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Reds Acquire Zack Littell In Three-Team Trade

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The Reds announced the acquisition of starting pitcher Zack Littell from the Rays in what’ll reportedly be a three-team trade. Righty Brian Van Belle is headed from Cincinnati to Tampa Bay. The Reds are reportedly sending pitching prospect Adam Serwinowski to the Dodgers, who’ll trade catcher Hunter Feduccia to Tampa Bay. Reliever Paul Gervase and minor league catcher Ben Rortvedt are headed from the Rays to the Dodgers. As of Wednesday night, only the Littell for Van Belle/Serwinowski portion of the trade has been finalized.

Littell tossed five scoreless innings tonight against the Yankees in his final appearance with the Rays. That lowered his earned run average to an impressive 3.58 mark across 22 starts. Littell turned in a very similar 3.63 ERA in 29 appearances a season ago. He has led the Rays in innings in each of the past two seasons while putting together steady mid-rotation results.

It’s excellent work for a player whom the Rays snagged off waivers from the Red Sox a little over two years ago. Littell had bounced around the league mostly as a middle reliever before Tampa Bay built him up as a starter. His fantastic control played well in a rotation role. Throwing strikes is the 29-year-old’s standout trait. Littell has walked fewer than 5% of opposing hitters in consecutive seasons. He issued four free passes tonight in the Bronx, but that’s only the second time he has done so in the past two years.

Littell doesn’t have eye-popping stuff. He sits in the 91-92 MPH range with both his four-seam fastball and sinker. Neither his slider nor splitter are huge swing-and-miss offerings. Littell had roughly average strikeout and whiff rates a season ago. This year’s 16.6% strikeout rate and 9.1% swinging strike percentage are each subpar. Littell surrenders a lot of hard contact and has had issues with the home run ball throughout his career. That includes an MLB-high 26 longballs allowed this season.

That profile seems a suboptimal fit for a pitcher who’ll now call the extremely hitter-friendly Great American Ball Park home. Littell’s consistency was clearly a plus for Cincinnati. He has worked at least five innings in all but one start this year. He has allowed three or fewer runs in 18 of 22 appearances. Littell has had a better season than Nick Martinez and Brady Singer have managed. Rookie Chase Burns has also been up and down over his first six starts.

Adding Littell will push Martinez to the bullpen. Ace Hunter Greene is on a rehab assignment as he works back from a groin strain. That’ll presumably push Burns back to Triple-A. Cincinnati would have a starting five of Greene, Nick Lodolo, Andrew Abbott, Littell and Singer at that point.

Littell is playing on a $5.72MM salary for his final year of arbitration. The Reds are taking on a little more than $1.8MM for the final two months. He’ll be a free agent at season’s end. Tampa Bay wasn’t going to make him a qualifying offer. They’ve played terribly this month and dropped below .500 with tonight’s loss. Their 3.5 game deficit in the Wild Card race isn’t insurmountable, but the team’s performance coming out of the All-Star Break discouraged the front office enough that they’re at least soft sellers.

Trading Littell, their only true impending free agent, is the obvious starting point. Closer Pete Fairbanks and second baseman Brandon Lowe are controllable for next season via club options. Shortstop Ha-Seong Kim has a $16MM player option. Yandy Díaz and Drew Rasmussen are each signed through 2026 with team options covering the ’27 campaign. Lefty reliever Garrett Cleavinger is arbitration controlled through 2027. It remains to be seen how aggressively they’ll shop players whom they control beyond this season, but the Rays have the potential to make a significant impact on the deadline.

The Reds part with a couple controllable players to land Littell. Serwinowski, a 6’5″ left-hander, is the more significant loss. The Reds drafted him out of high school in 2022. He has developed into one of their more intriguing low minors pitchers. Serwinowski ranked 10th in the Cincinnati system at MLB Pipeline and 12th at Baseball America. Eric Longenhagen of FanGraphs had him as high as sixth in the organization in May. Scouting reports praise his plus fastball-slider combination, crediting him with a mid-90s heater that can touch 97. Like many tall young pitchers, he has below-average command. Serwinowski also doesn’t have a great third pitch, raising questions about his ability to turn a lineup over multiple times.

There’s a decent chance the 21-year-old will end up as a reliever, but it’s easy to see the appeal of a pitcher with this kind of stuff and physical projection. Serwinowski has spent the season in High-A, allowing a 4.84 ERA across 74 1/3 innings. He has punched out an above-average 27.7% of batters faced while walking nearly 12% of opponents. He’s the headliner of the return from the Dodgers’ perspective as a low minors development flier.

Van Belle, 28, has yet to make his MLB debut. The Red Sox called him up in June but designated him for assignment a few days later without getting him into a game. Cincinnati added him on a cash deal and has kept him on optional assignment to Triple-A Louisville. A former undrafted free agent out of the University of Miami, Van Belle has combined for 81 1/3 innings of 3.21 ERA ball at the top minor league level this year. That comes with a below-average 20.2% strikeout rate but a sterling 3.2% walk percentage. His fastball barely scrapes 90 MPH, but he’s a fantastic strike-thrower who relies mostly on a mid-80s changeup to stay off barrels. He’ll provide the Rays a depth starter or long relief type who is in his first of three minor league option seasons.

