The Reds are headed into a bullpen crossroads after Emilio Pagan opted out on Saturday and became a free agent. With one of their key late-inning arms now on the market, Cincinnati has to decide how it wants to replace him if he signs elsewhere.
One name that could be in the mix is Devin Williams. The 31-year-old New York Yankees reliever is an unrestricted free agent entering 2027, and he’s coming off a strong season: 69.1 innings, a 7-3 record, a 2.47 ERA, 20 walks and 76 strikeouts.
He also posted 1.9 bWAR. The price tag, though, could be steep, with a deal projected at up to three years and $45 million.
Raisel Iglesias is another possible fit. The 37-year-old closer could reunite with Cincinnati for 2027 after spending the last five seasons in Atlanta.
Over that stretch, he threw 278 innings with a 2.79 ERA and produced 8.0 bWAR, including a 2.9 mark in 2024. Even heading into his age-38 season, he’s still viewed as a usable closer, and a contract worth up to two years and $22 million could be in play.
Then there’s Brent Burke, who may be the most practical option. The Reds know him well after he spent last season in Cincinnati, and they can begin negotiating with his camp before other teams can on November 2nd.
With Pagan out, Burke should be near the top of the list. He logged a career-high 77 games in 2026, throwing 74.1 innings with a 2.30 ERA.
His 1.3 bWAR ranked among the best in the Reds’ bullpen, and he picked up two saves. A deal could reach four years and $16 million, and that kind of value would be especially appealing with Cincinnati also lacking any left-handed pitchers on the 40-man roster.
Pagan had been a steady bullpen presence over the past couple of seasons, but if he lands elsewhere, the Reds will need to find a replacement they can trust in the late innings.
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Reds Suddenly Face A Bullpen Reset With Big Money Decisions Ahead
The Reds spent the first week of the offseason making a clear financial statement, declining the 2027 contract options for Emilio Pagan, Eugenio Suarez and Pierce Johnson. It is the kind of move that instantly reshapes the pitching picture and trims future commitments, even if it leaves a few familiar names suddenly on the open market.
Pagans situation is the one that stands out most, since he has handled closing duties for Cincinnati over the past two seasons and is now positioned to test free agency after turning down his $10 million option. Suarez and Johnson are also free agents after the club passed on their mutual options, with Johnsons exit including a $1 million buyout, and the Reds now have a bullpen reset to manage while bigger money decisions loom ahead. [Read more 🡒]
Reds Just Created Flexibility That Could Reopen A Familiar Question
The Reds spent the early part of the offseason clearing some immediate payroll and roster space, and the latest moves only sharpen that picture. Cincinnati declined the mutual contract options on right-hander Pierce Johnson and infielder Eugenio Suarez, while Emilio Pagan announced he will decline his $10 million option, leaving the club with a lighter 40-man roster and a little more financial breathing room heading toward 2027.
For a team that has spent plenty of time balancing present needs against future flexibility, that kind of maneuvering matters. It also reopens a familiar question about how aggressively the Reds want to pursue help in the infield and on the mound, even as two recognizable names now head into free agency and the front office keeps its options open. [Read more 🡒]
Reds Could Have A Cheaper Rotation Answer This Winter
The Reds were linked to Nick Martinez last winter before choosing to add Eugenio Surez instead, and the right-handers name is back in the conversation as another offseason arrives. Martinez is expected to hit free agency again after his run with the Rays, but the market projection around him suggests Cincinnati would be looking at a pricier rotation piece than it may want to chase this time around.
That is why Aaron Civale has surfaced as a more realistic fit for the Reds if they want to add a starter without pushing too far into the upper tier of the market. Civales recent performance and free-agent status make him an appealing alternative on paper, especially for a club that has shown interest in shoring up the rotation while keeping its spending flexible. [Read more 🡒]