Moments ago, Jeff Passan confirmed that the Yankees had dealt Carlos Beltran to the Rangers for prospect Dillon Tate. Both Passan and Evan Grant of the Dallas Morning News subsequently added that another prospect would be heading to New York, as well. As of this writing, that second piece has yet to be confirmed.
Tate was the 4th overall pick in 2015, and was a consensus top-100 prospect heading into this season (peaking at 36th on MLB.com's list). At his best, the 22-year-old has a mid-90s fastball, a hard, biting slider, and the sort of athleticism that should help him fine-tune his mechanics. He has struggled in his first full professional season, however, pitching to a 5.12 ERA in 65.0 IP, and missing time with a hamstring strain in the last couple of weeks of April. Tate's stuff has also backed-up this year, which is disconcerting when coupled with the poor results.
At this point, Tate feels like something of a lottery ticket. The pedigree is there, but nothing has went quite right this year, and he is pitching at a level that is age appropriate - though, speaking pragmatically, you would expect a college product with his sort of resume to power through the South Atlantic League. I don't quite know if this would be considered buying low, given that Beltran's value was essentially limited by his pending free agency and horrific defense, but this is not as exciting as it may seem at first blush.
All that being said, I still like this move for the Yankees. Beltran's true value to this team was whatever player he was dealt for, and Tate's high-risk, high-reward profile is a fine gamble for a team that has thoroughly restocked its coffers over the last week - so much so that they may now have a top-three system in baseball. And this latest acquisition only helps in that respect.
Update: Jack Curry tweeted that a pair of right-handed pitchers will also be heading to New York - Eric Swanson and Nick Green. Neither cracked the Rangers top-30 prospects on MLB.com's list prior to the trade, for what it's worth.