Reds re-sign closer Pagán to a 2-year deal

CINCINNATI -- The Reds filled a huge need in their bullpen for 2026 by bringing back the reliever who was their successful closer in 2025.

After agreeing to terms on Wednesday, free agent Emilio Pagán signed a two-year contract worth $20 million after passing his physical on Thursday. The deal includes the ability for Pagán to opt out after the 2026 season.

“He’s been a solid reliever for the club the last two years," president of baseball operations Nick Krall said. "This year, taking the closing role and just being the lockdown guy back there – it was great to have, and we really wanted to have him come back.”

Pagán felt that the deal came together quickly.

“What made it an easy decision was the people in Cincinnati, the coaching staff, the front office, the team. I thoroughly enjoyed the last two years," Pagán said. "Given where I’m at in my career, there’s a few things that are really important to me. Cincinnati checks all of those boxes. I’m excited to be back.”

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.

"He’s a veteran guy that knows how things should work," Krall said. "He’s not afraid to come and say, ‘We’ve got to fix this.’ It’s great to have a guy down there that can speak for the other guys. Guys will come to him to be that leader. That is the most important quality he has.”

Over his final 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.

To that end, Pagán's agents remained in contact with the Reds throughout the offseason.

“A couple of teams reached out and made some strong offers. That started to speed up the process,” Pagán said. “I knew where I wanted to be, so we were always going to reach back out to Cincinnati and just see where their head was at and what they were thinking. Thankfully for me, and hopefully for everybody involved, it’s an exciting thing that it came together.”

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 the season 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 as the Reds went on to win 83 games. An early exit from the playoffs has him optimistic the club can do better in 2026.

“More importantly to me and my family, we’re in a place where we feel valued, we’re comfortable and we have a chance to win and do special things," Pagán said. "We proved last year that we are a playoff team. Now it’s just how deep in the playoffs? And can we be the last team standing? I truly do believe the talent is in this clubhouse to make a deep run.”

Following the season, Pagán 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 Krall's list of objectives. And now it's checked off relatively early in the offseason and before heading to the Winter Meetings on Sunday.

“It’s big anytime. It doesn’t matter if it’s early or late. It’s huge and it’s great to have this done," Krall said. “It was our No. 1 choice to bring him back. We obviously got to the beginning of the offseason and had to figure out what our payroll and budget was and then we started working on it from there.”

While the Reds still need to fill the rest of their bullpen, the front office can turn heavy attention toward finding the hitter it needs to boost the lineup -- whether it's Kyle Schwarber or another free agent. Pagán was well aware that Cincinnati was in the running to land Schwarber.

“There’s stuff out there right now that, if those things happen,” Pagán said, “we become a real dangerous team, fast.”