Thanks for posting that Fangraphs piece. It’s been several years since I looked at the cost of free agents per WAR and this piece adds a lot of nuance.
The piece notes that there is a big jump in price for 2+ WAR players as compared to 1-2WAR players. Jeffers is borderline between those areas. He’s definitely not a 3-5 WAR player commanding the high end of the scale. I’d suggest he’d get less than the 2+WAR group (which was $12.86) and more than the 1-2WAR group (which was $8.5). Let’s split it and say $11mm/ WAR.
Now, how many WAR is he projected to get over a 4 (or 5) year contract? You say he’ll be projected/ paid for 2WAR in 27, which is reasonable given his 23-26 track record. In 2028, he will be projected at 1.6WAR or 1.5WAR, depending on the discount factor (the article uses 0.4WAR decline per year, but Tango and Smith have typically used 0.5WAR decline per year). In 2029, his projection goes down to 1.2 or 1.0, and finally, in 2030, he is projected for either 0.8 or 0.5WAR.
So, the calculations for his free agent contract broken out like this:
2+1.6+1.2+0.8 =5.6, at $11mm/WAR = 4years. $62mm, or $15.5mm/year
Or, using the steeper decline model, which might make sense (especially for a catcher):
2+1.5+1+0.5 =5 at $11mm= 4years, $55mm, or $13.7mm/ year.
So Jeffers as a free agent this off season could be looking at a contract in the 4 years, $55-60mm range.
(Note that the fifth year projection is 0-0.4 war, or $0-$4.4mm tacked on. If a team is willing to tack on a fifth year in order to land him, they are paying for basically no projected value.)
As for next year, at $11mm/WAR, his projected value in 2027 is roughly $22mm. Twins could expect to get roughly even value if they offer him a QO and he accepts.
However, Jefferson would be right to reject the $23mm QO offer, because he will get a contract worth $30-$40mm more than the QO offer.