2026-27 Player Option/Opt-Out Preview: April Edition

At the end of each season, certain players will have to decide whether to stick with their current contracts or become free agents. These contract provisions are sometimes referred to as opt-outs and sometimes as player options. Despite the different terminology, they are effectively the same, with the player being the one making the call.

Naturally, the player’s health and performance leading up to the decision will impact which way the player leans. Which players have that decision looming after the 2026 campaign? MLBTR takes a look, in alphabetical order. Player ages in parentheses are for the 2027 season.

• José Berríos (33): can opt out of remaining two years, $48MM

The Blue Jays and Berríos agreed to a seven-year, $131MM extension back in November of 2021. The Jays had just acquired Berríos from the Twins a few months earlier, when he had a year and a half of club control remaining. A few months later, with that control window down to one year, they locked him up to keep him around. He could opt out of the final two seasons of the deal, giving him a chance to hit the open market after his age-31 season, when another long-term deal would still be theoretically possible.

Back then, Berríos was a front-of-rotation workhorse who could be banked on for 3-5 WAR per year. He hasn’t been getting as many strikeouts lately, making him feel more like a veteran innings-eater type. From 2022 to 2025, he posted a 4.14 ERA with a 20.7% strikeout rate, 6.9% walk rate and 41.7% ground ball rate.

Even that has been undercut by some injury concerns in recent months. He finished 2025 on the injured list due to elbow inflammation and has started this year on the IL as well, again due to elbow inflammation. The issue doesn’t appear to be major and he could be back with the Jays in the near future. He would have to come back healthy and pitch really well in the next few months for this opt-out to even be a consideration.

• Bo Bichette (29): can opt out of remaining two years, $84MM, taking a $5MM buyout

Bichette’s recent trip to the open market was an interesting case. He wasn’t the first notable free agent to settle for a short-term deal, but we do know that he could have taken a more traditional long-term pact. The Phillies reportedly offered him a seven-year deal worth around $200MM. That was pretty close to the eight-year, $208MM deal that MLBTR predicted at the beginning of the offseason.

Instead, Bichette went another way. The Mets offered a much higher average annual value on a short-term deal with opt-outs after each season. Bichette can collect $42MM from the Mets for his age-28 season. If he decides to return to free agency, he can take a $5MM buyout on his way out the door, going into his age-29 season.

He would be walking away from a big salary but another $200MM deal might be out there for him if he has another typical Bichette season. Perhaps he would look to lock that in but we have already seen him opt for the bigger salary once. Maybe he would do so again. On the other hand, it’s theoretically possible he can garner better long-term offers this coming offseason. Last time, he had question marks due to his knee injury and uncertain future position. This time, it’s possible he’ll be healthy and have some proof of concept as a third baseman.

Bichette will need to turn things around to even make this a discussion, as he’s off to a .228/.262/.263 start as a Met, but that’s in a small sample size of 61 plate appearances. He has lots of time to heat up.

• Corbin Burnes (32): can opt out of remaining four years and $140MM ($44MM deferred)

Burnes was a free agent after the 2024 season and few expected him to land in Arizona, but the Diamondbacks signed him to a six-year, $210MM deal, with $64MM deferred. The deal gave Burnes the chance to opt out after two seasons, which would be his age-30 and age-31 seasons.

The deal has not worked out as hoped so far. Burnes did give the club 11 good starts last year, posting a 2.66 ERA, but then required Tommy John surgery in June. He will be on the shelf for at least half of the 2026 season, if not more.

It is theoretically possible for Burnes to beat the remaining money on his deal. Blake Snell was going into his age-32 season in 2025 when the Dodgers gave him a five-year deal worth $182MM. A couple of years prior, Jacob deGrom did better at an even older age. He was going into his age-35 season when he got a five-year, $185MM deal from the Rangers.

For Burnes to make this a conversation, he’ll probably need to come back and shove for at least a few weeks. One or two starts in September won’t do it. It’s also worth considering that Burnes seemingly turned down larger offers from other clubs because he and his family live in Scottsdale. Even if he thinks there’s a chance of slightly more money out there, he might be happy where he is.

