Any evaluation of the Devin Williams signing for the Mets is incomplete until Edwin Díaz makes his decision in free agency.

Is Williams the Mets’ new set-up man ahead of Díaz? That would create quite an imposing one-two punch in the back of the Mets’ bullpen for years to come.

Or is Williams the Mets’ new closer? That would signal the beginning of a new era in the back of the bullpen in Queens with Díaz signing elsewhere on the open market. It’s risky to bank on Williams recapturing his elite form as a closer after the way this year went with the Yankees, although there are plenty of metrics that suggest he was much better than his surface-level statistics in 2025.

What’s clear as of now is the Mets are still in on Díaz. Moments after Williams’ three-year, $51 million contract was revealed on Monday night, numerous reports confirmed that New York is still in the mix to retain Díaz.

That doesn’t mean the two parties are close to an agreement, though. Unsurprisingly, contract length is still the biggest obstacle separating them from a reunion.

According to Will Sammon of The Athletic, Díaz — who opted out of his contract with the Mets to test free agency — is seeking a five-year deal. The Mets, meanwhile, prefer three years. Jon Heyman of The New York Post added that Díaz’s camp wants $100-plus million over five years. That would be similar to the record-setting deal $102 million deal the Mets gave Díaz in November of 2022. In other words, there’s a “serious gap” between Díaz and the Mets in talks at the moment, Heyman wrote.

It’s understandable for the Mets to be hesitant in giving that type of contract to a reliever entering his age-32 season. Yes, Díaz had one of the best seasons of his career in 2025, recapturing his elite form with the second-best strikeout rate of any reliever in the league, but how will his stuff age deeper into his 30s? A five-year deal with that level of average annual value could prove to be a disaster if Father Time catches up to Díaz quickly. Then again, expensive financial commitments haven’t precluded the Mets from making those type of long-term risks before. Not under Steve Cohen.

One possible path to an agreement here is a four-year deal with a bump in average annual salary. The Mets could give Díaz more per year as a way to shorten the contract length. But what if another contender is willing to give Díaz the years he’s coveting? Would the Mets be comfortable extending to the five-year mark to ensure Díaz doesn’t walk?

Even with the Winter Meetings looming next week, it doesn’t sound like a decision is imminent with Díaz. Heyman reports that “there’s no belief that Díaz is close to signing with anyone” in free agency.