The Tampa Bay Rays are heading into the offseason with a big question already on the board: whether they can bring back one of the most important arms from their 2026 run.
Veteran right-hander Nick Martinez is declining his mutual option worth $20 million for the 2027 season, according to MLB insider Jon Heyman. Martinez will instead take a $4 million buyout and become a free agent, opening the door to a trip through the market after a strong year in Tampa Bay.
Nick Martinez is declining his Rays mutual option for $20M, picking up $4M in the process and becoming a free agent (of course!) Note: Basically zero mutual options are exercised by both sides
- Jon Heyman (@JonHeyman) October 30, 2026
That move lands just days after the Rays came up short of their first World Series title in franchise history, and it arrives with Martinez fresh off the best season of his career.
The 36-year-old was one of Tampa Bay’s steadiest starters all year long, making 31 appearances and going 15-6 with a 3.10 ERA and a 1.09 WHIP. That work also earned him the first All-Star nod of his career.
Martinez kept dealing in October, too. He pitched in four postseason games and finished 1-1 with a 2.81 ERA, allowing only five earned runs across 16 innings. His final outing came in Game 4 of the Fall Classic, when he gave the Rays two innings of one-hit ball with one strikeout in a dramatic 4-3 extra-inning win that kept their title hopes alive.
Even with the option decline, Tampa Bay isn’t automatically out of the picture. Martinez can still negotiate a new deal with the Rays, so a return remains possible.
Still, after a breakout season like that, he could draw real interest from clubs looking to upgrade their rotations. For Tampa Bay, finding a way to keep Martinez in the fold may become a major early priority as the team builds toward another championship chase in 2027.
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