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
Padres Notes: Pivetta, Song, Cronenworth
The Padres are pushing Nick Pivetta’s scheduled start on Sunday back due to arm fatigue, reports Kevin Acee of The San Diego Union-Tribune. San Diego’s staff ace had been scheduled to throw a standard bullpen session this afternoon. That was also delayed, though Acee writes that Pivetta should throw a bullpen within a few days and could be back in game action next week.
There doesn’t seem to be any real concern. Pitchers are still building up arm strength at this stage of Spring Training. Pivetta also has one of the stronger durability track records of any pitcher in the league. Aside from illness, he has only gone on the injured list once in his MLB career — a month-long absence early in 2024 due to a flexor strain. He returned without issue and had the best season of his career for San Diego last year.
If the pause lasts more than a few days, it’s possible it’ll lead the Padres to reconsider the way they order their season-opening rotation. San Diego hasn’t announced who’ll take the ball against Tarik Skubal and the Tigers on March 26. Pivetta would be the obvious choice on the heels of a sixth-place Cy Young finish. He has made two starts this spring, building to 43 pitches on Tuesday. Michael King, Joe Musgrove and Randy Vásquez are expected to follow him in the rotation. There’s an open competition for the fifth starter role.
A more notable camp storyline is the health of utility player Sung-mun Song. The former KBO star tweaked his right oblique during offseason training. Song was cleared early in camp and has appeared in seven Spring Training games, batting .250 with one home run across 19 plate appearances. He felt renewed tightness in the oblique during Thursday’s game and was lifted after two at-bats.
Song didn’t play on Friday and is listed as day to day. Manager Craig Stammen told Acee the team will approach the situation with increased caution now that the oblique has flared up twice. He noted that it’s more general soreness than something that can be traced to one swing, which likely would have signified a more acute strain. Song’s status for Opening Day is nevertheless back in question. If he’s not available, Mason McCoy or Will Wagner could win a utility role.
A second/third baseman in Korea, Song was making his first professional start at shortstop in yesterday’s game. The Padres have also had him take outfield drills to build more defensive versatility. They’ll have Jake Cronenworth and Manny Machado in the lineup most days at Song’s respective primary positions.
Cronenworth is out to a strong start in camp, batting .353 through his first 18 plate appearances. He connected on his first home run of exhibition play in Thursday’s 27-6 rout of the Mariners. AJ Cassavell of MLB.com notes that the longball came to left-center field. That’s not ordinarily noteworthy, but the lefty-hitting Cronenworth has never hit a regular season home run to the opposite field. He has 80 career longballs over six seasons, all of which have gone to the pull side.
One exhibition homer isn’t going to suddenly make Cronenworth an all-fields power threat. It came off a Double-A pitcher in a game where the wind was blowing out; the teams combined for 12 homers altogether. Still, it’s a positive indicator that aligns with some tweaks which Cronenworth made over the winter to his weight transfer and bat path. Cassavell chats with the veteran infielder and first-year hitting coach Steven Souza Jr. about the adjustments for a piece that Padres fans will want to give a full read.
Padres Interested In Adding Starting Pitcher
Even after adding Michael King back to their rotation last month, Ken Rosenthal and Will Sammon of The Athletic report that the Padres are hoping to add another starter before the season begins. With that being said, however, it appears no deal is particularly imminent. Rosenthal and Sammon go on to write that the club has indicated to multiple players’ agents around the league that they “are not yet ready to move” on the pitching market.
Rosenthal and Sammon suggest that the Padres could be holding off on making an addition in order to clear money off the books with another move, such as a trade of Nick Pivetta. There’s certainly reason to wonder if that might be the case. RosterResource estimates San Diego’s 2026 payroll at $220MM, a modest increase over last year’s $211MM figure. For luxury tax purposes, this year’s $262MM is virtually identical to 2025’s $263MM figure. There’s been no indication to this point that the club is willing to scale it’s payroll up substantially from last year’s numbers, and signing even a mid-rotation free agent like Lucas Giolito or Chris Bassitt could cost somewhere between $15MM and $20MM in terms of annual salary. Dealing Pivetta and his $20.5MM salary could, in theory, allow the Padres to sign a starter in free agency using that money while also recouping either a young starter or help for another area of the roster as part of the return package for Pivetta’s services.
