The Reds’ bullpen picture for 2027 got a lot clearer late on Halloween, and it starts with Emilio Pagan walking into free agency.
Pagan declined his $10,000,000 option for next season, ending a three-year run in Cincinnati and leaving the Reds in search of a new closer. The move, along with Cincinnati’s decisions on Eugenio Suarez and Pierce Johnson, was first reported by Mark Sheldon of Reds.com.
Suarez’s $16,000,000 mutual option was turned down by the Reds, while Johnson’s option was also declined, triggering a $1,000,000 buyout. All three are now free agents.
That pushes the Reds to six players from the 2026 club who are set to test free agency. Catcher Tyler Stephenson, along with pitchers Brady Singer and Brock Burke, became free agents when the World Series ended.
Pagan’s Cincinnati tenure had a clear arc. In 2024, he posted a 4.50 ERA and finished with just one save in 38 appearances.
Then came 2025, when he delivered the best season of his career: a 2.88 ERA in 70 games and 32 saves for the Reds. He returned on a free-agent deal for 2026 that included the option he just declined.
His 2026 season was interrupted by a hamstring injury suffered in early May, but once he came back in July, he was dominant. Over 30 games after returning to the active roster, Pagan put up a 1.88 ERA with five walks and 34 strikeouts in 28.2 innings. He converted 19 of 19 save chances and also picked up three wins during that stretch.
Pagan will turn 36 next May, which makes this a significant free-agent moment for him. Coming off back-to-back strong seasons, he’s in position to chase a multi-year deal and should have a shot at something richer than the $10,000,000 he would have received by staying in Cincinnati.
The Reds’ decision on Suarez was less surprising. He was around league average by the end of the season, but his first half dragged down the overall line before he improved after the break.
Even so, he finished at .212/.307/.433. He’ll turn 36 in July, and $16,000,000 is a hefty price for a player whose value largely comes from 30-plus home run power.
Johnson’s case followed a similar pattern. He’ll also turn 36 next season, and his year was a step back: 56 games, a 4.62 ERA, and a 91 ERA+, his lowest since 2022. By declining his option, the Reds will pay him $1,000,000 rather than $8,000,000 total, leaving them with $7,000,000 to redirect elsewhere for the 2027 roster.
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