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Using‘s 2012 WAR (wins above replacement) projections, Matthew Futterman at the Wall Street Journal ranked the Orioles as the tenth most improved team this offseason in all of Major League Baseball.

In fact, Futterman actually projects the Orioles as an improved team in 2012.

The O’s ranked behind the Angels, Marlins, Tigers, Nationals, Mariners, Twins, Pirates, Indians and Phillies in WAR improvement.

I was surprised to see that the Orioles ranked ahead of teams like the Rockies, Reds and Rays.  But happy to see the Boston Red Sox (-6.4) down at number 28.

Here’s what Futterman had to say about their offseason.

10. ORIOLES (3.2) Key Acquisitions: SP Armando Galarraga (1.3), SP Jason Hammel (2.1) Key Loss: SP Jeremy Guthrie (1.5) Outlook: The team signed two young pitchers from South Korea and is building for the future.

That’s certainly a “glass half full” response.  The consensus on Jeremy Guthrie has always been that he’s underrated around the league, but overrated in Baltimore.

I’d be curious to get a stat guy‘s thoughts on Guthrie and O’s offseason as a whole.