The team shopping Pivetta would certainly be a logical reason for the team to hold off on signing a starter, and the team was known to be discussing a deal with the Mets last month and that Pivetta was one of the players involved in those discussions. Of course, Ramon Laureano, Mason Miller, Adrian Morejon, and Jeremiah Estrada were among the many names brought up in those negotiations. That deal never ended up coming to fruition, and The New York Post’s Jon Heyman reported earlier this week that talks regarding Miller, specifically “went nowhere.” That’s not a shock, given the massive price the Padres paid to acquire Miller just a few months ago. It’s hardly impossible that the Mets and Padres could still get together on a Pivetta trade that doesn’t involve Miller, though, and it’s certainly possible other teams looking for rotation help (such as the Yankees) could be intrigued by the right-hander as well.
Looking to clear salary isn’t the only plausible reason for the team to be waiting on making a rotation addition. Another possibility could be that they’re simply waiting for asking prices to drop. The club signed Pivetta in mid-February last year, with Spring Training fast approaching as players still on the market feeling pressure to sign. That allowed to land him on a creative four-year, $55MM deal that may not have been possible earlier in the winter. Waiting to see how the market develops could be particularly prudent if the Padres are intrigued by a player like Zac Gallen, who falls into a similar tier of the free agent market this year as Pivetta did last year.
It could also make sense if the club is hoping to add a starter from the lower tiers of the market on a relatively small guarantee. As teams fill out their rotations ahead of Spring Training, perhaps stragglers on the market would be especially attracted to the promise of a wide-open lane to secure a rotation spot in San Diego. Bounce-back candidates like Walker Buehler, Erick Fedde, and Jordan Montgomery are among the many pitchers who that sort of approach could make sense for.
Mets’ Trade Talks With Padres Involve Nick Pivetta, Ramon Laureano, Mason Miller
The Mets and Padres have been discussing the possibility of a trade that would send established talent to New York while San Diego obtained MLB-ready younger talent and some salary relief. According to The Athletic’s Ken Rosenthal, Dennis Lin, and Will Sammon, right-hander Nick Pivetta, outfielder Ramon Laureano, and star relievers Mason Miller, Adrian Morejon and Jeremiah Estrada are players of interest for New York. The Padres have shown interest in the Mets’ “young major leaguers and all of their top prospects, both pitchers and position players,” including Nolan McLean, Brandon Sproat, and Jonah Tong.
The Athletic’s reporters made a point of noting that Francisco Lindor, Fernando Tatis Jr. and Jake Cronenworth weren’t brought up in these negotiations. This only somewhat lessens the blockbuster potential here given all of the high-profile names already under discussion, though it is also possible that the talks remain somewhat exploratory in nature. As Rosenthal/Lin/Sammon note, San Diego president of baseball operations A.J. Preller is always “weighing a dizzying number of possible moves and contingency plans,” and Mets PBO David Stearns is likewise no stranger to major trade concepts.
Pivetta’s name surfaced in trade rumors earlier this week, and Preller recently downplayed the idea that the Padres would trade any of their top bullpen arms. San Diego had an elite relief corps in 2025, but one major name from that group is already gone since closer Robert Suarez left for the Braves in free agency. The depleted nature of the Friars’ rotation also puts more pressure on the bullpen to pick up more of the run-prevention slack, and by that same token, makes it seemingly less likely that the Padres would trade Pivetta and further diminish the starting staff.
That said, Pivetta can opt out of his contract following the 2026 season. The backloaded four-year, $55MM contract Pivetta signed last season still has $51MM remaining, which breaks down as $19MM in 2026, a $14MM player option for 2027, and an $18MM player option for 2028 if Pivetta chooses to remain in San Diego next winter. The 2027 player option turns into a club option in the event of a long-term injury, but if Pivetta has the same kind of healthy and very effective season that he posted in 2025, he’ll surely trigger his opt-out.