• Kyle Freeland (34) – $17MM player option for 2027 if 170 innings pitched in 2026

Freeland and the Rockies signed a five-year, $64.5MM extension back in April of 2022. The deal runs through 2026 but Freeland can unlock a $17MM player option by getting to 170 innings pitched this year. He hasn’t done that in a while, with 2022 being the last time he hit that mark. Even a minor injury that puts Freeland on the IL for a few weeks would quickly take this off the table.

Presumably, the Rockies don’t want him to trigger this. The deal was signed under the previous front office regime. Even at the time, it was a bit of a head-scratcher. Since it has been signed Freeland’s ERA has mostly been hovering around 5.00. That’s not so bad for a pitcher who plays his home games at Coors Field but the Rockies are now rebuilding and don’t seem likely to be in contention next year.

On the other hand, even without a real eye on contention, they have considered it worthwhile to invest in making the rotation more respectable. After losing 119 games last year, the new front office invested almost $20MM to sign Michael Lorenzen, Jose Quintana and Tomoyuki Sugano. Each of those guys got $8MM or less. Deals like that are probably preferable to spending twice as much on Freeland but it’s not as though that would be back breaking. Freeland is making $16MM this year, so it would be a modest raise.

• Ryan Helsley (32) – $14MM player option

Helsley became a free agent after last year and a pillow deal seemed likely. He had been so dominant at his best but was coming off a poor platform. From 2022 to 2024, he posted a 1.83 ERA with a 34.6% strikeout rate. But in 2025, his ERA jumped up to 4.50. It was an even worse 7.20 for the Mets, who had acquired him from the Cardinals at the deadline. He only struck out 23.2% of batters faced after the deal. There was some talk that he may have been tipping his pitches, as his stuff seemed the same.

The Orioles gave him a two-year, $28MM deal, with even $14MM salaries in each season. Ideally, Helsley would return to form. That would give the O’s a lock-down closer without a lengthy commitment, while Helsley could return to free agency and get a bigger payday.

The early results are mixed. Helsley has thrown 4 1/3 innings for the O’s. His 30.4% strikeout rate is a nice uptick but he has also walked 17.4% of batters faced in that small sample. He still has lots of time but the sooner he locks in, the more it will help him in the coming offseason.

• Clay Holmes (34) – $12MM player option

Holmes spent most of his career as a reliever until he hit free agency, when he drew interest as a starter. The Mets gave him a three-year, $38MM deal and stretched him out. That deal contained an opt-out after two years. That would give Holmes a chance to return to free agency with some proof of concept as a starter, while the Mets would hope to at least get a couple of decent seasons from him.

So far, so good. Holmes is striking out fewer batters as a starter but is still getting plenty of ground balls, leading to good results on the whole. He has thrown 178 1/3 innings as a Met with a 3.38 ERA. His 18.2% strikeout rate is well below his work as a reliever, when he was usually above 25%, but Holmes has induced grounders at a 56.4% clip. He has had a bit of luck from a .273 batting average on balls in play and 75% strand rate, but his 4.09 FIP and 4.39 SIERA suggest he would be a competent back-end starter even with more neutral luck.

A decent starting pitcher can beat $12MM these days, even one in his mid-30s. In the most recent offseason, Nick Martinez got $13MM from the Rays for his age-35 season. Chris Bassitt got $18.5MM from the Orioles for his age-37 season. Merrill Kelly got two years and $40MM from the Diamondbacks starting at age-37. Adrian Houser got two years and $22MM from the Giants beginning with his age-33 campaign, even though he had to settle for a minor league deal a year prior.

Holmes hasn’t been getting as many strikeouts as Kelly or Bassitt but he was comparable to Martinez and Houser last year, with far more grounders than anyone in that group. He’s not an ace but there could be a path to something better than what will be left on his deal.

• Tatsuya Imai (29) – can opt out of remaining two years, $36MM

Imai is just making his major league debut. Coming from Japan at the end of last season, there seemed to be big divisions in how he was viewed by major league teams. Some saw him as a viable mid-rotation guy but others felt his future would be as a leverage reliever.