Feduccia is the bigger get from Tampa Bay’s perspective. He’s a 28-year-old catcher who had a limited path to playing time behind Will Smith and Dalton Rushing in L.A. Feduccia has held a spot on the 40-man roster for two seasons but has only gotten into seven MLB games. He has been forced to bide his time in Triple-A, where he owns a .277/.387/.450 batting line in more than 1200 plate appearances. A left-handed hitter, he takes plenty of walks and has decent contact skills with minimal power.

Eric Longenhagen of FanGraphs slotted Feduccia 31st among Dodger prospects in his writeup of the farm system in April. Longenhagen wrote that he struggles to control the running game but is a plus receiving catcher. Tampa Bay has cycled through catchers for years. They swapped out Danny Jansen for Nick Fortes in separate trades with Milwaukee and Miami earlier this week. Feduccia could push the out-of-options Matt Thaiss for the backup job immediately. He’s in his second of three option years and could be assigned to Triple-A Durham if the Rays don’t want to risk losing Thaiss on waivers.

Landing him required sending the 25-year-old Gervase to Los Angeles. A 6’10” righty reliever, Gervase was acquired from the Mets last July. Tampa Bay promoted him a few weeks ago. He has made five appearances, giving up three runs across 6 1/3 innings. He has posted monster strikeout numbers in Durham, fanning nearly 40% of opponents while pitching to a 3.12 ERA across 28 appearances. Gervase has paired that with a 7.5% walk rate that represents dramatically improved control relative to his early minor league work. The LSU product leans mostly on a 93-94 MPH fastball and mixes in a slider and cutter. He’s in his first option year and will begin his Dodger career as middle relief depth.

Rortvedt, who is not on the 40-man roster, backfills L.A.’s lost catching depth at Triple-A. At age 27, he’s actually younger than Feduccia but has far more MLB experience. He’s a .186/.276/.265 hitter in 209 big league contests. Rortvedt hit .095 in 26 big league games this year before Tampa Bay ran him through waivers. He is hitting .183 in 19 Triple-A games. He’ll be a minor league free agent at the end of the season if the Dodgers don’t call him up before then.

Jeff Passan of ESPN first reported that the Reds were closing in on a deal for Littell. Gordon Wittenmyer of The Cincinnati Enquirer reported that Cincinnati was giving up Van Belle and Serwinowski. USA Today’s Bob Nightengale first mentioned the three-team trade, with C. Trent Rosecrans of The Athletic relaying that the Rays were flipping Serwinowski elsewhere. Passan had the Dodgers’ involvement and the full breakdown.

Images courtesy of Imagn Images.

Reds Notes: Martinez, Offseason, De La Cruz

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Nick Martinez accepted the Reds’ $21.05MM qualifying offer this week, making him the lone player of the 13 who received a QO to accept that one-year deal. The two parties talked about a potential multi-year deal before the 34-year-old righty accepted, and while talks on a multi-year deal are reportedly on hold for now, Martinez suggested that he’s still open to such an arrangement and has received no indication from the club that talks won’t pick up down the line (links via Mark Sheldon of MLB.com and C. Trent Rosecrans of The Athletic).

“Accepting the qualifying offer doesn’t limit us from talking, so I’m definitely still open to it if that helps mitigate costs for this year or sign more guys,” Martinez said yesterday (via Rosecrans). Via Sheldon (on BlueSky), he added: “To my understanding, [discussing a multi-year deal] is still on the table.”

Martinez’s $21.05MM salary puts the Reds right back at their 2024 payroll level, per RosterResource’s projections. Reds COO Doug Healy said last week that the 2025 payroll would be “at or above” last year’s roughly $100MM level. A $21MM salary for Martinez doesn’t leave tons of wiggle room, and the Reds haven’t divulged just how far “above” that $100MM level they’d be comfortable spending. Working out a two- or three-year deal with Martinez that might reduce his 2025 salary would give the Reds more flexibility and also allow them to further extend their control over a player who president of baseball ops Nick Krall called a “great team guy” and a “lead-by-example guy.”

Prior to the Reds’ surprise decision to tender a QO to Martinez, MLBTR had penciled Martinez in for a three-year, $39MM contract on our annual Top 50 Free Agent rankings. The Athletic’s Tim Britton offered a very similar three-year, $40MM prediction. A deal in that range could allow the Reds to trim several million off Martinez’s 2025 salary — perhaps even more, if the team is willing to backload the deal so Martinez’s salaries are greater in 2026-27, when other contracts will be coming off the books. Emilio Pagán is earning $8MM in 2025 but is a free agent at season’s end. Jeimer Candelario is signed for two more years and earning more in ’25 ($15MM) than in ’26 ($12MM).