If Preller could turn Pivetta into multiple controllable players who can still help the Padres win in 2026, that would be quite a way of threading the needle for the long-time executive. The Mets wouldn’t have much interest in giving up one of their top young talents for what might well be just one year of Pivetta’s services, and McLean might not be available at any price — the Athletic trio write that “McLean is thought to be untouchable, or close to it.” The New York Post’s Jon Heyman adds that outfield prospect Carson Benge is also considered to be virtually unavailable in trade talks.
By comparison, the likes of Tong, Sproat, and Jett Williams may be more available, though Stearns has been naturally hesitant about trading away any top minor leaguers. A trade package of Pivetta, Laureano as a short-term outfield add for 2026, and a reliever with four seasons of control like Miller or Estrada might well convince Stearns to part ways with some premium prospect talent, but on the other hand, that would be a lot for the Padres to move in a single trade.
The Athletic’s writers note that the Padres might get a greater overall return by sending Pivetta, Laureano, etc. elsewhere in individual deals, so it would take a gigantic trade package for the club to include multiple trade chips into a single swap. For Miller in particular, San Diego would want a ton back, given how much the Padres had to give up to land the closer from the A’s just last July.
Getting Pivetta’s salary off the books is one way for the Padres to shake up the roster given the team’s limited payroll flexibility, while short-term commitments to Pivetta and Laureano probably hold more appeal to Stearns than signing free agents to longer-term contracts. The sky is the limit when two creative executives like Preller and Stearns are cooking up trade scenarios, so this is certainly a situation worth monitoring as the offseason progresses.
Padres Listening To Offers On Nick Pivetta, Jake Cronenworth
As the Padres continue to try to build a competitive roster with minimal payroll wiggle room, they’re at least entertaining offers on righty Nick Pivetta, reports Dennis Lin of The Athletic. They’re also listening on second baseman Jake Cronenworth, Lin writes, though the two are in different spots in terms of trade candidacy. Pivetta, despite an opt-out in his contract at season’s end, would presumably still be coveted by numerous clubs. Cronenworth, with five years and $60MM remaining on his contract as he heads into his age-32 season, has considerably less trade value. USA Today’s Bob Nightengale wrote yesterday that San Diego isn’t merely listening but has been actively shopping Cronenworth.
The 32-year-old Pivetta (33 in January) is coming off a terrific season in which he logged a career-low 2.87 ERA over a career-high 181 2/3 innings. It was just the sort of season for which the Padres hoped when signing Pivetta to a four-year contract — a bet made on his durability and typically strong strikeout/walk rates. Pivetta had never posted an ERA under 4.00, but metrics like SIERA (3.78) and xFIP (3.92) liked him far better than the 4.33 ERA he’d posted across the four prior seasons.
San Diego found itself in a similar situation last winter to the one in which president of baseball operations A.J. Preller now resides. The team is still intent on going for it in a competitive NL West division, but payroll has been reduced since the untimely passing of late owner Peter Seidler back in 2023. Preller & Co. drew up a four-year, $55MM deal for Pivetta that paid him just $4MM in year on ($3MM signing bonus, $1MM salary) and then jumped to $19MM in 2026, $14MM in 2027 and $18MM in 2028. Pivetta also has the right to opt out of the final two years and $32MM on his contract following the current season. That seems like all but a given, provided he’s still healthy and even reasonably effective.
That unique contract structure complicates trade scenarios surrounding Pivetta. While he’s sure to command interest, teams will view him more as a one-year rental than as a long-term pickup. They’ll also need to price in the downside of Pivetta potentially sustaining a serious injury and/or performing so poorly that he forgoes that opt-out opportunity and thus saddles them with an unwanted two-year, $32MM commitment. Pivetta could probably still bring back a prospect or lower-cost big leaguer of some note, but the return wouldn’t be as strong as many might think for a sixth-place Cy Young finisher who is technically signed for three more affordable seasons.
