Cody Bellinger

The increasing popularity of opt-outs/player options as a means to close the gap in free agent signings and extensions has changed the face of free agency entirely. Not long ago, opt-outs were perks reserved for the game’s truly elite stars — a benefit to help differentiate nine-figure offers and secure the game’s top stars.

In 2025, they’re downright commonplace. Opt-out laden short-term deals have become a common alternative to the more conventional one-year pillow contract that a player in search of a rebound campaign might pursue. They’ll also provide a soft landing for a veteran whose market didn’t materialize as expected, even coming off a productive season. Some teams simply use them as a means of sweetening the pot even when negotiating with mid- and lower-tier free agents. The Royals gave opt-outs/player options to both Chris Stratton and Hunter Renfroe two offseasons ago. The Reds did the same with Emilio Pagan and Nick Martinez. Tucker Barnhart, Trey Mancini and Ross Stripling are just a few of the other recent examples of solid but non-star veterans to land such clauses in their free agent contracts.

At their core, opt-out provisions aren’t particularly different from club options that have been widely accepted as commonplace for decades. Teams guarantee a certain number of dollars over a certain number of years, and if the player continues performing at a high enough level, they’ll exercise a club option that’s typically locked in at a below-market price. If not, the player will be bought out and sent back to free agency. Player options and opt-outs are merely the inverse; the player/agent negotiate a certain length and annual value but reserve the right to opt back into the market if the player continues to perform at a high level. It’s two sides of the same coin, one favoring the team and the other favoring the player.

There are 16 players around the league this year who’ll have the right to opt into free agency at season’s end, depending on their performance. (Conversely, there are 27 players with club options.) We’ll periodically take a look at this group over the course of the season, as their performances will have a major impact on the 2025-26 market. For more context, you can check out our full list of 2025-26 MLB free agents as well as the first installment of our recent 2025-26 MLB Free Agent Power Rankings, wherein we rank the top 10 free agents in terms of earning power. Darragh McDonald, Anthony Franco and I recently discussed the decision process behind those rankings in the latest episode of the MLB Trade Rumors Podcast.

Onto this year’s group!

Pete Alonso, 1B, Mets | One year, $24MM remaining

Alonso looked like a good bet to opt out from the moment he agreed to terms on his front-loaded two-year, $54MM contract. That he’s been one of the best hitters on the planet in the season’s first three weeks only improves that likelihood. The 30-year-old slugger is slashing a comical .365/.474/.730 with five homers, eight doubles and more walks (12) than strikeouts (10) through his first 78 turns at the plate. Alonso is chasing pitches off the plate at a career-low 19.1% rate and is sporting the best contact rate of his career at 82.8%. He’s doing all of that with career-best marks in average exit velocity (96.3 mph), barrel rate (24.1%) and hard-hit rate (61.1%). Alonso has been an absolute monster, and the fact that he can’t receive a qualifying offer — players can only receive one in their career, and he rejected one last November — is a cherry on top of his dominant output.

Cody Bellinger, OF/1B, Yankees | One year, $25MM remaining (Bellinger receives $5MM buyout if he opts out)

Bellinger posted All-Star numbers with the 2023 Cubs, signed back for three years with a pair of opt-outs and hit well in 2024 — just not to his 2023 standard. Traded to the Yankees this past offseason, many thought he was primed for a rebound because of the favorable dimensions at Yankee Stadium. It hasn’t played out that way. Through his first 62 plate appearances, Bellinger looks more like the lost version of himself from 2021-22 than the strong performer we saw in ’23-’24. He’s hitting .185/.242/.296 with what would be career-worst strikeout and swinging-strike rates of 29% and 15.2%, respectively. When he’s made contact, it’s been loud (90.8 mph average exit velocity, 53.5% hard-hit rate) — and there’s still plenty of time to turn things around. It’s not the start he or the Yankees hoped for, however.

Shane Bieber, RHP, Guardians | One year, $16MM remaining (Bieber receives $4MM buyout if he opts out)

Bieber has yet to pitch this season as he rehabs from last year’s Tommy John surgery. Cleveland has yet to place him on the 60-day injured list, which could offer some optimism regarding his timetable for a return, but he’s not on a minor league rehab assignment yet. At last check, he was targeting a return around the All-Star break.

Alex Bregman, 3B, Red Sox | Two years, $80MM remaining (Bregman can opt out again after 2026)

Bregman has started his Boston tenure on a tear, hitting .321/.365/.564 with four big flies in 85 plate appearances. He’s been 62% better than average, by measure of wRC+, but there are still some of the same red flags he displayed early in the 2024 season. During his peak, Bregman was one of the sport’s toughest strikeouts and showed outstanding plate discipline. From 2018-23, he walked in 13.8% of his plate appearances against a puny 12.3% strikeout rate. Bregman’s walk rate fell off a cliff last season, and it hasn’t recovered so far in 2024. He’s drawn only four free passes (4.7%). More concerning, he’s fanned 18 times, leading to what would be a career-worst 21.2% strikeout rate. Bregman’s chase rate is down, and he’s still making elite contact within the strike zone, but he’s making contact on a career-low 56.5% of his swings on balls off the plate. If he keeps hitting like this, it probably won’t matter, but it’s something to watch as the season continues.

