The Cincinnati Reds are quietly building something intriguing in their bullpen - and if the early moves this offseason are any indication, that unit could be a real asset heading into 2026.
The headliner so far? Re-signing Emilio Pagán.
Locking him into a two-year deal gives the Reds a proven closer and solidifies the back end of the bullpen alongside Tony Santillan. That duo gives Cincinnati a dependable late-inning combo - something they haven’t consistently had in recent seasons.
But the Reds didn’t stop there. They went bargain hunting and may have found value in Keegan Thompson, signing the former Cubs righty to a split deal.
Thompson hasn’t quite recaptured the magic of his breakout 2022 campaign, but he brings the kind of versatility that’s quietly valuable over a 162-game grind. Think of him as a potential innings-eater in the mold of what Nick Martinez has offered in recent years - someone who can bridge the gap when the starter exits early or soak up multiple innings in a tight game.
Then came a much-needed addition from the left side: Caleb Ferguson. The Reds inked the former Dodgers reliever to a one-year deal, and he immediately becomes the top southpaw in the bullpen.
Ferguson posted a 3.58 ERA and 3.26 FIP over more than 65 innings last season - solid numbers that reflect both reliability and effectiveness. With Sam Moll struggling to a 6.38 ERA in 2025, Ferguson is a clear upgrade and gives Cincinnati a lefty they can trust in most situations.
Still, there’s a gap that hasn’t been filled - and it’s hard to ignore.
Even with Ferguson on board, the Reds are thin when it comes to left-handed relief options. Moll remains in the mix, but his 2025 numbers don’t inspire confidence.
And while Ferguson has been steady, he’s not a proven high-leverage closer - he’s logged just six saves in seven big league seasons. That leaves Cincinnati without a true late-game lefty presence, a hole that was there before the winter meetings and still lingers now.
That’s what makes the Reds missing out on Matt Strahm so frustrating.
Strahm, one of the more effective left-handed relievers in the game over the past two years, was reportedly available - and the Royals pounced, acquiring him from the Phillies for right-hander Jonathan Bowlan. With all due respect to Bowlan, he’s a reliever without minor league options who posted a 3.97 FIP last year.
That’s not exactly a king’s ransom. It’s hard to believe the Reds couldn’t have matched - or exceeded - that offer with one of their own controllable arms from the farm system.
Strahm isn’t just another lefty. He’s struck out nearly 30% of hitters over the past two seasons and brings the kind of swing-and-miss stuff that plays in high-leverage spots. He would’ve been a perfect fit for a bullpen that’s still searching for a second dependable lefty.
Now that Strahm’s off the board, the Reds are left surveying a thin market. JoJo Romero of the Cardinals is likely the top trade option still available, but prying him away from a division rival is never easy.
Free agency? It’s even more barren.
Names like Sean Newcomb and Danny Coulombe are out there, but neither is a sure bet to fill the high-leverage role Cincinnati needs.
The good news is that Ferguson’s presence gives the Reds a little breathing room. The urgency to add a lefty isn’t quite as intense as it was a few weeks ago. That said, the window to make a real upgrade is still open - and if a reliever of Strahm’s caliber becomes available again, Cincinnati can’t afford to hesitate.
For now, the focus may shift to adding a power bat, but the bullpen remains a work in progress. The pieces are starting to fall into place. If the Reds can land one more left-handed weapon, they’ll be well on their way to turning a former weakness into a legitimate strength.