All of that makes the trade calculus surrounding Pivetta more difficult for Preller and his staff. The Friars are hoping to add to their rotation, not subtract from it. Trading Pivetta for a strong return and reallocating the $19MM he’ll make this coming season sounds good in theory but would be harder to execute in practice. Perhaps a team with more financial flexibility would acquire Pivetta with an eye toward restructuring his contract (extending him but also removing the opt-out opportunities), though that’s a purely speculative scenario and not one that is typical throughout MLB as a whole.
With regard to Cronenworth, he’s coming off a productive season, but his contract is still generally underwater. The lefty-swinging infielder hit .246/.367/.377 in 2025, with the bulk of his offensive value coming via a career-high 13.4% walk rate and a whopping 15 hit-by-pitches, both of which inflated his on-base percentage to career-best levels. On a rate basis, Cronenworth’s power was at the lowest point of his career, however (.131 ISO). Statcast pegged his “expected” batting average at .227 and his “expected” slugging percentage at just .348.
Cronenworth’s versatility is a point in his favor, but he’s primarily played second base and first base — two positions that typically aren’t compensated especially well on the modern MLB market (with the exception of the game’s truly elite bats at either position). It’s feasible that Cronenworth could command something similar to his $12MM annual value if he were a free agent right now, but it certainly wouldn’t come over a five-year term. He’d be limited to a much shorter contract on the open market, and teams will price that into any trade offers. In all likelihood, San Diego would need to pay down a fair bit of Cronenworth’s contract or take back another unwelcome contract.
Broadly speaking, the circumstances surrounding both players serve as a portent for the type of moves the Padres will have to explore this offseason. Preller is always one of the most frenetic baseball operations leaders in the game, and his need to address multiple roster holes — two starters, at least one bat, perhaps some help at catcher — with minimal payroll flexibility amid a changing ownership landscape suggest that we’re in for another slate of creative, difficult-to-predict transactions for the Padres in the weeks ahead.
Paul Skenes Wins NL Cy Young Award
Paul Skenes has won his first career Cy Young award. The Pirates righty is named the National League’s best pitcher one year after winning Rookie of the Year and finishing third in Cy Young balloting. He beat out Cristopher Sánchez and Yoshinobu Yamamoto for the honors. The vote was unanimous, as he received all 30 first-place votes. Sánchez was second on every ballot, so it wasn’t until third that voters began to diverge.
Skenes is the third pitcher in franchise history to win the Cy Young, joining Vernon Law (1960) and Doug Drabek (1990). He turned in an MLB-best 1.97 earned run average over his first full season in the big leagues. He’d posted a 1.96 mark across 23 starts as a rookie. He’s the only starting pitcher in the majors with a sub-2.00 ERA over the past two seasons. Skenes ranked fourth in the NL with 187 2/3 innings pitched and tied Jesús Luzardo for second with 216 strikeouts.
Only Logan Webb recorded more strikeouts. Skenes ranked fifth in strikeout rate (minimum 100 innings) and third behind Webb and Sánchez with 20 quality starts. He led the Senior Circuit with a 2.36 FIP and placed fifth with a 3.10 SIERA. FanGraphs and Baseball Reference each had him in essentially a dead heat with Sánchez for the Wins Above Replacement lead.
The 2023 first overall pick is widely considered one of the two best pitchers in the sport. There’s a fair debate between him and two-time AL Cy Young winner Tarik Skubal, but they’re almost certainly 1-2 in some order. Fans of other teams may dream about prying Skenes out of Pittsburgh, but that’s not happening anytime soon. General manager Ben Cherington stated in no uncertain terms yesterday that their ace would remain a Pirate in 2026. He’s under club control for another four seasons, and while a trade may be in the cards down the line, the immediate focus for player and team is getting the Bucs to the postseason. Skenes is the most important player on a team trying to break a decade-long playoff drought.
