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I've seen similar things in my fictional league with full minors. Good players often remain unsigned for quite a while even after they become willing to accept minor league contracts. At a minimum, these players would be better than some of the minor league depth players AI teams carry.
Another odd behaviour at the other end of the spectrum is veteran major leaguers (typically ones coming off down years) sometimes being willing to accept minor league contracts with major league options at the start of free agency. In my league it's relatively common for these guys to be taken in the Rule 5 draft later in the offseason, which suggests those players were underpricing themselves initially.
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