Freddy Peralta

The Brewers hold an $8MM club option on Freddy Peralta’s services for 2026, which represents the team’s last bit of control from what was initially a five-year, $15.5MM extension signed by the right-hander back in February 2020.  With Peralta now slated for free agency during the 2026-27 offseason, it is possible he has already thrown his last pitch in a Brewers uniform, as The Athletic’s Andy McCullough writes that Milwaukee is “expected to at least field offers for” Peralta’s services.

The news comes as no surprise, since as of last June, Peralta and his agents at Klutch Sports hadn’t gotten anywhere with the Brewers on another contract extension.  Milwaukee president of baseball operations Matt Arnold didn’t even entirely rule out the possibility of the Brew Crew moving Peralta at this past trade deadline, even if Arnold stressed that such a deal was quite unlikely with the team in the midst of what ended up as a successful run at another NL Central title.

Because the Brewers obviously plan to be contenders again in 2026, there is plenty of logic in simply keeping Peralta atop their rotation.  The righty enjoyed what was in many ways his finest season, posting a 2.70 ERA over a career-best 176 2/3 innings.  Peralta’s stellar numbers included a 28.2% strikeout rate and 34.5% hard-hit ball rate, and though his walk and barrel rates were below average, that has been the norm for Peralta throughout his career.

Peralta got some good strand-rate and BABIP luck in 2025, which explains why his 3.68 SIERA was almost a full run higher than his ERA.  However, Peralta’s career 3.61 SIERA and 3.59 career ERA are virtually identical, and there is every reason to believe he can continue performing like a solid front-of-the-rotation arm for years to come.

A modest $8MM price tag for such frontline pitching only adds to Peralta’s trade value.  Every team can fit Peralta into their budget at that price, so apart from the clubs that are in clear rebuilding mode, virtually every other team in baseball will have reason to check in with Arnold about Peralta’s availability.  The Crew would certainly land a substantial trade package in return for Peralta, which is why Arnold can’t help but listen to offers.  As Arnold put it back in July when describing his team’s stance on trade offers, “Obviously it’s important for us to never close the door…It’s something that we can never exclusively say no on anything.”

Since Milwaukee is also operating under its standard limited budget, Peralta and his $8MM salary arguably carries more value to the Brewers than any other contender.  Peralta’s contract has proven to be a tremendous bargain for a club that has often traded away star players prior to free agency, as the option years in Peralta’s deal kept his salaries in check.  As McCullough notes, other ex-Brewers like Corbin Burnes, Josh Hader, or Devin Williams were more expensive due to rising arbitration salaries, plus a starter like Peralta making $8MM is a much different scenario than a closer like Hader or Williams earning a hefty portion of a mid-sized payroll.

Brandon Woodruff and Jose Quintana each have mutual options in their contracts but are expected to become free agents this winter.  If those starters left and Peralta was traded, Milwaukee’s 2026 rotation lines up as Quinn Priester, Jacob Misiorowski, Logan Henderson and Chad Patrick as the likely top four starters, with Robert Gasser, Tobias Myers, Carlos Rodriguez, or Aaron Ashby also in the mix for rotation work.  It’s not a bad group, but there is a distinct lack of MLB experience, and signing a lower-cost veteran arm (i.e. Quintana) would raise the rotation’s floor but not necessarily the ceiling.

Reading about the possibility of a Peralta trade only adds to the sting of the last week for Milwaukee fans, as the Brewers were unceremoniously swept out of the NLCS by the Dodgers.  Brewers fans know the drill by now when it comes to trading star players, of course, and the club’s run of success over the last decade has been due in part to the front office’s ability to successfully reload the roster.  Looking back at Hader’s trade to the Padres in 2022, for instance, that deal brought the Brewers back Gasser, as well as Esteury Ruiz, who was later flipped as part of the three-team swap that brought William Contreras to Milwaukee.

Because Freddy Peralta is in the final guaranteed year of his contract, the Brewers right-hander has been mentioned as a speculative trade candidate for some time, given how the Brew Crew have often dealt star players before they reach free agency.  Peralta is still under team control via an $8MM club option for 2026, though that option year only adds to the righty’s trade value, as rival teams would be willing to give up more to have Peralta for two pennant races instead of one.

Then again, that $8MM price tag for a frontline pitcher also makes Peralta incredibly valuable to the Brewers themselves, as Milwaukee again finds itself in the thick of playoff contention.  Speaking with Curt Hogg of the Milwaukee Journal Sentinel, Brewers president of baseball operations Matt Arnold praised Peralta as “one of the most important parts of our organization” and made a trade sound very unlikely, if not entirely impossible.

“Obviously it’s important for us to never close the door, but Freddy means the world to our franchise and all of us,” Arnold said.  “I would expect him to be a big part of this going down the stretch.  It’s something that we can never exclusively say no on anything.  But he just means so much to so many people here.  I’m thrilled to have him as a part of this team.”

While the Brewers have enough rotation depth that they could conceivably trade a starter to address other needs before the deadline, it is fair to say that Jacob Misiorowski is probably the only pitcher more untouchable than Peralta.  Over 116 2/3 innings this season, Peralta has produced a 2.85 ERA, 25.5% strikeout rate, and excellent hard-contact numbers.  The bottom-line numbers are a bit more flattering than the reality, as Peralta has a 3.78 SIERA and his 8.4% walk rate is nothing special, plus his strikeout rate is actually a career low.

Still, Peralta is the type of pitcher any club would feel comfortable starting in a playoff game, and he would be Milwaukee’s top starter for heading into what the team hopes will be another dose of October baseball.  As deep as the Brewers’ rotation may be, it would suddenly look a lot thinner without Peralta stabilizing things up top.

[Related: Milwaukee Brewers Trade Deadline Outlook, for MLBTR Front Office subscribers]

A trade probably wouldn’t be on the radar at all if it wasn’t for the Brewers’ past history, and the team’s payroll limitations.  The contract extension Peralta signed prior to the 2020 season has proven to be a huge bargain for the Brewers, and the reported lack of talks involving a new contract could be a hint that Peralta ultimately isn’t in Milwaukee’s long-term plans.

This could explain Arnold’s hesitance to absolutely rule out the possibility of a Peralta trade, just in case a rival team stepped forward with an incredible offer.  But with the Brewers rolling and making a run at another NL Central crown, it’s hard to imagine that anything short of an outlandish trade package would get Arnold to budge on moving his ace.  The specter of the 2022 deadline trade of Josh Hader still looms in recent memory, as the Brewers’ controversial decision to deal the closer seemed to sap the morale of a team that was leading the division at the time, and Milwaukee ended up missing the postseason entirely.

Arnold seemed to acknowledge that history in telling Hogg that “I think we have a really good group, and chemistry matters.  You can remove a piece of this and it changes the dynamic, potentially.  We’re certainly sensitive to that.  At times we’ve had to make unpopular decisions just to make sure our team is variable for not just this year but a long time.  It’s important to try to find that right balance, and we’re trying to do that every single day.”