Sánchez had a breakout season to establish himself as a true ace for the Phillies. He fired 202 innings of 2.50 ERA ball across 32 starts. He finished fourth in the NL with 212 strikeouts. Sánchez had been a borderline top-of-the-rotation starter between 2023-24, earning a top 10 Cy Young finish in the second of those seasons. This was his first time posting a sub-3.00 ERA or topping 200 innings and strikeouts, so he certainly leveled up in his age-28 season. He’s signed through 2028 and under control through ’30 via a pair of club options on one of the most team-friendly contracts in the game.
Yamamoto’s World Series heroics weren’t a factor in the voting, which takes place at the end of the regular season. He earned his first All-Star nod and first Cy Young votes by turning in a 2.49 ERA across 30 starts. Yamamoto managed 201 strikeouts across 173 2/3 innings while leading the NL with fewer than six hits allowed per nine innings. Yamamoto had flashed ace potential in his first MLB season, but he was limited to 18 starts by a rotator cuff strain in 2024. He showed what he’s capable of in a full season in year two, and the Dodgers have won consecutive World Series in the first two seasons of his record-setting $325MM free agent contract.
Just over half of voters placed Yamamoto third. Webb received 10 third-place votes and finished fourth overall. Freddy Peralta picked up the four remaining third-place nods and landed in fifth place. Skenes and Sánchez were the only pitchers who appeared on every ballot. Nick Pivetta, Jesús Luzardo, Andrew Abbott and Zack Wheeler also received votes.
Image courtesy of Katie Stratman, Imagn Images. Full vote tally available courtesy of BBWAA.
Poll: Should Nick Pivetta’s Hot Start Be Believed?
Right-hander Nick Pivetta languished for quite some time on the free agent market after he turned down a Qualifying Offer from the Red Sox in search of a multi-year deal. The 32-year-old wound up being one of the final pitchers to come off the board this winter. He ultimately signed with the Padres on a four-year, $55MM pact that comes with some protection for the club against Pivetta undergoing significant elbow surgery. That relatively low-cost deal seemingly wouldn’t have been difficult for another club to beat this offseason, and so far Pivetta has made the rotation-needy clubs who passed on him look foolish.
In his first five starts this year, Pivetta has pitched to a 1.20 ERA across 30 frames. He’s struck out 27.0% of his opponents, walked just 6.3%, and made it through seven full innings in the majority of his appearances. For years, Pivetta has been viewed around baseball as a potential breakout arm with electric stuff despite never quite putting it together across a full season in the majors, with a career 4.66 ERA and 4.30 FIP. That led the Phillies to deal him to the Red Sox back in 2020, and that led Boston brass to shuffle Pivetta between the bullpen and rotation during the 2023 season. Even his best seasons with the Red Sox from 2021 to 2024 saw him pitch to a middling 4.33 ERA and 4.20 FIP. Could the veteran’s long-anticipated breakout have finally arrived in his first year with San Diego?
The possibility cannot be dismissed out of hand. After all, Pivetta’s success has come in spite of two his his five starts coming against the Cubs, who sport the NL’s best offense and the most runs scored in all of baseball to this point in the calendar. His first start against Chicago was a lackluster one, with three runs allowed in three innings of work, but his second time facing the club saw him strike six batters out while walking just one with one run allowed in six innings of work. Combine that with the seven scoreless innings he twirled against the Tigers and their own top-10 offense in the sport so far, and it’s hard to say Pivetta has coasted through an easy schedule so far this year.
With that being said, there hasn’t been much in the way of drastic changes. Pivetta’s 27.0% strikeout rate and 6.8% walk rate this year are both better than his career norms, but weaker than last year’s figures of 28.9% and 6.3% respectively. His fastball velocity also remains virtually unchanged from last year, when he posted a fairly pedestrian 4.14 ERA and 4.07 FIP across 145 2/3 innings of work. That lack of tangible change is a potential red flag that suggests this dominance won’t continue, as are Pivetta’s .205 BABIP allowed, 88% strand rate, and 2.9% home run-to-fly ball ratio.
