They’re here again, the trade rumors revolving around Adley Rutschman.

They began in earnest once the Orioles signed catcher Samuel Basallo to an eight-year contract extension, and they continued after Rutschman finished a poor, injury-riddled season. And last week, The Athletic reported that clubs from around Major League Baseball are still checking in on the potential availability of Rutschman in a trade.

There’s good reason Rutschman is at the center of interest, especially after a down season. He’s a buy-low candidate and remains a strong defensive catcher despite the regression with a bat in his hands. But at the GM meetings last week, president of baseball operations Mike Elias reiterated his belief in Rutschman as an Oriole when discussing the playing time considerations between him and Basallo.

“Adley is our primary guy,” Elias said.

That, of course, doesn’t guarantee a trade will not happen, but when analyzing the split in playing time between Rutschman and Basallo, Elias noted that Rutschman “will be back there as much as he and we are willing to do that.” That, Elias presumes, will amount to four or five days a week.

Basallo, meanwhile, will serve as the No. 2 catcher behind Rutschman while also mixing in at first base and designated hitter. In the future, Basallo might trend more toward first base than catcher, but the early display from Basallo as a catcher was promising.

Still, the idea that Rutschman is traded this winter is unlikely. He remains under team control for two more seasons, and then Baltimore will be forced to make a decision on the former No. 1 prospect. Until then, though, the Orioles expect Rutschman to bounce back after producing the worst offensive season of his career. And they expect it to occur in Baltimore.

Rutschman posted a .673 on-base-plus-slugging percentage in a career-low 90 games. Since he debuted in 2022 and accounted for 5.4 wins above replacement, Rutschman’s WAR has dropped each season, down to 1.9 in 2025.

But Elias’ evaluation of Rutschman hasn’t changed in the time since the executive’s end-of-season press conference.

“I thought he had a great defensive season, and he does a great job leading our pitching staff, so he’s a key guy for this whole thing,” Elias said in September. “There’s no way around that. We’re going to work with him to restore his presence in baseball as an All-Star, but he’s going to be front and center as our starting catcher.”

When asked last week in Las Vegas how Elias views the trade market at this point, he said the outlook was still materializing and thus he couldn’t be sure which players might be available. The Orioles are on the lookout for starting pitching, be it via trade or free agency, and Elias said Baltimore is “getting a sense of who’s considering trading players we might like to add.”

In order to swing a trade, Elias said the Orioles are “very willing to tap into the farm system.” He wouldn’t be opposed to trading players from the major league roster, but he seemed more hesitant about that possibility.

“We will consider guys off the major league roster, but obviously, that’s tricky if you’re kind of robbing Peter to pay Paul at the major league level,” Elias said.

Using Rutschman as a trade chip this winter would seem to be premature. For one, it adds more pressure on Basallo, who only recently turned 21 and who struggled in his first foray against major league pitching. In 31 games, which is a tiny sample, Basallo hit .165 with a .559 OPS.

And while Basallo did well behind the plate at times — particularly when showing off his arm strength — there is ample nuance he must still learn as he leads a pitching staff. According to Statcast, Basallo finished his first stint with minus-4 blocks above average (Rutschman posted plus-2 blocks above average, as well as better framing metrics).

Combining full-time catching duties while adjusting offensively would be a massive load for Basallo to handle in his first full season.

It took time for Rutschman to develop a reputation as a standout game caller, and as the Orioles aim for a bounce-back season, there is value in a seasoned glove behind the plate.

“I think catchers should be good catchers and I think people have forgotten that about Adley, and it’s frustrating for me,” said former interim manager Tony Mansolino in September, before he was hired to become the Atlanta Braves’ bench coach. “This guy has become one of the better defensive catchers in the game. So while everybody’s kind of pointing at his offense, please, let’s not forget that this is the type of catcher that you need to have behind the plate to win a World Series.”

There’s also a consideration that’s difficult to quantify. Rutschman became the face of Baltimore’s rebuild when Elias drafted him first overall in 2019. When Rutschman arrived in the majors in 2022, the culture shifted, and winning seasons soon followed.

How might the clubhouse react if a pivotal piece of the core is traded away?

Perhaps that is to come somewhere down the road. There are certainly teams out there who value Rutschman’s defense and believe — as the Orioles do — that he can improve offensively. But a deal this winter would be a shock.