On the final Pipeline Podcast of the year, Jim Callis & Jason Ratliff break down the sudden flurry of pre-Christmas trades, highlighted by the Rays acquiring six prospects and a supplemental first-round Draft pick in exchange for four big leaguers in a deal with the Orioles and a three-way swap with the Astros and Pirates. Then they look back on 2025 by discussing which farm system improved the most (including the Brewers and Giants) and which prospects did the same (none more than Red Sox lefty Payton Tolle), before wrapping things up with a listener mailbag question about White Sox southpaw Hagen Smith.

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