All of those figures as well out of line with not only Pivetta’s career norms but what can be expected for MLB hurlers in general. Pivetta’s HR/FB is particularly noteworthy, however, as home runs have been the righty’s primary bugaboo throughout his career. Pivetta has allowed the fifth highest number of home runs since he arrived in the majors back in 2017 among all pitchers. Among those with at least 800 innings of work since then, Pivetta’s home run rate is also the fifth-highest, while his home run-to-fly ball ratio is ninth-highest. The long ball has always been what’s held Pivetta back throughout his career, but he’s allowed just one home run in his first five starts.
While this year’s level of home run suppression is all but impossible to imagine being sustainable, the underlying metrics do suggest that Pivetta has done better than usual in terms of keeping the barrel off the ball. His 8.1% barrel rate so far this year would be the lowest he’s posted in any season since 2018 if maintained over a full season, and he’s currently sporting a 37.8% hard-hit rate that would be his lowest since 2019. Combine that with the lowest average exit velocity and highest infield fly ball rate of his career, and it’s not hard to see why Pivetta’s allowing less home runs than ever. Regression back to the mean must be expected, but there’s at least some signs that the veteran could allow fewer homers this year than he has in any of his previous full seasons of work.
On yet another hand, there are generally more home runs in the warmer months. It’s perhaps not a coincidence that Pivetta’s career splits form a sort of bell curve, with his ERA lower in the spring and fall but higher in the summer. He has a career 4.01 ERA in March/April, then 4.34 in May, 4.66 in June, 5.11 in July, 6.02 in August, then 3.84 in September/October. As the weather heats up, all pitchers have a harder time keeping the ball in the park, which could be especially noteworthy for Pivetta.
Do MLBTR readers believe in his strong start or is the right-hander going to come back down to Earth eventually? Have your say in the poll below:
How will Nick Pivetta finish the year?
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Pivetta will continue to dominate and enjoy the best season of his career in 2025. 53% (1,287)
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Pivetta will regress to the mean and post a season similar to those he posted from 2021 to 2024. 47% (1,133)
Total votes: 2,420
Details On Nick Pivetta’s Contract With Padres
The Padres signed Nick Pivetta to a four-year earlier this week. Previous reporting had revealed that it was a four-year, $55MM deal, though heavily backloaded. Pivetta will receive a $3MM signing bonus, then make a salary of just $1MM this year, followed by salaries of $19MM, $14MM and $18MM in the next three years. He has the opportunity to opt out after the second and third years of the deal. Yesterday, Ronald Blum of the Associated Press provided some new details that had not been previously reported.
The new details revolve around contingencies for the Padres if Pivetta gets injured. Pivetta’s $14MM salary in 2027 becomes a club option “if at any point through 2026 he has a specified injury or surgery related to the injury and is on the injured list for more than 130 consecutive days in any season or in a one-year period.” Blum mentions that Pivetta spent time on the injured list in 2024 due to a right elbow flexor strain, implying that the contract provision relates to a significant elbow surgery.
If the Padres turn down the option, Pivetta would head back to free agency in the 2026-27 offseason. At that point, he will have made $23MM over the first two years of the deal. If those injury conditions are not met, then Pivetta will have a $14MM player option and $18MM player option for 2027 and 2028.
The Friars can also trigger a 2029 club option for 2029, valued at just $5MM, “if Pivetta has the specified injury or surgery related to the specified injury and goes on the injured list for more than 130 consecutive days in any season or in a one-year period, all occurring from July 1, 2026, through the 2028 season.”
It seems the Padres have built in some cover for themselves if Pivetta needs to miss significant time, likely due to Tommy John surgery or a similar procedure. A major elbow surgery usually requires a player to miss 14 months or more, which can be a big sunk cost for a club’s payroll. The Padres have been dealing with notable financial restraints in recent years, so that’s perhaps even more so for them. With these contract provisions, they have a few options in the event Pivetta does get hurt.