Among the Reds’ other goals in free agency are adding a bat to the lineup, deepening the bullpen and, per Sheldon, improving the team’s overall defense. Landing a corner outfield bat has long seemed like a viable target for the Reds, with Anthony Santander, Teoscar Hernández, Tyler O’Neill, Jurickson Profar, Michael Conforto and Max Kepler among the non-Soto tier of free agent possibilities. Again, bringing Martinez back at a weighty price point complicates the pursuit of such hitters, but all should sign contracts that are within reasonable proximity to the Reds’ prior free agent thresholds. Cincinnati has in the past signed both Nick Castellanos and Mike Moustakas to four-year, $64MM free agent deals, for instance. Santander will very likely command a larger guarantee than that, but the others should come in at or below (well below, for Conforto and Kepler) that type of total commitment and/or annual value.

One other area of focus for the Reds this winter will be making incremental improvements to Elly De La Cruz’s already impressive game, per Gordon Wittenmyer of the Cincinnati Enquirer. One of the game’s most dynamic talents and still just 22 years old, the 6’5″ De La Cruz wowed with 25 homers, 67 steals and a .259/.339/.471 batting line while playing 160 games and spending every inning he was in the lineup at shortstop. Krall specifically voiced a desire to work with De La Cruz on whittling away at his 31.3% strikeout rate — a mark that’s already down a bit from his 33.7% rate as a 21-year-old in 2023.

Interestingly, Krall noted that “a lot of our guys” are in that same boat, perhaps foreshadowing one of the traits he’ll look for as he looks to bolster his lineup this winter. With regard to De La Cruz, however, both Krall and GM Brad Meador emphasized to Wittenmyer that even with a crowded infield mix and prospect Edwin Arroyo on the rise, De La Cruz is the team’s shortstop for the foreseeable future. Krall and Meador spoke of working with De La Cruz to tighten up his defense on routine plays and scale back outs made on the basepaths, though the team is surely thrilled with the overall quality of their budding star shortstop’s performance. De La Cruz is under club control for at least five more seasons and likely won’t be eligible for arbitration until the 2026-27 offseason.

Nick Martinez Accepts Qualifying Offer From Reds

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Nov. 18: Martinez has now formally accepted the QO, reports Gordon Wittenmyer of the Cincinnati Enquirer. He adds an update to a prior report, adding that talks on a multi-year deal are not expected to continue.

Nov. 17: Veteran right-hander Nick Martinez is planning to accept the qualifying offer from the Reds, according to a report from Francys Romero. Martinez will remain with Cincinnati for the 2025 season on a one-year, $21.05MM deal.

Martinez, 34, was a somewhat surprising recipient of the QO after a strong inaugural season with the Reds. The right-hander joined the club on a two-year, $26MM guarantee last winter after both he and the Padres opted out of their simultaneous options for the 2024 campaign, making him a free agent. The deal with Cincinnati proved to be something of a coup for the Reds, as Martinez turned in an excellent 3.10 ERA and 3.21 FIP over 142 1/3 innings of work in a season that saw him split his time between the starting rotation and the bullpen.

While the righty posted utterly dominant numbers in relief, sporting a 1.86 ERA in 53 1/3 frames out of the bullpen, his 3.84 ERA across 16 starts saw him flash the ability to be a quality rotation piece. A closer look at Martinez’s work this season reveals that he struggled badly out of the rotation early in the year, with a 5.46 ERA through the end of April. He ended the year on a dominant note after returning to the rotation in early August, however, with a 2.42 ERA in 63 1/3 innings across 11 starts down the stretch. That excellent late-season performance could inspire more confidence in Martinez’s abilities as a rotation piece looking ahead to 2025, although it’s worth noting that his strikeout rate (22.5% vs 19.1%) and groundball rate (42.8% vs 33.7%) were both better out of the bullpen than the rotation this year.

Of course, part of Martinez’s value since returning to MLB following a four-year sojourn to Japan (where he posted a 3.02 ERA in 378 1/3 NPB innings) is his ability to shift from the rotation to the bullpen based on the needs of his team. The right-hander has worked as a swingman in each of the last three seasons, logging 184 innings across 35 starts in the rotation and and 175 innings over 117 relief outings. On the heels of a season that saw Hunter Greene, Nick Lodolo, and Andrew Abbott all miss time due to injury, it’s easy to imagine the Reds placing additional value on Martinez’s flexibility as they attempt to map out a plan for their young rotation arms. That’s especially valuable given the presence of top prospect Rhett Lowder, who looked dominant in a late-season call-up but may not be ready to jump straight into a wire-to-wire big league season in 2025.

