for another 30%. One of the ongoing storylines to follow as the Rays move from perennial cellar dwellers to common contenders is the ability of the front office to maintain a worthwhile farm system.

Adding high-potential arms like Nick Barnese and Matthew Moore is certainly helping to fend away some of the worries for now, but it's going to be an entirely new ballgame drafting in the late 20's and 30's rather than drafting in the top 10.

Color me intrigued.

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Do the values account for control/arbitration years? If not, wouldn’t this evaluation, on the whole, lead to there being significantly more value than is actually being spent? I guess that could be considered to be the market inefficiency, but if that’s the case, isn’t there an argument for adjusting everyone’s dollar value (including non-prospects) downward?

Vogt early, Vogt often.

by Brickhaus on Mar 10, 2009 9:09 PM EDT reply actions  

Yes. That's where the value comes from.

Instead of buying the expect performance of each player on the free agent market, teams only need to pay the prospects minimum wage and then arbitration salaries. The difference in salary is the value of the prospect.

Beyond the Boxscore // Calling BJ Upton lazy is lazy.

by Sky Kalkman on Mar 10, 2009 10:58 PM EDT up reply actions  

The interesting thing, to me at least:

The fact that we could move higher in this estimation next year even after Niemann and Price graduate. Assuming Brignac and Davis don’t also, Beckhem could shoot up the rankings and nearly replace Price and Niemann’s value himself. Throw in what Jennings, Brignac, and the lesser pitching prospects do (Hellickson, Barnese, Moore) and we should be back at number 1 next year with Wieters graduating (and maybe Matusz or Arrietta).

by rglass44 on Mar 11, 2009 9:03 AM EDT reply actions  

This is nice, but just an ego stroke

Building a comparative tool on a value system constructed – I assume, not having seen Wang’s underlying construct – on some average value over time and multiple cases – then appending that to opinion based data (the rankings themselves) on individuals is a statistical construct built on sand.

As long as we remember that, then have at it. You may have too much time on your hands, or too large a need to turn everything into numbers. Aren’t the raw rankings enough?

And to rglass’ point on projecting to the future, the higher percentage of lower level prospects in a team’s highly ranked prospect portfolio, the more likely they are to rise in the future. A high percent of upper level prospects more likely points to future decline, perhaps not in the next season, but going forward from there, as some will hit their ceiling while others will graduate to the majors. So from that perspective, to my mind the Rays system may be in relative decline.

Let’s use Sickels as a depth guide, looking at C+ prospects and up – because C prospects are the “fill” in each systems profile. Are there guys ranked below C in his book? And since he ranks 36-40 prospects for each system, doesn’t this turn the last Astros prospect in Sickels book into the equal of the top C+ prospect for any team? I’m not buying that.

In the AL East, Tampa has 19 (20 if Morlan returns) with 9 B- or better, Baltimore 16 & 9, Boston 23 & 13, NY 21 & 7 , and Toronto 13 & 6.

Splitting each org into prospects who’ve reached AA (with some significant time) or + and those still below AA:

Tampa AA + -10, below 9; Balt. 7 and 9; Bos 6 and 17; NY 11 and 10; Tor 7 and 6.

Going forward it looks that Boston is best positioned, Toronto worst. Boston has the most B or better prospects and the most lower level ones. There is just so much subjectivity in any of these rankings that’s it’s hard to stake much on them. Draft position and the word of scouts is very important for lower level guys – but eventually performance has to show up. Even org reputations for development come into play – right now Tampa and Boston are thought highly of. NY may suffer from its history of using prospects as trade chips, though Boston has done plenty of that.

It’s probably not even appropriate to compare these orgs given their different market positions. NY and Boston can fill needs through FA more readily than the others, thus internal development is less critical to them. And they are currently well ahead of Tampa in the international side of the development market. Plus draft position, as pointed out above, has a massive impact – the top 1-3 rounders are likely to get a rank bump out of the gate – which I’ll readily admit should be deserved, but the proof is in the pudding.

It’s always risky to project statistics on to individual cases. The law of averages should work, but at the individual level things get sketchy. This is a case of projecting statisical averages onto individuals, then summing the results. Just looking at BA’s ranking history is a sobering reminder of unpredictability, though there is some correlation between rank and success. But how strong?

by nyyfaninlaaland on Mar 11, 2009 6:16 PM EDT reply actions  

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