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 Place Yu Darvish On Restricted List
The Padres finally announced their Opening Day roster on Wednesday evening. It more or less finalized a number of already known moves, though the biggest development is that starter Yu Darvish has been placed on the restricted list. Alden González of ESPN first reported that was the plan.
Darvish underwent elbow surgery last November. He won’t pitch at all in 2026. The expectation had been that he’d spend the season on the 60-day injured list. The Padres instead place him on the restricted list, which is for players who are under contract but are unavailable to play for various reasons. The restricted list is best known for its use when a player is suspended, though it’s more commonly briefly used when a player is away from the team for personal matters.
Players on the restricted list do not count against their clubs’ 40-man rosters, though that’s also true for those on the 60-day injured list. The more notable distinction is that teams are not required to pay players while they’re on the restricted list. It isn’t publicly known whether the team will continue paying Darvish any or all of his $15MM salary.
Of course, a team cannot place a player on the restricted list and avoid paying his contract merely because he suffered an injury. There’s surely more to this situation going on behind the scenes. There have been reports dating back to the end of last season about the sides negotiating some way to void the remaining three years on his deal. Darvish provided a statement in January, saying that he has not decided on retirement but confirming that the team, his camp, and the MLB Players Association have had conversations about terminating his contract. There hadn’t been any further updates on his situation until today.
His deal runs through 2028 and contains $43MM in remaining guarantees for his age 39-41 campaigns. The Padres would no doubt love to negotiate some kind of buyout or deferral plan that frees up short-term payroll space and lowers their luxury tax number. González points out that the still unsigned Lucas Giolito would be a sensible target for a team with questions in the back half of the rotation.
In 2024, Darvish agreed to a restricted list placement to attend to a family matter. He had previously been on the injured list at the time. The Padres offered to allow him to remain on the IL but Darvish opted to spend more than a month on the restricted list instead, voluntarily bypassing nearly $4MM in salary (link via Dennis Lin of The Athletic). The pitcher’s agent, Joel Wolfe, praised the team’s handling of the situation while noting that Darvish “just didn’t feel it was right to collect the money if he wasn’t fully committed to the rehab and coming back.”
There’ll presumably be an update from the team and/or Darvish’s representatives before long. The most immediate effect is that he’s off the 40-man roster. That’s a formality but was needed to officially select the contracts of Walker Buehler and Ty France, both of whom made the team last week.
San Diego placed seven more players on the injured list. Infielders Sung-Mun Song and Will Wagner went on the 10-day injured list, as both players are dealing with right oblique strains. Pitchers Jason Adam (recovery from left quad surgery), Griffin Canning (recovery from left Achilles surgery), Bryan Hoeing (flexor surgery), Joe Musgrove (elbow inflammation), Matt Waldron (which the team announced only as “surgery” after being a little more specific in February), and Yuki Matsui (left groin strain) all land on the 15-day injured list.
Adam was the only one of those players who held out hope of making the Opening Day roster. Kevin Acee of The San Diego Union-Tribune reported on Monday that he’d open on the injured list. It’s mostly to buy time for Adam to continue building up, as he made just two appearances at the end of Spring Training. He should be back sometime in April. In the meantime, this allows the Padres to carry both hard-throwing rookie Bradgley Rodríguez and the out-of-options Ron Marinaccio on the Opening Day roster.
Padres To Select Walker Buehler
The Padres will carry Walker Buehler on their Opening Day roster, reports Kevin Acee of The San Diego Union-Tribune. The veteran righty would have been able to request his release tomorrow if San Diego weren’t going to call him up.
Buehler locks in a $1.5MM base salary by breaking camp. His deal also includes up to $2.5MM in active roster bonuses. Acee writes that Buehler and Germán Márquez are expected to round out the season-opening starting five behind Nick Pivetta, Michael King and Randy Vásquez.
