The Reds have issued a qualifying offer to Nick Martinez, reports Gordon Wittenmyer of the Cincinnati Enquirer. The QO is valued at $21.05MM. The right-hander declined a $12MM player option over the weekend to hit free agency for a fourth straight winter.
Wittenmyer reports that the Reds and Martinez have discussed a multi-year extension but haven’t gained much traction. Rather than risk losing him for nothing, Cincinnati made the surprising call to issue the QO. Martinez and his representatives at the Boras Corporation have until November 19 to explore the market before deciding whether to lock in what would easily be the highest salary of his career.
Martinez had an excellent first season in Cincinnati. The Reds signed him to a two-year, $26MM free agent deal. Martinez had pitched well over two seasons in a swing role with the Padres. He pitched in the same capacity for the Reds, starting 16 of 42 appearances. He logged a career-best 142 1/3 innings with a 3.10 earned run average. He has allowed fewer than 3.50 earned runs per nine in all three seasons since returning from Japan during the 2021-22 offseason. Martinez showed pristine control (3.2% walk percentage) and did a fantastic job avoiding hard contact. That mitigated concerns about how he’d adjust to hitter-friendly Great American Ball Park.
Strong as that production was, the QO is a gamble for a team that doesn’t run huge payrolls. Martinez is headed into his age-34 season and would likely be limited to a three-year deal even if he weren’t attached to draft compensation. There looks to be a good chance he accepts the offer. The Reds spent around $90MM on player payroll this past season. If they end up a similar range in 2025, Martinez’s salary would account for upwards of a fifth of their spending.
That’s a lot to commit to a swingman, though it’d be more reasonable if the Reds wanted to give Martinez a full-time rotation job. He has been better out of the bullpen, as one would expect, though he was quite good in either role. Martinez posted a 3.84 ERA with a 19.1% strikeout rate out of the rotation. He turned in a sparkling 1.86 mark while fanning 22.5% of opponents across 53 1/3 relief innings.
The QO qualifies as a major league free agent contract. Article XX(b) free agents like Martinez gain full no-trade rights until June 15 of the following season, so the Reds couldn’t deal him this offseason without his consent if he accepts the offer. Cincinnati wouldn’t have made the offer if they weren’t prepared to welcome him back at that price.
If Martinez finds a robust market and is still able to land a notable multi-year contract, the Reds position themselves to land draft compensation. In the unexpected event that Martinez lands a $50MM+ deal elsewhere, Cincinnati would get a pick after the end of the first round in 2025. The likelier outcome is that a contract would be for less than $50MM, entitling the Reds to a pick between the end of Competitive Balance Round B and the start of the third round. Another team would forfeit draft pick(s) and potentially international signing bonus space to add Martinez. The penalties vary depending on the signing team’s revenue sharing status.
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