While many will have you believe that the regular season and playoffs are the most exciting time to participate in MLB betting, ultimately wagering on where free agents will land is the most exciting. With the World Series ending a few weeks ago, the MLB is now entering its winter season in which General Managers try to improve their clubs.

With a long list of free agents, there is much for GM’s to choose from. However, after the biggest names in the game receive their paydays, GM’s will be searching for hidden gems. Here are two underrated free agents that could make an impact where ever they land this winter.

• Carlos Pena – Pena’s former team the Tampa Bay Rays appear to be headed in a different direction and the long time first baseman will be looking for a new home this winter. For the last several years he has donned the Rays uniform, he has been there most consistent hitter. What’s more, he is the only Tampa Bay Ray to hit over 40 home runs.

2010 was a season from a personal level that Pena would like to forget. His offense hit a wall as his numbers dropped in all categories, and his defense took quite a hit. He’s been undervalued in Tampa and should have gotten a big pay day in 2010; however, look for him to sign for a small contract somewhere else.

• Jermaine Dye – Dye sat out the entire year for 2010 and it is unclear if he will be rusty going into 2011. With that said, Dye has the defensive awareness and offensive prowess that many young teams could surely use.

Dye has hit over 40 home runs on several different occasions and although 2009 was forgettable he still has a lot of power left in the tank. His career average is a season of 30 home runs and 99 runs batted in, and a team sorely needing some offense might want to take a flyer on him.