Terry Francona on Reds signing Emilio Pagán
Reds manager Terry Francona lauds the club’s re-signing of closer Emilio Pagán for his value to a strong clubhouse chemistry and culture.
The Reds officially signed left-handed reliever Caleb Ferguson to a one-year, $4.5 million deal on Dec. 18.Ferguson had a 3.58 ERA in 70 games for the Pittsburgh Pirates and Seattle Mariners in 2025.
The Cincinnati Reds made the signing of left-handed reliever Caleb Ferguson official on Thursday, Dec. 18 when they announced their third free-agent signing of the winter.
Ferguson, 29, gets $4.5 million on a one-year deal – putting a significant dent into the club’s limited payroll budget flexibility as it continues an effort to acquire desperately needed production for the middle of the lineup in the wake of failing to land hometown slugger Kyle Schwarber (following a five-year, $125 million offer that included creative structuring of the first year).
Ferguson, who had a 3.58 ERA in 70 appearances for the Pirates and Mariners in 2025, fills what had been the Reds’ second-biggest need coming out of last week’s winter meetings.
Now comes the hard part.
Barring any trades that move salary off the roster, the Reds appear to have less than $10 million of working flexibility to complete their offseason needs as they try to build off their 2025 playoff appearance.
Team officials say the payroll budget for 2026 is roughly the same as 2025 ($115 million-$119 million range).
The Reds have committed $15.8 million in 2026 payroll to three free agent signings so far this winter:
RHP Keegan Thompson, $1.3 million, one yearCloser Emilio Pagán, $20 million, two years (split evenly across 2026-27)LHP Caleb Ferguson, $4.5 million, one year.
Including the $1.25 million they acquired with the waiver claim of backup catcher Ben Rortvedt, the Reds now have eight players under contract for 2026 at a total of $40.8 million – $52.8 million in obligations counting the $12 million 2026 salary they ate when releasing Jeimer Candelario over the summer.
Others under contract:
3B Ke’Bryan Hayes, $8.75 million in 2026RHP Hunter Greene, $8.33 millionC Jose Trevino, $5.75 millionC Ben Rortvedt, $1.25 millionLHP Sam Moll, $875,000(Jeimer Candelario, $12 million dead money)
They have another $40 million to $50 million in projected salaries coming to 10 arbitration-eligible players (barring trading from this group) – plus nine more spots to fill on the Opening Day roster (assuming they don’t carry three catchers), including pre-arbitration players such as Elly De La Cruz, Andrew Abbott and Noelvi Marte (plus other 40-man roster salaries/prorated roster churn).