Dominating since his return from injury, the veteran closer may swap Cincinnati’s rebuild for a title chase as his elite late-inning production commands attention from the league's elite.
The Cincinnati Reds have been searching for consistency. They've been flipping tables and ripping up couch cushions. They’ve made trades and waiver adds, trying to find players who can become figureheads on the Reds’ roster.
Outside of Elly De La Cruz and Sal Stewart, those players have been few and far between. Starting pitcher Chase Burns has emerged, and center fielder Dane Myers has been solid, but closer Emilio Pagan has been one of the more underappreciated players.
He missed just under two months after a scary hamstring injury, and he suffered against the Cubs at Wrigley Field. During those two months, the Reds searched for a high-leverage reliever and couldn’t find one, as Tony Santillan struggled in late-inning situations while Pagan was out.
Since returning on July 1, Pagan has 18 saves in 26.2 innings, a 2.03 ERA, and a 32-5 K-BB ratio. The Reds are 25-3 in games Pagan has pitched since his return, as he is their go-to guy when they have a lead late in the game.
After the Reds beat the Chicago Cubs on Friday night, Pagan said he doesn’t care about individual statistics and wants to pitch in more meaningful games. Since that July 1 return, Cincinnati is 33-37 and has almost exclusively sat in last place in the NL Central, never really making a real push toward a playoff spot.
Unfortunately for Pagan, the likelihood that he pitches in those meaningful games for the Reds in the future is low. He has a player option with the Reds in 2027 for $10 million, and given there very well may not be baseball in 2027, it doesn’t forecast that Pagan will be pitching in playoff games in a Reds uniform unless it’s in 2028.
That reality is a shame, because since his rough season in 2024, when he had a 4.50 ERA in 38 innings, Pagan has been very good for the Reds, posting a 2.88 ERA with 32 saves in 2025, helping lead them to a playoff appearance, and a 3.54 ERA with 24 saves in 2026, as far and away their best bullpen arm when healthy.
As Cincinnati goes into an uncertain future, which could very well see them rebuild, or at least retool around their young core of Sal Stewart, Elly De La Cruz, and Chase Burns, an aging reliever probably won’t be in the plans. Especially because, if Pagan has some left in the tank, an opposing club could see the value and offer him more money. Don’t be shocked if Pagan declines his player option to look for an opportunity with a contending team around what he would have made with the Reds in 2027.
