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A look at ten potential free agent signings

10/30/2014
Rick Osentoski/USA TODAY Sports

FanGraphs has a contract crowd sourcing project where they rank the top free agents this offseason based on projected contracts.

The rankings project how much a particular player should make thanks to a formula they designed.

Last year, Shin-Soo Choo was projected to get a five-year $81.1 million deal by FanGraphs, the Rangers signed the outfielder to a seven-year $130 million deal. You can debate whether or not Choo deserved the contract he received just based on his injury-plagued season. Here's last year's project.

With that we rank 10 free agents listed among the best free agents by FanGraphs who might be targets for the Rangers.

1. James Shields

FanGraphs projected salary: Five years, $90 million.

Comment: Shields, the fourth-ranked free agent, is considered to be in the Rangers' wheelhouse in terms of salary demands. He’s not going to get Jon Lester money, however his 14-8 season with a 3.7 WAR for Kansas City was impressive. He also had a 5.46 ERA in the postseason that was a little concerning. Shields would make a solid No. 2/3 starter to Yu Darvish and a four-to-five year contract seems in line with what the Rangers want to do.

2. Russell Martin

FanGraphs projected salary: Four years, $56 million.

Comment: He’s expected to get a qualifying offer of $15.3 million and reject it. He batted .290/.402/.430 in 111 games for the Pittsburgh Pirates and Jeff Banister, the new Rangers manager, has a relationship with him from his time with the Bucs. If the Rangers make a play for Martin, ranked No. 6 by FanGraphs, it would mean prized minor league catcher Jorge Alfaro is at least two more years away from the big leagues. Martin will be 32 on Opening Day 2015 so his shelf life is roughly three years based on that age.

3. Nelson Cruz

FanGraphs projected salary: Three years, $45 million.

Comment: The Rangers are in need of a corner outfielder and a full-time DH. Cruz, a former Ranger who is No. 10 by FanGraphs, fits this need. His salary demands could rise over the projected $45 million especially after a .525 slugging percentage and a 3.9 WAR in 2014. There's a history here with Cruz and he was suspended for the final 50 games of the 2013 season. But is the salary too much?

4. Ervin Santana

FanGraphs projected salary: Three years, $39 million.

Comment: The 31-year-old right-hander threw 196 innings for the Atlanta Braves in 2014 and has made more than 30 starts the last five seasons. Santana, No. 11 by FanGraphs, went 18-23 in his last two seasons pitching in the AL. Santana could be a nice signing if Shields' salary gets to high for the Rangers.

5. Brandon McCarthy

FanGraphs projected salary: Three years, $36 million.

Comment: The New York Yankees want to re-sign the righty, who is coming off a career-high 200 innings of work in 2014. McCarthy, ranked No. 13, had a WAR of 3.0 and is more of a No. 3 starter. Say the Rangers can’t sign Shields or another top-tier free agent, McCarthy becomes a nice pitcher behind left-hander Derek Holland and Darvish. The Yankees, desperate for pitching, might overpay to retain the former Ranger.

6. Colby Rasmus

FanGraphs projected salary: Three years, $30 million.

Comment: He’s primary a center fielder (732 games) with only 15 games total as a corner outfielder. Leonys Martin is the Rangers' leadoff man and the starting center fielder, but could he change positions, left maybe, or could Rasmus do it? Rasmus hit .225/.287/.448 for Toronto and was sat for younger players in September. A new venue and change of position might work for the No. 16-ranked free agent.

7. Jason Hammel

FanGraphs projected salary: Three years, $27 million.

Comment: The right-handed starter has pitched for five teams and struggled after a trade from the Chicago Cubs to the Oakland Athletics in 2014. He went 2-6 with the Athletics and in 13 starts pitched into the seventh inning four times. At No. 19, the 31-year old is a good No. 3 starter who might not command a ton of money.

8. Billy Butler

FanGraphs projected salary: Two years, $18 million.

Comment: A good durable player who might be a nice first baseman/DH to give Prince Fielder a break in the field and is the full-time DH. This is nothing against Mitch Moreland, but he’s coming off ankle surgery and it’s undetermined if he’ll be the same player. If you can upgrade with Butler, then it makes sense. He did have a poor -0.3 WAR and his strikeout percentage was 15.9 percent.

9. Torii Hunter

FanGraphs projected salary: One year, $10 million.

Comment: This is a one-shot deal. Hunter, 39, is a veteran player who can play a corner outfield spot and DH from time to time. If some of the younger Rangers aren’t ready to play the outfield yet, then Hunter is a smart play. You just wonder if Hunter wants to play here for one more season.

10. Justin Masterson

FanGraphs projected salary: One year $9 million.

Comment: Masterson will probably get more than a one-year deal from somebody but he dealt with knee problems and his sinker lost some velocity as the season progressed. He did make 25 starts last season between Cleveland and St. Louis. Ranked No. 36, the 29-year old Masterson, if healthy, might be a steal if someone wants to give him a chance.