The relief pitcher’s market in free agency got a little bit deeper when the Tampa Bay Rays made a surprising decision with their closer, Pete Fairbanks.
He had an $11 million club option for the 2026 season, which included a $1 million buyout. It seemed like a foregone conclusion that the team would exercise that option and then shop him around on the trade market.
Evidently, the interest in Fairbanks, at that price, was not very high. In a surprising turn of events, the Rays decided to decline the club option and pay the buyout, making him a free agent.
Tampa Bay canvassed the league to see what kind of value he had around the league, and it turns out it wasn’t very much. In the early stages of the offseason, franchises haven’t been willing to spend that kind of money.
What kind of contract will Pete Fairbanks receive?
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However, interest in Fairbanks is expected to be very high now that he is on the open market. Plenty of teams are on the lookout for backend bullpen help, and he is going to come at a much more affordable price than the other top closers available.
What kind of deal could he be in line for? MLB insider Jeff Passan of ESPN has shared that he will get a multi-year deal.
“The 31-year-old Fairbanks will get two years, and whether he’s pitching in the ninth or high-leverage moments before that, he’ll be an upgraded version of what he has been since 2020: a top 20 reliever in baseball,” he wrote.
If a bidding war ensues for him, Fairbanks could certainly get a third year added onto any contract offers. Teams are going to have to differentiate themselves in some fashion, and that could very well be the way to get the job done.
Some projections have been shared on how much money he could receive as well. Compared to Edwin Diaz, Devin Williams and Robert Suarez, a franchise is going to be getting an incredibly valuable contract with Fairbanks.
Pete Fairbanks projected contract numbers a steal
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He has had his fair share of injury concerns throughout his career. And he suffers from Reynaud’s syndrome, which makes pitching in colder climates very difficult.
But he was able to put everything together in 2025, having the healthiest campaign of his career and producing at an impressive clip. Career highs were set with 61 appearances, 60.1 innings pitched and 27 saves.
A strong 2.83 ERA, 145 ERA+ and 3.63 FIP were recorded as well, resulting in 1.2 bWAR.
Whenever he has been on the mound with the Rays, he has gotten the job done, eventually working his way into their closer’s role. That late-game success is what will make him such a popular target because he has proven he can thrive in several different bullpen roles.
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