The Cincinnati Reds have agreed to terms on a two-year, $20 million contract with free agent reliever Emilio Pagán, according to sources. The deal, which includes an opt-out after the 2026 season and is pending a physical, addresses a major need in the bullpen for 2026. Pagán served as the team's successful closer in 2025.
Cincinnati filled a significant gap in its bullpen by bringing back Emilio Pagán, who emerged as a reliable closer during the 2025 season. Sources informed MLB.com on Wednesday that the 34-year-old right-hander agreed to the contract covering 2026 and 2027. The club has not yet confirmed the move.
Pagán enjoyed a resurgent year in 2025, posting a career-low 2.88 ERA over 70 appearances, a career high. He recorded 32 saves, his personal best and the second-most in the National League, while achieving a career-low 0.92 WHIP, ranking sixth among NL relievers with at least 60 innings pitched. In 68 2/3 innings, he struck out 81 batters. His performance was crucial in helping the Reds secure the final NL Wild Card spot, including 10 scoreless innings and six saves in his last 10 games.
After the Reds' elimination in two games of the NL Wild Card Series, Pagán expressed interest in returning to the team. He originally joined Cincinnati before the 2024 season on a two-year, $16 million deal. That year, he posted a 4.50 ERA in 38 appearances but missed two months due to a right lat strain.
Heading into 2025, the Reds lacked an established closer following Alexis Díaz's injured list placement. Ian Gibaut blew a save on Opening Day against the Giants, but Pagán earned his first save on March 29 by retiring the side in order. He then took over as the primary closer.
With Pagán back, Cincinnati can focus on bolstering its lineup, potentially targeting a hitter like Kyle Schwarber. Other free agent relievers from the team include Nick Martinez, Scott Barlow, Brent Suter, and Gibaut. President of baseball operations Nick Krall had prioritized finding a capable closer.