That combination of production and versatility convinced the Reds to extend Martinez the QO, even though $21.05MM constitutes a raise of more than $7MM over his 2024 salary. The sides reportedly discussed a multi-year extension in the days leading up to the QO deadline earlier this month, but did not ultimately come together on a deal. Given Martinez’s age, it’s likely that his earning power on the open market would be tamped down in any multi-year pact. That reality surely made accepting the QO an attractive option for Martinez, and that’s exactly what MLBTR predicted he would do in our annual Top 50 MLB Free Agents list.

While adding Martinez to the club’s pitching staff for 2025 is sure to improve the team, that hefty raise might cause some complications for the club’s budget. RosterResource estimates the club’s current payroll for 2025 to be just under $81MM. While the Reds are committed to a payroll “at or above” their 2024 level, the club spent just $100MM on payroll last year and the addition of Martinez’s $21.05MM salary would push the Reds to $102MM, just over that mark. Potential non-tender candidates like Santiago Espinal and Jake Fraley could help the club save a few million dollars here and there, but it seems as though Cincinnati will need to exceed their 2024 payroll by a notable amount in order to make further additions this winter.

As for the free agent market overall, this winter’s market remains deep in interesting mid-to-back of the rotation options even with Martinez off the board. Yusei Kikuchi, Nathan Eovaldi, and Nick Pivetta are among the mid-rotation arms expected to pursue multi-year deals in free agency this winter, while bounce-back candidates like Walker Buehler and Max Scherzer could provide significant upside as they look to re-establish themselves on one-year, high-AAV deals similar to Martinez’s.

13 Players Receive Qualifying Offers

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Today is the deadline for teams to decide whether or not to issue qualifying offers to eligible players. Per Jeff Passan of ESPN on X, 13 players have received the QO and they are:

As a recap, the qualifying offer system was created in the name of competitive balance, allowing clubs to receive compensation if key players depart via free agency. The value changes from year to year as it is the average of the salaries of the 125 highest-paid players in the league. This year’s QO is valued at $21.05MM.

If the player rejects the QO and signs elsewhere, his previous team receives draft compensation while his new club is subject to draft pick forfeiture and sometimes international bonus penalties as well. MLBTR has previously covered what each team’s compensation and penalties would be.

Players have until 3pm Central on November 19 to decide whether to accept or not. In that time, they are free to negotiate with other clubs just like all other free agents, assessing their options before making a decision.

Most of the players on this list are not surprising. Many of them have enough earning power where it was obvious that they would receive a QO and they have an easy decision to reject it while going on to pursue larger guarantees on multi-year deals. Some of the decisions were a bit more borderline and MLBTR took closer looks at those in separate posts, including Martinez, Pivetta and Severino/Manaea.

There were also some notable players who were candidates to receive a QO but ultimately didn’t. MLBTR recently took a look at the pitchers and position players with a chance at receiving a QO. Michael Wacha was listed as a possibility but that came off the table when he and the Royals agreed to a new deal yesterday. Shane Bieber of the Guardians, Jeff Hoffman of the Phillies, Paul Goldschmidt of the Cardinals, Tyler O’Neill of the Red Sox, Gleyber Torres of the Yankees, as well as Ha-Seong Kim and Jurickson Profar of the Padres were all identified as long shots to receive a QO and ultimately none of them did.

Clubs generally don’t want to lose draft picks or be subject to the other associated penalties. As such, receiving a QO can sometimes have a negative impact on a player’s prospects in free agency, though it won’t be a significant factor for the top guys.

Reds Issue Qualifying Offer To Nick Martinez

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The Reds have issued a qualifying offer to Nick Martinez, reports Gordon Wittenmyer of the Cincinnati Enquirer. The QO is valued at $21.05MM. The right-hander declined a $12MM player option over the weekend to hit free agency for a fourth straight winter.

Wittenmyer reports that the Reds and Martinez have discussed a multi-year extension but haven’t gained much traction. Rather than risk losing him for nothing, Cincinnati made the surprising call to issue the QO. Martinez and his representatives at the Boras Corporation have until November 19 to explore the market before deciding whether to lock in what would easily be the highest salary of his career.

Martinez had an excellent first season in Cincinnati. The Reds signed him to a two-year, $26MM free agent deal. Martinez had pitched well over two seasons in a swing role with the Padres. He pitched in the same capacity for the Reds, starting 16 of 42 appearances. He logged a career-best 142 1/3 innings with a 3.10 earned run average. He has allowed fewer than 3.50 earned runs per nine in all three seasons since returning from Japan during the 2021-22 offseason. Martinez showed pristine control (3.2% walk percentage) and did a fantastic job avoiding hard contact. That mitigated concerns about how he’d adjust to hitter-friendly Great American Ball Park.

Strong as that production was, the QO is a gamble for a team that doesn’t run huge payrolls. Martinez is headed into his age-34 season and would likely be limited to a three-year deal even if he weren’t attached to draft compensation. There looks to be a good chance he accepts the offer. The Reds spent around $90MM on player payroll this past season. If they end up a similar range in 2025, Martinez’s salary would account for upwards of a fifth of their spending.

