CINCINNATI – The Reds filled a huge need in their bullpen for 2026 by bringing back the reliever who was their successful closer in 2025.
Sources told MLB.com on Wednesday that Cincinnati and free agent Emilio Pagán agreed to terms on a two-year contract worth $20 million. The deal includes the ability for Pagán to opt out after the 2026 season.
The club has not confirmed the move, which is pending a physical.
Pagán, 34, enjoyed a resurgent season in 2025 as he became a primary closer for the first time since 2019. He posted a career-low 2.88 ERA while making a career-high 70 appearances for Cincinnati. His 32 saves were both a career high and the second most in the NL, while his career-low 0.92 WHIP was the sixth-best mark among National League relievers with at least 60 innings pitched.
Not only did Pagán prove to be a dependable workhorse from the Reds’ bullpen, he was a clubhouse leader and became critical in the club’s ability to secure the final NL Wild Card spot.
Over his last 10 games – which included working four consecutive days during the final week – Pagán threw 10 scoreless innings with six saves. After the Reds were eliminated in two games at the NL Wild Card Series, he expressed a desire to potentially return to the club.
Pagán originally came to Cincinnati on a two-year, $16 million contract before the 2024 season. In a setup role the first season, he had a 4.50 ERA in 38 appearances, but he also missed two months with a right lat strain.
Heading into 2025, the Reds had no established closer after Alexis Díaz opened on the injured list while also losing his role. Ian Gibaut got the first shot to close on Opening Day and blew the save in a loss to the Giants. In the second game, on March 29, Pagán was given the ball in the ninth inning and retired the side in order for the save.
After that, Pagán was the primary closer. Following the season, he became a free agent with fellow relievers Nick Martinez, Scott Barlow, Brent Suter and Gibaut. Finding a reliever capable of closing games was high on president of baseball operations Nick Krall’s list of objectives.
While the Reds still need to fill the rest of their bullpen, the front office can turn heavy attention towards finding the hitter it needs to boost the lineup – whether it’s Kyle Schwarber or another free agent.
