Ray has a highly negative contract, while Matz is on the positive end still. Ray is due 3yr/$73M over the next three years, essentially the same contract as Sonny Gray.
Per BTV, he was at -25.7 back in September, but now is at -43.2. I’m not sure why the drastic change. I don’t see the Mariners doing that (and paying us money)
Ray is underwater since he missed almost the entire 2023 season and may miss a chunk of the 2024 season as well. He is one of those guys that has much more upside than Matz but also carries significant risk. I figure the Mariners would be motivated to shed his contract but the Cardinals may not want to take the risk.