That’s a lot to commit to a swingman, though it’d be more reasonable if the Reds wanted to give Martinez a full-time rotation job. He has been better out of the bullpen, as one would expect, though he was quite good in either role. Martinez posted a 3.84 ERA with a 19.1% strikeout rate out of the rotation. He turned in a sparkling 1.86 mark while fanning 22.5% of opponents across 53 1/3 relief innings.

The QO qualifies as a major league free agent contract. Article XX(b) free agents like Martinez gain full no-trade rights until June 15 of the following season, so the Reds couldn’t deal him this offseason without his consent if he accepts the offer. Cincinnati wouldn’t have made the offer if they weren’t prepared to welcome him back at that price.

If Martinez finds a robust market and is still able to land a notable multi-year contract, the Reds position themselves to land draft compensation. In the unexpected event that Martinez lands a $50MM+ deal elsewhere, Cincinnati would get a pick after the end of the first round in 2025. The likelier outcome is that a contract would be for less than $50MM, entitling the Reds to a pick between the end of Competitive Balance Round B and the start of the third round. Another team would forfeit draft pick(s) and potentially international signing bonus space to add Martinez. The penalties vary depending on the signing team’s revenue sharing status.

Image courtesy of Imagn.

Nick Martinez Declines Player Option; Brent Suter Re-Signs New Deal With Reds

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The Reds announced their full slate of option decisions for the 2025 season this afternoon. Right-hander Nick Martinez turned down his $12MM player option for next season. The Reds held a $3.5MM club option on lefty reliever and Cincinnati native Brent Suter, but rather than exercising it they’ve signed him to a new one-year contract with a club option for the 2026 season. He’ll be guaranteed $2.25MM and the option is worth $3MM, MLB.com’s Mark Sheldon reports. Gordon Wittenmyer of the Cincinnati Enquirer adds that the Reds first paid the $500K buyout on Suter’s $3.5MM option for the upcoming season before re-signing him to the new terms.

Meanwhile, Cincinnati declined a $3.5MM option on catcher Luke Maile in favor of a $500K buyout, while right-hander Jakob Junis declined his end of an $8MM mutual option. He’ll be paid a $3MM buyout. Each of Martinez, Maile and Junis are now free agents.

Martinez, now 34, has shown a strong willingness to bet on himself when it comes to contracts. After pitching in Japan from 2018 to 2021, he has returned to North America and continually signed deals with opt-outs that he has triggered.

Going into 2022, he signed a four-year, $25.5MM deal with the Padres with the ability to opt-out after each season. He eventually triggered his first opt-out and re-signed with the Friars for 2023, a $26MM guarantee over three years with a convoluted club/player option structure. After the 2023 season, the Padres turned down a two-year, $32MM club option and then Martinez turned down his two-year, $16MM player option. He then signed a two-year, $26MM deal with the Reds that again allowed him to opt out after one season.

With the Padres before and with the Reds in 2024, Martinez oscillated between the rotation and bullpen. He got into 42 games this year, including 16 starts, tossing 142 1/3 innings with a 3.10 earned run average. His 20.4% strikeout rate was a bit below average but his 3.2% walk rate was elite. Among pitchers with at least 140 innings pitched this year, only George Kirby gave out free passes at a lower rate.

Both with the Padres and Reds, his results have been better out of the bullpen. This year, he had a 3.84 ERA as a starter but a 1.86 mark as a reliever. Whether he’ll be viewed as a reliever or starter will likely differ from club to club, but he should be able to top $12MM on the open market, making his decision to opt out a logical one.

Now the Reds will be able to issue him a qualifying offer and it has been suggested in some circles that they will consider it. Though Martinez is a solid contributor, it would be a bit of a surprise to see him offered a $21.05MM QO.

None of his previous contracts have had an average annual value higher than $13MM, so he would likely accept such an offer. The Reds have generally had payrolls just a bit above $100MM in most recent years, per Cot’s Baseball Contracts, so Martinez accepting the QO would take up something approaching a fifth of their payroll. That’s a lot of money to commit to a swingman.

Suter, 35, has been a steady performer in the big leagues for close to a decade now. Debuting back in 2016, he now has a 3.45 ERA in over 500 career innings. He signed with the Reds in the offseason and gave them 65 2/3 innings with a 3.15 ERA. His strikeout rate wasn’t great but he demonstrated excellent control and his usual propensity for limiting damage. His average exit velocity and hard hit rate were both in the 96th percentile, according to Statcast.

His previous deal came with a $2.5MM salary for 2024 and a $500K buyout on a $3.5MM club option for 2025. As mentioned, the Reds gave him that buyout and worked out a new salary for the upcoming season, also securing a club option for ’26.

Maile doesn’t hit much but has a strong reputation as a defender and game-caller. That continued to be the case this year, as he slashed .178/.268/.252 but with solid work behind the plate.

The Reds are moving on today but could perhaps circle back to Maile at a lower price point. Tyler Stephenson is the only backstop on the 40-man roster now, so they will need to find a backup, whether that’s Maile or someone else.

