Lorenzen signed a one-year, $8 million contract with the Rockies on Wednesday, Jeff Passan of ESPN.com reports.

Lorenzen's new deal also includes a $9 million club option for the 2027 season. The 34-year-old right-hander took a step back in 2025, accumulating a 4.64 ERA and 1.33 WHIP alongside a 127:39 K:BB across 141.2 innings with the Royals. His chances of improving upon those numbers in 2026 have taken a hit now that he's slated to pitch his home games at Coors Field, but Colorado's weak pitching staff at least makes Lorenzen a safe bet to capture a rotation spot.

Van Belle (elbow) signed a two-year, minor-league contract with the Rays on Wednesday, Marc Topkin of the Tampa Bay Times reports.

The Rays let go of Van Belle earlier in the offseason following surgery to repair his UCL, but he will now rejoin the organization while he rehabs his injury. The 29-year-old righty isn't expected to pitch at all in 2026, but he may be an option for the Rays' 2027 pitching staff after turning in a 3.26 ERA and 1.11 WHIP over 105 Triple-A innings in 2025.

Graterol (shoulder) signed a one-year, $2.8 million contract with the Dodgers on Wednesday to avoid arbitration, Robert Murray of FanSided.com reports.

Graterol sat out the entirety of the 2025 season after undergoing labrum surgery in November 2024, but he is expected to be fully healthy by the time spring training begins. The 27-year-old emerged as a dominant high-leverage option during his last full season in 2023, during which he posted a 1.20 ERA and 0.97 WHIP across 67.1 innings. However, the Dodgers may wait to see how he performs in his first several appearances post-surgery before moving him back into a setup role.

The Marlins acquired Hernandez, Owen Caissie and Edgardo De Leon from the Cubs on Wednesday in exchange for Edward Cabrera, Jeff Passan of ESPN.com reports.

Hernandez spent the 2025 season at High-A South Bend, slashing .252/.329/.365 with seven home runs and 52 stolen bases. He hasn't reached his potential after being a top international signing in 2021, but Hernandez just turned 22 last month, so he has some time to show progress.

The Marlins acquired Caissie, Cristian Hernandez and Edgardo De Leon from the Cubs on Wednesday in exchange for Edward Cabrera, Jeff Passan of ESPN.com reports.

Caissie has nothing left to prove in the minors, having slashed .281/.380/.507 with 41 home runs at Triple-A Iowa over the last two seasons. The 23-year-old struggled in his cup of coffee with the Cubs in 2025 and has posted a 29.1 percent strikeout rate in the minors, but Caissie's power will play in the majors if he makes enough contact. He's the favorite to open the 2026 season as the Marlins' primary right fielder.

The Cubs acquired Cabrera from the Marlins on Wednesday in exchange for Owen Caissie, Cristian Hernandez and Edgardo De Leon, Jeff Passan of ESPN.com reports.

Cabrera experienced a breakthrough in 2025 after lowering his arm slot, finishing the season with a 3.53 ERA, 1.23 WHIP and 150:48 K:BB across 137.2 innings. It was a career-high workload for the righty, and he will remain a major injury risk moving forward, but Cabrera injects some much-needed upside and bat-missing ability into the Cubs' rotation. He is under team control through 2028.

The Angels claimed Meckler off waivers from the Giants on Wednesday.

Meckler got a cup of coffee in the big leagues in 2023 but has been stuck in the minors the last two seasons. The 25-year-old slashed .287/.390/.370 at Triple-A Sacramento in 2025, though he managed just one home run in 87 contests. Meckler can handle all three outfield spots and also played some second base for Sacramento last season, which should give him a better chance of cracking the Angels' Opening Day roster.

The Orioles outrighted Walker to Triple-A Norfolk on Wednesday, Andy Kostka of TheBaltimoreBanner.com reports.

While no longer on the 40-man roster, Walker will remain in the organization after passing through waivers. The left-handed reliever holds a career 6.59 ERA and 31:14 K:BB over 27.1 innings covering parts of three big-league seasons.

The Orioles designated Noel for assignment Wednesday, Andy Kostka of TheBaltimoreBanner.com reports.

The move frees up a 40-man roster spot for Marco Luciano. Noel had just been claimed off waivers earlier this week and is now set to go through the waivers process again. The 24-year-old has smacked 19 home runs across 351 plate appearances at the major-league level but sports a lowly .193/.242/.401 batting line and 32.8 percent strikeout rate over that time.

The Cubs claimed Rolison off waivers from the White Sox on Wednesday, Bruce Levine of 670TheScore.com reports.

It's the fourth organization since November for Rolison, who posted a 7.02 ERA and 25:20 K:BB over 42.1 innings with the Rockies in 2025. The left-hander will compete for a spot in the Cubs' bullpen, but he does have minor-league options remaining.