The Cincinnati Reds secured a major piece for the bullpen on Wednesday night after agreeing to a two-year, $20 million with reliever Emilio Pagán. Re-signing their closer was one of the Reds’ biggest priorities this offseason, and with an average annual value (AAV) of just $10 million, Cincinnati can still make some big moves in free agency. Pagán’s deal reportedly contains an opt-out after the first year.

Pagán emerged as the Reds’ go-to reliever in the ninth inning after Alexis Diaz — was sidelined to begin the 2025 season — failed to return to his All-Star form. Cincinnati eventually left no doubt after trading Diaz to the Los Angeles Dodgers, which fully anointed Pagán as the Reds’ closer. Her responded with a career-year, posting a 2.88 ERA in 70 appearances and recorded 32 saves.

Pagán was one of several Reds relievers who entered free agency this offseason. While Nick Martinez is unlikely to return for the 2026 season, Pagán’s return at just $10 million per year would certainly allow Cincinnati to re-sign Scott Barlow and/ or Brent Suter. It also keeps Kyle Schwarber in play, as the Reds are rumored to have serious interest in bringing the slugger back home to the Cincinnati area.

Reds re-sign reliever Emilio Pagán to two-year, $20 million contract

Pagán’s $10 million salary is nothing to sneeze at, but it’s also a heckuva bargain considering the massive amounts of money relievers have been signing for already this winter. Former Reds closer Raisel Iglesias recently re-signed a one-year, $16 million deal with the Atlanta Braves, and Ryan Helsley inked a two-year, $28 million deal with Baltimore Orioles. Pagán outperformed both pitchers last season.

Now that the backend of the Reds’ bullpen is set with the combination of Pagán, Tony Santillan, and Connor Phillips, president of baseball operations Nick Krall can focus on bolstering the team’s lineup. While Cincinnati could still use a high-leverage lefty coming out of the ‘pen, adding a big bat should now be Krall’s top priority.

A Schwarber homecoming still feels a bit far-fetched, but it certainly sounds like the Reds will make an attempt to bring the Middletown native back to southwest Ohio.