The Los Angeles Dodgers and SP Tyler Glasnow agreed to a five-year, $135 million contract extension (four years, $110 million is the new deal, with the rest including Glasnow's already guaranteed 2024 salary) Friday. The Dodgers and Tampa Bay Rays had already agreed to a trade involving Glasnow, but the deal was contingent upon a Glasnow extension, which came to fruition Friday.

The deal is not technically official yet but everything should be finalized soon barring any setbacks. So today, we are going to grade the Dodgers-Rays trade.

In the deal, LA is set to receive Glasnow and OF Manuel Margot. Meanwhile, the Dodgers are trading SP Ryan Pepiot and OF Jonny DeLuca to the Rays. Let's go ahead and start with Tampa Bay's return.

Rays get future star pitcher, promising young outfielder

Ryan Pepiot in a Rays uniform, Jonny DeLuca in a Rays uniform.

The Dodgers were likely hesitant to add Pepiot in the trade. He entered 2022 as LA's No. 6 overall prospect (per MLB.com) and later made his MLB debut during the '22 campaign.

Pepiot is known for his blazing fastball. He also throws a strong change-up. Pepiot is still developing his slider, but the pitch certainly has potential if he can learn to control it on a consistent basis.

The 26-year-old is MLB ready and would have been in the Dodgers rotation to open 2024 had this trade not come to fruition. In fact, he's already found a lot of success at the big league level in limited action.

Pepiot recorded a 3.47 ERA across nine games pitched (seven starts) in 2022. His effort was encouraging and Pepiot probably would have made the Dodgers' 2023 Opening Day rotation if it wasn't for a late spring training injury.

Pepiot ultimately pitched in eight games (three starts) for the Dodgers in 2023 after returning from injury, posting a quality 2.14 ERA. Rays fans should be excited about the Pepiot acquisition.

Meanwhile, DeLuca is a 25-year-old outfielder with an intriguing ceiling. A right-handed hitter, he projects to perform best while facing left-handed pitching. The question is whether or not he can become an everyday player and find consistency against right-handed pitching.

DeLuca has some power in his bat and can play any three of the outfield positions. He should be able to find success in Tampa Bay.

Dodgers receive Tyler Glasnow, Manuel Margot

Tyler Glasnow in a Dodgers uniform, Manuel Margot in a Dodgers uniform.

Glasnow's contract extension will keep him in LA for the foreseeable future. The 30-year-old California native projects to join Walker Buehler and Bobby Miller atop the Dodgers' rotation.

He has dealt with injury trouble during his career. Glasnow hasn't made more than 21 starts in a single season. Los Angeles loves his upside, though. Glasnow features some of the best stuff in all of baseball.

If he can stay healthy and make 25-plus starts, the Dodgers will receive a pivotal boost in their rotation. The decision to move on from Pepiot was questioned by some. However, LA wants to win now and Pepiot is still developing, while Glasnow is a trusted veteran.

Margot, a former San Diego Padres outfielder who's spent the past four seasons in Tampa Bay, is a good player. He isn't a superstar but will provide depth in the outfield for LA.

Margot is a career .255/.309/.385/.694 hitter. He's capable of playing different positions in the outfield and offers speed on the base paths. At the very least, Margot will be a platoon option for the Dodgers, but there is a chance he can carve out a starting role.

Trade grades

This Dodgers-Rays trade is interesting. Tampa Bay was always expected to trade Glasnow unless they decided to offer him a long-term extension. Los Angeles has been expected to acquire more starting pitching. The trade certainly makes sense.

It's difficult to fault the small-market Rays here. Acquiring Pepiot should be a tremendous move. Meanwhile, the big-market Dodgers added a veteran pitcher with a Cy Young ceiling. Margot and DeLuca's presences in the deal will impact the Dodgers' win-now mindset and the Rays' future.

The only concern for the Dodgers is Glasnow's injury history. If he stays healthy, I have no doubt that Glasnow fill find success in Los Angeles. The upside is worth the risk given LA's recent playoff struggles.

Dodgers final trade grade: A-

Rays final trade grade: B+