Contract Projection for Rays Closer Pete Fairbanks in Free Agency Revealed
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The Tampa Bay Rays had only one player from their Major League roster who was guaranteed to hit free agency when the 2025 season ended: starting pitcher Adrian Houser.
But that number grew to two when they shockingly decided not to pick up the club option on closer Pete Fairbanks. Instead of guaranteeing him $11 million for the 2026 campaign, they paid a $1 million buyout, making him a free agent.
Interest in Fairbanks is expected to be high. Some of the Rays' American League East rivals, such as the Boston Red Sox and Baltimore Orioles, have been connected to him.
As has this year’s World Series participants. Another AL East team, the Toronto Blue Jays, and the Los Angeles Dodgers. All of them need help at the back end of the bullpen, which Fairbanks would address.
Pete Fairbanks predicted to sign for $18 million
How much could these teams end up having to sign him for? As shared by MLB Trade Rumors, the projected contract for the veteran closer this winter is a two-year deal worth $18 million.
That is a steal when comparing the price tags to the other top relief pitchers available this offseason. Edwin Diaz is projected to sign a four-year, $82 million deal. Devin Williams is just behind at four years and $68 million. Robert Suarez is projected for three years and $48 million.
Fairbanks may not have the accolades and awards of his peers, but he has been consistently productive. In his career with Tampa Bay, he has a 2.98 ERA with 90 saves across 267 appearances, totaling 265.1 innings pitched and 332 strikeouts.
His strikeout rate has gone down considerably over the last two years, but he remains an effective late-game option and would be a major upgrade for the aforementioned suitors.
Injury history could be limiting Pete Fairbanks's earning potential
Why is Fairbanks projected to get so much less money than the other top closers on the market? Injury history is certainly one reason.
He has spent a considerable amount of time on the injured list throughout his career. In addition to dealing with Raynaud’s syndrome, he has undergone Tommy John surgery twice.
However, he was able to stay healthy in 2025 and the results were fantastic. A team landing him for two years and $18 million with that kind of upside is a steal for whichever franchise he chooses to sign with.
That contract projection also hints that the Rays may have been correct in declining his club option. They weren’t able to cash in on him as a trade chip, but the $9 million AAV suggests teams were not going to take him at $11 million.
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Kenneth Teape is an alumnus of SUNY Old Westbury and graduated in 2013 with an Honors Degree in Media Communications with a focus on print journalism. During his time at Old Westbury, he worked for the school newspaper and several online publications, such as Knicks Now, the official website of the New York Knicks, and a self-made website with fellow students, Gotham City Sports News. Kenneth has also been a site expert at Empire Writes Back, Musket Fire, and Lake Show Life within the FanSided Network. He was a contributor to HoopsHabit, with work featured on Bleacher Report and Yardbarker. Previously, he is a reporter for both NBA Analysis Network and NFL Analysis Network, as well as a writer and editor for Packers Coverage. You can follow him on X, formerly Twitter, @teapester725, or reach him via email at teapester725@gmail.com.