This has been a back-back-back-burner curiosity for me all offseason, considering the Padres' weird financial situation (which they've spent into a fair amount this winter). They're at $216M for CBT purposes now, which seems fine, and well under the $237 threshold (which would be their third season over). There were
reports they were looking to get under $200M, but who knows. They are, I'd think, the best fit for Blake Snell without the draft pick compensation hanging over them. But I doubt they'd do it unless they shed other payroll.
Meanwhile, that roster is a disaster waiting to happen, if it isn't already. They have the deep misfortune of playing in a division with the Dodgers, and they've got extremely high $ commitments in 2026 (3rd in MLB) and 2027 (2nd in MLB), almost entirely in players who would be well past their primes.
Any possible Tatis trade would look ridiculous on paper, but I wonder if we could supply them with enough outfielders to make it interesting, plus one or two of Houck/Crawford, and take back Cronenworth or Darvish. Then they could sign Snell and take it from there? Very doubtful, of course.