The Rays with money.
That was the oft-used description of Andrew Friedman's circumstances a dozen years ago, when he left the cash-strapped Tampa Bay Rays to join the affluent Los Angeles Dodgers. In nine years leading their front office, Friedman had built the Rays into an organization that pushed the boundaries on analytics, thrived at player development, engineered shrewd trades and routinely outplayed financial juggernauts such as the New York Yankees and Boston Red Sox.
The prospect of replicating that model 2,500 miles west, with a historic franchise bolstered by the deep pockets of a new ownership group, was too alluring for Friedman to turn down.
The result: a juggernaut.
The Dodgers dominate the sport, winning the last two World Series and claiming 12 of the last 13 National League West titles, dating back two years before the start of Friedman's tenure. Dodgers owner Mark Walter has funded the most expensive roster in baseball history and Friedman, his president of baseball operations, has buttressed it with many of the components that helped the Rays thrive.
In Friedman's wake, though, the Rays continue to do their thing, currently owning the sport's fifth-best record despite possessing its third-smallest payroll.
The Rays are spending somewhere in the neighborhood of $90 million on their entire roster this season. The Dodgers' luxury-tax bill alone came out to $169.4 million last year. This year, for luxury-tax purposes, their payroll will easily exceed $400 million. And yet, in a snapshot of what can be so beautiful about this sport, the Dodgers (45-27) and Rays (41-27) are separated by just two games in the standings. A World Series meeting is very possible.
As they prepare to face off at Dodger Stadium this week, let's take a look at how each team is allocating its resources.
(Salary figures are from Cot's Baseball Contracts; WAR is from FanGraphs.)
Infield
Dodgers
Salary: $87.25 million ($13.4M/WAR)
1B: Freddie Freeman
2B: Tommy Edman
3B: Max Muncy
SS: Mookie Betts
C: Will Smith
Why they've been worth it: Freeman and Betts are future Hall of Famers who have remained productive through the first half of their 30s, but more than that, they set the culture. The Dodgers are a team of stars, but they're also a team of players who pay attention to details, tirelessly hone their craft before games and have this robotic consistency that allows them to navigate the highs and lows of a season (and of a postseason). That all starts with Freeman and Betts, two players who remain obsessed with achieving greatness. And though they're expensive, the Dodgers actually have pretty good bargains elsewhere with Muncy and Smith, who are making a combined $23 million this season.
It's also worth noting that this infield was built by seizing opportunities. The Boston Red Sox could have extended Betts and the Atlanta Braves could have brought back Freeman, but they didn't, so the Dodgers pounced. Any team could have had Muncy when he was released by the Athletics in March 2017, but it was the Dodgers who brought him in and helped him become a prodigious power threat. In the 2016 draft, 24 teams passed on the opportunity to select Smith, who went 32nd overall to the Dodgers and is now arguably the NL's best catcher. No other first-round pick from that year has even put up half of Smith's career WAR. -- Alden Gonzalez
Rays
Salary: $8.31 million ($2.4M/WAR)
1B: Jonathan Aranda
2B: Richie Palacios/Ben Williamson
3B: Junior Caminero
SS: Taylor Walls
C: Nick Fortes
Why they've been a bargain: For the Rays to succeed with a payroll hovering just under $100 million, they need their pre-arbitration players to play well, and that's been the case. Aranda and Caminero are still making less than $1 million and rank in the top 50 in OPS among all qualified hitters. The 22-year-old Caminero is a budding superstar, coming off a 45-homer season while more than doubling his walk rate this season to boost his on-base percentage and making him one of the most well-rounded hitters in the majors. Defense isn't a strong suit for either Aranda or Caminero, but Walls leads all shortstops in defensive runs saved.
