Emilio Pagán Declines $10 Million Reds Option, Enters Free Agency
Emilio Pagán declined his $10 million Reds option and entered free agency after converting his final 19 save chances of 2026.
World Baseball News Editorial Team , 2 min read 
Emilio Pagán declined his $10 million player option with the Cincinnati Reds on Saturday, October 31, entering MLB free agency after finishing the 2026 season with 19 consecutive converted save chances. The decision leaves Cincinnati searching for a closer and puts one of the offseason’s more experienced late-inning relievers on the open market.
Pagán, 35, went 5-1 with a 3.38 ERA and 25 saves in 45 appearances this season. His year was interrupted by a left hamstring strain suffered against the Chicago Cubs on May 5, but his return changed the shape of his free-agent case.
Pagán finished 2026 with a dominant run
From July 1 through the end of the regular season, Pagán posted a 1.88 ERA across his final 30 games and converted all 19 of his save opportunities. That finish followed a 2025 campaign in which he established a career high with 32 saves and recorded a 2.88 ERA in 70 appearances.
Pagán had re-signed with Cincinnati last winter on a two-year, $20 million agreement, but the second season was controlled by the pitcher through the $10 million option. Turning it down indicates he believes the free-agent market can offer greater total value or a longer commitment.
The veteran right-hander now joins a relief market that also includes established late-inning arms. Teams will be weighing his age against his recent run of reliable closing work and the way he recovered after the hamstring injury.
Reds also lose Suárez and Johnson to free agency
Third baseman Eugenio Suárez and right-hander Pierce Johnson also became free agents after Cincinnati declined mutual options for 2027.
Suárez’s $16 million mutual option was declined after he hit 26 home runs with a .212 batting average and .740 OPS in 125 games. His second Reds stint ended on a stronger note: he hit 18 homers over his final 64 games and reached 350 career home runs on September 22 against Atlanta.
Johnson went 2-1 with a 4.62 ERA in 56 appearances during his lone season in Cincinnati. His contract carried an $8 million mutual option and a $1 million buyout.
The Pagán decision is the most consequential of the three because it creates an immediate vacancy at the back of the bullpen. After 5 p.m. ET on Monday, November 2, all three players can negotiate with any MLB club.
