This story was excerpted from Mark Sheldon’s Reds Beat newsletter. To read the full newsletter, click here. And subscribe to get it regularly in your inbox.
CINCINNATI — The Reds’ baseball operations department has a number for its 2026 budget as it sets out to refill the roster this winter. The exact figure wasn’t revealed but we now know the zip code, so to speak.
“Our 2026 payroll will be around the same as our payroll from 2025,” president of baseball operations Nick Krall said on Tuesday.
Honestly, that wasn’t too surprising.
According to Cot’s Baseball Contracts, the Reds’ Opening Day payroll this year for the 26-man roster was just under $112 million and ranked 23rd in MLB. The 40-man roster payroll by season’s end was $116 million.
For those with pipe dreams of a free agent like Kyle Schwarber, Alex Bregman or Kyle Tucker wearing a Reds jersey during a press conference at Great American Ball Park, it’s best to forget about it.
There still could be some room to maneuver for Krall and general manager Brad Meador. For the past few seasons, they have often been creative in putting a Cincinnati roster together by using trades, the waiver wire, Minor League contracts and incentive-laden big league contracts or opt-out clauses.
But coming off an 83-win season and a playoff berth under manager Terry Francona, Krall and Meador will especially need to think outside the box to put together a roster that can build — and not regress — from 2025 amid a competitive division and the National League overall.
To begin with, the club has some free agents that are off the books that make some space. That includes swingman pitcher Nick Martinez, who was the highest paid player on the team at $21 million. Departed are closer Emilio Pagán ($8 million), starters Zack Littell ($1.8 million) and Wade Miley ($1.7 million), utility player Santiago Espinal ($2.4 million) and designated hitter Miguel Andujar ($3 million).
More money came off the ledger Wednesday when left fielder Austin Hays ($5 million in 2025) had a $12 million mutual option declined. Right-handed reliever Scott Barlow ($2.5 million) had a $6.5 million club option also declined. Lefty reliever Brent Suter ($2.5 million) had his $3 million club option not picked up. Meador said the door was open for all three to return.
Keep in mind, however, that the Reds have several arbitration-eligible players due to receive raises. They include catcher Tyler Stephenson, utility player Gavin Lux and second baseman Matt McLain, among others.
There are only four Reds players signed for next season totaling around $22 million in starter Hunter Greene ($8.3 million), third baseman Ke’Bryan Hayes ($7 million), catcher Jose Trevino ($5.25 million) and reliever Keegan Thompson ($1.3 million), who signed his one-year deal on Tuesday.
Cincinnati’s offseason needs are clear: offense, namely a middle of the order bat to protect Elly De La Cruz. More bullpen arms, including a closer if Pagán does not return.
So if the Reds are not going to get Schwarber and Co., then who? Of the middle tier free agents, outfielders like Ryan O’Hearn or Cedric Mullins stand out as potentials. More payroll could open if the club traded from its best depth: starting pitching. Krall and Meador have already stated moving rotation pieces isn’t a preference but starters like Greene or arbitration-eligible Brady Singer would make interesting trade chips.
Stay tuned. There is a lot of offseason left to sort all of this out before Spring Training opens in February.
