LAS VEGAS — As the Orioles prepare to put a disappointing season behind them, president of baseball operations Mike Elias indicated his club will be an aggressive force in free-agent and trade markets this offseason.

Elias, speaking Wednesday at the GM meetings at the Cosmopolitan in Las Vegas, laid out three main wish list items. He also indicated the payroll could move past the 2025 level and reinforced the claims of owner David Rubenstein that the Orioles have financial muscle and are willing to flex it.

The statements set up what could be a pivotal offseason for Elias and the Orioles. They underperformed as they missed the postseason in 2025 but appear determined to bounce back under new manager Craig Albernaz. With that in mind, Elias said the Orioles will target a front-line starting pitcher, a closer or late-inning reliever and an impact veteran who most likely can fit into the outfield picture.

To do that, Elias said, the Orioles are willing to spend.

“The payroll last year was, despite the results of the standings, it was a historically high payroll for the Orioles, and we’re willing to do that again,” Elias said. “There’s a target zone we sort of ID as a sweet spot of what’s healthy for the ownership group, the organization. But what I can say is, it’s by no means tethered to the profits of the team. We’re trying to win, and this ownership group is willing to dip into the red considerably in order to do that.

“It doesn’t mean we want to do it in a profligate way that haunts us, but in the short term we recognize we’ve got a core who can use some supplementation and that wants to win and bounce back from what happened last year.”

The to-do list doesn’t come as much of a surprise. Elias is encouraged by the depth the Orioles have in their rotation, but there is room to add on the front end of it. He listed right-hander Kyle Bradish and left-hander Trevor Rogers as a “really solid front two,” and the likes of Dean Kremer, Grayson Rodriguez, Cade Povich, Tyler Wells and others fill out the staff.

But Elias would like to “see if we can add somebody who fits into that tier. That would be Plan A for our rotation,” he said. “Hopefully we can find somebody who can provide innings and front-half-of-the-rotation stuff, but those usually come at a high acquisition cost in our business. But we’re going to try.”

Part of the issue for the Orioles was the spate of injuries to key pitchers, including Bradish, Wells and Rodriguez. Wells and Bradish returned late in the year from elbow surgeries, although Rodriguez never appeared in 2025 due to lat strains and elbow debridement surgery.

Given Rodriguez’s injury history, and that he hasn’t pitched in a major league game since July 2024, Elias said there will be an element of caution around him.

“It’s not something that we’re planning around very heavily,” Elias said of Rodriguez’s role as a prominent member of the rotation. “But he’s a guy that provides a real wild card for us talent-wise.”

The shoulder surgery for right-hander Félix Bautista also exacerbates the need for a closer or late-inning reliever. Elias said right-hander Andrew Kittredge — whom the Orioles reacquired in a for-cash trade from the Chicago Cubs this month — is a “legitimate setup option” who can close a game if required. But he will be far from the only relief addition for Baltimore.

“Ideally, we’re going to acquire someone this winter who has closer experience,” Elias said. “I think there are a few teams who are doing that, and maybe there are not enough to go around, but it’s at the top of our list and we’re being very intentful talking with those free agents and checking in with trade possibilities.”

The options will be coveted, and all will require serious financial commitment. Among the available free-agent closers are Edwin Diaz, Devin Williams and Robert Suarez.

The Orioles expect many of their core players to rebound next season, particularly at the plate, where Adley Rutschman, Colton Cowser and (to a lesser degree) Gunnar Henderson struggled in 2025. Henderson still finished with a .787 on-base-plus-slugging percentage, but that was more than 100 percentage points below his 2024 All-Star mark.

To aid that group, though, Elias views a veteran bat as a possibility. That bat might fit best in the outfield, Elias said, although he wouldn’t rule out an infield addition if that is what the team deems best. Moreover, Elias said, if a player rejects a team’s qualifying offer to become a free agent, that won’t have a large impact on Baltimore’s pursuit.

Outfielder Kyle Schwarber, who hit 56 home runs for the Phillies, is one such player who received a qualifying offer. So did Cubs outfielder Kyle Tucker.

Elias said the Orioles are “fully prepared” to “sacrifice the draft pick” in pursuit of a player if the fit is right.

Baltimore has already signed Leody Taveras, a center fielder, to a one-year, $2 million contract. That might not be the end of the team’s foray into the center-field market. Elias said Cowser, who took over the position after the Orioles traded Cedric Mullins, could be the everyday center fielder next year. But he expects the Orioles to remain active in that area.

“I have high hopes for Cowser,” Elias said. “I think he’s proven he can do it defensively, and the offensive production is in there. I mean, he did it in 2024. But you can’t get through the year with one center fielder. Cedric is a free agent now. We’ve been really used to having him on the team. Leody definitely helps protect us in that area. But there is still room for more center-field help/depth on the roster, at a minimum, and we’re in those markets. It’s a premium position. The supply is difficult.”

Another consideration will be the addition of a veteran leader, although Elias feels members of the young core will continue to step into leadership roles as they gain more years in the majors. Elias acknowledged that leadership, and the lack of it, was a “big topic of conversation” while the Orioles struggled in 2025.

“That was an area that just didn’t happen, the right sort of leadership chemistry, not for any one player’s lack of effort, but it just was a vacancy that we felt,” Elias said.

“A lot of these guys are easing into Year 2 or 3 of their major league career, and trying to figure out how to hit and play and be successful at this level, and I think it’s hard to be worrying about leading your teammates when you’re doing that,” Elias continued. “They’ve made progress in that area now ... but it’s an area that we’re emphasizing as we’re going out and trying to see who we can bring in to add to the team.”

The impression Elias gave Wednesday is one of considerable offseason focus. The front office is intent on adding impactful pieces to the roster. Baltimore hopes the 2025 season is an outlier, not the beginning of a spiral out of contention.

“We will be behaving as buyers this season,” Elias said, “whether it’s free agency or trade.”