With Pagán potentially leaving, what are the Reds' options at closer?

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 – Free-agent departures have been particularly impactful on the Reds’ bullpen, including the exit – at least for now – of closer Emilio Pagán.

Cincinnati didn't have a named closer when the 2025 regular season started. Incumbent Alexis Díaz opened on the injured list with a left hamstring strain, but his job was clearly imperiled during a dismal Spring Training. Ian Gibaut was given the ninth inning on Opening Day vs. the Giants at Great American Ball Park, and he subsequently blew the save and took the loss in a 6-4 Reds defeat.

With closing experience for Minnesota and Tampa Bay, Pagán was given the save situation in the season's second game vs. San Francisco, and he converted it. The club never looked back as Pagán posted a 2.88 ERA with a career-high 32 saves.

Now Pagán is on the open market. And while retooling the overall bullpen, the Reds will need to figure out the closer's role once again.

“Yeah, the ninth inning is a different animal, so you want to make sure that you have a guy that can do that job," president of baseball operations Nick Krall said Nov. 11 during the GM Meetings.

Here is a look at some possibilities.

Internal options
Tony Santillan: Santillan finished second in the Major Leagues with 80 appearances while posting 2.44 ERA, proving he could be a workhorse – especially in the eighth inning. He was third in MLB with 33 holds. The right-hander also had seven saves, mostly when Pagán was unavailable. Santillan is certainly not afraid of pressure.

Zach Maxwell or Luis Mey: Both have closing experience and throw 100 mph, but both also made their big league debut in 2025 and still have development to do. Maxwell allowed three homers in eight appearances, while Mey was prone to walks, with 17 in 21 innings over 23 games.

External options
The closer market is headlined by Edwin Díaz and Robert Suarez, and they will likely command contracts well out of Cincinnati's range. But there are experienced choices with varying degrees of success. Are the Reds capable of signing one of the names below? Much will depend on how the market is set in the coming weeks, with a lot of teams also in need of late-inning bullpen help.

Devin Williams: A two-time National League All-Star with the Brewers, Williams is coming off the worst year of his career in his lone season with the Yankees, where he lost the closer's job. The right-hander had a 4.79 ERA, but he still has his usually effective changeup. Perhaps a return to the NL Central is just what Williams needs.

Luke Weaver: Weaver spent most of his first eight seasons as a starter, including an unsuccessful final shot in a rotation with the Reds in 2023. In the past two seasons, however, the right-hander established himself as a dependable late-inning reliever for the Yankees. Weaver made a career-high 64 appearances in 2025 with 72 strikeouts in 64 2/3 innings, but he struggled in the postseason as speculation surfaced that he might have been tipping pitches.

Ryan Helsley: A two-time NL All-Star, Helsley had an MLB-high 49 saves for the Cardinals with a 2.04 ERA in 2024. He was dealt to the Mets at this season's Trade Deadline to set up Díaz, but his numbers cratered over the final two months: He was 0-3 with a 7.20 ERA and blew all four of his save chances for New York while seeing his walk rate elevate. As with Williams, maybe a return to the NL Central is a good way to regroup.

Kyle Finnegan: A 2024 NL All-Star for the Nationals, Finnegan has racked up 90 saves since the 2023 season, the fifth most in MLB. He was mostly used in a setup role after moving to the Tigers at the Trade Deadline on July 31, and he had a 1.50 ERA in 16 appearances with Detroit.

Pete Fairbanks: With the Rays since 2019, Fairbanks recorded a career-high 27 saves in 2025 and is a first-time free agent at age 31 after his $11 million option wasn't picked up. After multiple seasons interrupted by injured list stints, he was healthy this year, and it showed as he also posted career highs with 61 appearances and 60 1/3 innings.

Emilio Pagán: Could Pagán find his way back to Cincinnati? He was certainly open to the idea when the season ended, but the business of baseball could make that difficult after he made $8 million in each of the past two seasons. Although 34, Pagán is likely to get a raise – especially if he garners multiple suitors. If he returns to the Reds, they would have one of their best clubhouse leaders back in the fold.