The Padres will be without Joe Musgrove for at least a couple weeks after he didn’t recover as hoped from a recent start. Griffin Canning is beginning the season on the injured list as he rehabs last summer’s Achilles tear. Canning threw one inning against Mariners’ minor leaguers on the back fields this afternoon, his first competitive work since the injury (via the MLB.com injury tracker). Matt Waldron, out of minor league options, is also a few weeks behind due to a hemorrhoid procedure. Yu Darvish will miss the entire season after last fall’s elbow surgery.
Buehler is coming off a second straight rough season. He was tagged for a 4.93 ERA with a career-worst 16.3% strikeout rate across 126 innings. He spent most of the year in Boston but was released in August. Buehler caught on with the Phillies to close the season before returning to the open market at year’s end. He had to settle for a minor league deal but found a good opportunity in San Diego given their rotation injuries.
The righty has pitched in three Cactus League games, allowing four runs with 13 strikeouts and four walks over 11 2/3 innings. Buehler has mixed six pitches but is only averaging 92-93 mph on his fastballs. He’ll probably pick up some velocity as he gets into the season. He has some work to do to match last year’s career-low 94 mph mark, to say nothing of the mid-upper 90s heat he had before undergoing his second Tommy John surgery in 2023.
Buehler isn’t the only veteran with an upcoming opt-out decision. Infielder Ty France can also get his release tomorrow if the Padres aren’t going to carry him on the roster. His minor league deal comes with a $1.35MM base salary. Acee writes that the team still hasn’t decided whether they’ll add France or fellow minor league signee Jose Miranda for that spot. Bryce Johnson is out of options and the favorite to win the fourth outfield role, while Nick Castellanos and Luis Campusano have bench spots secure.
France and Miranda have each had big performances this spring. The utility infield spot will go to Sung-mun Song once he’s back from an oblique strain. Intervening injuries could change the picture, but it’d be a cluttered bench no matter who the Padres tab to start the season. France has the service time to refuse any minor league assignment. Miranda is out of options and would need to go on waivers if the Padres try to send him back down after calling him up.
The Padres have one opening on the 40-man roster after waiving Daison Acosta a couple weeks ago. They’re essentially working with two additional free spots. Neither Darvish nor Bryan Hoeing has been moved to the 60-day injured list yet. They’re both out for the season.
In the bullpen, AJ Cassavell of MLB.com relays word from skipper Craig Stammen ruling lefty Yuki Matsui out for Opening Day. The southpaw suffered a left groin strain that kept him from pitching for Japan in the World Baseball Classic. He’ll begin the season on the 15-day IL but could be back in April.
Righty Jason Adam is making his Spring Training debut tonight. He’s trending towards opening on the active roster. Mason Miller, Adrian Morejon, Jeremiah Estrada, David Morgan, Wandy Peralta and Kyle Hart all seem assured of bullpen spots. If Adam is healthy, that’d leave one spot available. Ron Marinaccio is out of options and could be the favorite for that reason. Hard-throwing Bradgley Rodríguez impressed late last season, while the Padres have spoken highly of non-roster invitee Logan Gillaspie as a potential long reliever.
Bryan Hoeing To Undergo Flexor Surgery
March 12: Hoeing will undergo flexor tendon surgery and miss the entire 2026 season, Acee reports. He’ll be paid around the MLB minimum and land on the 60-day injured list once the team needs a 40-man roster spot. Hoeing will qualify for arbitration next winter but could be a non-tender candidate.
March 9: Padres right-hander Bryan Hoeing may undergo some kind of elbow surgery. Kevin Acee of the San Diego Union-Tribune reports that the righty is rehabbing while he makes a decision about whether or not to go under the knife. Manager Craig Stammen tells Acee that the club expects the decision “relatively quickly.”
Just over a week ago, Hoeing was shut down due to some discomfort in his throwing elbow. Pitching coach Ruben Niebla seemed optimistic that it wouldn’t be a serious issue but perhaps new information has changed things.
Acee doesn’t specify exactly what kind of procedure is possible for Hoeing but most elbow surgeries require significant absences. On the extreme end, Tommy John surgery involves a recovery period of more than a year. Even something less serious like a procedure to remove bone spurs requires several months of recovery. Carlos Rodón underwent surgery for bone spurs in October and is targeting a return in April, a span of about six months.