At the end of 2026, they can walk away if Pivetta is slated to miss a decent chunk of the next year or two. If he sticks around but then suffers a major injury in the latter half of the deal, the 2029 option gives them a chance to add an extra year of control at a bargain rate.
MLBTR Podcast: Alex Bregman, The Padres Add Players, And No Extension For Vlad Jr.
The latest episode of the MLB Trade Rumors Podcast is now live on Spotify, Apple Podcasts, and wherever you get your podcasts! Make sure you subscribe as well! You can also use the player at this link to listen, if you don’t use Spotify or Apple for podcasts.
This week, host Darragh McDonald is joined by Anthony Franco of MLB Trade Rumors to discuss…
- The Red Sox signing Alex Bregman (1:15)
- The Tigers just missing on Bregman (9:35)
- The Cardinals seemingly holding onto Nolan Arenado (12:15)
- The Padres signing Nick Pivetta and Kyle Hart (17:40)
- The Blue Jays not getting an extension done with Vladimir Guerrero Jr. (20:50)
- The Diamondbacks extending Geraldo Perdomo (31:30)
Plus, we answer your questions, including…
- The Twins had a quiet offseason but projection systems have them winning the division. Are they the best team in the AL Central? (38:25)
- Why did the Giants have a quiet offseason apart from Willy Adames and Justin Verlander? Was it ownership reluctance or Buster Posey’s conservative stance? (42:25)
Check out our past episodes!
- Pete Alonso’s Deal, And Potential Landing Spots For Bregman and Arenado – listen here
- Jack Flaherty Back To Detroit, Max Scherzer, And What’s Next For The Padres – listen here
- Ryan Pressly To The Cubs, Bregman’s Future, And Jurickson Profar – listen here
The podcast intro and outro song “So Long” is provided courtesy of the band Showoff. Check out their Facebook page here!
Padres Sign Nick Pivetta
Feb. 17: Pivetta passed his physical and has reported to Padres camp. The team has formally announced his four-year contract.
Feb. 12: The Padres are reportedly in agreement with Nick Pivetta on a backloaded four-year, $55MM deal. The CAA client receives a $3MM signing bonus and a $1MM salary for the upcoming season. He’s guaranteed $19MM, $14MM, and $18MM salaries over the following three seasons and can opt out after the contract after the second and third years. While the salary structure helps the Padres navigate short-term payroll constraints, the $13.75MM average annual value counts evenly against the team’s luxury tax calculation. The deal is pending a physical and has not been officially announced by the Padres, who have two openings on their 40-man roster.
Pivetta, who’ll celebrate his 32rd birthday on Friday, was the best unsigned starting pitcher. He had declined a $21.05MM qualifying offer from the Red Sox at the beginning of the offseason. That was a bit of a surprising decision that presumably played a role in holding up his market into Spring Training. He finds a multi-year deal with a much greater overall guarantee than he would have received had he accepted the QO, though he’s taking a notable pay cut for the upcoming season in the process.
The 6’5″ righty debuted with the Phillies in 2017. He struggled for most of his four-year tenure in Philadelphia. A 2020 deadline trade sending him to Boston turned his career around. Pivetta has been a mid-rotation workhorse over the last four years. He ranks 23rd in MLB with 623 innings since the start of the 2021 season. He owns a cumulative 4.33 earned run average and has allowed an ERA between 4.04 and 4.56 in each season.
Pivetta was a fixture in Alex Cora’s rotation over his first two seasons in Boston. He remained in that role early in the ’23 campaign, but the Sox kicked him to the bullpen in the middle of May. Pivetta was sitting on a 6.30 ERA over his first eight starts of the season. He had a fantastic turnaround in a long relief capacity. Pivetta allowed 1.98 earned runs per nine with an exceptional 36.9% strikeout rate over his first 17 relief appearances. Boston gradually stretched him back out to a rotation workload as the season progressed, putting him back in the starting five entering last season.
