The market for late-inning relievers remained active on Wednesday, with free-agent right-hander Emilio Pagán agreeing to return to the Cincinnati Reds on a two-year, $20 million contract, a person briefed on the terms told The Athletic.
The deal, which includes an opt out after the first year, is pending a physical. It is the first step by the Reds toward reconstructing their bullpen as they also continue their pursuit of free-agent designated hitter Kyle Schwarber.
The Reds declined club options on relievers Scott Barlow and Brent Suter after the season ended, and Pagán, Nick Martinez and Taylor Rogers became free agents.
Pagán, who turns 35 in May and is the No. 49-ranked player on The Athletic’s Big Board, is coming off his best season since 2019 and arguably the best of his nine-year career, considering that he served as the Reds’ primary closer. Making a career-high 70 appearances, he finished with a 2.88 ERA, 32 saves in 38 opportunities and a strikeout rate that ranked in the top 11 percent of the league.
Pagán’s 32 saves in 2025 were tied for the second-most in the National League behind the San Diego Padres’ Robert Suarez (30). The 34-year-old Pagán inherited the Reds’ closer role when incumbent Alexis Díaz started the season on the injured list and Ian Gibaut blew a save on Opening Day against the San Francisco Giants.
Pagán got his first chance to close for the Reds in the team’s second game, retiring the Giants in order to secure the victory. By the time Díaz returned from the injured list, Pagán had established himself as manager Terry Francona’s most trusted bullpen arm. Díaz’s spring struggles continued with the Reds, and he was traded to the Los Angeles Dodgers in May.
Pagán made his biggest impact at the end of the season in Cincinnati with four scoreless appearances in four days, including saves in each of the Reds’ last three victories to secure their first playoff appearance in a full season since 2013.
The 2026 season will be Pagán’s third straight with the Reds. Previously, he pitched for the Minnesota Twins, San Diego Padres, Tampa Bay Rays, Oakland Athletics and Seattle Mariners, who made him their 10th-round pick in 2013.