One thing the Rays have long excelled at: Finding talent in other organizations. They arguably do this better than any other team, with the running joke going, "Hang up if the Rays call about one of your guys." They famously stole Caminero from Cleveland when he was still in the Dominican Summer League. Aranda and Walls are two of the rare homegrown players on the 26-man roster, while Palacios, Williamson and Fortes were fringe major leaguers acquired in trades. The Rays often are creative in this department as well: Williamson came over in the Brendan Donovan trade between the St. Louis Cardinals and Seattle Mariners, with the Rays interjecting themselves as a third team in the deal. -- David Schoenfield
Outfield
Dodgers
Salary: $67.8 million ($16.5M/WAR)
LF: Teoscar Hernandez
CF: Andy Pages
RF: Kyle Tucker
Why they've been worth it: The Dodgers' standing as the proverbial villains of the sport was solidified on Jan. 21, when they signed Tucker to a four-year, $240 million contract, an exorbitant price tag for someone who might not even be one of their five best players. That Tucker has been basically mediocre through the first two-plus months of being baseball's highest earner without it sinking the Dodgers tells you all you need to know about the team's financial might. But that is also being offset by Pages, who's putting up MVP-caliber numbers while making close to the major league minimum. -- Gonzalez
Rays
Salary: 8.57 million ($6.5M/WAR)
LF: Chandler Simpson
CF: Cedric Mullins
RF: Jonny DeLuca
Why they've been a bargain: Bargain? Not exactly. The Rays' outfield ranks 29th in the majors in OPS and tied for last in home runs. Simpson is the exciting slap-hitting speedster who hit .314 in April but has posted a sub-.300 OBP since then. With his lack of power and walks, if he's not hitting .300, he's not providing any offensive value. The veteran Mullins was signed to a one-year, $7 million deal in the offseason but has struggled at the plate, hitting under .200. DeLuca, originally acquired from the Dodgers, is currently on the IL with a hamstring strain, and with Jake Fraley also injured, right field has been a mix lately of Ryan Vilade, Victor Mesa Jr. and Austin Slater. The strength has been the defense, at least when Simpson and DeLuca are manning the corners. -- Schoenfield
Designated hitter
Dodgers
Salary: $23.05 million ($8M/WAR)
Why he's worth it: For the sake of this exercise, we used Ohtani's cost toward the competitive balance tax payroll and split that number equally between pitching and hitting. Ohtani joined the Dodgers on a 10-year, $700 million contract in December of 2023, and it is the biggest bargain in sports. All but $20 million of that total is deferred until after he retires, giving Ohtani an annual salary of just $2 million a year (though he still costs roughly $46 million toward the luxury-tax threshold, which accounts for present-day value). The revenue Ohtani brings in -- from tickets, merchandise, sponsorships, etc. -- has already been worth more than the contract's value. Then, of course, there's the on-field component. Ohtani is one of the game's best pitchers and one of the game's most dynamic offensive players, all in one. And if that weren't enough, he affords them the luxury of an extra roster spot. The Dodgers have done nothing but win the World Series since he joined them, and that's no coincidence. -- Gonzalez
Rays
Salary: $12 million ($5.4M/WAR)
Why he's a bargain: He's been one of the best hitters in the game in 2026 and makes just $12 million. That makes Diaz the quintessential Rays player. Originally acquired from Cleveland in another three-team trade, Diaz signed a three-year, $24 million extension in 2023, but that contract included a $12 million vesting option for 2026 and then another reasonable club option for 2027, both salaries a bargain for a hitter of Diaz's ability. He's 11th in the majors in OPS, perhaps on his way to his second batting title. The Rays have the lowest strikeout rate in the majors and Diaz's contact ability is a big key to that. His biceps are those of a slugger, but he's more of a polished hitter with power. The Rays could have traded Diaz either of the past two offseasons -- his contract would have guaranteed a nice return -- but they've smartly held on to him. -- Schoenfield
Depth
Dodgers
Salary: $16.1 million ($6.7M/WAR)
C Dalton Rushing
INF Miguel Rojas
INF Hyeseong Kim
UT Enrique Hernandez
OF Alex Call
Why they've been worth it: Rushing, long billed as one of the game's best catching prospects, would be a franchise cornerstone on many teams. On the Dodgers, he is merely a backup. Hernandez, meanwhile, is basically on the roster just so he can contribute in October (and given his career .826 postseason OPS, it's tough to blame the Dodgers). Kim signed with Los Angeles out of South Korea -- to a three-year, $12.5 million deal -- even though he knew it would be difficult to break through. But Rojas might be the most telling of all. Despite a limited role, Rojas is the team's vocal leader. And when the Dodgers needed him most in the World Series, he made several key defensive plays and hit the game-tying home run in Game 7. -- Gonzalez
Rays
Salary: $10.5 million ($10.5M/WAR)
C Hunter Feduccia
OF/1B Ryan Vilade
OF Victor Mesa Jr.