There’s never a good time for a pitcher to have elbow surgery but right now would be particularly unfortunate for Hoeing. He seemed to have a breakout in 2024, posting a 2.18 earned run average in 53 2/3 innings, but he wasn’t able to build on that in 2025. A right shoulder strain put him on the shelf to start the year. He was activated off the IL in June but was mostly kept on optional assignment and struggled to get in a groove, posting a 4.70 ERA in Triple-A. He would be looking to bounce back in 2026 but surgery could get in the way of that.
Even if he can avoid surgery, Hoeing seems a lock to start the season on the IL. Even with him on the shelf, the bullpen competition looks tight. Acee writes that Kyle Hart is making a strong push for a spot. He has thrown 8 2/3 scoreless innings in spring training action thus far with seven strikeouts, allowing three hits and three walks while hitting one batter. He worked as a swingman last year but struggled, posting a 5.86 ERA in 43 innings.
Left-hander Yuki Matsui is a potential wild card, as he has been battling an adductor strain. Acee says Matsui has resumed defensive drills and throwing from a mound but is still questionable for Opening Day.
On paper, the Padres project to have eight bullpen spots taken by Mason Miller, Adrián Morejón, Jeremiah Estrada, David Morgan, Wandy Peralta, Bradgley Rodríguez, Ron Marinaccio and Matsui. Of those eight guys, Morejón, Peralta, Matsui and Marinaccio can’t be optioned. Of the four who can, Miller surely won’t be. Estrada and Morgan aren’t likely to be sent down either, given their strong results. Rodríguez is more plausible, since he has just seven big league appearances under his belt. Jason Adam is questionable for Opening Day. If he’s healthy, he would likely bump Rodríguez to the minors.
That would make it hard to squeeze in Hart, who does still have an option, unless Matsui starts the season on the IL. Things could also get tightened further when Matt Waldron returns. He is going to start the season on the IL but isn’t expected to miss too much time. He is out of options and would need to squeeze someone out or be squeezed himself, unless further injuries pop up.
Photo courtesy of David Frerker, Imagn Images
Latest On Padres’ Bullpen Outlook
Padres right-hander Jason Adam has been targeting the Opening Day roster as he finished off his rehab from last year’s torn tendon in his quadriceps. The right-hander said three weeks back that team doctors hadn’t told him “no” on the possibility yet, and Annie Heilbrunn of the San Diego Union-Tribune reports that Adam could get back into games soon. He’s been ahead of schedule in camp and is slated for one final simulated game this week before a likely Cactus League debut on the weekend.
The 34-year-old Adam is a major piece of a deep San Diego bullpen. Over the past four seasons, he’s worked to a 2.07 ERA with 92 holds, 24 saves, a 29.2% strikeout rate and an 8.4% walk rate across 256 2/3 innings between the Rays and Padres. If healthy, he’d join Adrian Morejon and Jeremiah Estrada as one of closer Mason Miller‘s top setup options.
A healthy Adam also leads to a relatively crowded bullpen that could force the Friars into some tough decisions. Miller, Estrada, Morejon and Adam would be locks for bullpen spots. That’s presumably true of righty David Morgan (2.64 ERA, 47 1/3 innings in 2025) as well. Lefties Wandy Peralta and Yuki Matsui are pitching on multi-year contracts and can’t be optioned.
That group accounts for seven of the Padres’ eight bullpen spots. Right-hander Ron Marinaccio is out of minor league options. Right-hander Bradgley Rodriguez has multiple option years left but has excelled in camp after impressing in a brief look last year. Righty Matt Waldron might start the season on the injured list, but he’s out of minor league options as well and would need to be added to the big league roster or designated for assignment. Bryan Hoeing is shut down with an elbow issue right now.
Having more talented relievers than bullpen spots available is obviously a nice problem to have, all things considered, and depending on the injury timetables of Adam and a couple teammates, the Friars might be able to kick any 40-man decisions down the road a bit for the early portion of the season. At some point, something will have to give on one of the players who can’t be sent down (whether due to contract or lack of minor league options.
