Reds Rumors

The Reds remain in conversation with Carlos Estévez, according to Bob Nightengale of USA Today. The New York Post’s Jon Heyman first reported earlier this month that Cincinnati had interest in the veteran reliever.

More broadly, MLBTR’s Steve Adams reports that Estévez’s market has picked up this week. While there’s nothing to suggest a deal is imminent, a few teams that have been frustrated with the asking prices on free agent hitters have turned their attention to the bullpen. The relief group lagged the hitting and starting pitching markets for most of the offseason, but that has changed the past two weeks. Chris Martin, Andrew Kittredge, Jeff Hoffman, A.J. Minter, José Leclerc, Tanner Scott and Paul Sewald have all agreed to terms this month. Kirby Yates is reportedly closing in on a deal with the Dodgers, as well.

Estévez is probably the top unsigned reliever. The 32-year-old has been a reliable back-end option for the Angels and Phillies over the last two years. He turned in a 3.90 ERA with 31 saves and a plus 27.8% strikeout rate for the Halos in 2023. He was off to an even stronger start last year, working to a 2.38 ERA while fanning 25.8% of batters faced through the trade deadline.

Los Angeles dealt Estévez to the Phillies for a pair of well-regarded pitching prospects. His finish in Philadelphia was more solid than great. While he turned in a 2.57 ERA across 21 frames for the Phils, Estévez’s strikeout percentage dropped to a mediocre 20.5% clip. Despite the middling finish, Estévez still has a solid case for a three-year deal in the $30MM range.

Cincinnati had a decent relief group in 2024. They ranked 18th in earned run average despite the difficulty of pitching at Great American Ball Park. Reds relievers ranked ninth with a 24.3% strikeout rate. They subtracted one of their top strikeout arms when they dealt Fernando Cruz to the Yankees for backup catcher Jose Trevino. A full season from breakout candidate Tony Santillan could be a major boost in front of closer Alexis Díaz. Veterans Emilio Pagán and Brent Suter are back, as is lefty Sam Moll.

The biggest question is whether the Reds have the payroll space to meet Estévez’s asking price. That seemed unlikely a few weeks ago, as general manager Nick Krall said the team wasn’t working with a ton of financial margin. However, the Reds have subsequently finalized a new television contract to stay on the FanDuel Sports Networks for the 2025 season. Krall said that the TV deal allows the front office to “work a little bit more (than before) in both the free agency and the trade market.” RosterResource calculates the Reds’ player payroll around $106MM, approximately $6MM above where they ended last season.

The Reds reached a surprise agreement with Main Street Sports/FanDuel Sports Network (the rebranded entities formerly known as Diamond Sports Group and Bally Sports) yesterday — a one-year cable and streaming rights deal that’ll take care of the team’s broadcasts for the upcoming 2025 season. With Diamond Sports Group in bankruptcy proceedings, the Reds had turned their broadcast rights over to the league (as have several other clubs) in a less-lucrative arrangement. It’s still not clear how much extra revenue Cincinnati will pick up in the wake of this new agreement, but president of baseball operations Nick Krall told the Reds beat yesterday that there will be a positive impact on the team’s payroll, which had been close to maxed out.

“Just getting a little bit more money is great,” Krall stated (link via Gordon Wittenmyer of the Cincinnati Enquirer). “We can work a little bit more in both the free agency and the trade market.”

Reds fans will surely welcome the news of additional resources at the front office’s disposal. Krall didn’t make any definitive statements about what’s to come on the horizon, but it’s a change in tone from last week, when after the Gavin Lux trade he noted that the Reds did “not [have] a ton” of flexibility with regard to the payroll.

At the moment, RosterResource projects the Reds for a $106MM payroll — about a $6MM increase over where they finished the 2024 season. That’s generally been considered the top end of ownership’s range; Krall implied following the Lux acquisition that the inclusion of the team’s competitive balance draft pick in the swap was a creative means of fitting Lux’s modest $3.325MM salary onto the books, as it reduced the Reds’ draft budget. That doesn’t speak to a team with future acquisitions still in the pipeline.

Only time will tell the extent of the impact on Cincinnati’s spending ability. COO Doug Healy somewhat vaguely said the deal “enhances our economics slightly.” Krall’s subsequent comments more clearly suggest that the Reds could squeeze another move out of the unexpected uptick in revenue.

It’d be a major surprise if the Reds suddenly felt emboldened to spend on Anthony Santander or Pete Alonso, even as both reportedly warm to the possibility of shorter-term deals in free agency. They’ve recently been linked to reliever Carlos Estevez and were reported to have had interest in Gleyber Torres before he signed with the Tigers, as well. Wittenmyer writes that despite prior interest in Estevez, the two parties hadn’t talked in “weeks” prior to the new television agreement, as the right-hander was simply out of their price range.

Even if it’s not Estevez specifically, that interest suggests a desire to strengthen the relief corps. With regard to how the market has played out this winter, that’s arguably the “best” need to still have on any team’s to-do list. The relief market has moved slowly compared to other corners of free agency. It’s begun to pick up steam recently, but Estevez is just one of several quality bullpen arms still looking for a new home next year. David Robertson, Kenley Jansen and Kirby Yates are among the highest-profile names available, but the open market also includes names like Kyle Finnegan, Paul Sewald, Phil Maton, A.J. Minter and Tommy Kahnle, among others.