In major league baseball, a player who is on a 40-man roster but not on the active major league roster, is said to be on optional assignment. Teams are only afforded a limited number of optional assignments per ballplayer. When a team has exhausted a player’s options, they must either keep the player on the active major league squad or pass him through a waivers-process whereby other teams can make a claim. This is a pretty interesting quirk of the system that influences a number of prospects fighting for jobs in Spring Training. In fantasy baseball, a player’s value is often largely dependent on the opportunity he gets.

I am going to be keeping a list of ballplayers who are “out of options” and may be relevant to fantasy owners. This is not a very easy list to keep. There is no immediately available resource to use to look up this information. As far as I know, the only way to gather this information is via news reports or second-hand. I will start out with two interesting players who are said to be “out of options,” and I would appreciate any tips. I will continue to update this list throughout the pre-season so check back here regularly.

Rich Hill: A very popular pitcher heading into the 2008 season thanks to his strong strikeout rate and winning ballclub. But Hill imploded during the 2008 season and the Cubs sent him down to the minors to work on his mechanics. He didn’t much improve, but it’s hard to believe the Cubs would risk letting Hill be snatched by another major league team. UPDATE: He’s been traded to the Orioles.

Jeff Niemann: He was the fourth player chosen in the 2004 amateur draft and often ranked as one of the top prospects in the loaded Tampa Bay Rays farm system. However, with Scott Kazmir, James Shields, Matt Garza, and David Price, the Rays seem to have at least four of their five rotation spots locked up. The team also has Andy Sonnanstine and a number of other great pitching prospects in their system. What happens to Niemann? One thing to keep an eye on is the team’s bullpen, currently lead by almost-40-year-old Troy Percival. It’s possible that Niemann could get a shot to demonstrate his prowess in the bullpen this season.

Felix Pie—This Cubs outfielder was one of the best prospects in baseball, ranking as high as #27 in 2006 on Baseball America’s esteemed list. His upside is an outfielder much like another in Chicago’s lineup: Alfonso Soriano. However, like many young hitters, he struggles with plate discipline and his major league numbers have never caught up with what the scouts call “tools.” He’s often mentioned in trade talks and now that he’s out of options, it might finally be time for one. UPDATE ON PIE: Apparently, he’s been traded to the Orioles.

Phil Humber—Coincidentally, a teammate of Niemann’s at Rice University. Humber has always rated as a nice prospect (one of the chips in the Johan Santana trade) and has flashed potential throughout his career, but has also stepped backwards seemingly of late.

Boof Bonser—There was a time when this guy was one of the most added players in fantasy baseball, having come up to the Twins rotation with immediate success. Those days seem long ago, having imploded at the start of 2008. Bonser was moved to the bullpen, and despite a woeful ERA, he actually had solid peripherals in the 2nd half, with a strikeout-an-inning and a +3 K:BB ratio. The Twins have a lot of arms and may be forced to trade or release this guy, and it wouldn’t surprise us if he landed in a place like San Diego to become a solid sleeper.

Wlad Balentien-In the second half of 2007, Balantien shot to prominence and looked like baseball’s most underrated prospect by producing 24 HR and 15 steals that season. He hasn’t done much since, having spent a lot of time on the Mariners’ bench, but he could surprise as Seattle’s lineup is far from settled at the moment.

Fernando Nieve—A former Astros starting pitching prospect who needed Tommy John surgery in 2007 and suffered a hamstring injury the following year. Had a 6:1 strikeout-to-walk rate last year. Will compete for a role in the Astros rotation.

Melky Cabrera—The Yankees outfielder will be competing with Brett Gardner for the starting center-field position. Last year, Baseball Prospectus’ Joe Sheehan targeted Cabrera as a “breakout candidate,” comparing him to Alex Rios. He’s young and has plate discipline.

Other prospects out of options: George Kottaras (Red Sox), David Pauley (Red Sox), Tony Gwynn Jr. (Brewers), Anthony Reyes (Indians), Andy Marte (Indians), Chad Gaudin (A’s)

I will update this post as further information comes in.