BREAKING: Reds to re-sign closer Emilio Pagán to two-year contract

The Cincinnati Reds made their first splash of the Hot Stove season on Wednesday night, reportedly agreeing to bring back closer Emilio Pagán on a two-year, $20 million contract that includes an opt-out clause after the 2026 season.

MLB.com’s Mark Sheldon and Mark Feinsand relayed the news.

The Reds were in clear need of a closer after, well, Pagán had reached free agency. They remain in dire need of further bullpen upgrades this winter after the likes of Nick Martinez, Scott Barlow, Brent Suter, and Ian Gibaut also became free agents after the 2025 season, too.

Pagán, who’ll turn 35 next May, poured in an excellent campaign for the Reds once he took over the closer role from the struggling Alexis Diaz early on. He finished with a career-best 32 saves while pitching to a 2.88 ERA an 0.92 WHIP in 68.2 IP. That was a firm improvement over the 4.50 ERA and 1.34 WHIP he posted during the 2024 season – his first with the Reds – though it’s interesting to point out that his FIP in 2024 (3.77) was eerily similar to that of his 2025 mark (3.72).

In other words, it’s quite likely he’s much more a pitcher who’s somewhere in between those two annual performances, though the Reds are clearly betting on there being enough good in there to ride it out for 2026 at least.

The move comes in the wake of Devin Williams and Ryan Helsley already coming off the board as high-profile relief options, with Williams in particular having been linked to the Reds earlier in the offseason.