CINCINNATI — If there was a checklist of off-season additions the Cincinnati Reds needed to make heading into the 2026 season, president of baseball operations Nick Krall crossed at least one item off by re-signing closer Emilio Pagán to a two-year deal.

That sews up the closer spot, which Pagán temporarily inherited when incumbent Alexis Díaz started the season on the injured list and was later traded as a result of his ineffectiveness.

Krall and the Reds enter this week’s Winter Meetings in Orlando with several boxes left unticked. The biggest item on the list is a power bat, followed by more bullpen arms. The former is in short supply on the free-agent market, while the latter is always in demand. With both Pagán and the team focused on reuniting, his signing was the easiest box to check, and even then, it took a full month to get it done.

While nothing has to officially get done in Orlando, it is a place where deals have been wrapped up in the past. Executives met last month at the GM Meetings in Las Vegas and also have cell phones, making the old days of deals hammered out in hotel rooms an antiquated notion.

“We’ll see what the prices are, both on the trade market and the free-agent market,” Krall said last week after the Pagán signing.

The start of the Winter Meetings, though, is a good time to check in on what the team has done since losing in the Wild Card Series in Los Angeles in October. Here’s a look at what has happened so far this offseason.

Budget

Krall said he’s been given a budget similar to last year’s, which was somewhere around $115-$120 million. According to USA Today, the team’s Opening Day payroll of $115,466,833 ranked 22nd of the 30 teams in MLB, one place behind the woeful Colorado Rockies ($120,693,976) but a spot ahead of the National League Central champion Milwaukee Brewers ($115,136,227).

Considering the estimated salary increases for arbitration-eligible players, that meant Krall had $20 million to spend in the offseason before roughly half of that was given to Pagán.

That said, there are always ways to stretch a budget (though it doesn’t appear Scott Boras and his ilk take coupons), and trades can free up payroll resources.

Free-agent targets

• DH Kyle Schwarber — This is the big one, the dream scenario. Schwarber is nearly the perfect candidate to fill out the team’s lineup. He hits for power, is a true middle-of-the-order bat, would upgrade the team at designated hitter, has a reputation as a veteran leader who embraces the role and is even from the Cincinnati area. The negative? He’s something like a Ferrari on a Ford budget.

• 1B/DH Pete Alonso — Less likely than Schwarber, Alonso signed a one-year deal last year with the New York Mets and it seems unlikely either he or his agent, Scott Boras, would want to do that again this offseason. While Schwarber is a dream signing based in at least hope, Alonso is a straight dream and one that is too good to be true.

• 1B/DH Ryan O’Hearn — The left-handed hitting O’Hearn has traditionally been a platoon player against right-handed pitching, but last year he had an OPS of .832 against lefties and a .795 against right-handers. However, he had nearly four times as many plate appearances against right-handed pitchers.

• OF/DH Miguel Andujar — When he was healthy after coming to the Reds, Andujar not only lived up to his reputation as a lefty-masher, but also crushed right-handers. However, a quad injury limited him over the final month of the season.

Trade candidates

Teoscar Hernández went 4-for-10 with two homers and six RBIs against the Reds in the Wild Card Series. (Ronald Martinez / Getty Images)

One of the more obvious fits for the Reds in free agency last off-season was outfielder Teoscar Hernández, but he elected to return to the Los Angeles Dodgers. The Athletic’s Ken Rosenthal and Patrick Mooney reported Thursday that the Dodgers have discussed Hernandez in trade talks. The Dodgers and Reds have made multiple trades with each other in the past year alone.

Hernández could occupy right field for the Reds, or be put in left field to keep Noelvi Marte in right. An All-Star for the Dodgers in 2024, his numbers dipped across the board last season. Still, his 25 home runs — he hasn’t hit fewer than 25 homers in a full season since 2018 — would still have led the Reds in 2025.

He is pricey, but not out of the question, especially if the Reds don’t sign Schwarber. Hernandez, 33, is owed $12 million in 2026 and $14.5 million in 2027, with $8 million deferred each season. Additionally, he has a $6.5 million buyout on a $15 million club option for 2028.

Any salary addition from a trade would likely need moves to counterbalance the increased budget, which would likely come in a trade of one of the higher-paid veterans on the team. Two names to watch there would be former Dodger Gavin Lux, as well as catcher Tyler Stephenson. Both players are in their final year of arbitration before becoming eligible for free agency after next season.

Other names to watch include 1B/DH Yandy Díaz of the Tampa Bay Rays and Houston Astros center fielder Jake Meyers, both of whom have been rumored to be on the trade block.

Re-signed

• RHP Emilio Pagán — The Reds agreed to a free-agent deal with their closer earlier this week. He signed a two-year deal worth $20 million, according to sources.

• LHP Sam Moll — The reliever agreed to a one-year deal.

