Ponce, 31, has not pitched at the MLB level since 2021. He spent last season with the Hanwha Eagles of the Korea Baseball Organization, starting 29 times and amassing a 1.89 ERA and a 6.15 strikeout-to-walk ratio. CBS Sports ranked Ponce as the 45th-best player on the market. Here's what we wrote at the time:

The Phillies will have the 36th pick in the first-year player draft; their pick moved back ten spots because they went above the third tier of the luxury tax. The Blue Jays spending continues by adding Cody Ponce on a three-year $30 million contract.