Every MLB franchise is looking for value, whether it's a deep-pocketed big-market team or a penny-pinching small-market squad.

The goal here is to find the contract that carries the best value on each MLB roster, sticking to a few key parameters.

First, no player earning more than $10 million was eligible. There are players earning that much who are still valued relative to what they would command on the open market, but generally speaking, there are better picks than guys making eight figures.

Second, pre-arbitration players were also not included since the sport's financial structure means they are all making close to the league minimum. The list would simply devolve into a list of the best pre-arbitration player on every roster.

Beyond that, everyone else was eligible for inclusion.

American League East

Baltimore Orioles: CF Cedric Mullins

Contract: $4.1 million (Arbitration Year 1)

The trio of Mullins, Austin Hays ($3.2 million) and Anthony Santander ($7.4 million) are all still in their arbitration years, but they have been one of the most productive outfield units in baseball this season. Mullins is currently sidelined with a groin strain, but he was again flashing a stellar mix of power and speed prior to the injury with 23 extra-base hits and 13 steals in 53 games.

Boston Red Sox: RF Alex Verdugo

Contract: $6.3 million (Arbitration Year 2)

Verdugo is having the best offensive season of his career and could be on his way to an All-Star Game selection, making him an easy choice on a Red Sox roster made up mostly of high-priced veterans and pre-arbitration up-and-comers. The 27-year-old has a 120 OPS+ with 26 extra-base hits and 2.3 WAR on the year.

New York Yankees: RP Michael King

Contract: $1.3 million (Arbitration Year 1)

King has been a solid relief arm when healthy the past two seasons, posting a 2.99 ERA and 10.1 K/9 with 18 holds in 56 appearances, and he is filling a high-leverage role in the Yankees bullpen this year. The 28-year-old has a 1.65 ERA, 1.07 WHIP and 10.5 K/9 with three saves and two holds in 19 games.

Tampa Bay Rays: SS Wander Franco

Contract: $2.5 million (Extension)

Franco would still fall into the pre-arbitration category if not for the 11-year, $182 million extension he signed shortly after the conclusion of the 2021 season. After an injury-plagued 2022 campaign, he is breaking out in a big way, hitting .309/.374/.500 for a 146 OPS+ with 28 extra-base hits, 21 steals and an MLB-leading 3.9 WAR. The 22-year-old will have an identical $2.5 million salary in 2024 before getting increasingly expensive in subsequent years.

Toronto Blue Jays: SS Bo Bichette

Contract: $3.9 million (Extension)

Bichette has been one of the best offensive players in baseball since bursting onto the scene with 18 doubles and 11 home runs in 46 games as a rookie in 2019. The 25-year-old currently leads the AL in batting average (.332), hits (88) and total bases (140), and he has made significant strides defensively (2 DRS, 10.2 UZR/150) at shortstop.

American League Central

Chicago White Sox: CF Luis Robert Jr.

Contract: $9.5 million (Extension)

Robert signed a six-year, $50 million extension before making his MLB debut on Opening Day in 2020. He has been a dynamic player when healthy, but he took the field in just 166 combined games in 2021 and 2022. This year, he has been the White Sox's most productive player, posting a 121 OPS+ with 16 doubles, 13 home runs and 2.6 WAR while playing in 59 of 62 games.

Cleveland Guardians: RP Emmanuel Clase

Contract: $1.9 million (Extension)

With a high-octane cutter that regularly touches triple-digits on the radar gun and a swing-and-miss slider, Clase has been one of baseball's most dominant relievers since breaking through during the 2021 season. The Guardians signed him to a five-year, $20 million extension prior to last season that could keep him in Cleveland through 2028 with a pair of club options.

Detroit Tigers: SP Michael Lorenzen

Contract: $8.5 million (Free Agency)

The Tigers are thin on players who fit the criteria for this article, but the one-year, $8.5 million deal they gave Lorenzen during the offseason has been a nice under-the-radar pickup. The 31-year-old has a 3.21 ERA and 0.99 WHIP in 53.1 innings over nine starts, and he could be an in-demand trade chip at the deadline if he continues to throw the ball well.

Kansas City Royals: RP Aroldis Chapman

Contract: $3.8 million (Free Agency)

A dip in fastball velocity (career-low 97.5 mph) and lack of command (6.9 BB/9) led to Chapman losing the closer's job and eventually being left off the Yankees postseason roster last year. He found limited interest in free agency and settled for a one-year deal with the Royals. His elite velocity is back and he has 2.95 ERA and 14.8 K/9 in 23 appearances, making him an early trade target for contenders.

Minnesota Twins: SP Pablo López

Contract: $5.5 million (Arbitration Year 2)

The Luis Arraez-for-Pablo López trade has a chance to be the rare swap that works out for both teams. While Arraez leads the majors in batting average and is making an early run at a .400 average, López has been rock solid again with a 4.54 ERA, 3.79 FIP, 1.16 WHIP and 86 strikeouts in 71.1 innings. The 27-year-old signed a four-year, $73.5 million extension after he was traded that will start next season.