Some, including us, thought that a team would bet on the upside. MLBTR predicted Imai to land a six-year deal worth $150MM. It seems no club was willing to go to that length, at least not yet. Imai signed a three-year, $54MM deal with the Astros. Opt-outs after each season give him a chance to return to free agency, ideally with a track record of success as a major league starter. He is still relatively young, turning 28 in May, so he should still be able to secure a long-term deal in the future if the results are there.

It has only been two starts but the numbers have been mixed. Imai has a huge 35.1% strikeout rate but a massive 18.9% walk rate. That lack of control is one of the worries with Imai. He got his walk rate down to 7% in his final NPB season but was above 11% from 2019 to 2023. Beating two years and $36MM would be easy if he’s a 29-year-old mid-rotation starter but he will probably stay if he doesn’t quite cement himself or gets pushed to the bullpen.

• Michael King (32) – can opt out of remaining two years, $58MM for a $5MM buyout

Not too long ago, King looked to be on his way to a nine-figure deal. He got a rotation chance with the Yankees late in 2023 and made the most of it. The Padres acquired him and put him into their starting group. King responded with an excellent 2024. He kept that going into 2025 until some injury issues popped up. From August 24th of 2023 until May 18th of 2025, King tossed 267 2/3 innings with a 2.72 ERA, 28.4% strikeout rate and 8.1% walk rate. FanGraphs credits him with 6.7 WAR for that span. The only six pitchers ahead of him on that leaderboard are Tarik Skubal, Chris Sale, Zack Wheeler, Logan Webb, Cole Ragans and Dylan Cease.

But King wasn’t able to carry that all the way into free agency. A pinched nerve in his shoulder sent him to the IL for a while. He returned but then quickly went back on the IL with left knee inflammation. He made a few starts in September but wasn’t as dominant as before.

Due to that unimpressive finish, he seemed likely to get a short-term deal with opt-outs, and that indeed came to pass. The Friars brought him back with a three-year deal worth $75MM. It’s a bit backloaded, a team preference since the Padres have been working with some payroll restrictions. King gets a $12MM signing bonus, $4MM annually, but he’ll get all of that even if he opts out. It’s a $5MM salary in the first season and then a $5MM buyout if he walks. Then there’s a $28MM salary in 2027 and $30MM for the final season.

He can easily beat that if he’s back in top form. As mentioned, he was pitching like an ace a year ago and was on a path to something well over $100MM. Even with the injuries, he almost got to nine figures. Through three starts, he has a 3.24 ERA. His 22.1% strikeout rate and 11.8% walk rate aren’t amazing but it’s a very small sample size.

• Yuki Matsui (31) – can opt out of remaining two years, $13.5MM

After years working as a closer in Japan, Matsui came over to North America ahead of the 2024 season. The Padres signed him to a five-year, $28MM deal. That pact allowed him to opt out after three years, as long as he didn’t have a major injury in the first two.

Matsui stayed healthy and has generally given the Padres solid relief work. He made more than 60 appearances and logged more than 60 innings in both 2024 and 2025. On the whole, he has a 3.86 ERA in 126 innings thus far. However, his 11.3% walk rate is high and his 24.6% strikeout rate is only about two ticks above average for a reliever. He hasn’t really been in a leverage role, with just one save and 12 holds. He began the 2026 season on the IL with a groin strain.

Two years and $13.5MM isn’t a massive amount of money in baseball terms but Matsui won’t beat that if he’s a low-leverage reliever. Those types of guys usually get one-year deals worth a few million. He would have another chance to opt out after 2027.

• Emilio Pagán (36) – $10MM player option

Pagán’s profile is well known at this point. He gets a lot of strikeouts but also allows lots of home runs. That leads to big swings in his ERA, depending on how many fly balls are leaving the yard. He had a 4.43 ERA with the Twins in 2022, then dropped that to 2.99 in 2023. The Reds signed him to a two-year deal with an opt-out. His ERA spiked to 4.50 in the first season and he decided to stay. He then had a 2.88 ERA in 2025.