That’s especially true if the Padres want to consider breaking camp with any non-roster invitees on the big league club. Veterans Walker Buehler, Marco Gonzales and Triston McKenzie are among that group, but manager Craig Stammen has been talking up the chances of a different former big leaguer for a potential bullpen job: right-hander Logan Gillaspie.
“He just goes out there, competes his tail off, lot of energy and enthusiasm, throws a ton of strikes and gets a lot of outs,” manager Craig Stammen told MLB.com’s AJ Cassavell when asked about Gillaspie. He noted that Gillaspie could be used in a multi-inning role, providing some length early in games if necessary.
The 28-year-old Gillaspie has pitched in each of the past four major league seasons, including 18 innings for San Diego across the 2024-25 campaigns. He’s had pedestrian results overall, but Gillaspie is a familiar hand for many Padres coaches and is in the midst of a strong spring training (7 2/3 shutout frames, 8-to-2 K/BB ratio). Cassavell suggests that Gillaspie is viewed as having a real chance to make the club, particularly if the Padres open the season with multiple veterans on the injured list.
Padres Shut Bryan Hoeing Down With Elbow Discomfort
Padres right-hander Bryan Hoeing is likely to miss the start of the season, according to a report from Kevin Acee of the San Diego Union-Tribune. Per Acee, Hoeing is dealing with some discomfort in his throwing elbow and has been shut down by San Diego as a result. Acee added that pitching coach Ruben Niebla expressed some early optimism about the severity of the injury.
“We don’t think it’s as serious (as it could be), but we have to be conscious and take a look at it and be able to make the right assessments,” Niebla told reporters, as relayed by Acee.
More details on Hoeing’s status and timeline for return will surely be available in the coming days, once the team has had the opportunity to get Hoeing’s elbow looked at. In any case, it makes sense for the Padres to be extremely cautious with Hoeing at this point given how damaging a severe elbow injury can be to a player’s career. That’s especially true for the 29-year-old Hoeing, who pitched just eight innings in 2025 due to shoulder issues that left him sidelined for much of the 2025 season.
Despite that injury-plagued campaign last year, Hoeing figures to be firmly in the Padres’ bullpen mix if healthy. He enjoyed a breakout campaign with the Marlins in 2024 that got even better after being traded (alongside Tanner Scott) to San Diego at that year’s trade deadline. The righty sports a 2.34 ERA in 61 2/3 innings of work since the start of the 2024 season, and has posted a sterling 1.99 ERA in 25 appearances as a member of the Padres. While he’s not much of a strikeout pitcher, with a measly 19.5%, a 50.3% ground ball rate more than makes up for the lack of whiffs. That in combination with a manageable walk rate has led even more advanced metrics like SIERA (3.77) to be generally impressed with his work over the past two years in spite of their general favor for pitchers with high strikeout rates.
Of course, in a stacked Padres bullpen that likely left Hoeing in position to receive only middle relief work, as the late innings are set to be handled by a combination of Mason Miller, Adrian Morejon, Jeremiah Estrada, Jason Adam, and David Morgan. Hoeing could theoretically work his way into that mix with another big year like 2024, but for now seems more likely to handle the middle innings alongside Yuki Matsui when the pair are healthy. Matsui has also been sidelined of late due to an adductor strain, but Acee suggests the 30-year-old southpaw is more likely to be ready for the start of the season than Hoeing. Comments from Niebla seem to corroborate that, as the team’s pitching coach actually suggested Matsui could start throwing off the mound later this week.
NL West Notes: Adam, Matsui, Hentges, Rushing
Padres reliever Jason Adam underwent surgery to fix a ruptured left quad last September, and as of November, Adam wasn’t sure if he’d be fully recovered in time for Opening Day. However, the early days of Spring Training have been promising for the right-hander. Kevin Acee of the San Diego Union-Tribune writes that Adam pitched a live batting practice for the first time today, and Adam is making slow but steady progress in fielding drills.