Edwin Diaz, RHP, Mets | Two years, $37MM remaining (Diaz can opt out again after 2026)

Diaz had a nice return from a 2023 season lost to a knee injury in 2024, pitching to a 3.52 ERA with a 38.9% strikeout rate against a 9.3% walk rate. It wasn’t quite his usual level of dominance, but most relievers would happily take a 39% punchout rate in a “down” season. Things aren’t going as well in 2025. Diaz’s four-seamer is sitting at a career-low 96.4 mph, per Statcast. That’s down 1.1 mph from last year’s mark and 2.5 mph from his 99.1 mph peak in 2022. If he were still overpowering opponents, it wouldn’t matter much, but Diaz has been tagged for five runs on six hits and five walks in 6 2/3 frames. That’s a 16% walk rate, and he’s already tossed four wild pitches — more than he did in 53 2/3 innings a year ago. The caveat with everyone on this list is that we’re all of 11-12% through the season, but the early trendlines aren’t good for Diaz.

Jack Flaherty, RHP, Tigers | One year, $10MM remaining (increases to $20MM once Flaherty makes 15 starts)

Flaherty’s heater is down nearly a mile per hour, and his walk rate is up from 5.9% to 10.3% … but that’s in a span of 21 1/3 innings. He’s still getting strikeouts at a plus level (28.7%), and the bottom-line results are good: 2.53 ERA. Flaherty seems healthy, which will be a big factor for him — both in terms of boosting his stock ahead of a potential return to free agency and in boosting his 2026 salary if he winds up forgoing the opt-out opportunity. If he can deliver a third straight season of 27-plus starts and a second straight year with a plus strikeout rate and low-3.00s (or even mid-3.00s) ERA, the market will likely reward him with the long-term deal that eluded him this past winter. Flaherty doesn’t turn 30 until October. He’ll have a chance at a deal ranging from four to six years in length if he comes close to replicating his 2024 performance. One potential downside: he was traded last summer and thus ineligible to receive a qualifying offer. If the Tigers contend all season, as expected, they’ll be able to make Flaherty a QO if he opts out.

Lourdes Gurriel Jr., OF, D-backs | One year, $18MM remaining

Though he’s one of the most consistent hitters in the sport, Gurriel is out to a woeful start in 2025. His D-backs are red-hot, but their current win streak comes in spite of an anemic .145/.176/.304 start from their everyday left fielder. Gurriel has some of the best contact skills in MLB, fanning in only 17.3% of his plate appearances and making contact on just shy of 90% of his swings in the zone dating back to 2022. He’s punched out in what would be a career-low 13.5% of his plate appearances this year, but he’s staring down a .121 average on balls in play. He should be due for a course correction, but it’s worth noting that he’s hitting more fly-balls and fewer line-drives than ever, which is going to naturally suppress his BABIP a bit (although certainly not to this extent). Gurriel is owed $13MM in 2026 and has a $5MM buyout on a $14MM club option for 2027. He’d need to be confident he could top not just $18MM but probably that he’d top two years and $27MM; the hefty nature of that buyout makes him a net $9MM decision for the D-backs in 2027, which seems like a price they’ll be willing to pay.

Ha-Seong Kim, SS, Rays | One year, $16MM remaining

Kim is still finishing up the rehab from last October’s shoulder surgery. He’s expected back mid-to-late May, which would give him about four months to prove he’s back to form. A healthy Kim would’ve been a coveted free agent who could’ve commanded four or more years in free agency. A plus defender at three positions and a plus runner with enough power to pop 10 to 20 homers annually, Kim will be in high demand next offseason if the shoulder injury doesn’t prove a major drain on his offensive capabilities.

Seth Lugo, RHP, Royals | One year, $15MM remaining

Lugo’s rise from reliever to starter to Cy Young finalist has been remarkable. He’s gotten decent results in 2025, with a 3.86 ERA in his first 23 1/3 innings, but his strikeout and walk rates are nowhere near last year’s marks. After fanning 21.7% of his opponents against a pristine 5.7% mark last year, the 35-year-old Lugo currently sports respective rates of 17% and 9.6%. His velocity is below par (92.2 mph average fastball) but right in line with last year’s levels. A year and $15MM should be the floor for a healthy Lugo, even if he doesn’t repeat his brilliant 2024 season. That’s the same mark that older starters like Charlie Morton, Justin Verlander, Alex Cobb and Max Scherzer (well, $15.5MM) received this past offseason. The Royals could tag him with a qualifying offer if he opts out, which would give him a tougher call on a one-year deal that should be worth more than $21MM. That said, if Lugo comes anywhere close to last year’s results, he’d turn that down in pursuit of a multi-year deal.

