The Cincinnati Reds checked off a big part of their offseason to-do list just ahead of the winter meetings when they replaced closer Emilio Pagán this week with … Emilio Pagán.
Pagán, who earned a career-high 32 saves after being thrust into the role early in the season, agreed to a two-year, $20 million deal to return to the Reds, multiple sources confirmed Wednesday night.
The deal is pending a physical.
The deal that looks at first glance like a team-friendly deal based on recent closer signings, but a deal that also includes a player opt-out clause after the first season.
As recently as three weeks ago during the general managers meetings, sources indicated Pagán was receiving interest from more than 10 teams, and Reds president Nick Krall seemed unsure whether the Reds might be able to swing a deal for the right-hander, who expressed strong interest in returning during multiple conversations late in the season.
“I loved Emilio. He was great for our club,” Krall said then. “I would absolutely be open to bringing him back. It just depends on how everything fits together.”
In recent weeks closers Raisel Iglesias (one year, $16 milliion, with Atlanta), Ryan Helsley (two years, $28 million, Orioles) and Devin Williams (three years, $51 million, Mets) all signed deals worth more in average annual value.
Pagán made $8 million each of the past two seasons on a two-year deal with the Reds, originally working as a setup man in a bullpen that included 2023 All-Star closer Alexis Diaz.