Junis, 32, has generally had solid results in his career. However, his 2024 was largely held back by injury. He signed with the Brewers in the winter, a $7MM guarantee broken up into a $4MM salary and a $3MM option.

He went on the injured list early in the year due to a right shoulder impingement. His return from that injury was delayed when he was struck by a batted ball during BP. He eventually tossed 67 innings on the year with a 2.69 ERA, getting flipped from the Brewers to the Reds as part of the deadline deal that sent Frankie Montas to Milwaukee.

Going back to the start of 2021, Junis has thrown 304 1/3 innings with a 3.99 ERA, 22.6% strikeout rate and 5.2% walk rate and should be able to secure himself a solid deal in free agency.

Nick Martinez Open To Staying In Cincinnati, Undecided On Opt-Out Clause

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Right-hander Nick Martinez is putting the finishing touches on a terrific first season with the Reds, having thus far compiled 134 1/3 innings of 3.22 ERA ball with a 20.8% strikeout rate and superlative 3.3% walk rate. He’s signed through the 2025 season and slated to earn $12MM next season but has the right to opt out of the second season of his two-year, $26MM contract and test free agency for what would be a fourth straight offseason.

The 34-year-old righty recently told MLB.com’s Mark Sheldon that he hasn’t made a decision or spoken with agent Scott Boras about his contract status while simultaneously expressing love for the Reds’ clubhouse and speaking fondly of his time in the organization. Martinez plainly stated that in spite of the opt-out opportunity, his mindset upon signing was that he was going to be in Cincinnati for multiple years. He’s bounced between starting and a variety of bullpen roles and said he’s on board with how he’s been used. He alluded to a “more delicate issue” that needs to be talked about in the offseason — a seeming nod to that looming opt-out provision and the clear reality that he’d be able to easily top the remaining one year and $12MM on his contract if he returned to the open market.

MLBTR’s Anthony Franco recently took a lengthy look at Martinez’s opt-out and his ostensible comfort with going year-to-year in free agency as he continually improves his earning power. The 2011 Rangers draftee struggled through four big league seasons (2014-17) before reinventing himself in a breakout run with Japan’s Nippon-Ham Fighters and SoftBank Hawks. Since returning to North American Ball, he’s pitched three seasons between San Diego and Cincinnati, logging a collective 3.36 ERA in 351 innings. Martinez has filled virtually every role possible, working as a starter, closer, setup man, long reliever and bulk reliever behind openers.

A two- or even three-year deal should be available to Martinez this offseason, although the Reds will have some time to ponder a potential multi-year deal to keep the versatile righty from reaching free agency at all. Martinez opined that the Reds have the pieces in place to ascend to playoff contention next year and spoke glowingly about his teammates. He’s a valuable piece of the puzzle as things stand, capable of serving as a fourth or fifth starter behind Hunter Greene, Nick Lodolo and Andrew Abbott (all three of whom he specifically mentioned in expressing his optimism about the team’s future) or again operating as a pivotal swingman who can be called upon in any role.

Those three young arms are effectively locked into the top spots in the Cincinnati rotation. Top prospect Rhett Lowder, 26-year-old Graham Ashcraft and 23-year-old Julian Aguiar are among the other candidates for starting roles next season. The Reds could arguably use a veteran arm to help stabilize the rotation outlook, but not every viable starting option would be so amenable to being shuffled between the starting staff and bullpen as Martinez has been in recent years. It does make him a clear fit, even if his numbers are notably better in relief. The question for the Reds will be one of salary, as Martinez has pitched well enough to justifiably seek a raise over the two-year, $26MM terms to which he agreed last winter.

Cincinnati has about $27MM in guarantees on next year’s books, per RosterResource. That doesn’t include Martinez’s option, an $8MM Emilio Pagan player option or a $3.5MM club option on lefty Brent Suter that seems likely to be picked up by the team. The Reds will also have to weigh arbitration raises for Ty France ($6.775MM salary in ’24), Santiago Espinal ($2.725MM), Tyler Stephenson ($2.525MM) and Jake Fraley ($2.15MM), plus first-time arb-eligible players like Lodolo, Ashcraft, Alexis Diaz and Sam Moll.

The Suter option, arbitration raises and a slate of league-minimum players to round out the roster would put the Reds north of $60MM before even considering Martinez or any offseason expenditures. Cincinnati has opened the past two seasons with payrolls ranging from $82-100MM. Martinez could be deemed something of a luxury if ownership wants to keep payroll in that same range, though it’s not yet clear what type of payroll the club is comfortable fielding in 2025. The Reds will also be in the market for at least one veteran bat to upgrade the lineup. Adding to a bullpen could see as many as four relievers reach free agency — Martinez, Pagan, Buck Farmer, Justin Wilson — will also surely be a goal.

