Emilio Pagán’s Surprising Decision May Not End His Time With the Reds

Cincinnati Reds closer Emilio Pagán recently opted out of his deal with the team.

Sep 5, 2026; Cincinnati, Ohio, USA; Cincinnati Reds pitcher Emilio Pagan (15) high fives center fielder Carlos Jorge (38) after defeating the Milwaukee Brewers at Great American Ball Park. Mandatory Credit: Tanner Pearson-Imagn Images | IMAGN IMAGES via Reuters Connect

The Cincinnati Reds entered the offseason with a few big decisions on their plate. They have multiple key players heading into free agency this winter, and that list recently gained another name. Closer Emilio Pagán reportedly opted out of his contract, according to MLB reporter Francys Romero.

"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," Romero wrote in a post to X on Saturday. "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."

This decision came as a shock to many in the Reds community, but it shouldn't have. The righty was incredible down the stretch last season, and he's looking to land big on the open market. That leaves the Reds without a closer, so they need to make a big move over the coming months to replace their veteran closer.

Reds Are Still in the Mix to Re-Sign Emilio Pagán in Free Agency

Sep 24, 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

But this decision doesn't mean that Pagán's time in Cincinnati is over. Opting out ends his current contract with the Reds, but it doesn't necessarily end his tenure with the team.

As Pagán gets older, he needs more stability and security in his contracts. A one-year deal on his player option would have secured him some solid money for the 2027 season, but Pagán is likely looking for a longer deal with around $10 million to $15 million per year for the next two or three seasons. This kind of contract would seem very achievable on the open market, especially after he posted a sub-2.00 ERA over the second half of the season.

The Reds certainly have the money to sign him to a deal like this, too. They could offer him a two-year deal worth $28 million with a mutual option for the third season, and it might work for both sides. This would give the Reds the reliable closer that they need to win games. It would also give Pagán the security in his contract that he likely needs as his career begins trending towards its end.

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