“Pitching-wise, we’re…beyond on pace. It’s just a matter of being cleared” by San Diego’s medical staff, Adam said. In terms of Opening Day readiness, Adam said the team’s trainers “haven’t told me ‘no’ yet.”
One of baseball’s top relievers over the last four seasons, Adam has a 1.66 ERA over 92 innings since the Padres acquired the righty from the Rays at the 2024 trade deadline. While the Padres still have an elite bullpen even without Adam, getting the All-Star back and healthy as early as possible in 2026 will be a huge boost to San Diego’s chances of both returning to the postseason and making a deeper run into October.
More from around the NL West…
- While things are looking positive for Adam, fellow Padres reliever Yuki Matsui is day-to-day with groin tightness after his injury cut short a live BP session on Thursday. Manager Craig Stammen told Acee and other reporters that the groin issue doesn’t appear to be serious enough to impact Matsui’s readiness for Opening Day, but it may well prevent the reliever from playing for Japan in the World Baseball Classic. Since signing a five-year, $28MM deal with the Padres in the 2023-24 offseason, Matsui has a solid but unspectacular 3.86 ERA, 24.6% strikeout rate, and 11.3% walk rate across 126 relief innings.
- Sam Hentges has thrown multiple 40-pitch bullpen sessions in the Giants‘ camp thus far, but he tells MLB.com’s Maria Guardado that he doesn’t have a set throwing progression in place, and it isn’t clear if he’ll be part of San Francisco’s Opening Day roster. The Giants signed the left-hander to a one-year, $1.4MM contract in December, even though Hentges hasn’t pitched in the majors since July 2024 (or in the minors since August 2024). A shoulder surgery was responsible for most of that layoff, but Hentges also underwent arthroscopic surgery on his right knee this past September, which delayed his offseason prep and the final stages of his shoulder rehab. Hentges acknowledged that his long absence played a role in the Giants’ decision to take it slowly with his spring work, though he is hoping to pitch in some games before Spring Training is over.
- Dalton Rushing‘s short-lived turn as an outfielder could be over, as Dodgers manager Dave Roberts told The Athletic’s Katie Woo and other reporters that Rushing will be used this season as a backup catcher and occasional first baseman. Rushing played in 31 minor-league games as an outfielder in 2024, but was on the grass just twice with Triple-A Oklahoma City in 2025, and he didn’t see any outfield work after making his MLB debut with Los Angeles. The former top prospect’s positional future has been a question mark ever since L.A. signed Will Smith to a ten-year extension in March 2024, locking Smith up as the Dodgers’ catcher for the foreseeable future. Between Smith’s extension, Shohei Ohtani set as the DH, and Freddie Freeman at first base, Rushing could be limited to part-time duty perhaps for the next two seasons, until Freeman’s contract is up following the 2027 campaign. While there has been plenty of speculation that the Dodgers could swing a trade, the team seems to still have designs on Rushing (who turns 25 tomorrow) as a key piece of their roster.
NL West Notes: Walker, D’Backs, Winn, Matsui, Amador, Rockies
There hasn’t been “too much” talk between Christian Walker‘s representatives and the Diamondbacks about a contract extension, though the first baseman told Nick Piecoro of the Arizona Republic that he “loves” playing for the team. However, Walker is also interested in the idea of testing free agency next winter after the humble beginnings of his career, as he bounced around to multiple teams and didn’t become a real big league regular until 2019, his third season in Arizona. “To look back, it’s a sense of accomplishment. Like, wow, we’ve created this leverage; it’s a thing now,” Walker said. “We have the ball in our court. It hasn’t always felt that way….I think it’s motivating to keep wanting to head in that direction.”
Walker will be 34 on Opening Day 2025, so hitting the market at something of an advanced age is likely to limit his chances at an overly lengthy contract. He is a first base-only player, yet with the benefit of being baseball’s best defensive first baseman, as the winner of the last two Fielding Bible Awards and Gold Gloves at the position. To go along with his superb glove, Walker has also hit .253/.332/.463 with 115 homers over 2619 plate appearances since the start of the 2019 season, translating to a 112 wRC+. (Over the last two seasons in particular, Walker has 69 homers and a 112 wRC+.)
