Koehler, 31, has spent the season bouncing between the big leagues and Triple-A, seeing very different results at each level. While he’s struggled to a 7.92 ERA and 6.89 FIP in 12 major-league starts, he owns a 1.67 ERA in 37.2 innings at Triple-A New Orleans.
Koehler is arbitration-eligible this winter, giving Toronto an additional year of control past this one. He has been a serviceable starter for Miami since reaching the bigs in 2012, posting three seasons of sub-4.35 ERAs in that span, so Toronto will hope that he can provide major-league innings in a new setting.
Gutierrez, 22, is a Nicaraguan-born righty who has struggled to a 7.85 ERA in 18 starts for Single-A Lansing this season. He was ranked by Baseball America as Toronto’s 26th-best prospect entering this season before putting up rough numbers in Class A.