The San Diego Padres are heading into 2026 with a clear to-do list - and not a lot of financial wiggle room to get it all done. After a 2025 season that exposed both a lack of power in the lineup and looming depth issues in the starting rotation, President of Baseball Operations A.J. Preller is back in his familiar role: navigating trade talks, working the margins of the free agent market, and looking for creative ways to upgrade the roster.
One of the biggest names on the Padres’ radar? Milwaukee Brewers ace Freddy Peralta.
According to MLB insider Ken Rosenthal, San Diego is one of several teams that have checked in on the 29-year-old right-hander, who’s now officially on the trade block. Peralta is coming off a stellar 2025 campaign where he made 33 starts, went 17-6, and posted a sharp 2.70 ERA - the kind of numbers that make you a hot commodity in any offseason, let alone one where elite arms are in short supply.
Peralta’s contract situation adds even more intrigue. He’s on a team-friendly $8 million salary this season after the Brewers picked up his option, making him both affordable and highly valuable.
That combination means Milwaukee can - and likely will - ask for a substantial return. And knowing Preller’s track record, if the Padres are serious about landing Peralta, they’ll be willing to move some pieces to make it happen.
But Peralta isn’t the only option on the board. With Musgrove and Darvish expected to miss the start of the season, San Diego is also exploring veteran arms in free agency - specifically those who could slot into the rotation without breaking the bank.
Names like Nick Martinez, Lucas Giolito, and Justin Verlander have surfaced as potential fits, all falling within a projected $8-12 million average annual value range. These aren’t long-term solutions, but they’re the kind of experienced arms who can stabilize a rotation while younger talent develops or injured starters work their way back.
It’s a strategy that worked well for the Padres last year when they picked up Nick Pivetta just before spring training - a low-risk, high-reward move that paid off. Expect more of that same approach this offseason: calculated, cost-conscious, and opportunistic.
Offensively, the Padres know they need to add punch to a lineup that finished below league average in runs per game and ranked third-worst in home runs. That’s a tough pill to swallow for a team that was built with power in mind. To help address that, the front office is eyeing a couple of complementary bats - not necessarily everyday starters, but platoon options who can provide matchup advantages.
One possibility is a right-handed bat to pair with Gavin Sheets at designated hitter. Another is a left-handed hitter who could share time with Ramón Laureano in left field. These aren’t headline-grabbing moves, but they’re the kind of roster tweaks that can make a real difference over the grind of a 162-game season.
The biggest move San Diego has made so far? A three-year, $75 million offer to re-sign Michael King - a clear sign they value his upside and see him as a foundational piece of the rotation moving forward.
So while the Padres may not be throwing around blockbuster money this winter, they’re still very much in the mix. Whether it’s swinging a trade for a frontline starter like Peralta or finding value in veteran arms and platoon bats, Preller and company are working every angle to keep San Diego competitive in what’s shaping up to be a pivotal 2026 campaign.