A pending lockout brings two theories on November business. Teams will be in a rush to make roster moves before business is frozen in the winter, or there will be a wave of late signings and trades after the thaw.

Panic or patience. Pick one. Or perhaps aim for something in the middle.

Look for both. There might not be much of a gap between an agreement and the first day of spring training, but lots can get done. We’ve seen it.

The GM Meetings begin today in Las Vegas, which usually lays the groundwork for future moves, but the possibility of a Winter Meetings cancellation could spur activity. If not on site, then after executives return home later in the week.

The same urgency didn’t exist last November, but the Orioles traded for left fielder Taylor Ward and reliever Andrew Kittredge. The total cost was starter Grayson Rodriguez and cash. They also signed outfielder Leody Taveras to a one-year, $2 million contract.

Ward, Kittredge and Taveras are free agents. Of the three, Kittredge might have the best odds of returning because of the Orioles’ constant bullpen shuffling. He’d provide some insurance behind closers Ryan Helsley and Félix Bautista. But the expectation is that he’s headed for another organization.

The month of December was busy before, during and after the Winter Meetings. Helsley was signed on the 1st to a two-year, $28 million contract that contained a $14 million player option in 2027. First baseman Pete Alonso was the big haul with his agreement on a five-year, $155 million contract, the second richest in franchise history, on the final day in Lake Buena Vista, Fla. The trade for Shane Baz, which cost the Orioles four prospects and a Competitive Balance Round A pick, happened on the 19th. Starter Zach Eflin re-signed with the Orioles on the 28th.

Helsley exercised his option after going on the injured list twice with elbow inflammation and appearing in only 17 games. Baz started slowly after signing a five-year, $68 million extension, but he posted a 4.11 ERA in a team-leading 31 starts. His 179 2/3 innings were a career high.

Baz’s 3.46 run support average was third lowest among all qualified pitchers and the lowest by a qualified Orioles pitcher since Kevin Millwood (3.26) in 2010.

Eflin blew out his elbow in his first start after breaking camp with the Orioles. He’s a free agent again.

Alonso was worth every cent, giving the team exactly what it hoped for and needed on and off the field. But even a star can carry it only so far.

Alonso and Red Sox first basemen Willson Contreras are finalists for the American League’s Silver Slugger Award. The winners will be announced on Nov. 17.

This would be back-to-back honors for Alonso, who’s a five-time finalist. Chris Davis is the last Orioles first baseman to win a Silver Slugger in 2013.

Alonso batted .267/.363/.522 with 24 doubles, 43 home runs, 113 RBIs and a 5.0 fWAR in 161 games. He led the AL in homers and RBIs and was the unanimous winner of the Most Valuable Oriole Award. He also became the first player in major league history to lead both leagues in RBIs.

Among his many other accomplishments, Alonso was the third player in team history with 100 or more RBIs and 75 or more walks in his first season with the Orioles after Albert Belle in 1999 and Frank Robinson in 1966. He’s the fifth player in major league history with 30-plus homers in at least seven of his first eight seasons, joining Ralph Kiner, Eddie Matthews, Albert Pujols and lifelong Yankees fan Mark Teixeira.

“You look at his stats and numbers and you can’t help but be impressed with what he’s done,” said Hall of Famer Cal Ripken Jr., who saw plenty of Alonso from his front-row seat next to the dugout and as part of the Orioles’ ownership group.

“You hear good things about him, but then you get to meet him and talk to him and he’s as authentic as you get. He is what you think he is. Tremendous team player, good for the young guys on the team. And he had a heck of a defensive year, too. Besides him getting off to a little slow start, probably trying too hard, he had a heck of a year. Righted himself. And towards the end of the year, if he didn’t hit a home run you would be disappointed. He’d fly out to the warning track. It seemed like every at-bat you were anticipating he would hit the ball out of the ballpark.

“It was a fun year to get to know him, but even more fun to watch him.”

The month of January wasn’t as impactful for the Orioles. They claimed outfielder Jhonkensy “Big Christmas” Noel off waivers from the Guardians and designated him for assignment two days later. He cleared waivers, was outrighted and got released in July. Catcher Sam Huff signed a minor league deal and went 3-for-33 in 14 games. He’s a free agent. Utility player Weston Wilson was claimed on waivers from the Phillies, went 9-for-39 with a double and home run in 19 games and signed with the Mariners in June. He’s also a free agent.

I wouldn’t anticipate any reunions with the Orioles, but depth moves for the minors are a must. Don’t print the World Series tickets, but at least try to understand the reasoning.

The major league shopping list, if you haven’t committed it to memory, includes starting pitching, at least one high-leverage reliever, at least one outfielder and a catcher who can compete in spring training for the backup job.

The Orioles might be leaving Las Vegas with the same items on it. Executives will be on planes and the clock.