The Cincinnati Reds find themselves in a bit of a holding pattern this offseason - and it’s not because of indecision in the front office. The club’s pursuit of players like infielder Eugenio Suárez and outfielder Austin Hays has reportedly taken a back seat as they wait for clarity on a bigger off-field issue: their broadcast situation.
Earlier this month, the Reds were one of nine teams that officially cut ties with Main Street Sports, the company formerly known as Diamond Sports Group - the same one that used to operate the Bally Sports regional networks. After a couple of turbulent years that included bankruptcy and a rebrand (now operating under the FanDuel Sports Network banner), the company is still struggling to stay afloat. Missed payments to several MLB clubs were the final straw, prompting teams like the Reds to walk away.
This is just the latest chapter in the ongoing decline of the regional sports network (RSN) model, which has been crumbling under the weight of cord-cutting and the rise of streaming. For years, RSNs were a reliable cash cow for teams, but the ground has shifted. Some clubs have turned to MLB to handle their broadcasts, allowing for direct-to-consumer streaming with no blackouts - a fan-friendly move, no doubt - but one that typically generates less revenue and introduces more financial uncertainty.
The Reds explored their options heading into 2025 and ultimately signed a new agreement with Main Street Sports in mid-January. Still, with the ink barely dry and the company’s financial footing anything but stable, Cincinnati is treading carefully.
That caution has carried over into roster construction. President of baseball operations Nick Krall had previously suggested the team’s payroll in 2026 would mirror last year’s - but that was before the broadcast drama escalated. And so far, the Reds have kept things relatively quiet on the transaction front.
They brought back right-hander Emilio Pagán on a two-year, $20 million deal - a modest bump from the $16 million contract he just completed. They also handed out one-year deals to right-handers Pierce Johnson and Caleb Ferguson, as well as outfielder JJ Bleday and righty Keegan Thompson. All of those deals came in under $7 million, and Thompson has since been claimed off waivers by the Rockies.
The addition of Bleday may have indirectly led to Gavin Lux being shipped out in a three-team trade that brought in lefty Brock Burke. That move saved the Reds a few million dollars, as Lux is set to earn $5.525 million this season, while Burke will make $2.325 million.
Right now, the Reds’ payroll is projected to sit at around $112 million - the same number they carried into 2025. Without a clearer picture of their media revenue, it’s unlikely they’ll push much higher.
One potential lever to free up space would be trading right-hander Brady Singer, who’s set to make $12.75 million this year. Despite trade rumors swirling all winter, he remains on the roster - for now.
As for the names the Reds are reportedly eyeing, Suárez might be the longer shot. He’s coming off a monster 49-homer season, and while he’s still unsigned, the expectation is that he’ll command a significant deal - MLBTR projected a three-year, $63 million contract earlier in the offseason. Even if the market cools and he lands a shorter deal, the price tag would still be steep.
Defensively, Suárez has limitations and is now 34, so he wouldn’t be a fit at third base, where the Reds already have Ke’Bryan Hayes. Instead, he’d likely slot into a first base/DH rotation that includes Sal Stewart and Spencer Steer.
Stewart flashed promise in a brief 2025 debut but only has 58 plate appearances at the big-league level. Steer has put together a couple of average seasons at the plate and could see time in the outfield as well.
Hays, on the other hand, feels like a more realistic target. He was with the Reds last year on a one-year, $5 million deal and delivered a solid season.
His right-handed bat complemented the team’s lefty-heavy outfield mix, which included TJ Friedl and Lux. With Lux gone and Bleday now in the picture, Hays could reprise that role in 2026 - assuming he’s still available once the Reds get their broadcast situation sorted out.
That’s a big “if.” Hays has also drawn reported interest from the Royals, Yankees, Mets, and Cardinals this winter, though many of those teams have since made other moves in the outfield. If he’s still on the market when the Reds are ready to make a move, the fit remains strong.
For now, though, Cincinnati is stuck in a waiting game. The roster isn’t set, but the checkbook is on pause - all because of a broadcast model that’s no longer the moneymaker it once was. Until that picture clears, the Reds will have to balance ambition with caution, and that means any big additions - whether it’s Suárez, Hays, or someone else - will have to wait.