Emilio Pagán has gone from one of the most frustrating pitchers in Cincinnati to one of the most valuable in a hurry, and that turnaround may be creating a new problem for the Reds.
Early in 2026, Pagán looked like a bullpen liability. In his first 15 appearances, the Reds closer posted a 6.43 ERA, a 5.80 FIP and a 17.7% strikeout rate, while blowing three of his first nine save chances over the season’s first two months.
Then came the hamstring injury. Pagán landed on the IL on May 5, and he thought his year might be done. Instead, after nearly two months of rehab, the right-hander made it back to the mound in late June.
Not every Reds fan was thrilled to see him reclaim the ninth inning, and that reaction made sense. But since his return, Pagán has been on a run that has changed the conversation entirely.
Since July 1, he has worked 13 relief outings, picked up eight saves and covered 12⅓ innings. In that stretch, he has struck out 18 batters, walked only two and put up a 1.46 ERA with a 2.19 FIP. The strikeout rate sits at 37.5%, while the walk rate is just 4.2%.
That kind of finish could complicate his future in Cincinnati. Pagán signed a one-year deal in December with a player-option for 2027, which means he’ll have to choose between staying with the Reds or heading back to free agency.
A strong finish could put him in line for multi-year offers elsewhere. The source material notes that he is not Mason Miller, but he has become a dependable ninth-inning arm, and if he keeps dealing, the market could get very interesting for him this offseason.
There’s also the matter of the upcoming Collective Bargaining negotiations, which could make the whole situation even messier. From Pagán’s standpoint, the most straightforward path would be to exercise the option and collect another $10 million next year. It would also let him and his family stay in Cincinnati, something he has spoken fondly about since arriving in 2024.
Still, the decision may not be simple. Once the World Series ends, Pagán will have only a short window in early November to decide whether to pick up that player-option.
If his numbers settle back toward earth, a return to the Reds feels likely. If he keeps mowing hitters down, though, he could be setting himself up to leave money on the table by staying put.
For now, Pagán’s late-season performance is doing more than stabilizing the Reds’ bullpen. It may be reshaping his next contract, too.
In Other News...
Sal Stewart Just Added Fuel To A Rookie Of The Year Debate
Sal Stewarts name has moved into the center of the NL Rookie of the Year conversation, and from a Reds perspective it is easy to see why. The Cincinnati infielder has been piling up the kind of offensive production that jumps off the page, putting him ahead of St. Louis rookie JJ Wetherholt in the categories fans notice first, especially the power numbers and overall run production.
Wetherholt, though, has his own case because the Cardinals have gotten more complete value from his glove, and that has pushed his WAR well above Stewarts. It is the sort of comparison that can make the award debate feel split between old-school box score production and modern all-around value, which is why the numbers do not line up as neatly as a Reds fan might expect when looking at Stewarts resume alone. [Read more 🡒]
Reds Prospect Shakeup Puts New Pressure On Former First Round Bat
Baseball Americas final in-season update to the Reds Top 30 prospects brought a notable reshuffling, with Alfredo Duno moving into the No. 1 spot as the organizations farm system took a broader hit. Cincinnatis pipeline now sits at No. 28 overall, a step back from its preseason standing and another reminder that the clubs minor league depth has not held steady through the season.
Cam Colliers slide is one of the most telling parts of the update, especially for a player the Reds once viewed as a major cornerstone bat. The former first-round pick has been pushed down to the edge of the list after a tough run in Double-A Chattanooga, and his standing now adds a fresh layer of pressure as the organization tries to determine what still comes next for one of its most closely watched young hitters. [Read more 🡒]