What It Means:

Lee didn't pitch at all this season after being diagnosed with a torn flexor tendon during spring training. His 2016 option was worth $27.5 million, so the Phillies elected to pay him a $12.5 million buyout instead. He's now officially a free agent.

At 37, this could be the end of the road for Lee, who has had one of the more interesting career trajectories in recent memory. After serving as basically a league-average pitcher for parts of six seasons, Lee burst onto the scene with a Cy Young season in 2008, which was the start of six straight seasons posting a Wins Above Replacement mark over five. In his prime, Lee was a control master. He twice recorded seasons with more starts than walks. Lee pitched 81 1/3 innings in 2014, posting a stellar 3.01 xFIP, so the tank may not be empty.