The reliever market is moving fast, and the Yankees are watching it unfold from the sidelines. With Brian Cashman yet to make a move, the bullpen - arguably one of the team’s most pressing offseason needs - is in danger of being left behind. And as the more affordable, high-upside arms continue to sign elsewhere, the pressure to make a splashy move could push the Yankees in a direction that might do more harm than good.
Let’s start with what’s already off the table. Devin Williams, one of the top arms available, is staying in New York - just not in the Bronx.
He’s headed to Queens, reuniting with David Stearns and giving the Mets a late-inning weapon with elite stuff. The Yankees also missed out on Ryan Helsley, a flamethrower who could’ve been a high-upside reclamation project.
Instead, he’s now in Baltimore - a division rival that just got a lot tougher in the late innings. Phil Maton, a model of consistency over the last four seasons with a career-best 2.79 ERA in 2025, signed a team-friendly two-year, $14.5 million deal.
That’s the kind of value the Yankees could’ve used.
Now, with the bargain bin nearly empty, the Yankees are staring down a dangerous possibility: going all-in on Edwin Díaz.
On paper, Díaz is the kind of closer any team would love to have anchoring the back end of the bullpen. He’s coming off a dominant season, posting a 1.63 ERA and striking out 38% of the batters he faced.
When he's on, he’s as electric as anyone in the game. But there’s a reason this move should give the Yankees pause.
For starters, Díaz opted out of the final two years of a five-year, $102 million deal he signed before the 2023 season. He’s now looking for another long-term commitment - reportedly in the neighborhood of five years and $100 million. That’s a massive investment for any team, but especially for a Yankees roster with multiple holes to fill.
This isn’t a team that can afford to pour $20 million a year into a closer right now. The Yankees still need help in the outfield, more depth in the starting rotation, and a right-handed bat who can slot into the infield mix.
That’s before even considering depth pieces or injury insurance. Committing that much to a single reliever would severely limit their flexibility to address those other needs.
And it’s not just about the money. Even if Díaz is elite, a closer can’t make an impact if there’s no one to bridge the gap to the ninth.
Right now, the Yankees’ bullpen depth is shaky at best. David Bednar would be a strong setup option, but beyond that?
Tim Hill is solid but limited in usage. Fernando Cruz and Camilo Doval have electric arms but come with late-inning volatility.
Jake Bird, Brent Headrick, and Yerry De Los Santos aren’t names you want to rely on in tight, high-leverage situations.
In short, this bullpen needs multiple arms - not just one expensive star. And history tells us that even the best relievers can be unpredictable.
Díaz posted a 3.52 ERA in 2024. In 2021, it was 3.45.
And let’s not forget 2019, when he struggled mightily with a 5.59 ERA during his first year in New York. That kind of variance is part of the reliever game, and it’s why teams are often hesitant to hand out long-term deals to closers, no matter how dominant they’ve been.
There’s still time, and there are still options. Kyle Finnegan brings power stuff and late-inning experience.
Tyler Rogers is one of the most durable and reliable arms in the league, with a funky delivery that keeps hitters off balance. These are the types of signings the Yankees should be targeting - cost-effective, proven, and capable of filling multiple roles in the bullpen.
But the clock is ticking. The longer the Yankees wait, the more likely it becomes that they’ll feel the need to make a big move just to make one - and that could lead them straight into a deal they’ll regret.
Edwin Díaz is a phenomenal talent, but he’s not the answer to all of this team’s bullpen questions. Not now.
Not at that price.
The Yankees don’t just need a closer. They need a bullpen. And if Cashman doesn’t act quickly and wisely, he may find himself backed into a corner with only one very expensive option left on the board.