A.J. Minter, LHP, Mets | One year, $11MM remaining

Minter’s 94.3 mph average fastball is a career-low, but it’s only narrowly shy of his 2024 mark (94.5 mph). It’s feasible that as he further distances himself from last year’s hip surgery, that number could tick up, too. He’s pitched 8 1/3 innings, allowed a pair of runs on five hits and a walk, and punched out a dozen hitters. That’s a whopping 38.7% strikeout rate. So far, Minter is missing more bats within the strike zone than ever before; opponents have an awful 73% contact rate on his pitches in the zone (compared to the 85% league average). Minter landed two years and $22MM with an opt-out when he was coming off hip surgery. He should be able to top a year and $11MM so long as he’s healthy and pitches to his typical levels. So far, so good.

Frankie Montas, RHP, Mets | One year, $17MM remaining

Montas has yet to pitch in 2025 after suffering a lat strain during spring training. He’s yet to begin a minor league rehab stint but, like Bieber, also has not been placed on the 60-day injured list yet. The size of the Mets’ commitment to Montas this winter registered as a bit of a surprise even when he was thought to be healthy. He’ll need a strong few months to walk away from $17MM guaranteed.

Tyler O’Neill, OF, Orioles | Two years, $33MM remaining

The biggest question with O’Neill is whether he can stay healthy enough to position himself for an opt-out. He’s mashing with a .265/.339/.490 slash and two homers through 56 plate appearances. (One of those big flies extended his ludicrous MLB record of six straight Opening Days with a long ball.) He’s also missed the past couple games due to neck discomfort. O’Neill has never played in more than 138 games in a season, and he’s only twice reached 100 games in a year. (He did play 50 of 60 games in the shortened 2020 season.) O’Neill’s 21.4% strikeout rate would be a career-low, but his actual contact rate and swinging-strike rate aren’t career-best marks. It’s hard to see him sustaining that career-low strikeout rate as a result, but O’Neill’s power is substantial enough that he can be a productive hitter even running strikeout rates approaching/exceeding 30%.

Joc Pederson, DH/OF, Rangers | One year, $18.5MM remaining (Rangers can counter opt-out by exercising 2027 club option for $18.5MM)

Signed to help the Rangers remedy their 2024 ineptitude against fastballs, Pederson has instead turned in a career-worst performance against heaters (and every other offering). It’s only 16 games, but Pederson has collected just one hit against fastballs in 2025 — a single. It’s an alarming development for a hitter who carries a lifetime .244 average and .521 slugging percentage against four-seamers. Pederson has compiled an unfathomable .060/.161/.080 slash in 57 plate appearances. He’s still making a fair bit of hard contact, but most of it is resulting in grounders. His 55.6% ground-ball rate and 2.8% (!) line-drive rates are career-worst marks. There’s no earthly way he can continue to struggle this much, but he’ll need quite the turnaround for that opt-out provision to come into play.

Wandy Peralta, LHP, Padres | Two years, $8.9MM remaining (Peralta can opt out again after 2026)

Peralta posted a career-worst 13.6% strikeout rate in year one of his four-year pact with San Diego in 2024. He passed on his first opt-out opportunity, and understandably so. It’s early, but the veteran lefty has more than doubled last year’s awful 8.3% swinging-strike rate, which now sits at 16.8% through 8 1/3 innings. Peralta is generating chases on an eye-popping 40% of his pitches off the plate, and his opponents’ 44.4% contact rate on those swings is the second-best mark of his career. He’s all but shelved his four-seamer, is barely using his slider, and is leaning hard into a sinker/changeup combo. He won’t sustain a 1.08 ERA, of course, but if he keeps piling up grounders and whiffs, he’ll have a good case to opt out, even at age 34.

Trevor Story, SS, Red Sox | Two years, $55MM remaining

It’s hard to believe we’re already in year four of Story’s six-year deal with Boston — in part because we simply haven’t seen him in a Red Sox uniform all that often. The former Rockies All-Star played in only one-third of the team’s games through the first three years of the contract. Injuries have decimated Story in recent years, and he produced a middling .232/.296/.397 line when healthy enough to play from 2022-24. He’s out to a much better start in 2025, playing in 20 games (already just six shy of last year’s total) and recording a .299/.325/.442 line with three homers. A 3.8% walk rate, 30% strikeout rate and .400 BABIP through 80 plate appearances don’t bode especially well, but to his credit, Story is torching the ball; he’s averaging 90.3 mph off the bat and has even better marks in barrel rate (11.3%) and hard-hit rate (54.7%). It’s hard to see him turning down the two years and $55MM after he’s been injured so much in Boston, but he’s enjoying a fine start to the year.

Robert Suarez, RHP, Padres | Two years, $16MM remaining

Suarez’s name popped up late in the offseason rumor mill, but he was always going to be a tough trade candidate because of this two-year player option. If he performed well, he’d opt out, and if he struggled and/or got hurt, the acquiring team would be saddled with two unwanted years. Such is the nature of trading anyone with a player option/opt-out. Suarez stayed put, and the Padres have to be thrilled. He’s 8-for-8 in save opportunities, hasn’t allowed a run in nine innings, and is boasting a 31.3% strikeout rate against a 6.3% walk rate. That strikeout rate is supported by a huge 16% swinging-strike rate. Suarez looks unhittable right now, just as he has in the past when at his best. There’s a lot of season left, and things can go south in a hurry for relievers in particular, but a player couldn’t ask for a better start to a platform season.