• RHP Carson Spiers — Spiers was non-tendered and re-signed to a minor-league deal. Spiers had Tommy John surgery late in the season and will be rehabbing for the majority, if not all, of the 2026 season.

• C Will Banfield — Banfield made his big-league debut for the Reds in August, but was not tendered a contract after the season. He will add depth to an already experienced catching staff.

• RHP Tejay Antone — The 32-year-old Antone last pitched in the big leagues in April of 2024, but suffered an elbow injury that required his third surgery on the ulnar collateral ligament. He returned to action to make 15 appearances across three levels in 2025, including six games at Triple-A Louisville. Antone signed a minor-league deal with the Reds after he was non-tendered.

Roster Additions

• RHP Keegan Thompson — The Reds signed the 30-year-old right-hander to a one-year deal. The right-hander has a split contract, meaning he’ll make $1.3 million prorated in the big leagues and $350,000 if he’s in Triple A. He will serve as bullpen depth.

• C Ben Rortvedt — Rortvedt, 28, was claimed off waivers by the Reds last month. Rortvedt started four games in the playoffs for the Dodgers, including both Los Angeles victories against the Reds in the Wild Card Series. He adds catching depth behind Stephenson and Jose Trevino.

• RHP Jose Franco — The Reds added Franco to the 40-man roster in November. Franco, 25, signed alongside Elly De Le Cruz and Luis Mey in the 2018-19 international signing period. Franco missed the 2023 season after Tommy John surgery and went 10-4 with a 3.11 between 31 appearances and 26 starts at Double-A Chattanooga and Triple-A Louisville. With his size (6-foot-2, 257 pounds) and stuff (98 mph fastball with a slider and changeup), Franco could develop into a starter in the big leagues or provide more immediate help in the bullpen.

• SS Edwin Arroyo — The 22-year-old returned from a shoulder injury to play 120 games at shortstop for the Double-A Chattanooga Lookouts and Cincinnati placed him on the 40-man roster last month. His injury, combined with a shoulder injury to Matt McLain, necessitated the Reds’ trade for veteran infielder Santiago Espinal before the 2024 season. Arroyo could offer depth for the Reds on the infield, but is expected to start the season at Triple-A Louisville.

• OF Héctor Rodríguez — The 21-year-old was also added to the 40-man roster last month. Acquired in the trade that sent Tyler Naquin to the New York Mets at the 2023 trade deadline, Rodríguez has blossomed into one of the team’s best outfield prospects. While Rodríguez started his career in the infield and moved to center field, he profiles as a corner outfielder. Rodríguez began the year at Chattanooga and hit .298/.357/.481 with 12 home runs in 82 games there before being promoted to Triple-A Louisville. With the Bats, he hit .260/.304/.405 with seven home runs in 53 games.

• IF Leo Balcazar — Signed out of Venezuela in 2021, Balcazar split his time in 2025 between High-A Dayton and Double-A Chattanooga, moving from an almost everyday role at shortstop with the Dragons to second base with the Lookouts. After a successful showing in the Arizona Fall League, where he hit .277/.340/.340 with six doubles in 103 plate appearances, he was added to the 40-man roster. During the regular season, Balcazar’s batting average and on-base percentage were similar at both spots — .262 and .333 in Dayton and .263 and .349 in Chattanooga. The difference was in slugging (.413 in Dayton and .328 in Chattanooga). Balcazar also performed well this year in the Arizona Fall League, hitting .277/.340/.340 with six doubles. He will likely begin the season back in Chattanooga.

Lost

• RHPs Nick Martinez, Zack Littell and Scott Barlow elected free agency, as did lefties Brent Suter and Wade Miley, along with outfielder Austin Hayes and Andujar.

• LHP Reiver Sanmartin — The San Francisco Giants claimed Sanmartin off waivers.

Winter Meetings schedule

• Monday, Dec. 8 — Meetings officially begin in Orlando, Fla.

• Tuesday, Dec. 9 — The MLB Draft lottery is at 5:30 p.m. ET and will be televised on MLB Network. As a playoff team from last season, the Reds won’t have an official spot in the draft, but the results of the New York Mets, the team the Reds edged for the final playoff spot in the National League, will determine whether the Reds select 18th or 19th. If the Mets land a pick in the top six selections, the Reds will move from 18th to 19th in the first round. In addition to a Competitive Balance Round B pick awarded to the Reds, the club will select 18th in rounds two through 20.

• Wednesday, Dec. 10 — The Reds’ roster will be at 40 after Pagán officially signs, giving the team no room to take a player in Wednesday’s Rule 5 draft. After adding four players to the 40-man roster to protect them from being eligible to be plucked by other teams, the Reds aren’t expected to lose anyone. The most likely player to get picked in the Rule 5 draft is outfielder Carlos Jorge. Jorge can play all three outfield spots and has 154 stolen bases over five minor-league seasons. However, he repeated High-A in 2025 and hit just .251/.342/.355 with the Dayton Dragons.