Nick Martinez’s Third Straight Opt-Out Decision

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In a couple months, Nick Martinez will need to decide whether to test free agency for what would be the fourth straight offseason. More than most free agents, Martinez has seemed to value flexibility. Since he returned to affiliated ball during the 2021-22 offseason after a stint in Japan, the right-hander has signed contracts that allow him to opt out after the first season.

In each case, Martinez has pitched well enough to take that opportunity. He provided the Padres with 106 1/3 innings of 3.47 ERA ball in 2022. San Diego brought him back in free agency on a new three-year deal after he triggered the out clause. That came with another opt-out possibility, which Martinez took last winter after posting a 3.43 ERA through 110 1/3 frames.

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Reds Likely To Trade From Bullpen Depth

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The Reds are telling teams they plan to trade from their bullpen, report C. Trent Rosecrans and Ken Rosenthal of the Athletic. That is not yet a signal about their deadline direction, though. According to the report, Cincinnati anticipates having a bullpen surplus as they expect Emilio Pagán and Ian Gibaut to return from the injured list next month.

Cincinnati has somewhat quietly had one of the better bullpens in the league. Reds relievers rank seventh with a 3.52 earned run average and are eighth with a 24.5% strikeout rate. The relief group had been a recurring problem before turning into one of the team’s strengths this year. Swingman Nick Martinez has thrived when working from the ’pen. Fernando Cruz has developed into one of the league’s better strikeout arms, while underrated lefty Sam Moll has continued to excel after coming over from the A’s at last year’s deadline.

The Reds don’t have a ton of maneuverability with their relief group. Cruz and Moll have locked down two spots with their performance. Closer Alexis Díaz has been inconsistent, but Cincinnati isn’t going to send him down. Justin Wilson, Buck Farmer and Lucas Sims all have the requisite service time to decline a minor league assignment. Cincinnati can’t option Tony Santillan back to the minors after selecting his contract two weeks ago.

That leaves one bullpen spot with a five-man rotation. Martinez is currently working from the starting five but could slide back to the ’pen once Carson Spiers returns from the injured list. That’d essentially complete the bullpen without having any obvious candidates to bounce between Great American Ball Park and Triple-A Louisville.

If they needed a fresh arm at that point, the Reds could designate someone for assignment. While Farmer has a 2.80 ERA over 45 innings, his strikeout and walk profile is pedestrian. Santillan had spent virtually the entire season in Triple-A, but The Athletic writes that the Reds view him as a key piece and would not want to put him back on waivers. Cincinnati could get Gibaut, Pagán and lefty Brent Suter back from injury later in the season.

While they’ll likely deal with other injuries along the way, the Reds obviously won’t be able to make any trades after next Tuesday. It seems they’re preemptively trying to get something in return for at least one or two of their relievers rather than lose players via waivers in August. The most obvious candidates for such a move are their impending free agents: Sims, Farmer and Wilson.

None of that trio would bring back a significant return. Sims, who is playing on a $2.85MM arbitration salary, has the highest ceiling of that group. He misses bats and has worked in a high-leverage capacity for the last few seasons, but he issues too many walks to be an in-demand trade chip. Sims is handing out free passes at a 13% clip over 33 frames this year after walking more than 15% of batters faced last season.

Wilson missed virtually all of 2022-23 because of Tommy John surgery and a lat injury. He returned this year with his typical velocity and has fanned more than a quarter of opponents with a 5.2% walk rate. A .365 average on balls in play has led to an unimpressive 4.85 ERA, but the 36-year-old is a fine option for teams seeking another left-hander in middle relief. Wilson is making a $1.5MM base salary.

Martinez is making $14MM this year and has a $12MM player option for next season. He’s pitching well, turning in a 3.88 ERA with excellent control over 72 frames. The fairly lofty salary and ’25 player option could lead teams to look elsewhere, though. It’s also not clear if the Reds want to deal Martinez, whose versatility they could value if they still anticipate making a playoff push.

General manager Nick Krall told Gordon Wittenmyer of the Cincinnati Enquirer yesterday that the front office had not decided on their overall deadline outlook. They’re five games under .500 and in last place in the NL Central, yet they’re within 4.5 games of a Wild Card spot in a wide open National League. Cincinnati’s game against the Braves tonight was rained out. They’ll make it up with a doubleheader on Wednesday. They play a weekend set in Tampa Bay and one game against the Cubs before the deadline.

Krall: Reds Have Not Declared Themselves Sellers

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July 23: Reds president of baseball operations Nick Krall pushed back on Morosi’s report, telling Gordon Wittenmyer of the Cincinnati Enquirer that he’s had conversations with the majority of the league but has “not gone down one road that specific.”

Krall’s comments came on the heels of a Cincinnati victory over Atlanta last night. That win kept the Reds within four games of a Wild Card spot in the National League, albeit in an extraordinarily tightly bunched race. Though they’re only four games back, the Reds would need to vault past the Giants, Cubs, D-backs, Padres, Pirates and one of the Mets or Cardinals in order to move into Wild Card position. The Cubs are actually a half-game up on the Reds in the standings, and their own president of baseball operations, Jed Hoyer, publicly conceded just last night that his focus will be on 2025 and beyond.

