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Free agency is officially underway

Nov 3, 2012, 9:45 AM EDT

Zack Greinke Getty Getty Images

As of 12:01 a.m. ET this morning, MLB free agency was officially open for business.

Free agents are now free to negotiate and sign with any team. Zack Greinke and Josh Hamilton headline this year’s crop, which isn’t nearly as impressive as ones we have seen in the past. Still, many believe that we could see some wild spending this winter, as the game is thriving and new television deals will put significant money in the pockets of each team.

You may have noticed yesterday that a handful of players received one-year, $13.3 million qualifying offers from their respective teams. Aaron has the full list here. The reason teams did that was to secure draft pick compensation if those players sign elsewhere. We’ll know by next Friday whether the offers have been accepted or declined.

In the past, most of the activity in the Hot Stove took place during the Winter Meetings in early December (this year it’s December 3-6 in Nashville), but it will be interesting to see if things develop more quickly this offseason. Under the previous collective bargaining agreement, teams were not required to offer arbitration to their free agents until the latter part of November. For instance, last year the deadline was November 23. This year’s qualifying offer deadline was three weeks earlier.

Craig has a thorough run-down of free agency here while Matthew ranked his top 50 free agents here.

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