The Reds may have a new face of the franchise in Sal Stewart, and that comes with a familiar front-office problem: keeping him around long term is going to get more expensive.
Stewart’s National League Rookie of the Year Award on Monday only sharpened the conversation about a possible extension. For now, though, nothing is on the table.
On Tuesday, there had been no discussions between the Reds and Stewart’s agent, Dan Lozano. Asked at the General Managers Meetings in Las Vegas whether talks could be coming, president of baseball operations Nick Krall kept it simple.
“Not sure right now," Krall told reporters, including MLB.com’s Mark Feinsand.
The Reds already made one major commitment to a young core piece this year, signing All-Star starting pitcher Chase Burns in July to a seven-year, $105 million extension. Stewart would be the next big piece if Cincinnati wants to keep its young nucleus intact beyond its free agent-eligible years.
The 22-year-old made a loud case for himself in 2026, hitting .263 with a .787 OPS, 32 home runs and 112 RBIs while appearing in all 162 games and making 161 starts. He also earned an All-Star nod. Most of his work came at first base, where he made 110 starts, but he also logged time at third base, designated hitter and second base.
That versatility matters because first base was still new to him late in the 2025 season, just before his Sept. 1 callup. He then handled the position in the NL Wild Card Series against the Dodgers.
Stewart also spent the offseason trying to sharpen his defense, dropping about 25 pounds in the process. He said he would not mind getting more chances at his other spots, either.
Krall came away impressed with how Stewart adjusted.
“He took to first base really well last year," Krall said. "He played third well whenever we needed him to play there and DH’d as well.
He did a good job wherever you put him. He lost weight, got more athletic last year and it really helped his defense.”
If Cincinnati’s offseason plans end up pushing Stewart back toward third base, his natural position in the minors, Krall believes that remains a realistic option.
“As long as he continues to stay athletic, he has got a chance to be a good Major League defender wherever you put him," Krall said. "I’m really excited about that and about his work ethic.”
There’s also the possibility of another reunion in the bullpen. Nearly a year ago, on Dec. 4, the Reds brought back Emilio Pagán on a two-year, $20 million deal with a player option for 2027. He declined that option after one season and is back on the market, but Krall made clear the club would be open to another run with him.
“We loved having him. He was great," Krall said. "He has been really good for us the last three years.”
Pagán, 35, has 57 saves over the past two seasons as Cincinnati’s closer.
Another name to watch is Elly De La Cruz, though nothing appears close there yet either. The shortstop can become a free agent after the 2029 season, and trade interest could rise as that date gets closer, especially if extension talks never materialize. For now, Krall said that hasn’t become a real issue.
“We’ve got three years of control left on him," Krall said. "He’s a really good player on our club. As of right now, I think if there is something out there or somebody wants to come to us and talk about it … but he’s a great player and I love having him on our team.”
The bigger picture for Cincinnati is still the same: build a roster good enough to get back to the postseason after a 75-win 2026 season. Krall didn’t offer any specifics on the club’s expected 2027 budget, saying only, “We’re still working through it.”
What he did outline was the shopping list. The Reds need starting pitching.
They need a catcher, whether that ends up being Tyler Stephenson or someone brought in to replace him. They need help in the bullpen, too, along with a better plan for the arms already in place.
“We need to add some more starting pitching," Krall said. "We’ve got to find a catcher, whether it’s Tyler [Stephenson] or a replacement for Tyler. We need to bolster our bullpen and rework the guys we have in there and figure out how we can get better.”
If free agency doesn’t solve those problems, Krall left the door open to using players from the big league roster in trades.
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