Where or what is replacement level? This is a question that does not have a perfect answer. The concept in baseball is this: what is the quality of player you could get for the least cost, such as major league minimum, without having to give up value elsewhere? Minor leaguers will make no more than the league minimum when first called up, but the better ones have value. They cost money to sign and develop, and the best have significant value, in that they can often be packaged and exchanged for major league superstars. Minor league free agents are a perfect fit for replacement level.
The Hardball Times
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