The Howry signing

Continuing their quest to upgrade their bullpen, the Giants signed Bob Howry to a one year, $2.75 million contract today. That Howry had to settle for such a modest deal shows how much power ERA still has in determining pitcher value in the marketplace.

From 2004 to 2007, Howry was one of the game’s better setup men, posting a FIP between 3.07 and 3.73 in each year, and doing even better than that in ERA – 2.47 to 3.32. He doesn’t walk anyone and strikes out a fair number of hitters, which is a good combination for an 8th inning reliever. Nothing about that changed last year, and his 4.54 K/BB rate in 2008 was actually the highest of his career.

However, Howry posted a 5.35 ERA last year for two reasons – his home run skyrocketed to 1.66 HR/9 and his BABIP was .354. Both of these are more about bad luck than any drop in Howry’s skills – his FB% was the same as always, but more of those flyballs just went over the wall. In 70 innings, that kind of variance is going to happen. That doesn’t mean we should expect it to continue, though.

Marcel projects Howry to post a 4.17 FIP in 2009, and that’s factoring in a pretty significant age related regression – it has him adding nearly a walk per nine innings to his total and retaining a pretty decent chunk of the HR issues that plagued him in 2008. It’d be fair to call Marcel’s projection conservative, and I’d suggest that he’s more likely to post a FIP in the 4.00 range.

If a replacement level NL reliever would post a 4.75 FIP, that makes Howry about 6 runs better than replacement, assuming he pitches 65 innings next year. Adding in a leverage factor to account for the extra value of the runs he’ll be saving as a late inning reliever, and Howry’s basically a +1 win reliever.

The Giants just bought a win for around $3 million. Even in this economy, that’s a bargain. Affeldt and Howry are significant upgrades to the Giants bullpen, and for a total 2009 cost of $7 million, the Giants have gotten quite a bit better already this winter.

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Dave is the Managing Editor of FanGraphs.

7 Responses to “The Howry signing”

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  1. China Brown says:

    Ok, so at first I read this, threw up in my mouth a little bit and thought it’s impossible for someone to think Howry is a good signing.

    Then I went and looked at his LD% hoping that might explain a massive rise in BABIP but he really did hold steady.

    It is true that his controllable numbers did hold, making his year appear more unlucky than bad. It is also true that I spent most of the summer watching/listening to Howry, being utterly unsurprised with each and every gopherball. The bomb he served up to the Hebrew Hammer on the last game of the season really helped the NL playoffs fall into place… which didn’t really work out all that well for the Cubs. So, take everything I say as more of the musings of a bitter and spiteful dude.

    Anyway, in my efforts to identify something that could indicate that maybe he’s really just not a good pitcher anymore, I did find something interesting. He’s no spring chicken, turning 36 next summer. His pitch selection and velocity were markedly different in 08.

    Year Velocity %Fastballs %Sliders
    08 91.2 74.8% 23.1%
    07 92.3 86.2% 9.7%
    06 92.8 82.8% 14.7%
    05 92.8 82.6% 15.6%

    So he lost a fair amount of zip on the fastball and decided to go to the slider way more often, potentially to compensate. It seems possible to me to think that this variation explains why he was serving up so many more homers than normal. If he continues losing velocity will he keep going to the slider? I’d say it’s likely since he’s pretty far on the wrong side of 30.

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  2. JH says:

    I was going to say something snarky about how now all they have to do is find someone who can actually hit, but then I looked, and an offensive core of Lewis, Winn, Sandoval, Denker, and Rowand is actually not a bad one to build around. Lacks premium talent, and still a bit heavy on broken down veterans, but the Giants are in way better shape for next year than I realized.

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  3. Aaron B. says:

    Oh, that Denker remark pains me. The Padres got him off of waivers in October. oh well, at least Eugenio Velez is still around….

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  4. JH says:

    Really? My bad.

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  5. Jack says:

    Spot on China Brown. I was gonna come in and say that as a Cubs fan, and having seen Howry pitch for the past 3 years, it was pretty apparent this past year that he lost a little velocity, and subsequently confidence in his fastball. If Howry’s loss in velocity was permanent, and his approach stays the same, I think there is a chance he’ll continue being a pretty mediocre reliever.

    With that being said, I think it was foolish of the Cubs to not at least offer him arbitration. Even if Howry’s velocity doesn’t reappear, there is still plenty of room for those numbers to regress to the mean, in which case he’d be a pretty solid reliever to have on a one year deal.

    I think it this one could end up going either way, but regardless I’d say he’s a solid gamble.

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  6. Jack says:

    Lewis, Winn, Sandoval, Denker, and Rowand plus Edgar Renteria (due for a rebound) plus maybe one more veteran hitter via a trade (Derrek Lee perhaps?) and all of a sudden the Giants would have a respectable offense to complement their sick starting pitching.

    They already have gone and made two nice gambles on relievers, and they are still dark horses in the Sabathia race. If a all these things happen, I don’t see how the Giants won’t compete for the NL West title.

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  7. pt says:

    DENKER IS GONE! wow.

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