Emilio Pagán’s opt-out decision just forced Reds into an uncomfortable dilemma

Cincinnati Reds relief pitcher Emilio Pagán has declined his $10 million player option for the 2027 season to become a free agent, according to reporter Francys Romero. After recovering from a hamstring injury, Pagán posted a 1.88 ERA with 19 saves across his final 30 appearances of the 2026 season. Romero reports that the veteran reliever is now positioned to secure a lucrative multi-year contract on the open market.

Writer Drew Koch argues that the Reds front office faces a dilemma regarding whether to meet Pagán's expected high asking price. Koch suggests Cincinnati could let him walk to mirror the roster approach of the Milwaukee Brewers. If Pagán departs, Koch views Graham Ashcraft as the team's best internal candidate to take over closer duties for manager Terry Francona.