Farewell, waivers: Looking back at MLB's most memorable August trades

Of all the monumental rule changes Major League Baseball announced on Thursday, perhaps none was greeted with more enthusiasm than the elimination of August trades and the confusing revocable waiver process. Instead of two trade periods with different rules, MLB will now use a single firm deadline on July 31.

Although its death might be greeted with cheers, the August waiver period held an important place in baseball history. One ill-timed claim on revocable waivers could change a franchise, and so could a smart strategic use of the process.

As we bid the August trade market adieu forever, let's remember some of the most famous and important transactions from the revocable-waiver era.

Aug. 12, 1987; Aug. 30, 1990: Tigers, Red Sox lose future HOFers

While many prospects dealt in August are fringe players lucky to reach the majors at all, that isn't always the case - as these two cautionary tales show.

In 1987, the Tigers needed a starting pitcher in August, and they sent a then-unknown John Smoltz to the Braves for veteran Doyle Alexander. Three years later, the Red Sox grabbed Astros reliever Larry Andersen just ahead of the waiver deadline and sent away Jeff Bagwell, who had just finished a four-homer season in Double-A. Both deals paid off in the short term, as Alexander and Andersen helped their new teams to division titles. But the long-term losses for Boston and Detroit were painful.

Both teams failed to win the World Series, and neither player acquired in the deals contributed much beyond those playoff runs. Smoltz and Bagwell, meanwhile, are now both Hall of Famers.

The lesson? Don't just toss any old prospect into a small August trade.

Aug. 27, 1992: Blue Jays trade IF Jeff Kent, PTBNL (OF Ryan Thompson) to Mets for P David Cone

Here's one of the most effective August trades from a short-term perspective.

Somehow, Cone - who was in the midst of a Cy Young-caliber season with the Mets - slipped through waivers and ended up solidifying the powerful Blue Jays' rotation en route to the team's first World Series title in 1992. The trade cost the Jays a future MVP in Kent, but no one in Canada will ever complain about that, especially since Roberto Alomar was blocking him at second base.

Cone posted a 4-3 record with a 2.55 ERA and 47 of his league-leading 261 strikeouts down the stretch for Toronto. Then he put up a 3.22 ERA in four postseason starts, including going six innings in the championship-clinching Game 6 against Atlanta.

Aug. 21, 2008: Blue Jays trade PTBNL (C Robinzon Diaz) to Pirates for IF/OF Jose Bautista

When it was consummated, the most shocking aspect of this trade was simply that Bautista - then a Quad-A type who could barely hold down a job in Pittsburgh - actually got claimed on revocable waivers.

But the Blue Jays saw something, and although it took another two years, this deal eventually became part of August trade lore.

For the low price of a catcher who played 41 career games, the Jays ended up with the modern face of their franchise, and a perennial All-Star and MVP candidate who produced a 50-homer season and memorable playoff heroics.

Aug. 25, 2012: Red Sox trade 1B Adrian Gonzalez, P Josh Beckett, OF Carl Crawford, IF Nick Punto, cash to Dodgers for IF Ivan De Jesus Jr., 1B James Loney, P Allen Webster, 2 PTBNL's (P Rubby De La Rosa, OF Jerry Sands)

During a miserable 2012 season, the Red Sox dumped the massive contracts tied to Beckett, Crawford (who underwent season-ending surgery days before), and Gonzalez on L.A. for Loney and a bushel of farmhands, none of whom went on to sustained big-league success.

The deal worked out for both sides, with Boston shedding several unwanted contracts and setting the stage for a shocking World Series run the following year, while the Dodgers - in exchange for taking on Beckett and Crawford - received a rock at first base in A-Gon.

A blockbuster trade of this magnitude - especially one acting as a salary dump - getting done in August was almost unprecedented prior to this swap. The ramifications of this deal were felt across baseball, helping to open the door for larger trades during the waiver era's final years.

Aug. 31, 2017: Astros trade OF Daz Cameron, P Franklin Perez, C Jake Rogers to Tigers for P Justin Verlander, PTBNL (OF Juan Ramirez), cash

Verlander signed off on this trade mere seconds before the clock struck midnight on the August trading period, beginning his career revival in Houston.

The Tigers won't know how they made out here for a few years yet. Verlander, meanwhile, has been everything the Astros expected and then some, leading the franchise to World Series glory after the trade with a dominant October that included ALCS MVP honors.

Although plenty of waiver-wire trades impacted the 2018 season, this one is MLB's last great August deal.