OF Austin Slater
OF Jake Fraley
IF/OF Gavin Lux
Why they've been a bargain: At their best, the Rays mix and match with their bench and get the most out of their entire roster. That hasn't been the case in 2026, however. Lux and Fraley are eating up most of that $10.5 million, but Lux hasn't played due to a shoulder injury while Fraley was basically a replacement-level player before he went down with a sports hernia. Vilade has been the savior, ranking fifth among the team's position players in WAR, while Feduccia, an ex-Dodger, has played well as the backup catcher. The Rays will need Lux and Fraley to make an impact in the second half. -- Schoenfield
Starting pitching
Dodgers
Salary: $93.5 million ($11.3M/WAR)
Yoshinobu Yamamoto
Blake Snell
Shohei Ohtani
Tyler Glasnow
Roki Sasaki
Emmet Sheehan
Justin Wrobleski
Why they've been worth it: This group embodies everything that has put the Dodgers at the top of the sport. We'll start with the money. Yamamoto is the highest-paid pitcher in baseball history and Ohtani is on the second-largest contract in North American professional sports, but Snell and Glasnow cost a combined $64 million per year even though they routinely only pitch parts of the season. Next, it's development. Sheehan and Wrobleski are homegrown pitchers with the makings of being frontline starters, and the Dodgers also have River Ryan waiting in the minor leagues. And, finally, it's the fact that the Dodgers have become the ultimate destination spot, especially for Japanese players. Sasaki is the latest example. The entire industry chased him two offseasons ago. And yet he signed with the Dodgers. It was stunning at the time, but also predictable. -- Gonzalez
Rays
Salary: $29.4 million ($5.3M/WAR)
Shane McClanahan
Drew Rasmussen
Nick Martinez
Steven Matz
Griffin Jax
Why they've been a bargain: Well, for a cumulative salary that is less than the Dodgers are paying Glasnow and barely more than they're paying Snell, this group has nearly matched the production of the vaunted Dodgers' group. It was built not with a big checkbook but with the Rays' usual blend of creativity, player acquisition skills and figuring out how to get the most out of pitchers.