American League West

Houston Astros: SP Cristian Javier

Contract: $3.4 million (Extension)

There was no shortage of options for the Astros with Yordan Álvarez ($8.3 million), Framber Valdez ($6.8 million), Kyle Tucker ($5 million) and Phil Maton ($2.6 million) all outperforming their salary by a wide margin this season. Any of them would have been the choice for most other teams. Javier, 26, gets the nod with a 2.84 ERA, 0.99 WHIP and 72 strikeouts over 69.2 innings pitched in the first season of a five-year, $64 million extension.

Los Angeles Angels: RP Carlos Estévez

Contract: $6.8 million (Free Agency)

Despite inconsistent results during his six seasons with the Colorado Rockies, Estévez was an in-demand free agent this past offseason thanks to a high-octane fastball and strong career results away from Coors Field. The 30-year-old signed a two-year, $13.5 million deal, and he has been lights out in the closer's role, converting 15-of-15 save chances with a 1.37 ERA, 1.14 WHIP and 11.6 K/9 in 26 games.

Oakland Athletics: RF Ramón Laureano

Contract: $3.6 million (Arbitration Year 2)

While his .226/.282/.396 line and 93 OPS+ are nothing to write home about, Laureano has been one of baseball's best defensive outfielders this season. The 28-year-old has elite defensive metrics (11 DRS, 21.2 UZR/150) and he also has four outfield assists, which have helped him rank third on the Oakland roster with 1.4 WAR.

Seattle Mariners: CF Julio Rodríguez

Contract: $5.9 million (Extension)

Rodríguez is off to a slow start this year relative to his stellar rookie season, but he still has a 110 OPS+ and 1.4 WAR in 58 games, and he is one of only five players with at least 10 home runs and 10 steals. The 22-year-old signed a massive extension last August with a $209.3 million guarantee and $470 million max value, with ESPN's Jeff Passan providing the full details on the uniquely structured deal. His salary will jump to $11.9 million in 2024 and $19.9 million each year after that through 2029.

Texas Rangers: 1B Nathaniel Lowe

Contract: $4.1 million (Arbitration Year 1)

Lowe is the reigning AL Silver Slugger winner at first base after hitting .302/.358/.492 for a 140 OPS+ with 26 doubles, 27 home runs and 76 RBI in 157 games. The 27-year-old is swinging it well again this season, and he is part of, arguably, the most productive infield in baseball alongside Marcus Semien, Corey Seager and Josh Jung. Veteran reliever Will Smith also deserves a mention as he has stabilized the closer's role on a one-year, $1.5 million deal.

National League East

Atlanta Braves: SP Spencer Strider

Contract: $1 million (Extension)

Strider took the league by storm as a rookie last season, piling up 202 strikeouts in 131.2 innings while posting a 2.67 ERA to finish runner-up to teammate Michael Harris II in NL Rookie of the Year voting. The Braves signed him to a six-year, $75 million extension, and he has continued to blow hitters away with a 2.97 ERA and an NL-leading 113 strikeouts in 69.2 innings. He will earn a combined $5 million the next two years before his salary spikes to $20 million in 2026. Catcher Sean Murphy ($4 million) also deserves a mention.

Miami Marlins: 2B Luis Arraez

Contract: $6.1 million (Arbitration Year 2)

With a 2-for-4 performance on Tuesday, Arraez is now hitting .403 on the year, making it the latest into a season a qualified player has carried a .400 average since Chipper Jones in 2008. The 26-year-old is the reigning AL batting title winner and a .326 career hitter over five MLB seasons, making him a throwback player with an extreme contact-over-power approach.

New York Mets: 2B/OF Jeff McNeil

Contract: $6.3 million (Extension)

A late-bloomer who did not make his MLB debut until he was 26 years old, McNeil has a pair of 5-WAR seasons on his resume, including last year when he hit an NL-leading .326 with 49 extra-base hits to win Silver Slugger honors. The Mets gave him a four-year, $50 million extension that includes a 2027 club option in January.

Philadelphia Phillies: SP/RP Matt Strahm

Contract: $7.5 million (Free Agency)

Strahm pitched in a variety of roles during his time with the Royals, Padres and Red Sox, making 25 starts and 182 relief appearances over seven seasons before hitting the open market last winter. The Phillies signed him to a two-year, $15 million deal and he has been an invaluable swingman, posting a 3.05 ERA, 0.99 WHIP and 11.5 K/9 in 41.1 innings with four wins, one hold and one save over eight starts and eight relief appearances.

Washington Nationals: 3B Jeimer Candelario

Contract: $5 million (Free Agency)

Just a year removed from posting a 121 OPS+ with 42 doubles, 16 home runs, 67 RBI and 3.7 WAR in 2021, Candelario was one of the more intriguing buy-low targets on the market after a poor 2022 season earned him a non-tender from the Detroit Tigers. The rebuilding Nationals rolled the dice with a one-year, $5 million deal and he has been the team's best hitter, posting a 119 OPS+ with 26 extra-base hits in 245 plate appearances. Expect him to be an in-demand trade chip in July.

