Like it or not, the Marlins were the second most efficient MLB this year – spending $1.03 million per win. Only the playoff Guardians did better – with $934,118 per win.
I know Fish fans don’t get excited about efficiency. They want the team to spend more and make the playoffs. Their payroll is a puny $82.8 million. Only the Guardians have a smaller total salary.
And even that puny figure is misleading. I use Spotrac for salaries, because they measure all expenses, including injured and “buried,” meaning players getting paid who are now longer with the club.
The Marlins, for example, used $10 million to pay part of Giancarlo Stanton’s salary as a New York Yankee, thanks to a deal worked out by Yankee HOF Derek Jeter.
In fact, at the end of the season, the Marlins’ active payroll was a mere $34 million – one-tenth that of the Dodgers. That’s because of injured players like Fairbanks ($13 M) and dumped players like Paddock ($3.8M), Morel ($1.8M) and King ($1.5M). The long-forgotten Avisail Garcia hauled in $5M this year from the Marlins.
Note some of these mistakes belong to Bendix, but previous administrations saddled him with the money for Stanton and Garcia. And with the worst attendance in the National League and a half-ass broadcast contract, the team doesn’t have a lot of revenue to spend. (A possible exception: shared luxury tax. See below.)
Putting it in perspective: The least-efficient, once again, were the big-spending Mets, with the second highest payroll, spent $4.7 million per win. The Bluejays also threw money away -- $3.65 million per win – and finished way behind the Rays, who had the best record in the American League for a fairly cheap $1.1 million per win.
In fact, three of the four most efficient teams – the White Sox being the other -- made the post-season. The best record in the National League was the small-market Brewers, who paid $1.4 million per win, contrasted with the high-flying Dodgers at $3.8 MPW and the Yankees at $3.2 MPW.
This is my ninth year measuring cost per win. A lot of fans don’t like my efficiency measures. The Rays in Tampa Bay are always near the best in this category, but their fans constantly complain that the owners don’t spend more to win the elusive World Series. Still, the measure reveals how smart front offices in this era can navigate this era with wide gaps between the biggest and the smallest payrolls. The Rays, Guardians and Brewers are among the leaders year after year.
Baseball is the only major American sport without a salary cap, and owners have vowed to force a cap in the upcoming negotiations with the union. A cap is likely to include a floor, meaning the cheapest teams, including the Marlins, would be forced to spend more.
Certainly, the numbers reveal consistently stupid behavior. The big-market, big-spending Angels haven’t been in the playoffs since 2014. For all the time I’ve been measuring, they have been among the least efficient teams, spending huge sums for poor results. This year, they spent $2.8 MPW – more than twice as much as the playoff Guardians, Rays, White Sox and Brewers. The Halos now have a new owner and perhaps things will improve.
What’s missing from my measures are the teams’ underlying financials. All but one team has completely opaque financials, especially how much revenue they’re taking in. Are some teams making a lot of money they’re not spending? We don’t know.
One example: Last year, nine teams paid the so-called “luxury tax” for a total of $402 million, led by the Dodgers ($169M), Mets ($91M), Yankees ($62M) and Phillies ($56M).
Supposedly, half of that money ($201M) went to the poorest teams, but what teams got what is not public knowledge. So the Marlins with their cheap payroll may be rolling in gifted cash.
The Braves, a publicly traded company, is the one team publishing audited financials. For 2025, looking purely at baseball operations, the Braves had revenue of $635 M and expenses of $497 M, for a surplus of $138 M. Still, with marketing, depreciation and various other expenses, the corporation reported a net loss of $23.2 M.
Smart spending can get a team into the playoffs, but when it comes to going all the way, big bucks still pave the way for ultimate victory. The last time a small-market team won a World Series was 2015 with the Royals. Will this year be different? Could the Rays or Brewers finally conquer? Some union leaders may hope so – so they can claim there’s no need for a salary cap.
Here's the complete list. Playoff teams in bold face.
| TEAM |
WINS |
$SALARY |
$Millions/Win |
| 1 |
Guardians |
85 |
79.4 |
| 2 |
Marlins |
80 |
82.8 |
| 3 |
Rays |
98 |
107.6 |
| 4 |
White Sox |
84 |
101.9 |
| 5 |
Cards |
77 |
97.9 |
| 6 |
Pirates |
82 |
106.7 |
| 7 |
Nationals |
77 |
105 |
| 8 |
Brewers |
103 |
146.8 |
| 9 |
Twins |
77 |
115 |
| 10 |
Athletics |
64 |
97.7 |
| 11 |
Reds |
75 |
134.2 |
| 12 |
Rockies |
58 |
114.5 |
| 13 |
Orioles |
79 |
166.2 |
| 14 |
Royals |
69 |
150.4 |
| 15 |
Mariners |
76 |
167.8 |
|
AVERAGE |
81 |
183.5 |
| 16 |
Red Sox |
87 |
198.2 |
| 17 |
D-backs |
86 |
198.2 |
| 18 |
Rangers |
80 |
191.2 |
| 19 |
Padres |
91 |
221.1 |
| 20 |
Tigers |
76 |
199.6 |
| 21 |
Braves |
94 |
260.6 |
| 22 |
Cubs |
89 |
247 |
| 23 |
Angels |
62 |
175.2 |
| 24 |
Astros |
81 |
239.8 |
| 25 |
Giants |
65 |
195.4 |
| 26 |
Yankees |
93 |
294.4 |
| 27 |
Phillies |
88 |
288.9 |
| 28 |
Bluejays |
79 |
288.3 |
| 29 |
Dodgers |
100 |
380.4 |
| 30 |
Mets |
74 |
351.6 |