It’s easy to draw a parallel between this offseason’s negotiations between the Phillies and J.T. Realmuto and the talks that happened five years ago. Not until Jan. 26, 2021, could they reach an agreement on a $115.5 million contract that made Realmuto one of the richest catchers ever. The Phillies might have been bidding against themselves at one point, but at the time, they saw it as the cost of doing business.

This standoff between the two sides runs deeper. It is not acrimonious. It’s two stubborn parties exercising their rights to be stubborn. The winter before Realmuto signed his long-term extension, he went to an arbitration hearing with the Phillies over $2.4 million. The Phillies had offered to settle beforehand at the midpoint. Realmuto’s camp rejected. “No hard feelings,” the veteran catcher said at the time, and, obviously, there weren’t.

The prevailing sentiment is that the Phillies and Realmuto will find common ground again. He needs them. They need him. There is no single sticking point, according to major-league sources familiar with the talks. Realmuto wants more than the Phillies have offered; the club is believed to have discussed various multi-year scenarios with the catcher. As one of the more decorated catchers in the sport, Realmuto commands a level of respect, but the Phillies are again uncertain about what Realmuto’s market looks like.

Not much has changed since the holidays.

The Phillies have explored contingencies because pitchers and catchers report to Florida in five weeks. It would be ideal to have a starting catcher report. The Phillies have talked trades for catchers, young and old; Minnesota’s Ryan Jeffers is one potential target, league sources told The Athletic. But the closer everyone gets to camps opening, the more reluctant teams are to trade away a catcher. Victor Caratini, who has never started more than 87 games in a season at catcher, is still on the free-agent market and could wait until Realmuto decides to pick his own destination.

The two sides will continue to posture. The Boston Red Sox expressed interest in Realmuto earlier this offseason but have bigger targets — namely Alex Bregman — to pursue. The Pittsburgh Pirates have been spending more this offseason and could upgrade at catcher. But, in January, most teams are set behind the plate.

Until there is a resolution with Realmuto, the Phillies will be connected to bigger-name free agents. Should the Phillies have to reallocate whatever money they budgeted for Realmuto into another catcher and something else, they could move pieces of the roster around. Even then, Realmuto’s annual average salary is not in the same range as whatever Bregman or Bo Bichette will command. The Phillies would need someone’s market to collapse to be involved. This all remains unlikely.

Japanese free agents didn’t fit

Tatsuya Imai’s three-year deal with Houston maxes out at $63 million and contains opt-outs after every season. (Alex Slitz / Getty Images)

Although the Phillies have been eager to enter the Japanese market in a bigger way, by all indications, their interest in this class’s headliners was lukewarm. The Phillies, according to league sources, did not see Munetaka Murakami or Kazuma Okamoto as defensive fits based on their current roster. They had concerns — as the industry did — about whether Tatsuya Imai would be effective in a major-league rotation or if he’s better suited for a bullpen role. Imai’s deal with the Houston Astros reflected some of that sentiment; his contract calls for $1 million bonuses if he reaches 80, 90, and 100 innings.

The Phillies were not considered “serious” bidders for any of the three.

Wheeler’s recovery

Zack Wheeler has continued to progress in his offseason recovery from surgery to correct thoracic outlet syndrome; he’s throwing at 75 feet and has remained in the Philadelphia area to conduct his workouts with Phillies personnel overseeing.

“The trainers seem to think he’s doing very well,” Phillies manager Rob Thomson said Monday.

The Phillies have not placed any expectations on Wheeler during the process; no one would be surprised if he’s behind in spring training and on a separate program from the other pitchers. But Wheeler, who is said to be intent on making as many starts as possible in 2026, could push the timeline. Nothing, so far, suggests he will miss a large chunk of time during the season.

Another righty bat?

The Phillies have interest in free-agent outfielder Randal Grichuk, according to league sources. (Jay Biggerstaff / Imagn Images)

Outside of resolving the Realmuto situation, the Phillies have other business to do in January. The club’s rotation depth remains concerning; the Phillies will pursue minor-league contracts this month to fill out a Triple-A rotation.

They have one or two open bench spots to consider for an upgrade. As it stands, the Phillies would enter the season with a backup catcher (Rafael Marchán or Garrett Stubbs), Edmundo Sosa, Otto Kemp and Weston Wilson. It’s righty-heavy, but on the days the Phillies face a lefty starter, they will probably have at least one lefty hitter on the bench to deploy later in games.

Kemp has minor-league options remaining. Wilson does not. President of baseball operations Dave Dombrowski has often praised Kemp this offseason as someone who factors into the roster; the 26-year-old could be a bench player who sees time in left field or elsewhere, depending on how he (and others) perform.

But it is reasonable for the Phillies to raise the bar on the bench. They had some interest in Rob Refsnyder, who signed a $6.25 million deal with the Seattle Mariners two weeks ago. They have interest in Randal Grichuk, according to league sources, and he would fit as Brandon Marsh’s platoon partner in left field. Grichuk posted only a .703 OPS against lefties in 2025, his lowest mark since 2017. His performance dropped significantly following a midseason trade to Kansas City. But the underlying trends did not indicate a huge decline.

From 2022-24, Grichuk had a .941 OPS versus lefties. Only Mookie Betts had a higher mark with more plate appearances among righty hitters in that span.

Reliever roulette

Zach Pop, who signed a split contract, could factor into the Phillies’ bullpen picture. (Alika Jenner / Getty Images)

Zach Pop appeared in five big-league games last season and logged a 14.85 ERA, but just before Christmas, the Phillies signed the 29-year-old righty to a one-year deal that put him on the 40-man roster. It’s a split contract that would pay him $900,000 while in the majors, according to league sources.

Pop, 29, is out of minor-league options. Essentially, the deal is an elevated tryout for spring training. Pop spent time with four organizations in 2025. (All four — the Toronto Blue Jays, Mariners, New York Mets and Chicago Cubs — qualified for the postseason.) His fastball sits at 96 mph. He was effective in 2022 but has struggled ever since. The Phillies saw something they liked and will work with Pop in camp.

The Phillies had an abundance of 40-man roster spots at the start of the offseason, and many have been dedicated to building a deeper bullpen. Brad Keller signed for $22 million. Jonathan Bowlan, like Pop, is out of options but has more big-league success and a better shot at capturing a middle-relief job since he came in a trade for Matt Strahm. The Phillies devoted a 40-man spot to a Rule 5 draft pick, righty reliever Zach McCambley. They traded for a righty (Yoniel Curet) and a lefty (Kyle Backhus); both are on the 40-man roster but can be sent to the minors.

Pop’s split contract calls for a loftier minor-league salary ($250,000), so he may be more willing to accept a minor-league assignment if removed from the 40-man roster during spring training.

— Charlotte Varnes contributed to this report.