Latest On Pete Fairbanks’ Market

While most of the top free agent relievers are off the board, former Rays closer Pete Fairbanks remains unsigned. The Diamondbacks, Marlins and White Sox are among the teams that have been linked to the hard-throwing righty.

The connection with Miami has come up on a few occasions. The Marlins are looking for a high-leverage reliever. Fairbanks has ties to president of baseball operations Peter Bendix from their time in Tampa Bay. In an appearance on Foul Territory this week, Izaac Azout of Fish On First suggested that Miami has shown a willingness to offer a one-year deal in “the mid-teens” range and floated the possibility that Miami could make a $13-14MM proposal.

Tampa Bay could have retained Fairbanks on an $11MM club option. While it’s understandable the front office didn’t want to commit a sizable portion of their budget to a single inning reliever, it was more surprising that the Rays were unable to drum up trade interest. It should work out better for Fairbanks financially. He collected a $1MM buyout and seems well positioned to beat the $10MM difference. ESPN’s Jeff Passan wrote on Thursday that Fairbanks was trending towards either a multi-year deal or a one-year contract worth more than $11MM.

While it’d seem counterintuitive for teams to pay more than the declined option price, that occasionally happens. Option calls are due within the first five days of the offseason. Teams may have preferred to maintain payroll flexibility until they had a better read on the market. Fairbanks was clearly behind the likes of Edwin Díaz, Devin Williams and Robert Suarez.

Clubs that missed out on those relievers — including Miami, who reportedly had shown interest in Williams — could more highly value Fairbanks now than they did six weeks ago. It’s also possible that they stretch to a two-year deal at a sub-$11MM annual rate to save some money in 2026 while giving the pitcher a larger overall guarantee.

The Cubs are another team that makes sense for Fairbanks on paper. They have added Phil Maton and Hoby Milner while re-signing Caleb Thielbar, but they lost arguably their best reliever when Brad Keller signed a $22MM contract with Philadelphia. Patrick Mooney and Sahadev Sharma of The Athletic wrote earlier this week that the Cubs remain open to adding a clearer high-leverage arm. They’ve given some consideration to Fairbanks, per the report, though it’s not clear how seriously they’re involved.

Chicago has shied away from significant bullpen investments over the past few seasons. Their two-year, $14.5MM contract with Maton was already their biggest reliever signing in six years. Fairbanks would cost more than $7.25MM annually but will be looking at a short-term deal as he enters his age-32 season.