The Cincinnati Reds have a rare opportunity in front of them.

In the understatement of the year, Kyle Schwarber is a perfect fit for the team. The Reds’ window to make the largest free agent move in franchise history remains open even after the Reds re-signed Emilio Pagán. They have a chance.

Schwarber would fit right into the middle of the order, take the pressure off of the hitters around him, give some protection behind Elly De La Cruz in the lineup and give the Reds the power bat that they’ve been missing for years. He’s also viewed as an elite clubhouse presence who could step right in as a vocal leader on a young team.

The elephant in the room is payroll. Unless ownership gives the front office a “Schwarber exception”, the team is expected to have about $10 million more to spend this winter. Nick Krall said at the start of the offseason that the 2026 payroll would look a lot like the 2025 payroll (the $115-to-$120 million range), and the Reds are projected to have around $108 million of salary commitments on the books right now.

A very relevant piece of the puzzle is the most obvious one. Schwarber is a local kid.

That matters on both sides of the negotiation.

One of the most important questions in this process could be how much Schwarber wants to play for the Reds.

He’d be a fit on every team in baseball, and big spenders like the Phillies and Mets would be obvious fits for him. When was the last time that the Reds beat out a big market team in a bidding war?

On the other hand, the Reds can offer Schwarber something those teams can’t. Only Schwarber can place a value on the allure of playing in his hometown for a team that desperately needs a player just like him. The answer to that question could be a critical factor here.

Then, there’s the ownership side. Castellini ownership has always said they budget to break even.

“We’re not going to spend ourselves into trouble, but we are going to spend everything we have. We’ll get these seats filled back up,’’ Bob Castellini told Paul Daugherty in 2020, which was one of Castellini’s most recent interviews. “Then we feel like we can contend every year.’’

Bringing Schwarber home would impact ticket sales in a much more meaningful way than, for example, signing Cody Bellinger and Ryan O’Hearn. While ownership hasn’t publicly shared its thoughts on the Schwarber free agency, this could make the Schwarber move less of a risk from ownership’s perspective. In this specific case — similar to Ken Griffey Jr. 20 years ago — it might make more sense for ownership to spend above what it was initially planning because of the return on investment you could expect with Schwarber’s impact on the bottom line.

Even in a best case scenario where ownership gives the front office a “Schwarber exception” to raise payroll in 2026, the front office will still likely have to get creative to fit in Schwarber’s salary. ESPN projects Schwarber to sign a four-year deal for $128 million ($32 million a year).

A key step in managing Schwarber’s salary into the Reds’ 2026 payroll could be including deferred money in a contract proposal. The Reds have used deferred money as a tool in the past, including negotiations with Ken Griffey Jr., Aroldis Chapman and Bronson Arroyo. It would be a possibility in negotiations with Schwarber.

Including deferred money in contracts has become more prevalent in recent years, and new Blue Jays starter Dylan Cease is the latest example. According to the Associated Press, Cease’s seven-year, $210 million deal with the Blue Jays includes $64 million in deferred money payable through 2046.

The Reds haven’t handed out many multi-year deals in free agency since 2020 as a way to prioritize long-term flexibility, but Schwarber is such a perfect fit that he could be the type of player you make an exception for.

Even with deferred money in the deal, the Reds still might need to free up some more financial flexibility to fit in Schwarber’s salary.

They’d have to find some creative ways to make that happen.

Brady Singer is projected to make around $12 million, and Gavin Lux is projected to make around $5 million. If the Reds signed Schwarber to be their DH, that would fill Lux’s role. Ke’Bryan Hayes ($7 million) and Jose Trevino ($5.25 million) have notable guaranteed salaries on the roster.

They could also try to get creative in the arbitration process in January to free up a few million dollars.

Using all of their chips on Schwarber would prevent the Reds from addressing needs like right-handed hitting outfielder, infield depth, left-handed reliever and overall experienced bullpen depth. Even after re-signing Pagán, Tony Santillan and Graham Ashcraft are the only veterans in the bullpen.

In a world where the Reds sign Schwarber and need to deal a veteran player or two to free up salary, then they’d enter next season with Will Benson getting more regular playing time than he did last year, Christian Encarnacion-Strand, Blake Dunn and Rece Hinds competing for spots on the bench, Brandon Williamson, Julian Aguiar, Chase Petty and Jose Franco set up to be important pieces of rotation depth and two of Connor Phillips, Zach Maxwell, Luis Mey and Lyon Richardson opening next season in high-leverage roles.

The Reds had seven key players from last year’s roster hit free agency. Signing Schwarber would limit the Reds’ ability to replace most of those guys, unless a salary shedding trade nets the Reds a big league role player in return. At several spots, the Reds would be counting on internal options, waiver claims or minor league free agents to solidify their depth in 2026.

Signing Schwarber would still make a huge impact, change the look of the entire lineup and solidify the Reds’ status as contenders for the NL Central title entering 2026.

The Reds have a chance to make one of the biggest moves in the recent history of the franchise. How much does Schwarber want to play in Cincinnati, and how much ownership will push its chips to the middle of the table to encourage him to pack his bags and come home.