Marlins reel in closer Pete Fairbanks on 1-year deal (sources)

The Marlins found their high-leverage reliever, reaching an agreement with right-hander Pete Fairbanks on a one-year, $13 million contract, sources told MLB.com on Wednesday.

Fairbanks’ deal includes a $1 million signing bonus, plus another $1 million in incentives based on appearances, per source. There’s also an acquisition bonus of $500,000 if he is traded. The team has not confirmed the deal, which is pending a physical.

The agreement fits Miami's goal of targeting one-year contracts this offseason and marks the largest annual salary the Marlins have ever given a relief pitcher, passing the $9 million average Heath Bell earned in his three-year, $27 million contract from 2012-14. Fairbanks is the second free agent to agree to terms with Miami this offseason, joining first baseman Christopher Morel

The news comes less than two days after Miami announced that high-leverage arm Ronny Henriquez will miss the 2026 season because of a hybrid Tommy John surgery/associated internal brace procedure. The Marlins had been in the free-agent relief market before then looking to improve a bullpen that finished 22nd in ERA (4.28) and 25th in K/9 (8.21).

Fairbanks reunites with Marlins president of baseball operations Peter Bendix, who was part of the Rays’ front office until taking the job in Miami in November 2023.

Though the Marlins played matchups and pockets in 2025, utilizing a committee to close out games without an established closer, Fairbanks would fit into either that role or a more traditional one. Other late-inning options for Miami include righties Anthony Bender, Calvin Faucher and Tyler Phillips.

Fairbanks became a free agent for the first time – heading into his age-32 season – when the Rays declined his $11 million option for 2026, instead paying him a $1 million buyout. That decision closed the book on a successful tenure with Tampa Bay. After three straight seasons with at least 23 saves, Fairbanks left the Rays with the third-most saves in franchise history (90), as well as the fourth-most games pitched (267).

A ninth-round pick by the Rangers in the 2015 Draft out of Missouri, Fairbanks pitched briefly for Texas in 2019 before being traded to Tampa Bay that July. By the next season, he established himself as a key member of the team’s bullpen as it made a run all the way to the World Series. From 2020-25, he appeared in 254 games, recorded 88 saves, posted a 2.87 ERA and struck out 11.2 batters per nine innings, while opponents managed a mere .584 OPS against him.

The biggest issue for Fairbanks during his Rays tenure was staying healthy. He spent time on the injured list in each season from 2021-24 before avoiding it in 2025, when he set career highs with 61 appearances and 60 1/3 innings.

Fairbanks remained effective in 2025, with a 2.83 ERA and 27 saves in 32 chances, but there were some concerning signs beneath the surface. From 2023 to ‘25, Fairbanks’ strikeout rate declined from 37.0% (one of the best marks in the Majors) to 24.2% (just 2 percentage points above league average).

On the other hand, even as Fairbanks posted middling chase, whiff and K rates this past season, he retained elite fastball velocity (97.3 mph) and excelled at limiting damaging contact (93rd-percentile barrel rate). In addition to his hard four-seamer, Fairbanks relies heavily on a slider that is his top strikeout pitch, also mixing in some changeups and cutters.