The next few days will likely be pivotal for the Reds as they chart their course for the remainder of the season. They have two games left against the Braves, followed by three road games against the Rays. They’ll host the Cubs on the evening of July 29 — their final game before the July 30 deadline.

July 21: Back in early July, when the Reds were 41-45 and just a few games out of the NL Wild Card race, club GM Brad Meador suggested that the club was not yet ready to commit to a strategy for this year’s trade deadline. Flash forward to today, and fallen to a record of 47-53 after getting swept by the Nationals coming out of the All-Star break. It appears that recent performance may have been enough for the club to officially set course, as Jon Morosi of MLB Network reports that the club has begun to inform rival clubs that they are willing to part with players on expiring contracts.

It’s hardly a surprise that Cincinnati would limit any sell-off to rental pieces. After all, the club has an exciting core of young talent led by star shortstop Elly De La Cruz and right-hander Hunter Greene that figures to keep the Reds in the playoff conversation in the coming years, and this season has been complicated by injuries to key pieces such as Matt McLain, Christian Encarnacion-Strand, TJ Friedl, Brandon Williamson, and Graham Ashcraft. By maintaining that core of players as well as veteran pieces under longer-term control such as Jonathan India and Jeimer Candelario, the Reds can remain fairly well positioned to load back up for the 2025 campaign this winter and make another attempt at returning to contention.

The Reds’ list of pending free agents is a relatively short one, but it nonetheless has some interesting names. Right-hander Frankie Montas, whose $20MM mutual option for 2025 is all but certain to be declined, is perhaps the player with the most name recognition that the club could look to move. Righty Nick Martinez has a $12MM player option for 2025 and could also be made available, while outfielder Austin Slater (who the Reds acquired from San Francisco just two weeks ago), lefty Justin Wilson, and right-handers Buck Farmer and Lucas Sims will each see their contracts run out at season’s end.

According to Morosi, the Orioles are among the clubs to have interest in Cincinnati’s rental pitchers, including Montas and Martinez. The fit between Baltimore and either of those two pieces is somewhat obvious, as the Orioles have lost starters Kyle Bradish, John Means, and Tyler Wells to season-ending surgery this year. That’s left them to put together a patchwork rotation filled out by Dean Kremer and Albert Suarez behind front-end duo Corbin Burnes and Grayson Rodriguez. At least one more playoff-caliber starter would make plenty of sense for the Orioles, and they would likely benefit from adding additional depth beyond that as well.

Whether Montas, 31, constitutes a playoff-caliber starter at this point in his career is up for debate. The righty has struggled badly with the Reds in 89 innings (18 starts) this year, posting a 4.85 ERA and 5.04 FIP which are both roughly 15% worse than league average. While Montas has allowed three runs or fewer in 12 of his 18 starts this year, blow-up starts have been a fairly frequent occurrence for the righty, including a combined 12 runs allowed in 11 2/3 innings in his last two starts against the Nationals and Rockies.

Bleak as his recent performance has been, Montas isn’t far removed from a stretch of mid-rotation success with the A’s from 2018 to 2022 where he posted 3.70 ERA and 3.61 FIP in 99 appearances. With that being said, it can’t be ignored that Montas underwent shoulder surgery back in February of last year. Since his return from going under the knife, his peripherals are those of a completely different pitcher. He’s struck out just 18.7% of batters faced after entering 2023 with a career 24.3% strikeout rate, and after allowing free passes to just 7.8% of opponents through the end of the 2022 season he’s watched his walk rate balloon to 10% since undergoing surgery. Even with those flaws, however, Montas’s track record as a quality mid-rotation arm could still certainly attract interest from pitching-hungry suitors.

Martinez, however, could prove to be the better fit for the Orioles’ needs. The right-hander has found a niche as one of the best swingmen in the game over the past three seasons with San Diego and Cincinnati, and this season the 33-year-old boasts a solid 3.88 ERA with an even stronger 3.15 FIP. While his 18.9% walk rate isn’t anything to write home about, he’s limited walks to a clip of just 3% this year while surrendering just six home runs in 72 innings of work. Martinez has been used primarily in relief this year, although he made five starts for the Reds early in the season and demonstrated the ability to move between the rotation and bullpen with relative ease during his time in San Diego. The veteran righty would offer the Orioles pitching depth for both the bullpen and rotation down the stretch, possibly working out of the rotation for the remainder of the regular season before moving into the bullpen during the playoffs.

Of course, Baltimore is far from the only club that could be interesting in the Reds’ available rentals. The Dodgers, Astros, Red Sox, and Padres are among the other teams known to be in the market for starting pitching, while virtually every contender is typically on the prowl for rental bullpen help this time of year and could have interest in either Martinez in a relief role or a rental bullpen arm like Wilson, Farmer, or Sims.

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