Emilio Pagán declines option to stay with Reds, reaches free agency

CINCINNATI, OHIO - SEPTEMBER 06: Emilio Pagan #15 of the Cincinnati Reds celebrates after the last out of the 12-8 win against the Milwaukee Brewers at Great American Ball Park on September 06, 2026 in Cincinnati, Ohio. (Photo by Andy Lyons/Getty Images) | Getty Images The Cincinnati Reds got news on Saturday that they’d be free of an otherwise $10 million obligation for the 2027 season. Of course, they also got news that they’re going to need to go find a closer for the 2027 season, too.Emilio Pagán officially declined his option to return to the club for next season, as BBWAA writer Francys Romero reported earlier in the day. In doing so, he’ll hit the market in search of another multi-year pact from someone, though in theory the Reds themselves could still be in the mix for his services on a new deal.Sources: Emilio Pagán declined the Cincinnati Reds’ $10 million option for the 2027 season and will become a free agent, with a strong chance of landing a multi-year contract.Pagán had a notable second half of the season, going 3-0 with a 1.71 ERA, 29 SO in 26.1 IP and 18 SV.— Francys Romero (@FrancysRomero) October 31, 2026Pagán missed nearly two months of the 2026 season after a devastating hamstring strain, though as Romero notes he returned in excellent form through the end of the season.It was the third straight season in which Pagán had been a valuable part of the team’s bullpen, and it marked his second year as the team’s primary closer. All told, he pitched 149.1 IP across his trio of seasons in Cincinnati, notching 58 saves and pitching to a 3.44 ERA and 3.86 FIP. That said, his FIP jumped up to 4.18 during his 42.2 IP in 2026, and while he has consistenly been effective at the back of the team’s bullpen he’s not exactly the 99-100 mph fireballer that many teams prefer to employ in the 9th inning.Still, it wouldn’t be a shock to see him land a multi-year deal for a high leverage role from somewhere other than Cincinnati, even though he’ll be entering his age-36 season in 2027.For now, the Reds have a lot more money to work with for 2027. They’ve also got another large hole in a bullpen that has already seen Brock Burke reach free agency and that lost Pierce Johnson when the Reds declined his mutual option earlier in the day.The #Reds today announced the following transactions: pic.twitter.com/pgDIb2tf44— Cincinnati Reds (@Reds) October 31, 2026As the Reds noted above, their 40-man roster now sits at 35.