A flexor strain in his elbow sent him to the injured list in early April. That was remarkably the first non-virus IL stint of his nearly seven-year MLB career. Pivetta returned no worse for wear a month later and stayed heathy from May onwards. He wound up taking the ball 27 times and worked to a 4.14 ERA across 145 2/3 innings.
Pivetta’s run prevention numbers are those of a league average starter. That alone would be a significant boost to a San Diego rotation that needs reliable back-end innings. Pivetta’s strikeout and walk profile has been more intriguing than the bottom line results. He punched out 28.9% of opposing hitters against a modest 6.1% walk rate last season. That was the third season of the past four years in which he has posted a well above-average strikeout rate.
However, the swing-and-miss ability has been somewhat undercut by longstanding issues keeping the ball in the park. Pivetta has allowed a higher than average home run rate in every season of his MLB career. He gives up a lot of hard contact. While Statcast’s park factors grade Fenway Park as one of the sport’s most hitter-friendly venues overall, it has played around neutral for home runs over the past few seasons. Petco Park has been around average for home runs as well, though it broadly plays more favorably for pitchers.
Pivetta slots fourth on Mike Shildt’s rotation depth chart for the moment. He’s behind Dylan Cease, Michael King and Yu Darvish in what had been a very top-heavy rotation. It’s a lot more balanced now, as Pivetta can provide innings that San Diego lost when Joe Musgrove underwent Tommy John surgery last fall. That’d leave one spot up for grabs among the likes of Randy Vásquez, Matt Waldron and potential reliever conversion candidates Bryan Hoeing and Stephen Kolek.
That’d only be the case if there are no other moves before Opening Day. The Padres have been hamstrung all offseason by payroll restrictions. It’s the second straight winter in which the front office has had limited financial leeway. They’ve inked a trio of cheap one-year deals to plug holes at catcher and left field. They signed Elias Díaz for $3.5MM to start behind the plate while bringing in Connor Joe and Jason Heyward for a left field platoon at a combined $2MM cost.
Pivetta won’t make much more than that in year one. The bigger ramifications are from a luxury tax perspective. The Padres snuck below the tax line in 2024. They’ve seemingly preferred to do so again this offseason. The Padres had projected narrowly above this year’s $241MM base threshold. Pivetta pushes them close to the second tax tier. RosterResource calculates their tax number around $258MM. The actual fees are relatively small. They’re taxed at a 20% rate on spending between $241MM and $261MM. They’ll pay a $2.75MM tax on the Pivetta deal and are currently lined up for about $3.4MM in taxes overall.
While ownership may simply be willing to live with that relatively small tax bill, the front office could consider payroll-clearing trades in the coming weeks. Cease, who has a $13.75MM tax number himself for his final arbitration season, has been in trade rumors all offseason. King ($7.75MM) has been the subject of lesser trade chatter, while Robert Suarez and Luis Arraez have also been speculated about. Trading Cease or King would again raise questions about the rotation’s stability, though any such deal would almost certainly include at least one affordable MLB rotation piece in the return package.
The money isn’t the only cost for San Diego. They’ll surrender their second-round pick (#64 overall) in the upcoming draft, as well as $500K from their 2026 bonus pool for international amateurs, because Pivetta had declined the qualifying offer. The Red Sox get a compensation pick in the ’25 draft, which will land 77th overall.
Pivetta winds up being the only free agent starter of this offseason to sign a four-year deal. Michael Wacha, Yusei Kikuchi, Sean Manaea, Nathan Eovaldi and Luis Severino each signed for three years but pulled higher annual values. All but Wacha landed a larger overall guarantee. Severino and Manaea had also declined qualifying offers, while Wacha would have received one had he not re-signed with Kansas City just before QO decisions were due. Pivetta will collect $23MM over the next two seasons. His opt-out decisions will come when there are two years at $32MM and (if he doesn’t take the first out) one year at $18MM remaining.
ESPN’s Jeff Passan was first to report the signing and the salary breakdown. Image courtesy of Imagn.