The market for late-inning relievers saw significant activity on Wednesday as free-agent right-hander Emilio Pagán reached an agreement to return to the Cincinnati Reds on a two-year, $20 million contract, as reported by sources familiar with the negotiations. The deal includes an opt-out clause after the first year and is pending a physical.
This move marks an essential step for the Reds as they work towards rebuilding their bullpen, all while also pursuing free-agent designated hitter Kyle Schwarber. Earlier this offseason, the Reds declined club options for relievers Scott Barlow and Brent Suter, and several other pitchers, including Pagán, Nick Martinez, and Taylor Rogers, are now free agents.
Pagán, who will turn 35 in May, is coming off what some consider the best season of his nine-year career, especially since he took over as the Reds’ primary closer. He made a career-high 70 appearances in the past season, achieving an impressive 2.88 ERA and notching 32 saves out of 38 opportunities. His strikeout rate ranked in the top 11 percent of Major League Baseball, underlining his effectiveness as a crucial bullpen asset.
In 2025, Pagán’s 32 saves tied him for the second-most in the National League, closely following the San Diego Padres’ Robert Suarez. After assuming the closer role following injury setbacks for Alexis Díaz, Pagán quickly established himself as a reliable option for manager Terry Francona. He showcased his skills particularly well towards the end of the season, with four consecutive scoreless outings that included saves in three consecutive games, driving the Reds to their first playoff appearance in a full season since 2013.
With the upcoming 2026 season, Pagán will enter his third consecutive year with the Reds. His journey in professional baseball has included stints with the Minnesota Twins, San Diego Padres, Tampa Bay Rays, Oakland Athletics, and Seattle Mariners, who drafted him in the 10th round in 2013. As he returns to Cincinnati, both the team and fans have reason to be optimistic about his continued impact on the field.