If you don't think you're signing a "sure thing" you're probably better off spreading your money around on kids who are less physical mature than their peers at 15-16 instead of getting into bidding wars for early bloomers.
Almost all the players the Phillies gave big money to have flopped over the years.
And most of their LA major leaguers and top prospects haven't been million dollar bonus babies.
That is actually not true. Big money guys have become good players (even going back to Carlos Silva and Carlos Carrasco). The real issue is giving players $2 to $4 million when they should get only $1 million..
All these 16 year old kids have risk. You still need to spend at the top of the market though to get the better tools. We just need to negotiate a better price on the top kids than the Phillies have done historically.. A "never spend big money on anybody" strategy like you seem to advocate probably does not work either. I want more players with medium money. I do not think signing 50 players for low money works.
Unless you have a "sure thing," and history shows most multi-million dollar LA signings are a waste of money, you're better off spreading it around to a portfolio of small and medium signings, Tait was $70K for example. You can sign a lot of lanky pitchers who might fill out and add 5 MPH. You can look for kids with good tools who aren't physically mature at 16 and bet on them filling out. You'll miss on most, but the Phillies missed on most of their high priced signings. Silva did what? Carrasco is the only name, Ortiz, Encarnacion, the overage OF, etc.?
Which is why I think the Phillies spend more on pitcher bonuses in their international signings. We've spent the vast majority of bonus $ on positionn players and the results aren't good. We do better on pitchers. We do horrendously on OF, where we spend a ton of $. Better on IFs and catchers, but not as good a return as with pirtchers.
$3 million was a very large bonus though. $2 million might have been more appropriate for someone without much power. The Phillies tend to overpay based on where the prospects rank. There is no question Caba is a good prospect. Bottom of the top 100 now (or just outside the top 100). Some of that is due to performance since he was signed though. And I suspect most of the $3 million bonus guys in his class are top 100 too since they have so little high level performance to change their rankings.
A player can be a really good prospect and the bonus at the time could still have been a bit high. Both things can be true. This organization just has a long history of overpaying. The errors on players are mostly scouting and development issues. The negotiations on bonus however are about us overpaying to get the player and these overpays can hurt if we start at a smaller bonus pool level than other organizations.
Or other teams overvalue LA prospects early in their careers?
Caba seems like a solid but risky (to succeed, he has to fill out and develop gap power) prospect, far more risky than say Crawford.
The difference between the draft and LA is in both cases you can shift money between players (and the cap on LA money operates similar to the draft in that you only get one or two "top" picks) is information. You're drafting 18 year old HS players or 22 year old college players v what is essentially 15 year olds for the top guys and 16 for everyone else. Which is why more LA "late picks" surprise than MLB later draft picks.
Because there's far more risk in LA signings, you should probably avoid overpaying at the top unless there's a "Sure" thing, and how many LA prospects can be considered high probability to succeed, compared to the 1st rd of the ML draft? This variability in results may make it more efficient to spread money around.
I hope the Phillies have sat down and figured out the odds and the optimal strategy, instead of relying on scouts' gut feelings.
I didn’t do a deep dive, but looking at pipeline’s top international list from 2023, the notable prospects are Sebastian Walcott, Ethan Salas, Felnin Celesten, Alfredo Duno, and Luis Morales all of who ranked above Caba. Of those, using Pipeline’s top 100 only Salas ($5.6M), Walcott ($3.2M), and Celesten ($4.6M) ranked above Caba.
It seems pretty clear Caba got paid at the caliber player he is. He is also near universally viewed as a better prospect than Crawford. Baseball America and Baseball Prospectus had him ranked higher, and he would have been ahead of Crawford on my own list. I don’t want to say the Phillies are good at this or there aren’t flaws, but you are tilting at windmills with a lot of your analysis on this, imaging that things exist (lower bonuses for top ranked players or good 16 year old pitching prospects) that just have no evidence that they exist.
I feel like it all stems from the Phillies either being unwilling or unable to work with the buscones who had the best players. That left them overpaying for guys who might not have otherwise been gettable (no different than, say, Jefferies or Thome back in the day) or for that one guy their entire class turned on. But it really is a crapshoot. It like everything else, all three approaches (big $, six-figure guys, cheap guys) are necessary and produce fruit.