A look at the Orioles' pursuit of a new deal with Nick Markakis

It sure seems there is a pretty good chance that the Orioles will come to an agreement on a new contract with outfielder Nick Markakis, whose six-year deal worth $66.1 million ended this season.

But pretty good chance does not mean definite. Markakis can now negotiate with any other team. It would sure seem strange to see him playing for another team in 2015 and beyond but there is no indication of that happening right now. At least not yet.

MLBTradeRumors.com projected Markakis could get a four-year deal worth $48 million in free agency.

There are differing opinions on how sought-after a free agent he is. Sports Illustrated ranks him No. 14 on their list of free agents available while MLBTradeRumors.com rates him No. 24 and ESPN.com slots him No. 28.

In 155 games in 2014, Markakis batted .276 with 27 doubles, a triple, 14 homers and 50 RBIs. He had a .342 OBP and .729 OPS.

On the plus side, he provides the Orioles with durability, leadership, defense, on-base skills, the ability to hit both left- and right-handers, and is part of a clubhouse culture that puts a premium on playing hard every day and bringing your best every night. It is a team mentality that serves the Orioles well.

On the downside, he is not nearly as productive as he once was. From 2007-11, Markakis averaged 42 doubles, 18 homers and 86 RBIs per year. But the last three seasons, he has averaged 26 doubles, 12 homers and 54 RBIs.

Those against signing Markakis to a new long-term deal will likely point to those stats and say he is not worth the dollars they are talking about.

Another factor here is the emotional attachment O's fans have for a lifelong Oriole that was drafted in the first round in 2003 and made the majors in 2006. Many fans see more here than just what is on a stat sheet and appreciate the defense, leadership and reliability. That means something to a fanbase that seemed excited for Markakis to finally get to play in the postseason last month.

Markakis seems to be a player you have to see every day to truly appreciate. The reporters that cover the team can take it a step further. When you hear Buck Showalter and other players talk about Markakis, it is clear how much he is valued and respected by his teammates.

If the Orioles are unable to re-sign him, some teams that could show interest include the Blue Jays, White Sox, Twins, Rangers, Mets, Reds and Giants.

Should the Orioles re-sign Markakis and what will the likely contract terms turn out to be?

Stat of the day: According to FanGraphs, Isolated Power (ISO) is a measure of a hitter's raw power and tells you how often a player hits for extra bases. We know that not all hits are created equally and ISO provides you with a quick tool for determining the degree to which a given hitter provides extra-base hits as opposed to singles. While batting average and slugging percentage each offer part of the answer, they aren't very good at distinguishing players without being considered together, even if you know a player's walk rate, as well.

For example, four singles and zero home runs in 10 at bats is a .400 batting average and .400 slugging percentage. One home run and zero singles in 10 at bats is a .100 batting average and .400 slugging percentage. The first player's ISO is .000 and the second player's ISO is .300, which tells you that the second player hits for extra bases more often. ISO doesn't replace a metric like OPS or wOBA, it simply helps you determine the type of player you're watching.

Using ISO is very simple. It tells you the number of extra bases the player averages per at-bat and signals the degree to which a particular hitter is a power hitter. Around .140 is league average and hitters in the .200+ range are typically the premier sluggers.

Orioles ISO leaders, 2014 (minimum, 100 plate appearances):

.263 - Steve Pearce
.254 - Nelson Cruz
.209 - Chris Davis
.192 - Matt Wieters
.188 - Adam Jones

Markakis ranked 13th on the team last year with an ISO of .111.