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The Seattle Mariners are in agreement with the San Francisco Giants on a three-player trade that will send former Cy Young winner Robbie Ray to the Giants, CBS Sports HQ's Jim Bowden confirmed Friday. Outfielder Mitch Haniger and right-hander Anthony DeSclafani will be going to Seattle in return. The Mariners are also working to finalize a smaller trade with the Rays, Ken Rosenthal reports.

Ray, 32, is the biggest name in the deal. He's coming off a 2023 season in which he was limited to just one start before being lost to an elbow injury. He underwent Tommy John surgery in late April, but is not expected back until the second half of the 2024 season.

Ray won AL Cy Young honors in 2021 as a member of the Blue Jays, and for his career he owns an ERA+ of 109 with a K/BB ratio of 2.89 across parts of 10 major-league seasons. Ray is under contract through the 2026 season and is owed $73 million over that span. 

On the Seattle side of things, they get a reunion with Haniger, who sent five seasons with them before signing with the Giants as a free agent in December 2022. Haniger in his age-32 season slashed .209/.266/.365 with six home runs in 61 games. DeSclafani, who turns 34 in April, made 18 starts and one relief appearance for the Giants last season with a 4.88 ERA and 3.95 K/BB ratio. For his career he has an ERA+ of 101 over nine seasons. The Mariners will also receive cash considerations in the trade. 

As for the trade with the Rays, Rosenthal reports that outfielder Luke Raley, who in his first full season hit 19 home runs in 118 games for Tampa Bay, would be going to the Mariners. In exchange, infielder José Caballero would go to the Rays. Caballero, a 26-year-old rookie last season, slashed .221/.343/.320 with 26 stolen bases in 104 games. He also spent time at short, second, third, and left field. 

Why the Giants made this deal

Ray, once he returns at some point during the 2024 season, gives them a steady No. 2 behind ace Logan Webb and ahead of Ross Stripling in the rotation. The Giants' recent signing of Korean outfielder Jung Hoo Lee notwithstanding, they've struggled to lure free agents in recent years, which may help explain their decision to dip into the trade market. Rotation upside remains a concern for the Giants, and it's possible lead decision-maker Farhan Zaidi isn't done adding pieces. The Ray addition, though, should move the needle for them, at least in the second half of the upcoming season. The Giants of course have little chance of running down the juggernaut Dodgers in the NL West, but they could wind up with plausible designs on wild-card contention. The trade for Ray helps such aims. 

Why the Mariners made this deal

The M's have an abundance of young, controllable starting pitching right now, which put them in the uncommon position of being able to trade away a key rotation piece while still profiling as contenders. DeSclafani could now fill the fifth-starter's role or work as a swingman out of the bullpen and as a spot starter. Haniger, who bats from the right side, could wind up in a platoon situation in the outfield or be the primary right fielder. 

The commitment of Seattle ownership to building the best roster possible is highly dubious, so it's not certain that offloading Ray's salary obligations will lead to any additional activity. It's possible, though, that GM Jerry Dipoto may have done so in order to create the budget latitude necessary to chase, say, Blake Snell on the free-agent market. When it comes to the Mariners' spending at levels befitting a contender, however, skepticism is warranted.