McClanahan is the one homegrown guy here, healthy again after missing the past two seasons and looking a lot like the pitcher who started the 2022 All-Star Game. Rasmussen, acquired from the Milwaukee Brewers back in 2021 and turned into a starter, is working on a sixth straight season with an ERA under 3.00. He's dealt with various elbow issues through the years, but when he pitches, he's always effective. Martinez and Matz were -- believe it or not -- free agent signings. The Rays have changed Martinez's pitch usage, having him throw his sinker and changeup 59% of the time compared to 37% last season and, look at that, he has a 2.43 ERA. With Jax starting with Ryan Pepiot out for the season, the Rays hope to replicate the Rasmussen move, turning Jax from a reliever into a starter. -- Schoenfield
Bullpen
Dodgers
Salary: $50.5 million ($14.9M/WAR)
Edwin Diaz
Tanner Scott
Blake Treinen
Alex Vesia
Will Klein
Edgardo Henriquez
Brock Stewart
Evan Phillips
Jack Dreyer
Kyle Hurt
Why they've been worth it: Not signing relievers to lucrative multiyear contracts might as well have been a mantra for Friedman. It's too volatile a position, too easy -- relatively speaking, at least -- to develop in-house. And outside of a Kenley Jansen extension at one point, Friedman stuck to that throughout his tenure. Until two offseasons ago, when he signed Scott to a four-year, $72 million contract. Scott's first year in L.A. was a disaster, and yet Friedman went back to the well again, signing Diaz to a three-year, $69 million deal because the Dodgers clearly needed a closer. Diaz went on to make seven appearances before undergoing surgery to remove loose bodies in his elbow. He won't be back until after the All-Star break. But all the Dodgers care about is that he's there in October. They're operating in a completely different financial stratosphere these days, even for them. -- Gonzalez
Rays
Salary: $8.78 million ($3.7M/WAR)
Bryan Baker
Kevin Kelly
Ian Seymour
Garrett Cleavinger
Mason Englert
Cam Booser
Casey Legumina
Why they've been a bargain: This is the group currently on the active roster -- and it has a combined salary about one-fifth of the Dodgers' relievers. Cleavinger is the highest paid at $2.4 million, while Baker has done a superb job filling in for Edwin Uceta, the projected closer, who has been injured all season. While the overall bullpen ERA isn't all that impressive at 4.59, the pen has been clutch, ranking sixth in win probability added, as the Rays have gone 10-3 in one-run games (the Dodgers rank 16th in WPA).
The Rays basically assembled a pen out of thin air, as no team does a better job of seeking out other teams' castoffs. Baker was acquired last year from the Baltimore Orioles for the 37th overall pick in last year's draft. Kelly was purchased from the Colorado Rockies. Cleavinger is yet another former Dodger, acquired for a minor leaguer now out of baseball. Englert was acquired from the Detroit Tigers. Booser was let go by the Chicago White Sox. Legumina came over from Seattle in April after the Mariners designated him for assignment. Sulser was purchased from the New York Mets. Only Seymour was an original Rays draft pick. Baker has been the key and, as with Martinez, the Rays simply changed his pitch usage, as he has almost completely ditched his slider, which he threw 25% of the time last year, and turned into just a fastball/changeup pitcher. -- Schoenfield
In conclusion ...
Why the Dodgers are more than just their money
Here's something that has been lost amid the Dodgers' recent success: Their free agent signings haven't all paid off. Two offseasons ago, they threw money at Snell (missed four months), Sasaki (out of the rotation by May), Scott (4.74 ERA) and Michael Conforto (.637 OPS). Last offseason, it was Diaz (elbow surgery after seven appearances) and Tucker (batting sixth and contributing 0.7 fWAR). And yet they continue to dominate. Sure, they have the financial resources to recover from the types of mistakes that might cripple other franchises. But in a bigger sense, it's because their 40-man-roster depth is unrivaled -- a product not just of money, but of scouting, drafting, developing and acquiring at an elite level. The Dodgers burned through 40 different pitchers and won the championship each of the last two years, becoming the first franchise in a quarter-century to go back-to-back. Money alone doesn't overcome that. -- Gonzalez
Why the Rays can be the last team standing in October -- despite their payroll
The Rays have stumbled a bit after roaring to a 34-15 start, but the recent three-game sweep of the Red Sox might get them going again. They do have obvious flaws. The lineup is top-heavy with Diaz, Caminero and Aranda carrying much of the load, while the outfield lacks power. The back of the rotation is relying on the Jax conversion working. The long-term viability of the pen is a question, especially with Uceta suffering a setback in his rehab. The Rays do have a strong farm system, however, if they want to make a big splash at the trade deadline -- such as making a run for Tarik Skubal. Similar to last year's Toronto Blue Jays, they're a contact-heavy team and that's an approach that can work in October if the big hitters get hot. Add Skubal to McClanahan, Rasmussen and Martinez, and you have a World Series-worthy rotation, one capable of upsetting a team with much deeper pockets. -- Schoenfield