National League Central

Chicago Cubs: 2B Nico Hoerner

Contract: $2.5 million (Arbitration Year 1)

Hoerner put together a breakout 2022 season, tying with Ian Happ for the Chicago Cubs' team lead with 4.4 WAR while posting a 106 OPS+ and playing fantastic defense up the middle. The Cubs tacked a three-year, $35 million extension onto his 2023 salary just before Opening Day, which covers his remaining arbitration and buys out one year of free agency.

Cincinnati Reds: SP Hunter Greene

Contract: $1.3 million (Extension)

With a 4.44 ERA and 164 strikeouts in 125.2 innings as a rookie, Greene showed enough potential for the Reds to lock him up with a six-year, $53 million extension that also includes a club option for 2029. The 23-year-old is an elite athlete who was a two-way standout in high school, and he will be a central piece of Cincinnati's exciting rebuilding efforts.

Milwaukee Brewers: RP Devin Williams

Contract: $3.4 million (Arbitration Year 1)

Since breaking out on his way to NL Rookie of the Year honors during the shortened 2020 season, Williams has been one of baseball's most dominant relievers. The 28-year-old has a 1.66 ERA, 0.98 WHIP and 14.6 K/9 with 28 saves and 58 holds in 165 appearances over the past four seasons, and his price tag will climb significantly as he makes his way through the arbitration process.

Pittsburgh Pirates: SP Mitch Keller

Contract: $2.4 million (Arbitration Year 1)

Keller was included on the Baseball America Top 100 prospect list four years in a row, starting in 2017. It took him some time to find his footing in the majors, but after taking a step forward last year, he has been one of the breakout pitchers of 2023. The 27-year-old is 7-2 with a 3.60 ERA, 1.16 WHIP and 94 strikeouts in 80 innings.

St. Louis Cardinals: 2B/SS Tommy Edman

Contract: $4.2 million (Arbitration Year 1)

Elite infield defense, speed and some sneaky pop have made Edman an extremely valuable player for the Cardinals the past few seasons. The 28-year-old was a 6.3-WAR player in 2022, and he has been a steady contributor once again this year with a 105 OPS+, 20 extra-base hits and nine steals while starting at least six games at four different positions.

National League West

Arizona Diamondbacks: OF Corbin Carroll

Contract: $1.6 million (Extension)

It took 32 games as a late-season call-up for Carroll to convince the D-backs front office to sign him to an eight-year, $111 million extension, and that is shaping up to be a steal if the first two months of 2023 are any indication. The NL Rookie of the Year front-runner is hitting .287/.378/.520 for a 147 OPS+ with 15 doubles, 10 home runs, 25 RBI, 17 steals and 2.4 WAR as arguably the best player on a contending team. His salary won't climb above $10 million until 2026.

Colorado Rockies: C Elias Díaz

Contract: $5.5 million (Extension)

After a modest 18-homer, 44-RBI season in 2021, the Rockies signed Díaz to a three-year, $14.5 million extension. That deal looked like a mistake when he struggled to a 72 OPS+ and 0.4 WAR in 105 games last year, but he is likely on his way to an All-Star selection next month. The 32-year-old is hitting .306/.365/.470 with 2.2 WAR to lead all catchers.

Los Angeles Dodgers: OF Jason Heyward

Contract: $720,000 (Free Agency)

The Chicago Cubs informed Heyward prior to the conclusion of the 2022 campaign that they planned to release him ahead of the final season of his eight-year, $184 million contract, eating $22 million in the process. As a result, he could not sign for more than the pro-rated league-minimum during the offseason, and the Dodgers inked him to a minor league deal. The 33-year-old won a spot on the Opening Day roster, and he has produced a 120 OPS+ with 14 extra-base hits in 134 plate appearances as the team's fourth outfielder.

San Diego Padres: RF Fernando Tatis Jr.

Contract: $6.3 million (Extension)

After spending 2022 watching from the sidelines, Tatis has returned with a 122 OPS+ and 11 home runs in 188 plate appearances to begin the 2023 season while making a smooth transition to the outfield. The Padres locked him up with a 14-year, $340 million extension prior to the 2021 season, and his salary will jump to $11.7 million next year and $20.7 million in 2025.

San Francisco Giants: 1B/OF LaMonte Wade Jr.

Contract: $1.4 million (Arbitration Year 1)

After receiving some down-ballot NL MVP votes in 2021, Wade was a complete non-factor last year, producing 0.0 WAR in 77 games. The 29-year-old has seen an uptick in playing time following the departure of Brandon Belt in free agency, and he has responded with a 151 OPS+ in 226 plate appearances as one of the more under-the-radar offensive standouts of the year.

All stats courtesy of Baseball Reference and accurate through Tuesday's games.