Rays To Sign Nick Martinez

The Rays are reportedly in agreement with Nick Martinez on a one-year, $13MM contract. The signing, which is pending a physical, includes a mutual option for the 2027 season. Those are essentially never exercised, so that provision exists solely to delay the payment of a portion of the guarantee to the end of the season in the form of an option buyout. Tampa Bay will need to open a 40-man roster spot once the signing is finalized. Martinez is a client of the Boras Corporation.

Martinez is the second free agent swingman whom the Rays have added this offseason. They signed lefty Steven Matz to a two-year, $15MM deal at the Winter Meetings. Matz was already expected to win a job at the back of the rotation. Tampa Bay subsequently traded Shane Baz to the Orioles, leaving another rotation spot available.

The 35-year-old Martinez enters camp as the favorite to work as Kevin Cash’s fifth starter. He lands behind Drew Rasmussen, Ryan Pepiot, Shane McClanahan and Matz on the depth chart. That could push Ian Seymour and Joe Boyle back to Triple-A Durham while keeping the out-of-options Yoendrys Gómez in a long relief role for which he’s better suited. They’ll need way more than five starters to navigate the season given the injury histories for Rasmussen and McClanahan — the latter of whom hasn’t thrown an MLB pitch since August 2023 and will be on some kind of innings count.

Matz and Martinez each have ample experience working out of the bullpen. Either could transition to relief if Seymour or top prospect Brody Hopkins force their way into the rotation. The versatility has been a huge selling point for Martinez, in particular. He can start, work multiple innings out of the bullpen, or pitch short relief in high-leverage situations as needed.

Martinez has found a strong second act in his 30s after spending four seasons in Japan. This will be his fifth season since he returned to MLB on a deal with the Padres over the 2021-22 offseason. He posted a sub-4.00 earned run average in each of the first three years, working mostly out of the bullpen. Martinez spent the first two seasons in San Diego before signing a two-year free agent contract with Cincinnati. He had the best year of his career in 2024, firing 142 1/3 innings of 3.10 ERA ball while starting 16 of 42 appearances.

The righty triggered an opt-out but returned to Cincinnati after the Reds surprisingly extended a $21.05MM qualifying offer. That’s probably a move the Reds wished they had back. Martinez did pick up a career-high 165 2/3 innings while starting 26 of 40 games, but his production was that of a back-end starter. He allowed 4.45 earned runs per nine while striking out just 17% of opposing hitters, his lowest strikeout rate since he returned from Japan.

Although Martinez has never had huge swing-and-miss stuff, his strikeout rates between 2022-24 hovered around league average. He had a more difficult time getting hitters to chase pitches off the plate last year. His stuff wasn’t that much different than it had been, however, and Martinez’s biggest strength has been his ability to command a legitimate six-pitch mix. He uses each of his cutter, four-seam, sinker, changeup, curveball and slider at least 10% of the time. He’s able to attack the strike zone with any of those offerings, but the changeup is the only plus pitch in his arsenal.

The diverse repertoire has allowed Martinez to avoid any kind of platoon splits. He hasn’t been great at turning lineups over a third time but should be a capable five-inning starter. Martinez gets a decent number of weak fly-balls, an approach that might play more favorably at Tropicana Field than at Cincinnati’s Great American Ball Park. He did a solid job avoiding the longball overall, but his two worst months last season (June and August) were driven largely by home run spikes.

RosterResource estimated the Rays payroll around $79MM before the signing. It’s not yet clear how much will be paid in salary versus the option buyout, but the $13MM guarantee will very likely make Martinez their highest-paid player in 2026. It’ll push their payroll estimate into the low-$90MM range after they opened the ’25 season just north of $79MM.

Jon Heyman and Joel Sherman of The New York Post first reported Martinez and the Rays had an agreement. Marc Topkin of The Tampa Times reported that it was for one year with a mutual option. Mark Feinsand of MLB.com had the $13MM guarantee. Image courtesy of Charles LeClaire, Imagn Images.