It will be interesting to see if the D’Backs could work out a way to re-sign Walker, as the team is projected for a club record $143MM payroll heading into 2024, but a decent chunk of money is coming off the books next offseason. This could provide an opening for a reunion between the D’Backs and the underrated first baseman, if an extension isn’t reached before Walker even gets to free agency.
More from around the NL West…
- Keaton Winn‘s sore right elbow has “calmed down” after a bout of nerve irritation, the Giants rookie told reporters (including Susan Slusser of the San Francisco Chronicle). Winn didn’t need a cortisone shot and has been cleared to start throwing again, so he believes he’ll have plenty of time to ramp up in time for Opening Day. The 26-year-old right-hander made his MLB debut in 2023, and is one of several young starters the Giants are counting on through at least the early part of the season before Alex Cobb and Robbie Ray are slated to return from the injured list.
- Newly-signed Padres reliever Yuki Matsui is day-to-day with back spasms, manager Mike Shildt told reporters from 97.3 The Fan (X link) and other media outlets. The problem doesn’t appear to be too serious, but Shildt said the team is just taking a precautionary measure this early in camp. After an outstanding career in Japan, Matsui made the jump to the majors this winter, signing with the Padres to an interestingly structured five-year deal that will pay the left-hander $28MM in guaranteed money.
- Top Rockies prospect Adael Amador had an injury-shortened 2023 season and has only played 10 games at the Double-A level, so it might still be a while before we see Amador in the Show. However, his development this season will not only hasten his own potential path to the majors, but if Amador plays well, Patrick Saunders of the Denver Post feels it might make the Rox more open to trading Brendan Rodgers to clear room at second base. It wasn’t long ago that Rodgers was also seen as something of a building block in Colorado, though Rodgers played in only 46 games last season due to shoulder surgery and didn’t hit well after returning to action. Since Rodgers is only under team control through the 2025 season, there has been some sense that Amador is already viewed as the long-term replacement, and the Rockies have explored dealing Rodgers in the past. Of course, this all might hinge on how well Rodgers plays in the early part of the 2024 campaign and whether or not he can rebuild his stock either as a trade chip or as part of Colorado’s future plans.
Details On Yuki Matsui’s Contract With Padres
The Padres finalized a five-year deal with NPB reliever Yuki Matsui at the end of December. ESPN’s Jeff Passan reported that the $28MM pact contained a pair of opt-out chances, as well as a conditional option for the 2028 campaign depending on Matsui’s elbow health.
A report from The Associated Press lays out the specifics of the 28-year-old’s deal. Matsui’s ability to opt out after the 2026 season is conditional on avoiding a Tommy John surgery or any other elbow injury that requires an injured list stint of 130+ days between 2024-25. The salary breaks down as follows:
- $3.25MM in 2024
- $5.5MM in 2025
- $5.75MM in 2026
- $6.5MM in 2027
- $7MM in 2028
If Matsui suffers a significant elbow injury, the 2028 salary becomes a conditional team/player option. He also receives full no-trade protection and can bump the value of future years’ payments by up to $1.4MM annually based on the number of games he finishes.
The first opt-out decision comes with two years and $13.5MM in guarantees remaining. Passan reported that Matsui would also have the right to opt out after the ’27 campaign. If he plays out the full contract, he’ll be a free agent after 2028 despite not reaching six years of MLB service, according to the AP. That’s a common provision for players who sign guaranteed deals after a stint in the KBO or NPB.
Padres Sign Yuki Matsui To Five-Year Deal
The Padres have signed left-hander Yuki Matsui to a five-year contract, the club has announced. Matsui and the Padres were reportedly close to a deal earlier this week. ESPN’s Jeff Passan reports that Matsui will receive $28MM guaranteed over the life of the contract, which includes opt-outs after the third and fourth seasons of the deal as well as an injury clause that can convert the fifth year of the contract into a club option worth $7MM if Matsui suffers a “serious” elbow injury during the life of the contract.
