The shopping list for the Orioles this offseason is fairly straightforward. They are expected to target a starting pitcher, bullpen help and a right-handed-hitting outfielder. But questions still remain over the club’s willingness to partake in a bidding war for top-end talent, even with a new ownership group with deep pockets leading Baltimore.

Agents representing a wide array of major leaguers, including some players already on the Orioles and some of their reported targets, said the team is still seen as something of a mystery under new ownership.

The agents requested anonymity in order to discuss private negotiations.

David Rubenstein, the control person in Baltimore’s new ownership group, has said that he will lean on the expertise of general manager Mike Elias this winter as the Orioles look to maintain their competitive window. Elias has credited Rubenstein and the rest of the ownership group for giving the front office the backing to discuss deals with a wide range of players.

“That doesn’t mean that we are going to spend money indiscriminately this offseason come hell or high water,” Elias said. “We’re going to seek good talent evaluation, good long-term investments for the team. We’re trying to keep a healthy franchise for a really long time.”

When considering that approach, and the fact that Elias hasn’t been in a free-spending situation before, one agent pondered whether the Orioles would have the comfort level required to take on a high-dollar (and potentially high-risk) contract.

“If the analytics game is going to inform their decisions on money they spend, they’re probably going to be in trouble,” the agent said, “because at some point to get the guys who are dudes, you just gotta f---ing outbid people. You gotta go outside your comfort zone to get the top-end free agent.”

The consensus is that Baltimore will be focused on adding to its starting rotation this offseason. Elias has said as much, noting that the Orioles have “engaged in those conversations already” regarding “high-end free agent deals over many years.”

One source with direct knowledge of the Orioles’ interest said the club was “in on” left-hander Yusei Kikuchi, the 33-year-old who recently signed a three-year, $63 million deal with the Los Angeles Angels.

A report from MLB.com said the Orioles were also interested in left-hander Blake Snell before he agreed to a five-year, $182 million contract with the Los Angeles Dodgers. That deal, first reported by ESPN, surpassed expectations from some within the industry.

“It seems to me there’s a lot of big-market teams willing to spend, which is great for the players. It also seems to be that there’s not a lot of elite talent available, right? All-Star talent available. Whether it’s via free agency or the trade market,” said another agent. “I think because of that, you’re going to see prices jacked up a little bit like you did with Snell. I’m not necessarily surprised at the five years. I would’ve thought four. But I am surprised at the AAV [average annual value].”

It does, the agent surmised, signal a market trend that could be followed for other high-end starting pitchers. The agent said right-hander Corbin Burnes, whom the Orioles are interested in re-signing, is almost “in a league of his own.” But for left-handers Max Fried and Sean Manaea, contract values could see a bump after Snell’s deal.

That could lead the Orioles to seek a starting pitcher in a trade.

The name repeated by three agents was Chicago White Sox left-hander Garrett Crochet, who is coming off his first season as a starter.

Crochet threw 146 innings with a 3.58 ERA. He’s presumed to be the top starter available via trade.

“I think it’s more likely they do that [trade for Crochet] than signing a guy like Corbin Burnes, if his market goes to $200-plus million,” one of the agents said. “I don’t know if it will, but if it does, I don’t see the Orioles being the winning bidder at that level. … If they do make a trade for a guy like Crochet, I see [Coby] Mayo as the headliner.”

The addition of a right-handed hitter in the outfield is an apparent focus, especially when considering the core of Cedric Mullins, Colton Cowser and Heston Kjerstad.

“I look at our current outfield mix with guys that we know are returning for sure, and it’s a very left-handed mix,” Elias said. “We’ll be seeking some right-handed players to balance that out. We’ll see what happens, we’ll see where it goes. We’ve got a lot of possibilities on that front.”

Teoscar Hernández, Jurickson Profar, Randal Grichuk and Tyler O’Neill are some of the names available.

Hernández, coming off a World Series win with the Dodgers, could warrant a large contract. The 32-year-old hit .272 with an .840 on-base-plus-slugging percentage. O’Neill, most recently with the Boston Red Sox, hit .241 in 2024 with 31 homers and an .847 OPS.

Grichuk, especially, is intriguing. The 33-year-old could be an ideal platoon option, coming off a season in which he hit .319 with a .914 OPS against left-handed pitching.

With Kikuchi and Snell agreeing to deals, the free agent market has begun to heat up. And the annual winter meetings, set for Dec. 8-11 in Dallas, traditionally turn the stove up even higher. But two agents expected the market for outfielder Juan Soto to impact the rest of the league in the coming weeks, because of what they saw as a trickle-down effect.

Whichever teams miss out on Soto, they might be more willing to overpay for Burnes, Hernández and others. That could put the Orioles in a tricky situation.

“The biggest question that nobody has is,” one agent pondered, “‘How far are they willing to go with Corbin Burnes because of the new ownership?’”