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.”

Right-hander Freddy Peralta is in the final guaranteed year of his deal, though the Brewers have a club option to keep him around for 2026. Jon Heyman of The New York Post reports that Peralta has tried to get an extension done to keep him in Milwaukee longer but hasn’t yet been successful.

Peralta and the Brewers have already signed one extension. In February of 2020, they agreed to a five-year deal that guaranteed him $15.5MM over the 2020-24 campaigns. That bought out his remaining pre-arbitration and arbitration seasons. The club added two extra years of potential control via affordable $8MM club options for 2025 and 2026. They already triggered the first of those options.

Another extension would cost far more. At the time of the first one, Peralta wasn’t even established as a bonafide major league starter. He had 163 1/3 innings under his belt, over 22 starts and 33 relief appearances. His 30% strikeout rate was high but he had walked 11% of batters faced and was sporting a 4.79 earned run average. He was still two years away from qualifying for arbitration.

Things have certainly changed since then. Peralta has not only established himself as a starter, but he’s proven himself to be a great one. He stayed primarily in a relief role in 2020 but has been almost exclusively in the rotation since then, with just one relief appearance in both 2021 and 2022. On the whole, from 2021 to 2025, he has thrown 638 2/3 innings for the Brewers with a 3.40 ERA, 29.3% strikeout rate and 9% walk rate. He hasn’t been on the injured list since 2022. FanGraphs has credited him with 12.6 wins above replacement for that span, putting him in the top 20 of all pitchers in the majors.

He is at a point where he could rightly ask for a nine-figure deal. In the past five years, six other pitchers have hit the century mark on extensions as they neared free agency, as shown on MLBTR’s Contract Tracker. Zack Wheeler’s deal is a bit of an outlier in the group, since that was for his age 35- to -37 seasons. As for the other five, Garrett Crochet got $170MM over six years, José Berríos $131MM over seven, Tyler Glasnow $111.6MM over four, Luis Castillo $108MM over five and Joe Musgrove $100MM over five. In each case, the player was within two years of reaching free agency.

Crochet got to another level presumably because of his age, as he was slated to hit free agency just after his 27th birthday. Berríos also had youth on his side, as he was slated for free agency ahead of his age-29 season. Castillo and Musgrove were 30 in the first years of their respective pacts. Glasnow’s deal started with his age-31 season. Peralta is currently 29, so he’ll be 30 next year, the final club option on his current deal.

Peralta’s stats put him in a similar range to those guys. He doesn’t have Crochet’s youth but his major league track record is longer. Glasnow had a 3.03 ERA in the five years prior to signing his deal but obvious workload concerns. Berríos, Musgrove and Castillo were more reliable but had respective ERAs of 3.74, 3.61 and 3.64 in the five-year stretch leading up to their pacts, fairly close to Peralta’s 3.40 mark.

Assuming Peralta is looking for a similar guarantee to those players, it’s not surprising that the Brewers haven’t given it to him. They have only twice gone into nine-figure territory on a contract, doing so for position players both times. Ryan Braun got $105MM way back in 2011 and Christian Yelich got $188.5MM in 2020.

On the pitching side, they have been far more conservative. Matt Garza’s $50MM deal in 2014 is still the franchise record. In the past decade, Peralta’s first deal is actually near the top of the list. Aaron Ashby also signed an early-career extension, getting to $20.5MM, which is the most the Brewers have spent on a pitcher in the past ten years.

The lack of a deal will naturally lead to speculation about a Peralta trade. It’s well known that the Brewers aren’t afraid to trade players who are nearing the open market. Josh Hader and Corbin Burnes are two of the most notable examples. Hader was traded at the 2022 deadline, when he was 15 months from free agency. Burnes was traded going into the 2024 season, his final year of club control.

The Brewers also suddenly have a loaded rotation, despite dealing with a number of injuries earlier in the season. The current logjam is such that Aaron Civale, a solid veteran starter, got bumped to the bullpen. He asked to be traded and that request was granted, as he was flipped to the White Sox earlier today.

Trading Peralta now would be a much different matter, however. Civale is more of a back-end guy and he may not have been on track for being part of a postseason rotation. Peralta, on the other hand, is the club’s ace the most surefire postseason starter they have. Jacob Misiorowski has exciting stuff but has just one major league start under his belt. Chad Patrick and Quinn Priester are also fairly inexperienced. Jose Quintana is a veteran soft tosser at this point in his career. Nestor Cortes and Brandon Woodruff are currently on the injured list.

The Brewers understandably felt they could survive without Civale. Woodruff could be back in the mix soon. They also have Logan Henderson, who pitched well in the majors earlier this year, on optional assignment. Tobias Myers, who had a good year in 2024, is in Triple-A as well.

But subtracting an ace would be much more of a white flag for the season. The Brewers are currently just 2.5 games out of a playoff spot and probably wouldn’t consider a Peralta trade unless they fell further back in the standings. Heyman writes that there is belief in the industry that the Brewers will hold Peralta and pick up his option for next year, though it’s always possible they are compelled to change their minds by an offer that is too good to pass up.

The Brewers did deal Hader when he was at this stage of his club control, though the short-term results on that deal were bad. It was reported that the move didn’t go over especially well in the clubhouse and the club faded down the stretch. In the long run, it worked out well, however. The Brewers got Robert Gasser and Esteury Ruiz in that deal, later using Ruiz to get catcher William Contreras.

Perhaps a Peralta trade becomes more likely in the offseason when he’s a year away from the open market, as that was when they flipped Burnes. By that time, perhaps they feel better about Misiorowski, Patrick or Gasser stepping up to replace Peralta at the front of the rotation.

There are many variables at play, but with a new contract unlikely, Peralta rumors are likely to swirl until he is traded.

Photo courtesy of Michael McLoone, Imagn Images