Emilio Pagan Makes Surprising Decision on His Future With the Reds

This is a bit of a surprise.

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

The Cincinnati Reds could be looking for a new closer after a somewhat surprising decision from Emilio Pagan.

According to Francys Romero, Pagan has declined his $10 million player option for the 2027 season and will become a free agent. Romero reported that Pagan has a strong chance of landing a multi-year contract after an impressive second half.

Pagan dealt with an injury in the first half of the season, but was lights out in the second half. The right-hander appeared in 27 games in the second half with a 1.71 ERA, 29 strikeouts and 18 saves in 26 1/3 innings. Those numbers should give him a strong case as he looks for a longer commitment on the open market.

A Surprising Decision That Makes Sense for Pagan

Sep 22, 2026; Cumberland, Georgia, USA; Cincinnati Reds pitcher Emilio Pagan (15) pitches against the Atlanta Braves during the ninth inning at Truist Park. Mandatory Credit: Dale Zanine-Imagn Images | IMAGN IMAGES via Reuters Connect

Pagan seemed to love Cincinnati, which makes his decision to walk away from $10 million a bit surprising. But enjoying where you play and making the best decision for your future are two different things.

Pagan will turn 36 in May and it makes sense that he is trying to get a multi-year deal. There is always risk in passing up guaranteed money, especially for a reliever, but this could be his best opportunity to secure a bigger contract.

From his perspective, it is hard to blame him for exploring what is available.

Declining the option also does not necessarily mean his time in Cincinnati is over. The Reds could still bring him back on a new deal. The question is whether they are willing to make the type of commitment he could receive elsewhere. It seems unlikely with all of the other needs they have.

Another Decision for the Reds

Cincinnati Reds president of baseball operations Nick Krall walks between fields at the Cincinnati Reds Player Development Complex in Goodyear, Ariz., on Wednesday, Feb. 12, 2025. Mandatory Credit: Sam Greene/USA TODAY NETWORK via Imagn Images | USA TODAY Sports via Reuters Connect

This another offseason decision to the list that already comes with plenty of work to do.

If Pagan signs elsewhere, the Reds will need to figure out who handles the ninth inning. Replacing the production he gave them in the second half would be no small task, and spending money on a replacement could take away from what they have available to address other needs.

There is a reasonable argument for trying to bring him back. There is also a fair question about how much the Reds should commit to an aging reliever when they have multiple areas of the roster to improve.

Pagan is betting that his strong finish will lead to a better deal. Now the Reds have to decide how far they are willing to go to keep him in Cincinnati.