How Emilio Pagan Shakes Up Reliever Market by Declining 2027 Option

Multiple high-leverage arms could secure big paydays this winter

Cincinnati Reds pitcher Emilio Pagán (15) cheers after striking out Tommy White for the final out of the ninth inning of the MLB Interleague game between the Cincinnati Reds and the Athletics at Great American Ball Park in downtown Cincinnati on Wednesday, Aug. 5, 2026. The Reds won the second game of the series, 3-2. | USA TODAY Network via Reuters Connect

A closer who has three seasons with at least 20 saves is officially on the market.

The Cincinnati Reds announced Saturday that right-handed reliever Emilio Pagan declined his $10 million player option, becoming a free agent for the 2027 season. The 35-year-old spent the past three years with Cincinnati, posting a 3.44 ERA in 153 games and racking up 58 saves. After producing a 2.88 ERA and 32 saves for the Reds in 2025, the 6-foot-2 righty had a 3.38 ERA and 25 saves this season.

Many teams will be looking to sign reliable bullpen arms this offseason. Here are some of the other top relievers who will join Pagan in free agency ahead of the 2027 MLB season.

David Bednar, Adrian Morejon headline this offseason's relief pitcher market

Sep 22, 2026; Bronx, New York, USA; New York Yankees relief pitcher David Bednar (53) follows through on a pitch against the Tampa Bay Rays during the ninth inning at Yankee Stadium. Mandatory Credit: Brad Penner-Imagn Images | IMAGN IMAGES via Reuters Connect

With Pagan declining his 2027 player option, he could be an intriguing free agent for any franchise looking to add a late-inning reliever. But several notable hurlers will also be available this offseason, such as New York Yankees closer David Bednar. The 32-year-old posted a 2.47 ERA and recorded 35 saves for New York in 2026. While the right-hander could re-sign with the Yankees, he'll likely be one of the most coveted closers this winter.

San Diego Padres left-hander Adrian Morejon is another reliever who's expected to be highly sought after this offseason. The 27-year-old formed a shutdown duo with Mason Miller in San Diego's bullpen, producing a 2.83 ERA with 107 strikeouts in 86 innings this year. The southpaw has just eight saves in his big-league career, but he could be a formidable closer in the right situation. Either way, it wouldn't be surprising if a major bidding war breaks out for Morejon over the next few months.

Veteran closer Raisel Iglesias is also an unrestricted free agent after recording 34 saves for the Atlanta Braves in 2026. The 36-year-old was a first-time All-Star this year and has saved at least 29 games in each of the last four seasons. If the right-hander doesn't re-sign with Atlanta, he should be a top offseason target for any team that needs a closer.

Other free agents with closing experience include Pete Fairbanks and Gregory Soto. Meanwhile, effective relievers like Jason Adam, JoJo Romero, Sean Newcomb, and Jonathan Loaisiga are also available this offseason. After watching the Milwaukee Brewers' bullpen dominate for most of the postseason, it'll be interesting to see if other organizations try to replicate that recipe for success heading into 2027.