Two familiar names to Brewers fans just landed major deals in free agency - one a former All-Star closer, the other a once-promising prospect who took the long road back to relevance. Devin Williams is heading to Queens to join the Mets, while Cody Ponce is making a surprise MLB return with the Blue Jays after a breakout year overseas.
Let’s break down how both pitchers got here - and what these deals say about the state of the free agent market.
Devin Williams: A Bet on Bounce-Back Brilliance
If you know anything about dominant relief pitching over the last half-decade, you know Devin Williams. The 31-year-old right-hander was once Milwaukee’s not-so-secret weapon - a bullpen ace with a devastating changeup and the hardware to prove it.
Originally drafted by the Brewers in the second round back in 2013, Williams made his big-league debut in 2019. But it was the shortened 2020 season when he exploded onto the scene.
In just 22 games, he allowed one earned run over 27 innings. That’s not a typo.
His ERA? A microscopic 0.33.
His FIP? An equally ridiculous 0.86.
And he struck out 53 in that span. The accolades followed: NL Rookie of the Year, NL Reliever of the Year, and even some Cy Young and MVP votes.
He remained a force in the years that followed. From 2021 through 2023, Williams posted elite numbers - sub-2.00 ERAs, high strikeout rates, and 51 saves across his final two seasons in Milwaukee after Josh Hader was dealt. He was named an All-Star in both 2022 and 2023 and picked up another Reliever of the Year nod.
But 2024 brought turbulence. Williams missed the start of the season with stress fractures in his back.
When he returned midyear, he looked like his old self - a 1.25 ERA, 2.06 FIP, and 14 saves in just over 21 innings. But the postseason was a different story.
Over two playoff runs in 2023 and 2024, he gave up six earned runs in just 2 1/3 innings - including a crushing homer to Pete Alonso in the NL Wild Card Series.
That offseason, Milwaukee traded him to the Yankees in a deal that brought back lefty Nestor Cortes and infield prospect Caleb Durbin. In New York, Williams had a rough regular season - a 4.79 ERA - but the underlying numbers told a more forgiving story. His 2.68 FIP suggested he was better than the surface stats showed, and he still racked up 90 strikeouts and 18 saves over 62 innings.
And when October rolled around? Williams flipped the script. He was lights-out in the playoffs for the Yankees, tossing four scoreless appearances while allowing just three hits and two walks.
That postseason performance - paired with his track record - was enough for the New York Mets to come calling. The deal?
Three years, $50 million. It’s a hefty bet on a high-ceiling reliever who’s shown both dominance and volatility in recent years.
If he stays healthy and returns to form, the Mets might have landed one of the most impactful bullpen arms on the market.
Cody Ponce: From Milwaukee to Korea and Back Again
Now here’s a name you probably haven’t heard in a while. Cody Ponce, also 31, was once a Brewers second-round pick out of Cal Poly back in 2015. He climbed the minor league ladder steadily, reaching Double-A by 2019 before being traded to the Pirates for veteran righty Jordan Lyles.
Ponce made his big-league debut with Pittsburgh in the pandemic-shortened 2020 season. He held his own in five games (three starts), posting a solid 3.18 ERA across 17 innings.
But 2021 was a struggle. He bounced between Triple-A and the majors, and in 15 MLB appearances, he was hit hard - an ERA near 8.00 and an 0-6 record.
The Pirates released him after the season, and Ponce took his talents overseas. He pitched in Japan for three seasons before heading to the KBO in 2025, where he absolutely dominated.
With the Hanwha Eagles, Ponce posted a 1.89 ERA, a 17-1 record, and 252 strikeouts in 180 2/3 innings. That performance earned him KBO MVP honors - and, more surprisingly, a three-year, $30 million deal with the Toronto Blue Jays.
It’s a massive payday for a pitcher with limited MLB success and just one standout season abroad. But clearly, Toronto sees something they like - maybe improved command, maybe a more refined pitch mix, or maybe just a belief that Ponce’s breakout wasn’t a fluke. Either way, it’s a fascinating story of a player who reinvented himself overseas and now finds himself back in the big leagues with a major opportunity.
What This Tells Us About the Market
Deals like these - especially for pitchers with recent struggles or limited MLB track records - are sending a clear message: this free agent market is expensive, and it's moving fast.
Take a look at some of the contracts already signed:
- Dylan Cease (Blue Jays): 7 years, $210 million
- Raisel Iglesias (Braves): 1 year, $16 million
- Ryan Helsley (Orioles): 2 years, $28 million
- Josh Naylor (Mariners): 5 years, $92.5 million
- Phil Maton (Cubs): 2 years, $14.5 million
- Even Alek Manoah, who hasn’t looked like himself in years, got a guaranteed deal from the Angels.
Now add Williams and Ponce to that list, and you can see why small-market teams like Milwaukee might be sweating a bit. The Brewers have made it clear they’re watching their payroll - and while their roster remains largely intact from a team that finished with MLB’s best record in 2025, the financial landscape isn’t doing them any favors.
The big takeaway? Pitching is expensive, even if there are question marks attached.
Teams are paying for upside, postseason potential, and in some cases, hope. And for the Brewers - who just watched two former arms cash in - it’s another reminder of how hard it is to hang onto talent in today’s market.