As the San Francisco Giants gear up for the 2026 season, one of the biggest challenges they face isn’t just about talent-it’s about flexibility. Specifically, roster flexibility.
With only a handful of players still holding minor league options, the front office has to tread carefully when constructing the Opening Day roster. Once those options are gone, there’s no safety net-any roster move means exposing a player to waivers.
Four Giants-Luis Matos, Jerar Encarnación, José Buttó, and Matt Gage-are entering the season out of minor league options. That puts them in a high-stakes position this spring: perform, or risk being cut loose. Let’s break down where each of them stands heading into camp.
Luis Matos: Bat-First Outfield Option in a Crowded Mix
Luis Matos enters spring training in the thick of a competition for the Giants’ fourth outfielder spot. He’ll be battling with Jerar Encarnación, Drew Gilbert, and Grant McCray, while Tyler Fitzgerald is expected to get some outfield reps as well. It’s a deep group, and it’s going to come down to who brings the most value-and who the team can afford to carry without sacrificing depth elsewhere.
Defensively, Matos doesn’t quite match up to Gilbert or McCray. But with the bat?
He might be the most polished hitter of the bunch. Over three seasons in the bigs, Matos has posted a .231/.281/.369 slash line-numbers that don’t jump off the page, but his 14.2% strikeout rate shows a level of plate discipline that suggests there’s more to unlock.
2025 was his best season to date, finishing with a .691 OPS in 184 plate appearances. A late-season surge helped boost those numbers, but despite the hot streak, Matos found himself back on the bench and eventually optioned down to finish the year in the minors. Now, with no options left, the Giants will have to make a firm decision: either Matos earns his spot, or they risk losing him.
Jerar Encarnación: Power Potential, But Is There Room?
Encarnación had a frustrating 2025. A hand fracture derailed his season before it even began, and he never really got going. He ended up with just 56 plate appearances, though he still managed to flash some of the power that made him an intriguing addition in the first place.
At 28, Encarnación is a bit of a one-trick pony-his value lies almost entirely in his bat. That’s not necessarily a bad thing, especially in a designated hitter role, but it does limit how he fits into a roster that’s already trying to maximize versatility.
He and Matos are likely to go head-to-head for at-bats this spring. If both produce in the Cactus League, the Giants will have a tough call to make. Carrying both could create roster crunch elsewhere, especially if neither offers significant value on defense or the basepaths.
José Buttó: Depth Arm With a Short Leash
José Buttó came over in the deal that sent Tyler Rogers to the Mets, and while he’s not necessarily fighting for a job in camp, he doesn’t have much margin for error once the season begins.
The right-hander owns a career 3.56 ERA over four major league seasons, and after the trade, he logged a 4.50 ERA in 21 appearances for San Francisco. The stuff is there-he’s got a starter’s pitch mix, and both his slider and changeup generate solid swing-and-miss numbers.
But the command? That’s where things get shaky.
Buttó profiles more as a middle reliever than a high-leverage arm, but on a Giants bullpen that’s still sorting itself out, there’s a path for him to carve out a role. If he falters, though, the team can’t stash him in Triple-A. That makes every outing matter just a little more.
Matt Gage: Lefty Depth With a Shot at More
Every year, teams find hidden gems in the bullpen-guys who come in on minor league deals and end up eating big innings. Matt Gage could be one of those stories for the Giants.
Originally drafted by San Francisco back in 2014, Gage returned to the organization midway through last season and gave them quality innings down the stretch. In 25.1 frames, he posted a 3.90 ERA, a sharp 2.66 FIP, and held left-handed hitters to a .591 OPS across 72 plate appearances. That’s the kind of performance that earns trust.
The left-handed relief corps looks solid with Erik Miller and Sam Hentges leading the way, but Gage gives them another option who’s shown he can handle tough matchups. He may not start the year in a leverage role, but don’t be surprised if he ends up there if he keeps missing bats and limiting damage.
The Big Picture: Roster Decisions with Real Consequences
None of these four players can be optioned without passing through waivers, which raises the stakes this spring. Every at-bat and every inning pitched is going to matter more than usual. For the Giants, it’s not just about who performs-it’s about who fits, who stays healthy, and who gives them the best shot to navigate a long season without burning through depth too early.
Spring training always brings surprises, and with roster flexibility at a premium, the Giants are going to need to make some tough calls. For Matos, Encarnación, Buttó, and Gage, the message is clear: there’s no room for slow starts.