He returned to free agency and the Reds re-signed him to basically the same deal as before. The first was $16MM over two years. The second deal gave him a slight bump to $20MM. Pagán has already allowed two home runs through 7 1/3 innings this year, leading to a 6.14 ERA. This one literally depends on which way the winds will be blowing this summer.

• Wandy Peralta (35) – $4.45MM player option

Peralta got a four-year, $16.5MM deal from the Padres going into 2024, with the final three seasons all being player options. That was a surprise at the time but the Friars like deals like this, seemingly because of their financial situation. The extra years lower the average annual value and therefore the hit to the competitive balance tax. If the player has a good season and opts out, that’s a loss to the roster but the Padres get him off the books.

With Peralta, he has mostly been a ground ball specialist in his career, getting opponents to pound the ball into the dirt at a 53.8% clip. His 19.1% strikeout rate is below average but he’s still been able to have some good seasons. His first two campaigns in San Diego were fine but weren’t enough for him to trigger either of his first two opt-out chances. He had a 3.99 ERA in 2024 and a 3.14 ERA last year. He has a 3.60 ERA in the early going in 2026.

$4.45MM isn’t a ton of money but veteran relievers can sometimes get squeezed. Andrew Chafin keeps having to settle for minor league deals, for instance. Peralta should probably just stick with San Diego for 2027 unless he has a surprisingly dominant season.

• Nick Pivetta (34) – can opt out of remaining two years and $32MM

The Padres signed Pivetta to a four-year, $55MM deal ahead of the 2025 season. Due to San Diego’s aforementioned payroll crunch, they backloaded the money. Pivetta got a $3MM signing bonus and $1MM salary in 2025. He is making $19MM this year, followed by two player options worth $14MM and $18MM. The 2027 option becomes a club option if Pivetta misses 130 days for a major injury.

The first season of the deal was the best of Pivetta’s career. He took the ball 31 times and posted a 2.87 ERA, though that may have been a bit fluky. His strikeout and walk rates held fairly steady compared to prior seasons. He went into 2025 with a 15.5% home run to fly ball rate but only 9.7% of his fly balls went over the fence last year. If his home run rates revert back to previous levels, his ERA would likely jump back to his usual range of the low 4.00s.

Two years and $32MM is beatable as a decent 34-year-old. Sonny Gray and Nathan Eovaldi both got three-year deals worth $75MM in recent years. Eovaldi was actually one year older, going into his age-35 campaign. Bassitt got three years and $63MM from the Blue Jays a few years back. Yusei Kikuchi got the same deal from the Angels. As previously mentioned, Kelly got $40MM over two years going into his age-37 season.

• Luis Severino (33) – $22MM player option

Severino signed a three-year, $67MM deal with the Athletics ahead of 2025. The A’s were desperate for pitching. Luring big leaguers there was going to be tough since they were going to be playing in a minor league park from 2025 to 2027. They also needed to spend a bit more to avoid putting their status as a revenue sharing recipient at risk. The Severino deal surpassed expectations and the industry consensus is that the A’s realized they had to overpay someone.

Though Severino accepted that job and has 67 million reasons to feel good about it, he also has a few reasons to feel annoyed and went public with those. It’s possible he’s eager to move on and maybe the opt-out was put into the contract so that he would have the ability to do so.

Last year’s results weren’t amazing, as he posted a 4.54 ERA. The minor league park played as hitter-friendly and may have hurt him, as he had a 6.01 ERA there compared to a 3.02 ERA on the road. However, that road ERA was helped by a tiny .249 BABIP. He only struck out 17% of batters faced in away games, so it’s not as though he was dominating. His 4.34 home FIP and 3.87 road FIP were much closer than the ERA splits.

Unless he really dominates in 2026, sticking with the A’s may be best financial decision. In the most recent offseason, decent starters got less than the $22MM Severino would be turning down. Zac Gallen got $22.025MM but with deferrals that knocked the net present value below $19MM. As mentioned, Houser got $22MM on a two-year deal. Steven Matz got $15MM over two. Bassitt got $18.5MM, Martinez got $13MM and Dustin May got $12.5MM via one-year deals. His 2026 results will play a role but his desire to get out of that minor league park may also be a factor.

Photo courtesy of D. Ross Cameron, Imagn Images