Emilio Pagan Receiving Interest From “At Least 10 Teams”

Free agent reliever Emilio Pagan is a popular figure now that the market has opened, as Gordon Wittenmyer of the Cincinnati Enquirer writes that “at least 10 teams” have reached out to Pagan and his reps at the Ballengee Group.  A return to the Reds is also a possibility since Wittenmyer says the two sides have had some talks, though Cincinnati president of baseball operations Nick Krall didn’t give any hints on the subject.

“I don’t want to say yes or no. I don’t know,” Krall said about a potential new contract with Pagan.  “I loved Emilio.  He was great for our club.  I would absolutely be open to bringing him back.  It just depends on how everything fits together.”

Krall made similar comments praising Pagan back in October, and the reliever also expressed his own desire to return to the Reds.  Despite this mutual interest, Wittenmyer feels the amount of league-wide interest in Pagan could push his price tag beyond the Reds’ comfort zone.  Krall has stated that Cincinnati’s 2026 payroll will roughly match its 2025 payroll, which sat in the $116MM-$119MM range by season’s end.

With a limited budget and multiple roster needs to address, Wittenmyer believes the Reds will again “be waiting out the market for value buys” in free agency.  This could mean that Pagan might’ve signed elsewhere by the time the Reds are prepared to more fully dig into the market, or the club might seek out less-expensive bullpen reinforcements.

It was a little over two years ago that the Reds signed Pagan to a two-year, $16MM contract in his previous trip through free agency.  The deal allowed Pagan to opt out last winter, but he chose to remain under contract and take his $8MM salary for 2025 — an expected move given how the right-hander posted a 4.50 ERA over 38 innings during an injury-shortened 2024 campaign.

This past season, however, saw Pagan stay healthy and deliver a fine platform year.  Pagan posted a 2.88 ERA and a 30% strikeout rate over 68 2/3 frames, and he saved 32 of his 38 chances as the Reds’ closer.  His 8.1% walk rate was a little below average and Pagan received a lot of batted-ball luck, as his .200 BABIP in 2025 perhaps balanced out his unlucky .351 BABIP from 2024.  That said, his xwOBA dropped from .307 in 2024 to .267 this year, and Pagan’s signature four-seamer was still humming along at a 95.7mph velocity, nicely setting up his devastating splitter.

MLB Trade Rumors ranked Pagan 46th on our list of the winter’s top 50 free agents, and projected the righty to land another two-year, $16MM deal.  The contract reflects Pagan’s age (he turns 35 in May), his up-and-down tenure in Cincinnati, and how some teams may not to pursue a reliever who has been so notoriously homer-prone throughout his career.

While Wittenmyer’s report indicates there’s obviously still plenty of teams that do have Pagan on their list of targets, it is fair to say that Pagan may not necessarily be the top choice for clubs in need of bullpen help.  Some teams may not view him at a closer at all, while others could see him as a backup option if they can’t land one of the more high-profile closers available.  Depending on how things play out or depending on how long it takes the likes of Edwin Diaz or Robert Suarez to find their next contract, there might be an opening for the Reds and Pagan if the reliever gets tired of waiting and decides to pivot back to a familiar and comfortable location.