Emilio Pagán Declines $10 Million Option; Suárez and Johnson Also Enter Free Agency

Cincinnati Reds closer Emilio Pagán declined his $10 million player option for 2027 on Saturday, October 31, becoming a free agent. The Reds also declined 2027 mutual options on third baseman Eugenio Suárez and reliever Pierce Johnson, putting three veteran players on the open market.

Suárez’s option was worth $16 million. Johnson’s was worth $8 million and included a $1 million buyout. Pagán earned $10 million this season and finished 5–1 with a 3.38 ERA, converting 25 of 28 save opportunities in 45 appearances this season. The right-hander missed nearly two months with a strained left hamstring.

Pagán was particularly effective after returning in early July, converting all 19 save chances with a 1.88 ERA, according to the Cincinnati Enquirer. He had recorded a career-high 32 saves and a 2.88 ERA for Cincinnati’s 2025 playoff team, giving the Reds two productive seasons from their closer.

Some initial discussions about an extended contract took place before Saturday’s deadline, but no active talks were underway as the deadline passed, the Enquirer reported. Neither Pagán nor the Reds ruled out a reunion. He has repeatedly spoken positively about Cincinnati, while the club has valued his leadership with its pitchers.

Suárez hit .212 with 26 home runs and 74 RBIs in 125 games this season after signing a one-year contract guaranteeing $15 million. He missed time with a strained left oblique. Johnson went 2–1 with one save in 56 relief appearances and also spent time sidelined by right elbow inflammation.

All three faced an October 31 option deadline. Their decisions leave Cincinnati with work to do in the bullpen and at designated hitter or third base. The players can negotiate with other clubs after 5 p.m. EST on Monday, November 2, when the free-agent negotiating market opens.