The deal represents San Diego’s first significant buy-side move of the offseason, and their first major move since trading star slugger Juan Soto and center fielder Trent Grisham to the Yankees earlier this month for a five-player package headlined by right-handers Michael King and Drew Thorpe. It’s a somewhat unusual deal for a reliever; right-hander Robert Suarez‘s agreement with the Padres and the record-breaking deal between star closer Edwin Diaz and the Mets, both of which were signed last offseason, are the only contracts for free agent relievers to surpass five years.
Matsui landed at #43 on MLBTR’s annual Top 50 MLB free agents list, where we projected him for a two-year, $16MM deal. Matsui nearly doubled that guarantee, though the average annual value of his deal comes in at just $5.6MM, well below the $8MM MLBTR projected him for over a two-year apct. Despite the unusual length of the deal, the gamble is an understandable one for the Padres to make. The deal covers Matsui’s age-28 through -32 seasons, with his first opt-out opportunity coming after Matsui’s age-30 campaign in 2026. The lowered AAV of the deal was surely particularly appealing to the Padres, who are reportedly hoping to stay under the luxury tax in 2024. Given those financial constraints, Matsui’s deal represents a more cost-effective alternative to reuniting with relief ace Josh Hader, who MLBTR projected for a whopping six-year, $110MM guarantee on the heels of a dominant season as San Diego’s closer.
While Matsui can’t be reasonably expected to match Hader’s incredible production last season (1.28 ERA and 33 saves in 56 1/3 innings), the lefty has put together an excellent career overseas in his own right. Matsui’s spent the past ten seasons pitching for Nippon Professional Baseball’s Tohuku Rakuten Golden Eagles. During his NPB career, Matsui has racked up 236 saves in 501 appearances while earning five All Star nods. In 659 2/3 innings of work during his career, Matsui sports a sterling 2.40 ERA with a 31.9% strikeout rate. He’s been even more impressive over the past three seasons, a combined 1.42 ERA and a 36.4% strikeout rate across 152 innings during that time.
Matsui was a frequent subject of MLBTR’s NPB Players to Watch series throughout the 2023 season, where Dai Takegami Podziewski discussed Matsui’s four-pitch mix that includes a 92-94 mph fastball that touches 96 along with a splitter, slider, and curveball while also noting that Matsui reportedly struggled to adjust to the MLB ball while participating in the World Baseball Classic last spring. Clearly, the Padres were more enticed by Matsui’s deep pitch mix and impressive velocity for a lefty who is listed at just 5’8” and 167 pounds than they were concerned by his struggles to adjust to the ball used in the majors earlier this year.
While the addition of Matsui shores up a Padres bullpen lacking in certainty, there’s plenty left for president of baseball operations A.J. Preller and his front office to do if they hope to return to contention in 2024. Another set-up arm to pair with Matsui and Suarez at the back of the bullpen would be helpful, and at least one more starting pitcher who can step into the void left by the departures of Blake Snell, Seth Lugo, Michael Wacha, and Nick Martinez this offseason alongside King appears to be all but necessary.
On the hitting side of things, the Padres have just two outfielders on their 40-man roster at the moment in Fernando Tatis Jr. and fourth outfielder Jose Azocar, meaning they’ll need to make multiple additions to the lineup to cover the two vacant outfield spots and DH, which lacks a clear starter following the deal that sent Matt Carpenter and his salary to Atlanta earlier in the month.
That’s a hefty shopping list for any club, but it’s especially daunting for a Padres club that projects for a $210MM luxury tax payroll per RosterResource. If the Padres are indeed intent on staying under the first tax threshold of $237MM in 2024, that gives them just under $27MM of payroll space left to work with this offseason as they look to fill the remaining holes in the lineup and pitching staff. While the addition of Matsui is a step in the right direction that didn’t eat into the club’s financial capabilities too excessively, the Padres clearly still have plenty of work to do before they’re ready to contend in an ever-improving NL West next year.